Zachary Goldfarb raises this possibility in a Wonkblog post today. Certainly there is evidence that many voters were unhappy about stagnating incomes, and the payroll tax increase associated with the end of the payroll tax holiday in...Show More Summary
Workers have been paying the full 6.2 percent Social Security payroll tax for almost two years now. You remember this so-called tax holiday in place in 2011 and 2012. During those years, the deduction from your pay that goes toward the federal retirement program was reduced by 2 percentage points to 4.2 percent. Show More Summary
Richard Winchester (Thomas Jefferson), Obama's Gift to the Rich: A Permanent Payroll Tax Holiday, 48 Val. U. L. Rev. 83 (2013): President Obama made a concerted effort to enact tax legislation that benefited middle and lower income individuals over the rich. The temporary payroll tax cut in effect during 2011...
The U.S. economy grew at a 4.6% annual rate in the second quarter, according to the latest report from the Commerce Department. But leaves are turning brown now and this morning's report describes what happened from April to June. How has the overall economy performed since then? Here's some evidence the strength has continued.
As Guy Benson reported earlier today, a new poll of likely voters conducted for Townhall by Gravis Marketing found that Rep. Bill Cassidy (R-LA)...
Payroll Taxes are Especially Sensitive Since Employers Are Withholding From Wages. Failing to Send it to the IRS Can Land You in Jail, Especially if You Do it Repeatedly.
The group, which has close ties to the Obama administration, estimated $21.2 billion in additional payroll taxes would be collected over five years under one scenario available to Obama, who has made immigration reform a priority of his second term. Show More Summary
Payroll Taxes are Pursued Aggressively by the IRS, with Personal Liability For Owners, Officers, and Check Signers. And Some Violations Mean Jail.
On Thursday evening the ACT Legislative Assembly passed the ACT Payroll Tax Reform Bill. This Bill prevents “genuine employers” from being exempt from payroll tax if they pick up contract work through a recruitment agency. Unfortunately, yet again, the ACT Government has done a poor job in formulating policy. This new policy has the following effect [...]
The Treasury Inspector General for Tax Administration today released Some Tax-Exempt Organizations Have Substantial Delinquent Payroll Taxes (2014-10-012): IRS records indicate that the majority of tax-exempt organizations pay their Federal taxes. However, a small percentage are not paying their taxes. More than 64,200 (3.8%) tax?exempt organizations had nearly $875 million...
Of course cemetery lots are shooting up in value. People are dying to get in! Taxpayers seek the Tax Fairy […]
Treasury Secretary Jacob Lew said Monday Congress should reallocate payroll tax revenue to divert more money to support the Social Security Disability Insurance fund. Here's what was behind Mr. Lew's statement.
The Earned Income Tax Credit is one of the federal government's most successful anti-poverty programs. As House Budget Committee Chairman...
By Markos Kaminis (Wall St. Greek): Facebook (NYSE: FB) blew out expectations in the second quarter, reporting non-GAAP EPS of $0.42 before share-based compensation and related payroll tax expense and income tax adjustment. The result compared against the analysts' consensus expectation for $0.32 a share. Show More Summary
The TransitChek program enables employees to pay train and bus fares with pretax earnings, potentially saving them hundreds of dollars annually on payroll and income taxes. Employers can save on... To view the full story, click the title link.
Looks as if that little kerfluffle in Germany isn’t the only embarrassment facing America’s top spy agency. Seems the agent has plenty of covert operators but a lousy payroll department: Now read this:Michigan Woman Accidentally Second Amendments Herself In The Face While Trying ‘To Make A Point’ (Jul 15, 2014) 12-Year-Old Shot In The Face [...]
The Brooklyn Nets will pay an NBA-record $90.57 million in luxury-tax penalties to the rest of the NBA teams for their gargantuan 2013-2014 payroll. Team owner Mikhail Prokhorov boasts a net worth exceeding $10 billion. Based in large...Show More Summary
Payroll taxes to fund Social Security have jumped dramatically since the program began. Find out how much.
Nothing gets lawmakers and pundits more outraged than government’s proverbial waste, fraud, and abuse. Nearly always, these stories involve spending. But taxes are hardly immune. One case of pure waste involves a simple math mistake that will cost the Treasury $5 billion in lost revenue over the next decade. Show More Summary
Even with the government’s announcement on the 24th of June that it will extend the commencement date of the Payroll Tax Amendment Bill to the 1st of October 2014, there is still widespread confusion in the ACT market. Shadow Treasurer Brendan Smyth has called on the government to give greater certainty to affected businesses and [...]