Feb 27, 2017
Benjamin Franklin once observed “in this world, nothing can be said to be certain, except death and taxes.” For those who doubt Franklin’s sagacity in that regard, consider the recent case of Marci McNicol. A federal court found her personally liable to the Internal Revenue Services to the tune of $125,000.00 with respect to taxes owed by her late husband. Here’s what happened.
On his death, in addition to their four minor children, McNicol’s husband … Read more
Feb 7, 2017
Companion bills have been introduced in the U.S. House of Representatives and in the Senate to repeal the federal estate tax. On January 24, 2017, Representative Noem introduced H.R. 631 which was referred to the House’s Ways and Means Committee for consideration. The same day, Senator Thune introduced comparable legislation in the Senate. If enacted by Congress and signed by President Trump, no federal estate tax would be assessed against estates of decedents dying thereafter.… Read more
A tax professor, an IRS ethics advisor, and a meth dealer all walk into a bar. Except it’s just one guy.
An adjunct professor at Georgetown Law who also worked in the Office of Professional Responsibility for the Internal Revenue Service was recently charged with selling large quantities of methamphetamines.
If one is considering a similar career path, better to work for Pfizer where the governmental red tape is significantly lessened.
Charges are not … Read more
Dec 12, 2016
The City of Portland has just enacted an ordinance imposing a 10% surcharge to the annual city business license tax paid by publicly traded corporations whose CEOs earn compensation when compared with the median worker pay is a ratio of 100:1 or more. The surcharge increases to an additional 25% of the city business tax if the ratio of CEO compensation to median worker compensation is 250:1 or greater.
The ordinance rationalizes the surcharge as … Read more
Dec 9, 2016
Even if it may not be poetic justice it is certainly ironic that to the extent the federal government redistributes federal tax revenues it receives from each state in federal spending among the federal states, the biggest losers are the states which consistently vote for candidates who support higher federal taxes.
While it’s generally accepted that American conservatives and “Red States” generally favor lowering levels of taxes while American liberals and “Blue States” generally support … Read more
Oct 31, 2016
A lot has been written and said about Initiative Measure 97 on the Oregon ballot this November: some of it accurate and true, some of it patently false and misleading.
If enacted, Measure 97 would impose a 2.5% tax on all “C” corporations in Oregon with gross sales of more than $25 million in any tax year. “C” corporations are the large corporations that sell us our groceries, electricity, gasoline, cars, clothes and other daily … Read more
Sep 26, 2016
Oddly, the New York City Police Department claims that it can’t determine how much money it has seized from citizens over the past four years. Apparently, New York City has taken so much money through civil forfeiture in the past four years that it can’t count it all. The NYPD claims that just trying to figure out how much it has taken through civil forfeiture over that 4-year period would crash its computer system. For … Read more
Jul 27, 2016
Winston Churchill described the art of intelligent taxation as knowing how to keep the cow healthy and alive so as to maximize its milk production. The prime directive of good policy is to not kill the cow. If the cow dies, there’s no more milk. Without the milk of tax income, government can’t live. In Oregon the cow’s health, if not its life, is now in peril.
Unfortunately, government’s insatiable appetite often tempts it to … Read more