Results tagged “irs”

Oh oh. Oakland Mayor Ron Dellums owes the IRS in back taxes. Lots and lots of back taxes.

A new piece today in the Washington Post suggests that Obama administration officials and members of Congress alike are considering the possibility of a VAT, or value-added tax, which would impose a levy on all goods and services in order to cover the nation's gi-fucking-normous budget deficit. Along with raising taxes on the highest earners, the idea of a VAT seems to be gaining traction as something that has worked for 130 other countries worldwide.

President Obama announced a plan this morning to revise IRS policies and to crack down on individuals and corporations using loopholes and off-shore "headquarters" to avoid paying their fair share of taxes. He plans to hire 800 new IRS employees to act as enforcers of the new plan, looking into and auditing corporate books to retrieve more than $200 billion potentially owed to the government. In his quick speech, Obama cited a famous address in the Cayman Islands which is listed as the headquarters for 12,000 different corporate entities. Please cue the requisite Republican shit fit on Fox News and Matt Drudge summoning the horsemen of the apocalypse.