OBAMA WORKS FOR GLOBAL CORPORATIONS NOT THE AMERICAN PEOPLE AS A CLINTON NEO-LIBERAL.
Below you see how long a state or Federal government has to recover unpaid taxes----and look-----if failure to pay involves fraud----which tax evasion is-----there is no limit. This is what all social Democrats from Bernie Sanders down to state and local pols should be shouting to bring revenue back to communities and public services, education, and programs.
DID YOU KNOW YOUR BALTIMORE CITY COUNCIL AND MAYOR CAN AUDIT AS THESE STATE COMPTROLLERS REFUSE TO -----LOTS OF LOSSES FROM BALTIMORE'S COFFERS FOR THESE CORPORATE TAX EVASIONS.
MARYLAND IS GROUND ZERO FOR TAXES NOT PAID BY CORPORATIONS AND THE RICH-----VIA THE MARYLAND AND BALTIMORE COMPTROLLERS.
When assessed - there is a different statute of limitation on collection - see here - http://www.law.cornell.edu/uscode/text/26/6502
(a) Length of period Where the assessment of any tax imposed by this title has been made within the period of limitation properly applicable thereto, such tax may be collected by levy or by a proceeding in court, but only if the levy is made or the proceeding begun-
(1) within 10 years after the assessment of the tax, or...
The statute of limitation on assessment is 3 years after the tax return was filed.
It is 6 years - if omitted income is more than 25%.
No statute of limitation if the tax return was not filed or in case of fraud.
The statute of limitation on collection is 10 years after the tax was assessed.
Let me know if you need any help.
I read a TIME MAGAZINE article that places the IRS evasion on workers evading taxes----that's a corporate magazine for you. If employees are evading taxes they are probably doing so because they have been illegally categorized as independent contractors by corporations evading taxes.
Obama has an IRS that is said to fall to collect hundreds of billions of dollars in taxes from corporations and the rich and the same is happening state level since there is no Federal oversight of tax payment that is not focused on small business and individual taxes. This is huge folks and it happens as Bush neo-cons and Clinton/Obama neo-liberals fake austerity debates over national debt created by corporate fraud. Congress cuts funding of IRS to allow for even fewer IRS audits while all government watchdogs point to the fact that simply collecting these taxes would pay for all the IRS employees 10 times over. Don't think they are forgiving the 99%----it is the richest paying nothing and then getting all tax revenue WE THE PEOPLE pay.
'A good chunk of the evasion, the GAO concluded, was committed by individuals with “substantial personal assets” including multi-million-dollar homes and “luxury cars.” One passport recipient bought a house for $2 million and another property for $1.5 million despite owing $1 million in federal taxes'.
THIS IS WHAT HAPPENS WHEN YOU ALLOW CORPORATE POLS CONTROL GOVERNMENT. WHO IS HURT MOST? REPUBLICAN SMALL BUSINESS OWNERS AND UNDER THE TABLE INDIVIDUALS THE IRS NOW AUDITS SINCE CORPORATIONS ARE NOT PAYING.
IRS Funding Cut Days Before Report Shows $330 Billion In Uncollected Taxes
Posted: 04/11/2011 6:03 pm EDT Updated: 06/11/2011 5:12 am EDT Huffington Post
WASHINGTON -- As part of the budget deal hashed out on Friday evening, lawmakers agreed that no additional federal funds would be used to hire new IRS agents.
Then on Monday, the Government Accountability Office publicly released a study showing that, as of the end of fiscal year 2010, roughly $330 billion in federal taxes had never been paid -- an amount that, if collected, would represent nearly nine times the amount of savings as the budget itself.
The dual developments aren’t shocking. Despite evidence that a single dollar spent on enforcing the tax code could result in up to ten dollars in revenue, politicians, naturally, are reluctant to align themselves with tax collectors. And yet, the sacrificing of funds for IRS agents in the continuing resolution deal underscores a particular problem that seems bound to confront fiscally conscious lawmakers.
“Cutting back on IRS enforcement could easily cost the treasury much more in revenue than it saves,” said Chuck Marr, Director of Federal Tax Policy at the Center on Budget and Policy Priorities.
The GAO report, which looks specifically at the issue of passport holders who have failed to pay their full share of taxes, underscores Marr’s point. Titled “Federal Tax Collection: Potential for Using Passport Issuance to Increase Collection of Unpaid Taxes,” the study labels poor enforcement of tax laws and the tax code as a “high-risk” hole in government policy. In fiscal year 2008, passports were issued to about 16 million individuals. Of those, more than 224,000 owed more than $5.8 billion in unpaid federal taxes.
A good chunk of the evasion, the GAO concluded, was committed by individuals with “substantial personal assets” including multi-million-dollar homes and “luxury cars.” One passport recipient bought a house for $2 million and another property for $1.5 million despite owing $1 million in federal taxes.
“If you look, you can find records of most capital gains income,” said Rob Shapiro, former U.S. Undersecretary of Commerce. “People deposit it in their bank accounts or the institutions may issue reports if it is capital gains on stock transactions. So it is not hard to pick it up if you have the manpower to look for it. And again, given that the salary of an IRS agent is at least as high as the average salary in America, the fact that there is a ten-to-one ratio for the returns on auditing tells you that [tax evasion] is coming from the high-income brackets.”
Regardless of who the worst evaders are, the GAO concludes that “IRS enforcement of federal tax laws is vital,” not just to pinpoint the offenders but to promote “broader compliance.” And what do the study’s authors cite as a compelling reason to beef up IRS functions? A “federal deficit” that “continue[s] to mount.”
Indeed, several close observers of the budget debate have wondered exactly how lawmakers can shudder at going after tax evasion while simultaneously preaching fiscal responsibility on the stump. Marr, for one, noted that Congress has already disbanded a tax reporting provision in the president’s health care reform law that would have resulted in stronger compliance. That was scuttled for politically obvious reasons: the paperwork it placed on small businesses was deemed well beyond burdensome. But the decision to deny funding for more IRS agents doesn’t have such an easy-to-distill an explanation.
“Hiring more IRS agents would have allowed the Obama administration to enforce its agenda, insofar as its agenda is to make sure that people don't cheat on their taxes,” wrote Jonathan Cohn in The New Republic.
Obama has made buffing up the IRS a relative hush-hush plank of his tax reform agenda. Upon entering office he advocated for more funds for the agency, and as part of his 2012 budget, he proposed a 9.4 percent increase so that it could hire roughly 5100 new employees. The proposal, which pivoted off of previous studies that reached similar conclusions as the GAO's, was met with somewhat frenzied pushback from conservative circles -- the specter of black-suited tax collectors roaming the streets undoubtedly on the mind. And almost immediately, the suggested increase in IRS funds became a target of cut-happy legislators.
Bains Capital economic policy has for decades allowed for the gutting of a healthy corporation's assets with the intention of throwing that corporation into bankruptcy. This is being super-sized as US corporations that are now global are shedding all connections with US shareholders. The goal is to end public listings on the stock exchange and they are ready to send corporations into bankruptcy with this coming economic crash.
This will kill pension investors and it will kill all shareholders that are not the wealthy Wall Street investment firms already protecting themselves against this. We are hearing already of what this article states-------corporations are deliberately not paying taxes or things like water bills as in Baltimore just to leave these liabilities to shareholders. There goes any stock earnings you made on these corporations.
Who are now modeled after Wall Street banks heavy into these investments especially in their own corporations? UNION MEMBERS.
WAKE UP FOLKS-----NATIONAL UNION LEADERS KNOW THIS AS DO ALL CLINTON/OBAMA NEO-LIBERALS!
Tagging shareholder with back taxes!!!!!! Lying, cheating, and stealing to the end!
US CORPORATIONS WILL INCORPORATE IN NATIONS OVERSEAS AND WILL SEND US CORPORATIONS INTO BANKRUPTCY WITH THIS ECONOMIC CRASH. TRANS PACIFIC TRADE PACT ALLOWS FOR GLOBAL CORPORATIONS TO PAY TAXES AS THEY DO OVERSEAS.
Remember, all US corporations have been doing these Obama years is using free money from the FED to merge and acquire global corporations and they have lots of debt-----just to leave their shareholders!
US companies file for bankruptcy at high rate in first quarter
By Tom Hals, Reuters
Posted April 15, 2015, at 6:51 a.m.
'Therefore, when a company goes out of business, any person who is responsible for paying the taxes should consult an attorney before paying other creditors, if there are outstanding taxes owed to the IRS'.
Below you see the state of US corporations-----the global corporations used these buybacks to create an elite, small group of the wealthiest shareholders and will go private soon. The US corporations using buybacks for shareholders like employees----will be the ones to go bankrupt.....and with that corporate taxes and debt from FED zero interest loans. Below you see two -----General Motors and Lowe's that announced a few years ago they were near bankruptcy.
April 14, 2015 9:58 am
DownloadUS companies unleash share buyback bingeEric Platt in London
An ageing US equity bull run retains one major source of buyers these days — the large companies that dominate the share market including Apple, Intel, IBM and now General Electric.
No matter the muted interest on the part of US investors, companies are increasingly upping their purchasing power, helping maintain a bull market run that over the past six years has left equities looking richly priced.
Buybacks have been a popular way to boost shareholder value for several decades and help companies offset equity options granted to employees. But in the current environment of sluggish economic growth, the rising tide of buybacks and dividends being paid out worries some observers, as it suggests corporations are less optimistic about future prospects and see a paucity of long-term investment opportunities.
Strategists have debated the degree to which buybacks have accelerated the current bull run, with several noting the downturn in Europe would have probably pushed sovereign wealth funds, pension funds and other institutional investors into US stocks.
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“It’s not a zero sum game and it doesn’t have to be,” says David Lefkowitz, an equity strategist with UBS Wealth Management. “The flows are not necessarily indicative of how much support corporate buybacks are lending to the bull market. If that goes away, I wouldn’t necessarily be concerned about a downside in equities.”
With investors expecting a big reduction in quarterly earnings growth compared with a year ago, the return of cash shows no sign of abating, with GE announcing last week it would return a massive $90bn over the next three years.
Now the market stands on the cusp of seeing a record of more than $1tn returned to shareholders in the form of dividends and stock repurchases this year — with this activity supporting equity prices and valuations as the benchmark index hovers less than 1 per cent from a record high.
Qualcomm, Lowes, General Motors and Simon Property have initiated or authorised multibillion-dollar increases to share buyback programmes in the past two months, while the financial sector cleared a key hurdle in early March when the Federal Reserve gave a green light to dividend increases and repurchase plans from the country’s largest banks. Citigroup, American Express and JPMorgan led a group of nearly two dozen financials that committed as much as $50bn to buybacks over the next five quarters.
Attention has now shifted to Apple, the exemplar of share repurchases, which is expected to announce changes to its multiyear $130bn programme in late April. Those repurchases are “crucial” to valuations and earnings growth, Orrin Sharp-Pierson of BNP Paribas says, a point echoed by Goldman Sachs.
“There is still a very clear preference to receive buybacks as an investor. You get this sense of perpetual synthetic growth, which investors appreciate in the presence of little underlying growth,” he says. “And you get a boost to secondary demand — the stock effect creating the additional bid for equities has been really quite important.”
Retail investors have been absent from buying US equities, joining institutions looking to Europe and Asia for growth opportunities. Investors have pulled $18bn from exchange traded funds invested in US stocks since the year began, compared with $11bn that has flowed to ETFs investing in European and Asian equities, according to data provider Markit.
Tobias Levkovich, a strategist with Citi, notes that over the past decade, S&P 500 companies have repurchased $4tn worth of shares — in part to offset stock options offered to employees — while domestic investors have added less than $100bn to the mix.
“The lack of US retail investor interest in stocks has been stunning and equity market tops usually consist of overly aggressive individual investor interest in the asset class,” says Mr Levkovich.
The pace of companies buying back their own shares now accounts for more than 2 per cent of overall equity volumes in the US and contributed 2.3 per cent to earnings growth for the S&P 500 last year, according to strategists with JPMorgan. That figure, the brokerage says, will probably accelerate this year as a slide in the dollar and oil cut into earnings gains from underlying operations.
The returns have made valuations more palatable for the S&P 500 — the index trades at 17.8 times 2015 expected earnings, above its 10-year average — as analysts ready for two quarters of earnings declines. Companies on the US blue-chip index offer a dividend yield of 2 per cent, just above the yield on the benchmark 10-year Treasury.
US multinationals steadily increasing returns to shareholders have in turn found stronger buyer interest. Both the S&P 500 buyback and S&P 500 dividend aristocrats indices have outperformed their namesake over the past 12 months, with the former outpacing the broader blue-chip index by nearly 650 basis points.
“With rates expected to remain low, search for yield to continue, and a cautious investor base, shareholder-friendly companies with attractive total yields and strong cash flow generation should benefit from the current market environment,” says Dubravko Lakos-Bujas, a strategist with JPMorgan.
This is what we know. After the great looting of the US by Wall Street leading to the Great Depression FDR used the tax code to recover the fraud from the rich and corporations. That is why taxes were placed at 90%. Fast forward to the exact situation and we have having to listen to global corporate pols pretend to be working on legitimate corporate tax reform. Those nasty Republicans trying to take away child tax credits making those Clinton neo-liberals compromise to lower and lower corporate taxes!
We have to listen as well at LEW----Clinton Administration player connected with all of the financial dealings that gave us this systemically criminal Wall Street and the evasion of all taxes by the rich and corporations. Now, he is supposedly the people's protector as Clinton Wall Street global corporate neo-liberal - in - chief. So, which is worse----Republicans or neo-liberals and we all know----THEY ARE THE SAME.
LEW STATES ONCE AGAIN NEO-LIBERALS ARE RAISING TAXES ON THE RICH AND CREATING NEW TAXES FOR INTERNATIONAL CORPORATIONS----ONLY, TRANS PACIFIC TRADE PACT WILL NOT ALLOW THAT......
The goal for this reform is to pretend they are making global corporations pay to bring back taxes owed to the US on overseas profits while ending with them not only keeping all those taxes but getting subsidies in the hundreds of billions of dollars. THAT IS THE GOAL FOR GLOBAL CORPORATE POLS.
First, they have to pretend to fend off attacks on that child credit that will have nothing to do with American families brought to poverty as the middle-class disappears.
Politics | Tue Feb 3, 2015 11:52am EST
Obama administration pushes business tax reform in Congress
WASHINGTON | By Jason Lange Reuters
U.S. President Barack Obama makes a point with his finger as he delivers remarks at the House Democratic Issues Conference in Pennsylvania, January 29, 2015.
Reuters/Larry DowningWASHINGTON The Obama administration on Tuesday said it saw room for compromise with Congress on a potential overhaul of the business tax code, but a top Republican lawmaker said the two sides remained at loggerheads over taxes on small companies.
Treasury Secretary Jack Lew appeared before lawmakers to explain a White House budget proposal that would raise taxes on the wealthy and create new taxes on international companies to increase spending in areas like highways and education.
Much of that agenda has little chance of approval in this Congress, whose Republican majority is generally opposed to tax increases. But Lew said business tax reform was an area ripe for a bipartisan deal.
"I believe, as does the president, that there is plenty of opportunity for bipartisan cooperation, ... starting with business tax reform," Lew said in testimony to the House Ways and Means Committee.Paul Ryan, the Republican who chairs the committee, said the administration's budget proposals to simplify tax filing were "a step in the right direction."
He also said there was room for compromise on a measure to extend tax credits to low-income childless adults.
But Ryan said the administration's proposals would not do enough to help small companies, particularly those that pay taxes through their owners' individual returns.
"It just doesn't cut it," Ryan said.
The Obama administration proposes lowering corporate tax rates by eliminating a range of deductions, but it does not want to reduce rates for companies that pay via individual returns, a class of businesses known as "pass throughs."
Ryan did not say Republican support for business tax reform hinged on lower rates for pass throughs, but he said any deal must carve out more benefits for this group.
"This committee is not going to leave them behind," Ryan said.
Raise your hand if you understand Trans Pacific Trade Pact is about nations being unable to pass law that takes away from corporate profit and it allows global corporations to follow laws in nations it is headquartered. Right now there are very few US global corporations that are really American. If TPP is passed those that are are simply going to headquarter in nations having no corporate tax code-----
As Obama and Clinton neo-liberals pretend to have US global corporations put skin in the game of corporate tax reform------with Republicans shouting for ever lower corporate taxes-----we all know Trans Pacific Trade Pact will have global corporations paying whatever tax rate they do where they are headquartered.....so it is no surprise that US corporations are going out of business in record numbers----and this will be super-sized after the coming economic crash----all with the goal of merging restructuring with headquarters overseas.
All Obama and Clinton neo-liberals are doing is finding an excuse to bring trillions of dollars of corporate profits sitting offshore without paying taxes---under the guise of making global corporations pay their fair share in infrastructure building. All Federal, state, and local infrastructure funding will of course go right back to those global corporations.
Below you see Robert Reich----Clinton neo-liberal cheerleader that pretends to feel the American people's pain as is Paul Krugman----suggesting that the shareholders need to pay corporate taxes.....you will never hear Reich suggest reinstating anti-trust and monopoly laws to bring US global corporations back to regional corporations WHICH IS THE REAL ANSWER. Those regional corporations would pay corporate taxes.
Think first, that the wealthiest shareholders do not pay taxes. So, this policy would again move yet another tax responsibility to main street. It wouldn't last long as public listings IPOs will not last much longer.
FOR SOMEONE FEELING OUR PAIN ROBERT REICH MISSED FDR'S SOLUTION FOR RECOVERING MASSIVE CORPORATE FRAUD LEADING TO THE GREAT DEPRESSION------A CORPORATE AND WEALTH TAX RATE OF 90%.
Mon Aug 25, 2014 at 11:28 AM PDT
Eliminate corporate tax, seriouslybykos
GE is sitting on over $100 billion in profits overseas, afraid to pay US taxes on that haul.
I'll let Robert Reich make the argument.
It's time we eliminated the corporate income tax and made up the shortfall by increasing capital gains taxes. Here's the logic: First, the corporate income tax favors big companies that are able to shift their income abroad and engage in other tax-avoidance activities, while harming small companies that can't do any of this and therefore suffer a competitive disadvantage. Yet small companies are the engines of job growth in America.Second, the people who actually pay the corporate income tax should properly be the company's shareholders, who are the legal owners of the company and who benefit from increases in its income. But in many cases, depending on the structure of the market, a significant share of the actual burden of paying the corporate income tax is often borne instead by employees in the form of lower wages, or consumers in the form of higher prices.
Pretty simple. Right now, large American companies are slow to repatriate profits made overseas, because they are not taxed on those profits until they do so. As a result, you have companies like GE and Apple with over $100 billion parked offshore. Overall, U.S. companies are sitting on an estimated $2.1 trillion in offshored profits.Eliminating the corporate tax would remove the disincentive for those companies to bring that money home, creating one hell of a stimulus package for the country.
However, this isn't about free money for the corporatists. Fact is, the big companies are good at avoiding taxes by playing offshore finance games, while small businesses end up paying higher tax rates. Aside from the matter of fairness, it's poor economics, as those small businesses—the driver of most job creation in our economy—could use that tax money to invest in new employees and equipment.
But of course, this isn't an effort to starve government, it's to move the tax burden on those who can actually afford it—tax capital gains at the same levels (if not higher!) than regular income. Tax financial transactions, such as stock trades. Put the burden on the shareholders, not on the companies themselves. If those shareholders want to avoid the extra tax burden, then they can spend excess profits on new staff, on new equipment, on higher salaries for their employees. And if they'd rather bleed their employees dry with substandard wages to hoard profits, well then, they can pay for it on the capital gains side.
The real job creators get to create jobs, those sitting pretty on profits get to pay the taxes. Seems like a great deal to me.
For example, a tax of $1 on every $400 of stocks traded (0.25%; one-quarter of one percent) and $1 on every $800 of currency and debt trading including derivatives (0.125%, one-eighth of one percent). This fee (tax) would have raised between $750 billion and $1.2 trillion during each of the past five years (2005 – 2009).
The entire amount raised by the federal corporate income tax, in 2010, was $198 billion. A financial transaction tax, even a tiny one, wouldn't just make up the lost revenue from lost business taxes, it would dramatically surpass them.