Taxpayers Prep for Capital Gains Changes

Now here's something with a nice ring to it: Zero percent tax on capital gains. Folks are already planning how to profit when the tax is eliminated for some taxpayers next year, and wealthy people with kids are in the vanguard.

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If a Martini is your drink, skip the Vermouth. If Whiskey's your poison, take it straight. If you're a teetotaler, make an exception. And if you really, really shouldn't drink, close your eyes and take a deep breath.

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Here's a tax tip you don't hear often: Don't forget to report illegal income from prostitution and other nefarious activities.

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Through deductions, American wage earners have the chance to pocket more income, rather than hand over their hard-earned cash to the government. For those who keep good records, deductions can mean more money - and less for the IRS.

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Federal lawmakers simply cannot resist tinkering with the tax code. By one estimate, more than 500 tax law changes were made last year alone.

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Why New Taxes on the Super-Rich?

Among the super-rich are investors and hedge fund managers. These Americans are the special beneficiaries of specific legislation in recent years which helps them avoid taxes. New taxes are needed to save the vast amount of revenue lost as a result.

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Sen. Barack Obama is returning to his promise of "a new politics" as he delivers what his campaign calls his "Closing Argument Speech On The Change We Need" in Canton, Ohio, a lunchtime on Monday.

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McCain's Irish Eyes are Lying, to Himself and to America: How McCain's Potemkin Village "Irish Boom" is More a Bubble, and Now Having Burst Like Ours, Leaves Irish in Budget Crisis

We have heard John McCain admit to his lack of familiarity with economics before, and we have seen for years that he has consistently relied upon the Phil Gramm/George W.

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In an "exclusive" story that appears to have been peddled by the McCain campaign, Politico's Mike Allen and Jonathan Martin report that John McCain is considering "measures aimed directly at the middle class." What measures? "Tax cuts – perhaps temporary – for cap …

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Congress Changes Capital Gains Law for Some Real Estate Investors

Whenever Congress tries to help us it seems someone always gets hurt. The Housing Assistance Act of 2008 (HR 3221) is one such piece of legislation. Section 3092 of this bill has a provision that will have tax consequences for many real estate investors.

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The McCain "Country First" motto refers to the country of "Richistan", certainly not the US of A. What a piece of work...

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"Just why is it in the public interest to bail out gamblers.Good rhetoric is needed to explain why the government should let them go into a casino and let them keep all their winnings while using public funds to make good on the losses of their counterparties."

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Nicolas Sarkozy has decided to impose a 1% tax on capital--dividends and rental income--to finance the Revenu de Solidarité Active (RSA). This is a stunner.

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While the Democrats play out the Billary –Obama Saga. The Republicans are at work finalizing their platform.

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Presidential hopeful Senator Barack Obama (D–Ill.) has unveiled his economic plan of raising taxes on the successful.

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D.C. Under the Spell of Investor-Love

By Gerald E. Scorse Over the last ten years, nobody has gotten more love from Washington than investors. It's time to step back and ask if the love is misplaced.

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We thought the debate was one of the best yet, precisely because it probed the evasive rhetoric we've heard from both Democratic candidates throughout the campaign. Nowhere was this more apparent than during the exchanges between Mr. Gibson and Mr. Obama over taxes.

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Every so often, a politician commits the horrible mistake of saying what he really thinks. This happened at the Democratic debate. Barack Obama has a very punitive proposal to nearly double the capital gains rate.

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With rising oil prices, rising unemployment, and inflation eating away at the economy, a powerful politician pushes for a populist tax hike in Washington. It sounds a little like the current state of play.

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Obama's plan, announced in a speech in Washington [my note: I read elsewhere the speech was in NY], includes a tax cut of up to $500 per person to offset payroll taxes, a mortgage interest credit for low- and middle-income homeowners and the elimination of income taxes for senior …

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If you thought the Flat Tax was a good idea that failed, you're going to utterly love the FairTax.

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....Before he celebrates his windfall, the New York Mets fan who emerged from a violent scrum clutching Barry Bonds' record-setting home run ball should probably call his accountant.

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why Republicans will burn in Hell

Along with the rest of us sinners, of course. Think you'll make it to the Pearly Gates? Better read up on the Bible, sinner. For example : in Deuteronomy 13:6-10, it states :

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But new IRS statistics on the taxes Americans pay show that George Bush's tax policies actually soak the rich.

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Donald Rumsfeld has made a killing out of bird flu.

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