Halloween is almost here! Families across America will soon be ready to celebrate with candy, costumes, and fun! The Taxpayers Protection Alliance (TPA) is preparing for the “scary season” in a much different way by watching what government has done to spook taxpayers this past year. You guessed it, it’s time for TPA’s annual Taxpayer Tricks and Treats! This year, there’s no shortage for taxpayers to be terrified by with wasteful spending, missed opportunities, and the frightening prospect of lawmakers returning for some last minute scares! Not to worry, there were some treats. They weren’t easy to find, but we found some. And, we wrapped up the list with items that were tricks and treats. ENJOY!!
Click 'read more' below to see the 2016 Tricks and Treats!
This article originally appeared in Inside Sources on October 19, 2016
Thirty years is a long time, especially considering how much can happen in that time span. For example, the phrase “iPhone” was just poor grammar and “tweeting” was exclusively for birds. Yet, with all the changes and advancements in the world and in the United States, taxpayers are saddled with a tax code that hasn’t been overhauled since 1986. Comprehensive tax reform and bipartisanship is possible. On October 22, 1986, Congress and the White House came together in a rare display of bicameral, bipartisan cooperation to pass comprehensive tax reform. Republican President Ronald Reagan worked with a split Congress (Republican Senate and Democrat House) to accomplish the largest overhaul of the tax code in the United States. The anniversary of the Tax Reform Act of 1986 provides a perfect opportunity to make the case once again for a major overhaul of our tax system.
In just a few days, it will be the 30th anniversary for the last time comprehensive tax reform was passed. The Taxpayers Protection Alliance (TPA) has used this week to highlight individual and corporate tax reform (click here and here), and new Treasury regulations and the Death Tax (click here). Today, TPA presents a look back at two videos focused on tax reform with the 2016 Tax Day "Man on the Street" video and the Hill Briefing on Tax Reform from July.
President Obama and Treasury Secretary Lew
As the 30th anniversary approaches for the last time comprehensive tax reform was passed, the Taxpayers Protection Alliance (TPA) has already highlighted individual and corporate tax reform (click here and here). Today, new Treasury regulations and the Death Tax take center stage in the discussion.
This week, the Taxpayers Protection Alliance (TPA) is focusing on the 30th Anniversary of the last time comprehensive tax reform was passed. We started the series with a look at tax reform for individuals (click here). With a corporate tax rate exceeding 39 percent (the highest in the developed world), reforming the corporate tax code is essential to strengthening the economy and keeping businesses from leaving the United States. The high corporate tax rate is having a devastating effect on the ability of the United States to compete in a rapidly changing global economy. At nearly 40 percent, the corporate tax rate has been the highest in the developed world since April of 2012. The worldwide average is just below 23 percent. So, not only does the U.S. hold the dubious distinction of having the highest corporate tax rate, that current rate is well above the global average making it more difficult to compete with other nations.
Saturday October 22nd marks three decades since the last time comprehensive tax reform was passed. Throughout the week, the Taxpayers Protection Alliance (TPA) will be using the anniversary to remind lawmakers on Capitol Hill, as well as the Presidential candidates, that tax reform is important and long overdue. Any serious talk about tax reform has to start with individual tax reform. The complexity of the tax code is a major issue for individuals as the tax code has increased from 409,000 words in 1955, to 2.4 million words today. The increasing complexity costs taxpayers billions of dollars and hours each year as compliance takes up time and money. A recent analysis from the National Taxpayers Union found that the time spent on 1040 form individual filings amounted to nearly 2 billion hours, totaling $64.6 billion in lost productivity.
This article originally appeared in The Huffington Post (UK) on September 22, 2016
Recently, Australia had the dubious honour of being labelled the ‘nanny state capital of the world.’ While places around the world are dealing with serious health epidemics like Ebola and Zika, politicians in Australia have been focused on intrusions into people’s personal lives in the name of public health. Sadly, Australia is not alone in its quest to become a global ‘nanny state’ superpower. The truth is that Australia will never be able to compete with the taxpayer-funded World Health Organisation (WHO) under the leadership of Margaret Chan. We live in a globalised world where pandemics like Ebola and Zika grip the attention of the global community. The reaction of the largest health organization, the WHO, is confusing and the WHO is distracted with social engineering.
Obamacare continues to cause problems for working families and the economy, as premiums continue to rise and consumers continue to find themselves with decreasing options. It is a law that was sold on a bill of goods that has turned out to be the opposite in every way, and things are likely to get worse with more rate increases on the horizon. Enrollment numbers are getting worse and it seems like each month we see another state-based exchange go under. There are so many problems with Obamacare that it is surprising to think it is still standing. One of the components of the President’s health care law is what is known as the Risk Corridor program. The Risk Corridor Program allows insurance companies to underwrite risky policies wouldn’t be covered otherwise, in turn making taxpayers responsible for risky policies. Due to massive losses, insurance companies want a bailout using the Risk Corridor program and while the law prohibits the use of money appropriated for the Fiscal Year 2016 to pay for the Risk Corridor program, that hasn’t stopped the Obama Administration from looking for alternative ways to get taxpayer money. This week, Taxpayers Protection Alliance (TPA) joined a coalition effort of more than 50 groups led by Freedom Partners Chamber of Commerce sending this letter urging Congress to protect taxpayers against any insurance company bailout through the Obamacare Risk Corridor program.
Click 'read more' below to see the full letter
The economy is one of the most important issues for taxpayers and working families, and yet there has been little discussion about it during the recent election cycle. Intellectual Property (IP) is a major component that helps drive the US economy, and a new report from the Department of Commerce (DOC) emphasizes the importance of IP to the economy. DOC’s new report, “Intellectual Property and the U.S. Economy: 2016 Update,” shows that 45 million jobs are directly or indirectly tied to IP, and that IP-intensive industries accounted for $6.6 trillion in GDP value. Those numbers show that the role of IP in the economy is a critical aspect of the economy. The value added by IP-intensive industries increased substantially in both total amount and GDP share between 2010 and 2014. IP-intensive industries accounted for $6.6 trillion in value added in 2014, up more than $1.5 trillion (30 percent) from $5.06 trillion in 2010. Accordingly, the share of total U.S. GDP attributable to IP-intensive industries increased from 34.8 percent in 2010 to 38.2 percent in 2014.
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The concerns over New York Governor Andrew Cuomo’s (D) $8 billion bailout of nuclear power plants in upstate New York grow as more stakeholders begin to weigh in on the problems that the plan would cause to the state. That criticism has even extended to include members on both sides of the political aisle in the state capital. The plan requires half of New York State’s energy to come from carbon-neutral (renewable) sources by 2030. Renewables currently make up only 23 percent of the Empire State’s energy supply, making the goal of achieving the 50 percent threshold essentially impossible without some kind of government intervention. The Taxpayers Protection Alliance (TPA) has been a vocal critic of Governor Cuomo’s plan, specifically the cost of the plan to taxpayers and electricity ratepayers and the subversive way the plan was approved. A new report from the New York-based Empire Center for Public Policy, Green Overload: New York State’s Ratepayer-Zapping Renewable Energy Mandate, reinforces the problems that critics of Gov. Cuomo’s proposal have been warning about. The report details the cost implications for the plan, as well as other issues that TPA and others have been citing when criticizing the plan.