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Posts Tagged ‘Internal Revenue Service’

IRS to increase “pre-crime” enforcement

April 13, 2011 Comments off

sovereignman

Did you ever see Minority Report? It’s one of Steven Spielberg’s often forgotten about movies based on the short story by Philip K. Dick. In the movie, pre-couch Tom Cruise plays a police officer in the year 2054 who works for the highly specialized ‘pre-crime’ division.

Using a bizarre array of technology and metaphysics, the pre-crime division sees into the future and stops criminals in their tracks, arresting them before they commit a crime… sometimes before they even think about committing a crime.

minority report ui IRS to increase pre crime enforcement

This very elaborate and morally ambiguous law enforcement system is predicated on the government determining what your actions and intentions will be, often before Read more…

Legislation Repealing Controversial Form 1099 Rules Passed By Senate, Headed To White House

April 6, 2011 Comments off

kitco.com


Florence Delva/Getty Images A stack of coins is shown in this file photo. A new IRS rule that will start in 2012 will require sellers, buyers of gold coins to file IRS paperwork.

 

(Kitco News) Both chambers of the U.S. Congress have approved legislation to eliminate controversial new Form 1099 tax-reporting requirements that coin dealers and other business organizations had complained was too onerous.

The measure is on its way to the desk of President Obama after Senate passage by an 87-12 vote Tuesday. A number of news reports suggested that the White House is expected to sign the bill into law.

Sen. Mike Johanns (R-Neb.), who introduced Form 1099 repeal seven times, said the Senate measure was identical to a version that already passed the House of Representatives. This means the measure does not have to go to a conference committee and instead goes directly to the White House. An amendment that would have resulted in further delay of 1099 repeal was rejected, he said.

“I appreciate that my colleagues have seen the wisdom of avoiding further delays and getting this costly, looming paperwork burden off the backs of our job creators,” Johanns said. “We now need only a simple signature from the president and this bill will become law, saving jobs and much needed capital for our small businesses.”

The House passed a bill for repeal of the Form 1099 rules in early March. Both parties have favored repeal for months now, although it was held up by a fight over how to offset to any health-care funding that purportedly would be lost. According to news reports, the House and Senate bills would limit health-care subsidies for families over a certain income threshold.

The Industry Council for Tangible Assets said Tuesday night it was cautiously optimistic that the repeal will become law. ICTA is a trade group for the rare coin, precious metals and tangible assets industry.

The group noted that as of early last month, a statement of administration policy indicated that the White House did not agree with Read more…

G.E.’s Strategies Let It Avoid Taxes Altogether

March 26, 2011 Comments off

nytimes.com

A PRESIDENT'S BUSINESS LIAISON In January, President Obama named Jeffrey R. Immelt, General Electric's chief executive, to head the President's Council on Jobs and Competitiveness. "He understands what it takes for America to compete in the global economy," Mr. Obama said.

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.

Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Read more…

Yellowstone supervolcano, new Ice Age could topple US government

February 9, 2011 Comments off

As evidence mounts that the world may fast be slipping into the next Ice Age, Washington insiders are hurrying to solidify a new power base for centralized government operations.

Fears that the US capital might be struck by another more deadly terrorist attack—or other disasters—prompted agencies a decade ago to hurriedly establish back-up operations in case catastrophe struck.

Despite the fact that many conspiracy theories are weaved around the subjects that follow—including some fairly wild-eyed, tin foil hat scenarios—most conspiracy theories have a basis in fact, although the facts are distorted or wildly exaggerated.

The actual story of the Denver airport, the nation’s “second capital,” the impending Ice Age possibility, and the threat the Yellowstone supervolcano presents to the people of the United States of America and their government follows: Read more…