SavvySugar -- It Makes Sense.

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,

What's Up With Coffee Shops Asking "For Here or to Go"?

SavvySugar — Fri, 17 Oct 2008 15:30:50 -0700

When you're stopping in to your neighborhood coffee shop for a little pick-me-up, the cashier might ask whether you'll be enjoying your beverage "for here or to go." She's not asking out of curiosity, and she's not just trying to find out if your coffee should be presented in a paper or ceramic cup — she's asking to find out whether or not your purchase should be taxed.

This policy is going to vary depending on your state's tax laws, but here in California we are taxed when the answer is "for here." To have a nontaxing experience, tell the cashier you want your goodies to go.

Source

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,

California Considers Selling Space on Amber Alert Signs: OK?

CitizenSugar — Thu, 25 Sep 2008 14:30:06 -0700

California is home to 674 roadside message boards allocated for Amber Alert messages, giving information to drivers on missing or abducted children, and since they're not always in use for actual emergencies, so what's the logical step? Selling the space to businesses for advertisements. The cash-poor state just got their new budget after an 85-day delay, and state officials see this idea as a way to supplement the highway fund with big ad bucks.But in a state that's even restricted cell-phone use by drivers, the safety implications of the added digital distractions are a concern. One safety advocate says, "The biggest issue with digital billboards is they are enormously distracting to motorists." Others point to the fact that filling up the space with non-emergency messages will reduce the system, which has saved 420 children nationwide, to just another message to ignore in our overstimulated lives. State Sen. George Runner, author of the bill that created the Amber Alert system in California as well as numerous public safety measures, is behind the idea, though he says, "Whenever you start talking about advertising, you have to be very careful about how you go down that path. But it has the potential to provide tens of millions of dollars for highway repair."Then there's the crossover of public and private funds — Clear Channel has contributed $1.2 million to state campaigns in the past five years, and could potentially stand to profit from the proposal. Source

California Considers Selling Space on Amber Alert Signs: OK?

Absolutely! What better way to match needs. They have space and need money. Sold.

It's interesting but there are tons of variables like safety and effectiveness to consider.

No way. The signs exist for one reason, saving kids. That has to come first over money.

Other. I'll tell you my opinion in the comments.

Good News! Turbotax Will Let Us E-File For Free

SavvySugar — Thu, 25 Sep 2008 04:00:12 -0700

Almost 60 percent of you said that you used Turbotax's tax prep software to file your taxes, so I know the most recent announcement regarding the product will come as good news. Intuit, the company that owns Turbotax, has changed their policy and will no longer charge separate fees for filing individual federal tax returns.

This does not mean that the tax prep software is free, just the e-filing part of the equation. Kiran Patel, senior vice president and general manager of Intuit's Consumer Tax Division said, "Eliminating separate fees for filing individual federal tax returns is the right thing for American taxpayers. This will encourage more e-filed returns and help the IRS achieve its e-file goals." According to the Turbotax website, e-filing can cost up to $25. Will the fact that it's now free encourage you to e-file your taxes next season?

Source

College Party Business Faces Tax Hangover

SavvySugar — Mon, 22 Sep 2008 04:00:05 -0700

Stretching the truth isn't always a terrible thing, but five Oklahoma University students and alumni are facing expensive consequences from doing just that. The group headed up Kegheadz and created a MySpace video with the intent of promoting their party services, and after the video was viewed by the Oklahoma Tax Commission the guys got hit with a heavy tax bill.

In their video, the Kegheadz founders bragged about serving over one billion partygoers as a way to generate buzz. The Tax Commission heard the claim and recognized that this apparently successful enterprise hadn't ever paid taxes. The five guys are planning to fight the $320,000 tax bill under the claim they only made about $1,700 during the year and a half Kegheadz existed. They are learning the hard way that even on MySpace, someone is always watching.

Source

Front Page: Biden Says Higher Taxes Patriotic, Stocks Tumble Despite Bailout, 175 Arrests in Drug Ring

CitizenSugar — Thu, 18 Sep 2008 07:00:30 -0700

Biden: Higher Taxes Patriotic:
Vice Presidential candidate Joe Biden said today that paying higher taxes is a patriotic thing for wealthy Americans to do. Acknowledging the plan for a higher tax rate for those making over $250,000, Biden said on Good Morning America, "It's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."

Stocks Tumble Despite Bailout:
US stocks hit a three-year low despite the $85 billion government bailout of insurance giant AIG. Acknowledging continuing concern, White House spokeswoman Dana Perino said, "Our economy has the strength to be able to deal with these shocks." President Bush has canceled a trip today to focus on the economy. He's expected to speak at 10:15 ET.

175 Arrests in Drug Ring:
US officials announced arrests of 175 people in connection with Mexico's largest drug ring. The arrests took place this week after 15 months of investigation into the Gulf Cartel, a group which plays a major part in the levels of violence in Mexico. A DEA spokesperson said, “We successfully completed a hard-hitting, coordinated and massive assault on the powerful and extremely violent Gulf Cartel."

Source

Google Plans Computer Navy to Bypass Laws and Taxes

LibertySugar — Tue, 16 Sep 2008 10:00:09 -0700

Who needs countries with laws and taxes, when you can house crucial parts of your company on ships at sea outside of any country's jurisdiction? Google answered "not us" to that question, as the Internet giant has plans to relocate the machines that run its search engine on ships located seven miles offshore.

The company says that wave energy would power and cool the eco-friendly "water-based" data centers. While the tax-incentives and legal advantages may make you take a cynical outlook on the plan, the amount of energy used to cool servers does take a toll — Internet data centers consumed one percent on the world's electricity in 2005, and by 2020 computers that run the Internet will leave a larger carbon footprint than air travel.

Still, it makes me nervous to think Google, which holds so much of our personal data, could escape government regulation. Are you confident Google would still do no evil?

Source

Citizens of Sierra Leone Eager to Pay Taxes to Help Fix Country

LibertySugar — Fri, 12 Sep 2008 11:00:00 -0700

Those living in an especially poor section of Freetown, Sierra Leone are proud to pay taxes because they want to improve their troubled country. Even the unemployed happily dish out the local council tax of 5,000 leones ($1.50). BBC reports that the youth have traded dog tags for plastic holders showing tax receipts. The same spirit comes out in other parts of capital, where people wait in lines to pay taxes and loudspeakers remind the others of their tax obligation.

The country needs all the help it can get to rebuild after a 10-year civil war that ended in 2002, and left 50,000 dead. The UN ranks the country as the world's least-developed country. For a British colony that once had education levels higher than some European countries, the now independent county has a 31 percent adult literacy rate. Two-thirds of young people do not have a steady job.

In six months the local council has collected a record 3 billion leones ($888,000). Officials are using the money to build public toilets, supply water, fix roads, and employ laborers. And the mayor of Freetown promises to resign if things don't get better.

When things need fixing, are you happy to pay taxes?

Source

Breaking Down the Real Tax Savings Promised by Candidates

CitizenSugar — Tue, 09 Sep 2008 00:00:26 -0700

WIth the only things certain being death and the T-word — and Liberty's incredible breakdown of the candidate's tax plans as inspiration — I wanted to see exactly how the two candidates' tax-onomies translated, graph-style.

Three out of four voters now see taxes and the budget deficit as "extremely" or "very" important issues this campaign — right behind health care and the war in Iraq — and since both of those projects require big infusions of taxpayer dollars, knowing exactly how much you will or won't be paying says a lot about the tale of two wallets — yours, and the governments.

To see the real numbers in dollars saved,