Congress Urged By A Group Of Millionaires To Increase Their Taxes

On June 6, a day before the 10th anniversary when Bush tax cuts in 2001 were enacted, a group of rich Americans recommended that taxes be raised on individuals who earn beyond $1 million.

A conference call to House Speaker Boehner (R-OH) was made by a group of patriotic millionaires suggesting that the Bush tax cuts should be terminated for those who earn more than $1 million. With this, tax rates would increase. These tax cuts were extended in 2010 and to expire within two years.

The group further argued that revenues generated from this tax cuts expiration could then … Read the rest

On June 6, a day before the 10th anniversary when Bush tax cuts in 2001 were enacted, a group of rich Americans recommended that taxes be raised on individuals who earn beyond $1 million.

A conference call to House Speaker Boehner (R-OH) was made by a group of patriotic millionaires suggesting that the Bush tax cuts should be terminated for those who earn more than $1 million. With this, tax rates would increase. These tax cuts were extended in 2010 and to expire within two years.

The group further argued that revenues generated from this tax cuts expiration could then be used for paying down government debt and for investing in modern infrastructures. Paul Egerman, eScription, Inc. founder, said that helping the country by cutting expenses as suggested by House Speaker Boehner and other Republicans is such a crazy idea. According to him, if the country is really broke, then how could it continue giving tax breaks to wealthy Americans?

Addressing the country’s budget deficits has been the subject of debate in the congress. Most Democrats favor revenue increases, while Republicans contended that spending cuts alone are enough. The group, however, foresees that the fiscal problems of the government will not be alleviated by spending cuts, which is a limiting action.

“Sometimes, I think John Boehner and the Republicans have a hard time doing the arithmetic,” according to Egerman. He further added that to understand the idea that a deficit is composed of expenses and revenues does not require a major in mathematics. Eliminating Bush tax cuts to increase revenue is one plausible way of solving the problem, he concluded.

Wesley Snipes: Failing To File Income Taxes

Wesley Snipes to Stay Incarcerated For Failing to File Taxes

The US Supreme Court announced on Monday that it has denied Wesley Snipes’ appeal regarding his tax evasion charges.

At age 48, Snipes has been serving a prison sentence for neglecting to pay his income taxes. In 2008, he was federally charged for failing to file income taxes and was ordered to spend a 36 month sentence in prison. He has been in prison since December 2010 for not paying $15.6 million in taxes than span over a period of six years.

The Courthouse News Service stated that Snipes … Read the rest

Wesley Snipes to Stay Incarcerated For Failing to File Taxes

The US Supreme Court announced on Monday that it has denied Wesley Snipes’ appeal regarding his tax evasion charges.

At age 48, Snipes has been serving a prison sentence for neglecting to pay his income taxes. In 2008, he was federally charged for failing to file income taxes and was ordered to spend a 36 month sentence in prison. He has been in prison since December 2010 for not paying $15.6 million in taxes than span over a period of six years.

The Courthouse News Service stated that Snipes claims he was wrongly charged because the case was brought against him in Florida. Snipes claims that the charge made by federal prosecutors in Florida was improper. He believes that it should have been based in New York. Prosecutors proved their case valid by demonstrating that Snipes’ birthplace was the state of Florida and he also held a driver’s license from the same state. However, Snipes claims that he has renewed his driver’s license in New York several times.

The judge refused to comment on the topic Monday meaning Snipes will have to serve out his three-year prison term. Snipes remains optimistic about the future despite his expressed disappointment in the US justice system.