By Daily Crux Editor
Tom Washington:
It should come as no surprise to longtime
readers that your taxes are going
up.
Our spendthrift government is desperate for
more revenue... and that means more IRS
agents, more audits, and more
tax scrutiny, especially for the wealthy
and self-employed.
For some tips on protecting yourself should
you become a target - including the common
mistakes you must avoid - be sure to check
out this article .....
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From Zero
Hedge:
A month ago we discussed the imposition of
virtual capital/tax controls when it comes
to the avoidance of taxes by high net worth
individuals in the US who park their money
abroad.
Yesterday, we also discussed that the only
practical way for the administration to
reduce its massive budget deficit is to
target the richest 1% in America with tax
rates that could potentially spike to as
much as 91% according to Brookings.
Sure enough, also yesterday, the IRS took
the next step to create what is slowly
becoming a global capital outflow
prevention system, by establishing the
.....
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From John Stossel's
Take:
This week, I devote my Fox Business show to
our horrible tax code. (A one hour show
isn't enough to capture it all, but I'll
try anyway.) Taxes used to be simple. In
1913, the first income tax form and
instructions totaled four pages. By
contrast, today's 1040 plus instructions
totals 176 pages.
How did this happen? As I explain in my
syndicated column this week, politicians
love to create special exceptions and tax
credits for special interests, because it
helps get them contributions:
The favored groups cheer their tax breaks,
but the result is that everyone else pays
more, and everyone must spend more time
deciphering the rules.
And with every credit, the tax code gets
more complicated. The code is now
.....
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