Obama to Snatch up to 75% of Your Income

If President Obama repeals the Bush tax cuts and imposes a 20 percent value added tax, or VAT, on the U.S., Americans may be facing tax rates where more than half of everything earned is confiscated by the federal government in the form of income taxes, Jerome Corsi's Red Alert reports.

Add Social Security taxes and the tax burden quickly advances to more than 60 percent.

"Adding state property and income taxes to the burden, the amount government confiscates could be in the 75 percent range before Americans have a chance to vote Obama out of office in 2012," Corsi wrote. "Are Americans willing to be taxed 75 percent of every dollar earned?" '

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Germans To Fork Over 66% Of Taxes To Bankers

Germany’s parliament today passed a bill that will mean that about 66 per cent of the country’s income tax revenue each year will go to banks in the form of interest payments on souvereign dent bonds held by Greece, Portugal and other eurozone nations.

Chancellor Angela Merkel’s centre-right coalition government voted to give 123 billion as Germany’s portion of a 750-billion euro loan guarantee package prepared by the European Union and the International Monetary Fund to enable governments to keep up interest payments to banks on souvereign debt.'

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World Health Organization Moving Ahead on Billions in Internet and Other Taxes

The World Health Organization is moving full speed ahead with a controversial plan to impose billions of dollars in global consumer taxes on such things as Internet activity and everyday financial transactions like paying bills online — while its spending soars and its own financial house is in disarray.'

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Tax Chat Could Land You a £5,000 Fine: Big Brother Law Threatens Innocent Advice

Anybody who advises a friend to take out an Isa or gives them a similar tax-saving tip risks a £5,000 fine, experts warned yesterday.

They attacked proposed 'Big Brother' powers for HM Revenue and Customs which could ensnare those simply trying to help a friend, relative or colleague to cut their tax bill.

Innocent victims could include a person who mentions to a friend in the pub that an Isa is a way of saving £10,200 a year tax-free.

Even a vicar who encourages the congregation to donate money using the Gift Aid envelopes, rather than putting cash straight into the Sunday collection, may fall into the trap.'

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Tax Peoples Debt says British Economist

Households should pay a new tax on every pound of debt they owe, according to one of Britain’s leading economists.

Martin Weale, director of the National Institute for Economic and Social Research, said the winner of the election should consider the plan in an effort to wean Britain off its reliance on debt. He said that a small annual levy of 1pc on all household debt, including mortgages and credit cards, could help raise £15bn a year – more than would be raised from a 3p increase in the basic rate of income tax.

Although the suggestion will raise eyebrows, Mr Weale runs one of the country’s most respected independent institutions, so may spark speculation that it could be examined by the next government. The Conservatives and Liberal Democrats have both pledged to overhaul the tax system to remove the favourable treatment of debt, although neither has suggested a direct levy on household borrowing.'

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US Dividend Tax to Increase From 15% to 43.4%

As the big tax increase day of January 1, 2011 approaches, the Democrats running Congress are beginning to lay out their priorities. Get ready for bigger rate increases than previously advertised.

Last week the Senate Budget Committee passed a fiscal 2011 budget resolution that includes an increase in the top tax rate on dividends to 39.6% from the current 15%—a 164% increase. This blows past the 20% rate that President Obama proposed in his 2011 budget and which his economic advisers promised on these pages in 2008.'

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It’s Yours If You Want It (To Honor Tax Slavery Day)

How do 545 people—a president, 535 congressmen, and nine judges—control a nation of over 300 million people? Certainly not by physical force. Could 545 gangsters gain control of the country by suddenly announcing that they are the legitimate government deserving of your allegiance? Obviously not, because you would not choose to grant them power over you. This example shows that the source of federal power—not right, but power—is the people’s own “consent” to be governed. The American people hold the keys to their own jail cells between their ears and can leave the prison of tyranny any time a sufficient number of them choose to be free.'

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The Guy Who Stole All Our Money Now Wants to Steal Our Paycheck, Too

Ben Bernanke has funneled trillions of dollars worth of bailouts, guarantees and sweetheart deals to U.S. (and foreign - and see this) banks.

This money was pickpocketed from you and me, directly (through government spending) and indirectly (increasing debt costs, future inflation, etc).

Bernanke is now calling for tax increases and raising the possibility of reductions in entitlements such as Medicare and Social Security.

Tax increases means we keep less from each paycheck. Reduction in services means that money we've already paid to the government (through social security, etc.) will now instead be paid to the bankers to service the U.S. debt.

Isn't that like a guy who stole our money now trying to steal our paycheck, too?'

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What The Top U.S. Companies Pay In Taxes

As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all.

The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.'

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ObamaCare To Be Enforced by IRS 'Bounty Hunters'

The Internal Revenue Service (IRS) will see its largest expansion since withholding taxes were first enacted during WWII to enforce the glut of new tax mandates and penalties included in the Democrats' latest health care plan, according to Rep. Kevin Brady (R-TX).

A new analysis by the Joint Economic Committee and the House Ways & Means Committee minority staff estimates up to 16,500 new IRS personnel will be needed to collect, examine and audit new tax information mandated on families and small businesses in the 'reconciliation' bill being taken up by the U.S. House of Representatives this weekend, according to Brady.

"When most people think of health care reform they think of more doctors exams, not more IRS exams," says U.S. Congressman Kevin Brady, the top House Republican on the Joint Economic Committee. "Isn't the federal government already intruding enough into our lives? We need thousands of new doctors and nurses in America, not thousands more IRS agents."

Scores of new federal mandates and fifteen different tax increases totaling $400 billion are imposed under the Democratic House bill. In addition to more complicated tax returns, families and small businesses will be forced to reveal further tax information to the IRS, provide proof of 'government approved' health care and submit detailed sales information to comply with new excise taxes.'

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Health Care Reform Would Give IRS Broad New Powers to Collect Premiums From Taxpayers

House Ways and Means Republicans on Thursday assailed a provision in the proposed health care reform bill under consideration this week.

Subcommittee on Oversight ranking member Charles Boustany (R-La.) said the IRS provision in the bill "dangerously expands, in an ominous way the tentacles of the IRS and it's reach into every American family," he said today during a press conference.

"This is a vast expanse of power," he said.

Boustany said the bill would allow the IRS to confiscate refunds if there are penalties for not buying health care.'

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Microchips in Our Bins Herald Pay as You Throw Tax, Say Tories

The number of households that have microchips in their bins has jumped to 2.6m in the past 12 months, according to a new report.

The study shows that 68 councils across the UK now put the new technology in their bins – a two-thirds increase in the past year.

Councils say the microchips identify which houses the bins belong to and deny accusations that they allow local authorities to analyse the amount of rubbish being thrown away. But opposition politicians claim the microchips can be used to weigh waste and fear the rise in the use of the technology will lead to "pay as you throw" schemes.

Caroline Spelman, shadow communities secretary, said: "Labour ministers are secretly planning to roll out bin taxes across the country after the election if Gordon Brown can cling to power.'

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Americans: Get Ready For Tax Increases 'That Aren't Even Imaginable' to Pay Off National Debt

But now the problem of mounting national debt is worse than it ever has been before with -- potentially dire consequences for taxpayers, according to a report by the nonpartisan Peterson-Pew Commission on Budget Reform.

"It keeps me awake at night, looking at all that red ink," said President Obama in Nashua, N.H., on Feb. 2. "Most of it is structural and we inherited it. The only way that we are going to fix it is if both parties come together and start making some tough decisions about our long-term priorities".'

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Labour's '100%' Death Tax

Millions of people could lose almost every penny of their assets under a new “death tax” being considered by Labour to fund care for the elderly.

And poorer people would lose out the most, leaving their children with next to nothing to inherit, analysis showed yesterday.

In some cases the new levy could be as high as 100 per cent.'

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Obamacare To Cost Middle Class Families $15,000 A Year

Families struggling in the midst of a deep recession who earn a combined total greater than $88,200 and don’t have their health care covered by their employer will be hit with a mandatory annual fee of about $15,000 according to the Congressional Budget Office’s analysis of the final Senate Obamacare bill.'

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A License Required for Your House

Beginning 1 year after enactment of the Cap and Trade Act, you won't be able to sell your home unless you retrofit it to comply with the energy and water efficiency standards of this Act. H.R. 2454, the "Cap & Trade" bill passed by the House of Representatives, if also passed by the Senate, will be the largest tax increase any of us has ever experienced.

The Congressional Budget Office (supposedly non-partisan) estimates that in just a few years the average cost to every family of four will be $6,800 per year.

* No one is excluded.'

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California to Withhold a Bigger Chunk of Paychecks

Reporting from Los Angeles and Sacramento - Starting Sunday, cash-strapped California will dig deeper into the pocketbooks of wage earners -- holding back 10% more than it already does in state income taxes just as the biggest shopping season of the year kicks into gear.

Technically, it's not a tax increase, even though it may feel like one when your next paycheck arrives. As part of a bundle of budget patches adopted in the summer, the state is taking more money now in withholding, even though workers' annual tax bills won't change.'

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Clinton: U.S. Taxes 'Everything That Moves and Doesn’t Move'

In an effort to convince Pakistan to raise taxes on its impoverished masses, Secretary of State Clinton told government officials the United States enforces punitive and confiscatory taxation on the American people.

“The percentage of taxes on GDP (in Pakistan) is among the lowest in the world… We (the United States) tax everything that moves and doesn’t move, and that’s not what we see in Pakistan,” she told newspaper editors in Lahore.'

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Thanks to HST, Come Next July 1st, There'll Be New Taxes on Just About Everything

With this pathetic $25-billion deficit government at the helm, who the hell knows? People do know, however, it is they who have to feed this poorly run, mean and incompetent provincial beast.

We also know next July 1, thanks to the harmonization of the GST and PST, there will be new taxes on gas, diesel, propane, heating fuel, insurance, electricity, natural gas, TV, phone and Internet service, haircuts, ballet lessons, rink rental fees, movies, tailoring, periodicals, mutual-fund fees, massages, chiropractors, audiology, train, plane, taxi and bus fares, vitamins, dry-cleaning, grass-cutting, snow removal, camping, firewood, fast food, new homes over $500,000, gym fees, home renovation labour, and real Christmas trees.'

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£3,300 New Car Tax to be Proposed by Green Think Tank

The levy is part of a £150bn package of measures, including a tripling of fuel duty over the next decade and a household energy tax, put forward by the Green Fiscal Commission (GFC).

The recommendations will be published on Monday by the GFC, which was created to develop greener government measures, and will be presented by one of its commissioners, Lord Turner, who is also chairman of the Financial Services Authority.'

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