Hitlery To Propose Doubling Capital Gains Tax On Short-Term Investments

Clinton Would Double Capital Gains Tax On Short-Term Investments – OANN

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Democratic presidential candidate Hillary Clinton will propose nearly doubling the U.S. capital gains tax rate on short-term investments to 39.6 percent, the Wall Street Journal reported Friday.

A Clinton campaign official said the Clinton rate plan would affect investments held between one and two years, which are currently taxed at a 20 percent capital gains rate, the newspaper reported.

Clinton, the front-runner for the 2016 Democratic presidential nomination, will outline her plan in a speech Friday in New York. She will argue that corporate efforts to boost stock prices in the short term undercuts longer-term economic growth and hurts American workers, the newspaper said.

Top-bracket single earners with taxable income higher than $413,201 and married couples filing jointly with income above $484,850 would be affected, the newspaper reported.

The campaign official, who was not identified, said the plan would not change the capital gains rate for lower-income taxpayers, the journal said.

The plan would not count an extra 3.8 percent tax on net investment income included as part of the federal healthcare law, it said.

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Leftist Politicians Beg Obama To Illegally Change Obamacare Rules So Their Constituents Can Avoid New Tax Penalties

Democrats Beg Obama To Bend Obamacare Rules To Avoid Tax Penalties For Millions – Big Government

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Three senior House Democrats are pleading with the Obama administration to bend the Obamacare rules to prevent their constituents and millions of Americans from being hit with Obamacare tax penalties.

Reps. Sander Levin (D-MI), Jim McDermott (D-WA), and Lloyd Doggett (D-TX) have strongly requested a special sign-up for the uninsured who will all be hit with a $325 fine or two percent of their income (whichever is higher) for failure to enroll in 2015. In 2016, the Obamacare tax penalty will be an average $1,100, reports the Associated Press. For 2014, the Obamacare tax was $95 or one percent of income.

“Open enrollment period ended before many Americans filed their taxes,” the three lawmakers said in a statement. “Without a special enrollment period, many people (who will be paying fines) will not have another opportunity to get health coverage this year.”

The lawmakers’ pleas come on the heels of a devastating New York Times article published last week titled, “Insured, but Not Covered,” which revealed that many Obamacare customers are hitting the harsh wall of reality about how expensive and flimsy their Obamacare plans truly are. As the Times notes, “A recent New York Times/CBS poll found that 46 percent of Americans said they had trouble affording health care, up 10 percentage points in just one year.”

Obamacare remains deeply unpopular. According to the RealClearPolitics average of polls, just 39% of Americans support Obama’s signature legislative achievement.

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*VIDEO* The Trillion-Dollar Obamacare Tax Tsunami Is Upon Us


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Company Fired By HHS Over Botched Healthcare.Gov Rehired By IRS To Provide Support For Obamacare Tax Program

IRS Has Active Contract For Millions With Company HHS FIRED Over Botched Healthcare.Gov – Daily Caller

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Seven months after federal officials fired CGI Federal for its botched work on Obamacare website Healthcare.gov, the IRS awarded the same company a $4.5 million IT contract for its new Obamacare tax program.

CGI is a $10.5 billion Montreal-based company that has forever been etched into the public’s mind as the company behind the bungled Obamacare main website.

After facing a year of embarrassing failures, federal officials finally pulled the plug on the company and terminated CGI’s contract in January 2014.

Yet on Aug. 11, seven months later, IRS officials signed a new contract with CGI to provide “critical functions” and “management support” for its Obamacare tax program, according to the Federal Procurement Data System, a federal government procurement database.

The IRS contract is worth $4.46 million, according to the FPDS data. The contract expires Aug. 15, 2015.

Prior to terminating CGI’s contract, Health and Human Services Secretary Kathleen Sebelius told Congress, “I am as frustrated and angry as anyone with the flawed launch of HealthCare.gov.” She called the CGI-designed website a “debacle.”

A joint Senate Finance and Judiciary Committee staff report in June 2014 found that Turning Point Global Solutions, hired by HHS to review CGI’s performance on Healthcare.gov, reported they found 21,000 lines of defective software code inserted by CGI.

Scott Amey, the general counsel for the non-profit Project on Government Oversight, which reviews government contracting, examined the IRS contract with CGI.

“CGI was the poster child for government failure,” he told The Daily Caller. “I am shocked that the IRS has turned around and is using them for Obamacare IT work.”

Washington was not the only city that has been fed up with CGI on healthcare.

Last year, CGI was fired by the liberal states of Vermont and Massachusetts for failing to deliver on their Obamacare websites.

The Obamacare health website in Massachusetts never worked, despite the state paying $170 million to CGI.

Massachusetts, the state that pioneered government healthcare through its Romneycare health insurance program in 2006, could only enroll 31,000 people in 2014. Most enrolments were through paper applications.

And in Vermont, state officials pulled the plug on CGI after its system failed to work for 10 months. Vermont had paid $66.7 million to CGI. The state imposed a $5 million penalty on the company for shoddy work.

CGI’s 2014 annual report says nothing about the disastrous rollout of online healthcare websites in the United States.

Curiously, CGI features its online health work in Helsinki, London, Alberta, Saskatchewan and for the New York State of Mental Health, but says nothing about its ruined rollout of Obamacare web sites.

In Canada, CGI’s parent company, Montreal-based CGI Group, was just as deficient.

Ontario health officials fired CGI after it failed to deliver a flagship provincial online health registry.

About 7 million Obamacare policyholders and about 20 million Americans who don’t have healthcare coverage will depend this year on the proper IRS processing of their 2014 income tax returns.

Improper processing of health information could cause some Americans to receive smaller tax refunds, or even pay more out-of-pocket for their government-issued healthcare policies.

A September 2013 audit by the IRS inspector general criticized the tax agency’s software and computer systems aimed to process Obamacare tax return forms.

Michael E. McKenney, the acting deputy inspector general, found many problems with the IRS software, including lax security and fraud controls.

Government auditors found “Many of the vulnerabilities in information systems can be traced to software flaws and misconfigurations of system components.”

The IRS did not reply to numerous inquiries to the agency about the CGI contract.

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New IRS Form Proves President Asshat Lied About Obamacare Tax (Video)

New IRS Form Proves Obama Lied About Individual Mandate Tax – ATR

On Thursday the IRS released a slew of draft 2014 tax forms. The new draft Form 1040 shows a new surtax line has been created for the payment of the individual mandate surtax – see line 61 of the 1040:

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President Obama has repeatedly denied that the surtax is in fact actually a tax. The most prominent example was a heated exchange on ABC’s This Week in Sept. 2009, when George Stephanopoulos confronted Obama with a dictionary:

STEPHANOPOULOS: I – I don’t think I’m making it up. Merriam Webster’s Dictionary: Tax – “a charge, usually of money, imposed by authority on persons or property for public purposes.”

OBAMA: George, the fact that you looked up Merriam’s Dictionary, the definition of tax increase, indicates to me that you’re stretching a little bit right now. Otherwise, you wouldn’t have gone to the dictionary to check on the definition. I mean what…

STEPHANOPOULOS: Well, no, but…

OBAMA: …what you’re saying is…

STEPHANOPOULOS: I wanted to check for myself. But your critics say it is a tax increase.

OBAMA: My critics say everything is a tax increase. My critics say that I’m taking over every sector of the economy. You know that.

Look, we can have a legitimate debate about whether or not we’re going to have an individual mandate or not, but…

STEPHANOPOULOS: But you reject that it’s a tax increase?

OBAMA: I absolutely reject that notion. [Transcript]

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It was always obvious that the penalty for not complying with Obamacare’s individual mandate was just another surtax:

* The surtax is collected by, and enforced by, the IRS.
* As shown by the newly released draft Form 1040, the surtax is paid as part of normal income tax filing by taxpayers.
* The individual mandate surtax was written into tax law itself by the Obamacare statute.
* Revenues derived from the individual mandate surtax have always been scored by the Congressional Budget Office as tax revenue.

Famously, Chief Justice John Roberts pointed out that the individual mandate surtax is in fact a tax. However, that does not compel conservatives to agree that Obamacare’s individual mandate is Constitutional. The same decision declared the individual mandate unconstitutional under the Commerce Clause. Conservatives can accept that this surtax is a tax increase without accepting the constitutionality of the individual mandate.

The Obamacare individual mandate non-compliance surtax is one of at least seven Obamacare taxes that violate the President’s “firm pledge” not to raise any tax on any American making less than $250,000 per year. Thorough documentation of Obama’s promise can be found here.

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Obama’s Corrupt IRS Shared Conservatives’ Confidential Tax Information With The FBI

Report: IRS Sent Database Containing Confidential Taxpayer Information To FBI – National Review

The Internal Revenue Service may have been caught violating federal tax law: In October 2010, the agency sent a database on 501(c)(4) social-welfare groups containing confidential taxpayer information to the Federal Bureau of Investigation, according to documents obtained by a House panel.

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The information was transmitted in advance of former IRS official Lois Lerner’s meeting the same month with Justice Department officials about the possibility of using campaign-finance laws to prosecute certain nonprofit groups. E-mails between Lerner and Richard Pilger, the director of the Justice Department’s election-crimes branch, obtained through a subpoena to Attorney General Eric Holder, show Lerner asking about the format in which the FBI preferred the data to be sent.

“This revelation that the IRS sent 1.1 million pages of nonprofit tax-return data – including confidential taxpayer information – to the FBI confirms suspicions that the IRS worked with the Justice Department to facilitate the potential investigation of nonprofit groups engaged in lawful political speech,” Oversight Committee chairman Darrell Issa, a California Republican, and subcommittee chairman Jim Jordan wrote in a letter to IRS commissioner John Koskinen. The two lawmakers also raise questions about the timing of the meeting, just weeks before the 2010 midterm elections, when Republicans recaptured a majority in the House of Representatives.

The Justice Department never prosecuted social-welfare groups, and e-mails from IRS officials show their awareness that, as a result of the Supreme Court’s 2010 decision in the Citizens United case, which allowed unlimited amounts of money from nonprofit groups and labor unions to flow into the political process, the law did not favor a crackdown on anonymous donations to politically orientated nonprofits, which sprouted up on all sides in the wake of the ruling. “We don’t have the law to do something,” an IRS official responsible for tax-exempt organizations said in a September 2010 e-mail.

The documents were subpoenaed as a part of the Oversight Committee’s ongoing investigation into the IRS’ targeting of right-leaning groups, which took place against the backdrop of the Citizens United ruling. E-mails cited in a committee report released in March show that the decision caused a lot of angst for Lerner and her colleagues in the IRS’s Exempt Organizations division, and she noted in public remarks that the agency was under pressure to “fix the problem” created by the decision.

Though the Justice Department never took nonprofit groups to court, the committee has argued that Lerner attempted engaged in a politicized witch hunt against conservative groups by implementing a system where applications for tax exemption were inappropriately scrutinized and by jump-starting efforts to rewrite the rules by which 501(c)(4) social-welfare groups can qualify for tax exemption. Those rules prompted an outcry from groups on both sides of the political spectrum and the agency is currently rewriting them.

Issa and Jordan have requested from the IRS all documents relating to the transmittal of the database. “This revelation likely means that the IRS – including possibly Lois Lerner – violated federal tax law by transmitting this information to the Department of Justice in 2010,” they said.

Click HERE For Rest Of Story

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IRS To Impose $36,500 Tax Per Employee On Businesses That Dump Workers Into Obamacare Exchanges

IRS: Employers Face $36,500 Per Worker Tax For ‘Obamacare Dumping’ – Big Government

The Internal Revenue Service ruled it will impose a tax penalty on employers of up to $36,500 per worker for dumping employees into the Obamacare exchanges.

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The New York Times, which broke the story, reports:

When employers provide coverage, their contributions, averaging more than $5,000 a year per employee, are not counted as taxable income to workers. But the Internal Revenue Service said employers could not meet their obligations under the health care law by simply reimbursing employees for some or all of their premium costs.

The IRS ruling is an effort by the Obama administration to stop employers with 50 or more workers from doing what critics of the health law said they would do: pay a penalty for not providing insurance and dump workers into the unpopular Obamacare program.

With the Nov. 4 midterm elections looming, the Obama administration could not allow massive waves of employer cancellations before Democrats face an already angry electorate. So the IRS ruled it would slap any employer with a $100 tax penalty per day per worker that used tax-exempt health insurance monies to cut workers a lump check and dump them on the Obamacare exchanges.

The new IRS rule comes on the heels of the Obama administration’s announcement that it will bail out insurers which participate in the Obamacare program which lose cash. As the Times notes, “Administration officials hope the payments will stabilize premiums and prevent rate increases that could embarrass Democrats in this year’s midterm elections.”

Click HERE For Rest Of Story

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