Forbes.com: “Except for tax protestors, no one wants to fight with the Internal Revenue Service. That’s why there’s such a mystique about avoiding an audit. While what-triggers-an-audit theories abound, there are some basic things you can do to reduce your chances of being picked for an audit or at least to make any interactions with the IRS less traumatic. My advice doesn’t come with a guarantee, but it’s better than a Ouija board.”
Tax Resolution University: “In my years of experience as a tax resolution specialist, I have met many people who hold the misconception that the IRS primarily targets a specific group of people with back taxes–either the wealthy celebrity tax cheats or the Joe Six-Packs. This is simply not true. Turn to the news and you will find a wide range of people who have been getting in trouble with the IRS. Just watch Entertainment Tonight and you will see that there is more than the usual glamor Hollywood news surrounding stars such as Nicholas Cage–a Hollywood A-lister and Academy Award winner, who owes Uncle Sam a whopping $6.6 million in back taxes due to a tax lien on his Louisiana property.”
The Tax Foundation’s study estimates that to eliminate the federal deficit, tax rates for couples filing joint returns in 2010 must more than double. The following list shows income levels, current marginal tax rates and the increased marginal tax rates needed to erase the deficit.
$0 to $16,750 increase from 10% to 27.2%
$16,751 to $68,000 increase from 15% to 40.8%
$68,001 to $137,300 increase from 25% to 68.0%
$137,301 to $209,200 increase from 28% to 76.2%
$209,201 to $373,600 increase from 33% to 89.8%
$373,601 and over increase from35% to 95.2%
Washington Times: “Here’s the list of tax hikes included in H.R. 3962, the revised House version of Obamacare, otherwise known as ‘The Affordable Health Care for America Act.’ The text of this bill runs to 1,990 pages, all of which can be read here in pdf format.”
Wall St. Journal: “The Treasury’s inspector general for tax administration, J. Russell George, recently told Congress that at least 19,000 filers hadn’t purchased a home when they claimed the credit. For another 74,000 filers, claiming a total of $500 million in credits, evidence suggests that they weren’t first-time buyers. Among those claiming bogus credits, at least some of them were definitely first-timers. The credit has already been claimed by 500 people under the age of 18, including a four-year-old.”
See also Taxgirl’s post called “Hey Kid, Wanna Buy a House?“