income tax Archives - Page 4 of 5

Is The IRS Coming To Audit You?

Forbes.com: “High-income taxpayers, even those without offshore accounts, are now targets. Here’s how to protect yourself. If you’ve picked up a newspaper lately, you’re probably aware that the Internal Revenue Service has created a new enforcement unit to target high-net-worth individuals with complex financial holdings. To read these accounts, you might be led to believe that this Global High Wealth Industry group (GHWI), as it’s called, is a kind of financial SWAT team, poised to pounce on you and your assets at any moment.”

Holy Tax the Rich Batman: Top 1% of Taxpayers Pay More Federal Taxes than Bottom 95%

The Enterprise Blog: “The top 1 percent of taxpayers paid 40.42 percent of all income taxes collected in 2007 ($451 billion), the highest share in modern history for that group, and more for the first time ever than the entire bottom 95 percent of taxpayers, who paid $439 billion, or 39.4 percent of the total. . . . the tax burden on ‘the rich’—the top 1 percent of taxpayers—reached a record high in 2007 of more than 40 percent, and was higher after the Bush tax cuts than before.”

17 Tax Increases in Senate Health Care Bill = $370.2 Billion

TaxProf Blog: “The Joint Committee on Taxation has published a list of the 17 tax increases in the Senate health care bill, which are estimated to raise $370.2 billion in revenues over ten years.”

Man Sentenced to Prison for Not Paying Taxes

Tax Resolution: “John T. Minemyer, 49, of Casper, Wy., was sentenced to 12 months in federal prison for tax evasion. Minemyer was also ordered to pay a $25,000 fine and restitution totaling $200,918.22.”

Tax Rates Must Increase to 92% to Erase Deficit

The Tax Foundation’s study estimates that to eliminate the federal deficit, tax rates for couples filing joint returns in 2010 must more than double. The following list shows income levels, current marginal tax rates and the increased marginal tax rates needed to erase the deficit.

$0 to $16,750 increase from 10% to 27.2%
$16,751 to $68,000 increase from 15% to 40.8%
$68,001 to $137,300 increase from 25% to 68.0%
$137,301 to $209,200 increase from 28% to 76.2%
$209,201 to $373,600 increase from 33% to 89.8%
$373,601 and over increase from35% to 95.2%