TresSugar

Woman Auctions Virginity, Germany to Tax Her 69 Percent

TresSugar — Sat, 23 May 2009 02:00:00 -0700

Wow. And we complain about high taxes in the US!

Romanian-born Alina Percea, 18, auctioned off her virginity to an Italian businessman (for only $18,000!) and now she's facing some pretty stiff taxes in Germany where she goes to school - 50 percent straight away because they're deeming her act prostitution (legal there) and then a 19 percent VAT (value added tax) because she earned her money so quickly! (Some Germans are taxed up to 45 percent of their incomes.)

She was hoping to get $100,000, but claims that all in all she's happy with the outcome, and may date the Italian guy for free after this. Hardly seems worth it, if you asked me! Natalie Dylan had a better idea. . .

10 Protest Posters From Yesterday's Tea Bagging Affair

TresSugar — Thu, 16 Apr 2009 15:00:00 -0700

Thousands of Americans gathered yesterday to rally against government spending and higher taxes. Young and old alike held homemade signs at the tea bagging party (that's right, I said tea bagging) to express their unhappiness with the Obama administration. As for the signs? Politically correct they were not.

Check out this gallery of posters from the protests and let me know if you think that calling Obama Hitler, a communist, or a fascist helps or undermines the protesters' arguments.
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Picture It: Tax Day Now Tea Party Day/Halloween!

CitizenSugar — Wed, 15 Apr 2009 13:30:39 -0700

A father and son dressed in patriotic costumes join in a tea party demonstration in Lafayette Park across from the White House.

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US Tries to Smoke Out Tobacco With Largest Tax Increase Ever

CitizenSugar — Thu, 02 Apr 2009 06:00:23 -0700

Yesterday anyone who bought a pack of smokes found their wallet a little lighter. The federal tax on cigarettes jumped 62 cents, the largest tobacco tax increase in history.

Smoking is proving to be a pricey habit, especially in places like New York City. You can't get your hands on a pack for less than $10.50. Some people spend hundreds a month on cigarettes. That's enough to cut back!

The new tax revenue will be used to expand children's health care. Some poorer smokers argue that the tax hike hits them disproportionately. When it comes to taxing cigarettes, do you think fairness should matter?

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Newspaper Revitalization Act: Tax Breaks, No Endorsements

CitizenSugar — Thu, 26 Mar 2009 00:01:11 -0700

The Newspaper Revitalization Act would classify newspapers as nonprofits with educational purposes. That sounds about right - papers seem incapable of being profitable, but they do report a bunch of educational information. The bill could be what papers need to survive.

If the act passes, the nonprofit status would tax exempt advertising and subscription revenue. Participating newspapers would still report any type of news, but they couldn't run political endorsements.

So far the bill's sponsor, Senator Benjamin Cardin, hasn't found any cosponsors. Would you like to see your representative get on board?

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Tax Season Reminds Gay Couples That They Lack Rights

LibertySugar — Tue, 03 Mar 2009 15:00:45 -0800

Married same-sex couples in Massachusetts live in a state that recognizes their unions. But in the eyes of the US government, they're still bachelors, or bachelorettes.

Mary Ritchie and her spouse Kathleen Bush have been legally married for five years. They have two children and Mary is a state police trooper. But there's one thing that makes this typical family different: when they file tax returns this year, they cannot check "married filing jointly." Mary and Kathleen say this detail has cost them almost $15,000 in taxes.

Now Mary and Kathleen are joining a dozen other couples to sue the federal government, challenging part of the Defense of Marriage Act (DOMA). The part in question prevents the federal government from awarding Social Security and other benefits to same-sex couples, regardless of their marriage status in home states.

The couples aren't just arguing fairness. They say DOMA violates the state's right to regulate marriage.

Do you think they should win?

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Details of Obama's Budget: A Tax and Don't Spend Democrat?

CitizenSugar — Mon, 23 Feb 2009 03:00:09 -0800

Putting yourself on a budget isn't the most exciting thing to do, but when it comes to President Obama's first federal budget the details inspire hot debate. The final outline is yet to come, but Obama plans on cutting the federal deficit in half by the end of his term. The money will come from higher taxes on businesses and wealthy Americans, and much of it won't be spent in Iraq and Afghanistan, as the president plans to slash spending on the wars.

This year, the gap between federal spending and income could reach $2 trillion, more than 8 percent of the overall US economy. How does Obama plan to scale that number back? Here are some of the details:

The budget keeps the Bush tax cuts for middle-income families, but rolls them back for those making over $250,000. The top tax rate would jump from 35 percent to 39.6 percent.
The capital gains tax would rise to 20 percent from 15 percent for the wealthy.
The estate tax on estates over $3.5 million would remain at 45 percent.
There would be an aggressive effort on tax enforcement, targeting corporate loopholes.
The plan would kick off healthcare reform, by reducing spending on some health programs so Obama would have money to devote to new, expanded programs.
Less money would be spent on the efforts in Iraq and Afghanistan.
The budget includes the cost for the war in Iraq and domestic disasters, something Bush excluded to make the deficit look smaller.

While critics argue against raising taxes in a recession, Obama aide David Axelrod says this is the plan that won the election. Do you agree?

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Tom Daschle Withdraws His Nomination For HHS Secretary

CitizenSugar — Tue, 03 Feb 2009 10:14:10 -0800

Tom Daschle has withdrawn his nomination for secretary of Health and Human Services after his failure to pay substantial taxes came to light. The former Senate majority leader did not pay $128,000 in taxes for a car service provided to him by a firm he did consulting for between 2005 and 2007. Daschle reported the unpaid taxes after being tapped for HHS secretary, and on Jan. 2 he paid $140,000 in back taxes and interest, but he still owes more.

Obama's nominees have been plagued with tax issues. This morning, Nancy Killefer, Obama's nominee for chief performance officer withdrew her candidacy after she failed for a year and a half to pay employment taxes on household help. And Treasury Secretary Timothy Geithner managed to overcome the revelation that he failed to pay $34,000 in taxes while working abroad for the International Monetary Fund.

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Does Calling Obama a Socialist Cross the Line?

LibertySugar — Wed, 22 Oct 2008 15:45:00 -0700

In 2001 John McCain voted against the Bush tax cuts, part of which Barack Obama now wants to let expire (while keeping some in place). In 2000, McCain shared a take on the progressive tax system, which deviates from the one he has now. He confronted a question from the daughter of "Joe the Doctor" who asked McCain at a 2000 townhall: "Why is it that someone like my father, who goes to school for 13 years, gets penalized in a huge tax bracket because he's a doctor?" McCain responded:

[You're] questioning the fundamentals of a progressive tax system where people who make more money pay more in taxes than a flat, across-the-board percentage. . . . But I believe that when you really look at the tax code today, the very wealthy, because they can afford tax lawyers and all kinds of loopholes, really don't pay nearly as much as you think they do when you just look at the percentages. And I think middle-income Americans, working Americans, when the account and payroll taxes, sales taxes, mortgage pay - all of the taxes that working Americans pay, I think they - you would think that they also deserve significant relief, in my view.

Well now McCain is taking Obama to task for "socialist" plans such as restoring taxes on those making $250,000 to Clinton-era levels. Some say the latest tactic isn't about tax policy as much as it is about exploiting a cultural divide. To see why, read more.

One McCain critic notes that J. Edgar Hoover used the term socialist to describe African-Americans fighting for equality, such as Martin Luther King, Jr., that could not be trusted due to their un-American values. Add in comments from McCain that Obama wants to turn the IRS into a giant "welfare agency" by potentially giving a tax-credit check to those who pay zero in taxes, and suspicion that he's using code words increases among skeptics. Barack has fought back: "The only 'welfare' in this campaign is John McCain's plan to give another $200 billion in tax cuts to the wealthiest corporations in America."

Socialism is a treasonous word in America, paradoxically a country with many socialistic policies like the progressive income tax, medicare, and a $700 billion bailout of banks. Do you share Republican Colin Powell's disappointed sentiment conveyed in his ironic remarks: "Mr. Obama is now a socialist because he dares to suggest that maybe we ought to look at the tax structure that we have." Has the McCain campaign's latest narrative crossed the line?

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Bailed-Out Companies Expensing Perks to the Taxpayer?

LibertySugar — Thu, 16 Oct 2008 12:15:00 -0700

Apparently there's a lot of cash to go around at insurance company AIG, which makes a lot of sense considering the US government cut the failing giant an $85 billion bailout check. In fact, since Sept. 16, AIG has received $123 billion in loans from the Federal Reserve.

This week, news broke that top executives expensed $86,000 for an English hunting trip, explaining later that it was an "annual event . . . planned months before" the federal bailout. In September, AIG spent $440,000 for a week-long retreat for top-performing agents at a lavish California resort, only days after the first $85 billion loan was announced.

Cutting back on the over-the-top perks seems respectful to the taxpayer, but some politicians want the bailed-out institutions to go further. To see how, read more.

On Monday, Barack Obama proposed that lenders participating in the federal bailout should freeze foreclosures temporarily for families making good-faith efforts to make their payments. Does that sounds fair to you?

CEOs and politicians should figure out a way to acknowledge and assist the average American taxpayer, who has helped save the jobs of employees at companies at AIG, while many themselves lose their jobs or retirement savings. In the meantime, you taxpayers can purchase shirts that say: "My Government Handed Out $700,000,000,000 to Wall Street Bankers and All I Got Is This Lousy T-Shirt."

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