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Andrew Presti

Lost in Taxation

It seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you’re not already on a first-name basis with your local IRS agent? National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency’s […]

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Andrew Presti

Middle-Class Tax Cut Extensions Expected to Stay on Hold Until Fall

Congressional consideration of an extension of $3 trillion in expiring tax cuts is likely to be put off until after the August recess, White House spokesman Robert Gibbs told reporters July 12. President Obama has called on Congress to extend all of the 2001 and 2003 tax cuts for households earning less than $200,000 per […]

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Andrew Presti

Bernanke: $40B in small biz loans disappears

CNNMoney.com (NEW YORK) — In the last two years, $40 billion worth of loans to small businesses have evaporated, and correcting the problem should be “front and center among our current policy challenges,” Ben Bernanke, chairman of the Federal Reserve, said in a speech Monday. Loans to small businesses dropped from more than $710 billion […]

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Andrew Presti

Academic Study: eBay Sellers Shirk Sales Tax Law

Economists’ findings come as states and Congress look for new ways to collect tax on Internet sales. Sales tax collection compliance among eBay sellers is “alarmingly low,” says a new academic study published as states look for ammunition to bolster tax-collection laws. When Georgia State University Economics Professor James Alm and Mikhail I. Melnik, an […]

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Andrew Presti

Treasury links 4.5 million new hires to tax credits

WASHINGTON (Reuters) – U.S. businesses eligible for a new employment tax credit hired 4.5 million new employees from February to May, the Treasury Department said on Monday — but it declined to draw a cause-and-effect conclusion. “I would say that the jury is completely out on the number of jobs that will be added on […]

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