Republicans Are About To Pass The Most Important Tax Bill In A Generation

Republican members of Congress are racing to pass the tax reform bill so that they can get home in time for Christmas, and it looks like it is actually going to happen.  The key is the Senate, and at this point it looks like there will be enough votes, but we have seen surprises before.  As I have stated previously, I would have voted for this bill, but nobody should pretend that this fixes our tax system.  The tax code is still going to be more than two million words long, the regulations are still going to be more than seven million words long, and Americans are still going to spend billions of hours and tens of billions of dollars complying with the most complicated tax system on the entire planet. (Read More...)

12 Reasons Why Ron Paul Is Very Different From Most Of The Other Contenders For The Republican Presidential Nomination In 2012

Even though most of the potential contenders for the Republican presidential nomination in 2012 have not formally announced their intentions yet, the truth is that the race has already begun.  Just look at all of the Republican politicians that have scheduled visits to Iowa.  Potential candidates are gearing up their campaigns and it should be one of the most interesting primary seasons in ages.  But is there anyone in the field that is really that much different from George W. Bush and John McCain?  Is there anyone that is not just going to trot out the same tired old ideas?  Is there anyone that would actually do something substantial about government debt?  Is there anyone that actually wants to shut down the Federal Reserve?  Is there anyone that would actually work to restore our civil liberties?  Well, the truth is that most of the potential Republican candidates are virtual clones of George W. Bush and John McCain.  There are very few in the field that offer any hope whatsoever.  But there is one man that does stand out as being very different.  His name is Ron Paul. (Read More...)

One Out Of Every Six U.S. Taxpayers Will Be Hit By A Tax Increase Averaging $3,900 This Year And Most Of Them Don’t Even Realize It

Did you know that there are two different sets of federal income tax rules in the United States?    It’s true.  Each year, most U.S. taxpayers either pay income tax under the system that most of us are familiar with or they pay the “Alternative Minimum Tax” – whichever amount ends up being greater.  For years, the U.S. Congress has passed one year “fixes” that have exempted millions of middle class American families from the Alternative Minimum Tax.  This has essentially been a huge tax cut each year for those millions of American families.  But this year, the Democrat-controlled Congress has not passed a “patch” for the Alternative Minimum Tax.  So now one out of every six U.S. taxpayers is going to be hit by the Alternative Minimum Tax.  The taxpayers most likely to be affected are married couples, very large families, home owners and taxpayers in states that have high state and local taxes.  The average tax increase that these taxpayers will be facing is going to be approximately $3,900 and most of them have no idea that it is coming.  At a time when an increasing number of families is barely getting by, a tax increase of this magnitude is simply going to crush the American Dream for literally millions of families.  Talk about a cruel surprise for tens of millions of Americans this upcoming tax season!  (Read More...)