So far this year, the federal government brought in more money than ever, but even at record tax receipts, the government is far outspending its intake.
During these first 11 months of fiscal year 2014, the feds brought in $2.66 trillion in tax receipts. Despite this, the federal government is still running a $598 billion deficit, according to the latest Monthly Treasury Statement…(more)
Who knew? Negative views of Bambi? But he’s a celebrity. How can you not approve?
Negative views of President Obama have hit a new high
The AP-GfK poll shows 59 percent of Americans now disapprove of Obama — a point higher than the previous high set in December.
Obama’s approval rating stands at 41 percent. That’s the second-lowest figure the poll has ever found.
Part of Obama’s problems appear to be related to foreign policy: The poll shows Americans disapprove of his handling of the situation in Ukraine 57-40 and disapprove of how he handles relationships with other countries 58-40.
Standard and Poor’s sees a high risk that Spain, Italy, Portugal and France will not be able to carry through necessary reforms as the unemployed become less willing to put up with austerity, S&P’s Germany head Torsten Hinrichs told a newspaper.
“The high unemployment in Spain, Italy and France is socially explosive,” Hinrichs was quoted as saying in Monday’s Neue Osnabrcker Zeitung.
“There has to be a social consensus for saving measures. High unemployment … does not help.”
Hinrichs said the people of Spain and Portugal had already proven they were willing to bear with austerity measures, but “this cannot continue forever”.
In Italy, there was the further danger that “a new government may not be strong enough for the still necessary reforms to strengthen growth,” he said.
Hinrichs said S&P still rated Germany as a triple A with stable outlook and did not see any reason for concern: “It is one of the few AAA and stable countries that we still have in Europe”.
The weak profitability of the banking sector due to the profusion of banks was the only problem in Germany, he said, although he saw positive changes in the sector in terms of equity capital and refinancing.
The IRS can impose a number of penalties and interest charges. It can even throw you in jail if you don’t file your tax returns. It doesn’t matter if you are a big Hollywood star or a country singer, you can get in trouble with the IRS. Here are five celebrities who found themselves on the wrong end of a tax audit.
Willie Nelson’s long history with the IRS began in 1984 when the agency chose to review his tax returns back to 1972. The extensive audit stretched out for years and the IRS presented him with a bill for more than $6 million in underpaid taxes. He also owed over $10 million in interest and penalties. Nelson’s accounting firm had filed for the singer every year, but it had claimed tax shelters that the IRS disallowed. The IRS seized most of Nelson’s assets and sold them at auction. Most were purchased by friends and supporters who gave them back to the singer. The settlement was negotiated down further and Nelson ended up paying it off. He later sued Price Waterhouse, now PricewaterhouseCoopers, and settled with the accounting firm for an undisclosed amount.
Wesley Snipes is currently contemplating his actions behind bars. Snipes was charged with felony tax evasion for not filing returns or reporting over $14 million in income earned between 1999 and 2001. He was also charged with filing false information to receive tax refunds. Snipes was connected to a group that contends that federal taxation is illegal and unconstitutional. Although Snipes was acquitted of the felony charges, he was convicted on three misdemeanor counts of failing to file tax returns. He was sentenced to three years in jail.
Annie Leibovitz, the American photographer famous for capturing celebrity moments, found herself in front of cameras in 2009 when she was at risk of losing all of her assets, including the rights to her photographs, because she could not repay a loan. Part of the need for the loan was a debt to the IRS of $1.4 million plus interest and penalties for not reporting income earned between 2004 and 2007. Leibovitz also struggled to pay the estate taxes on her home and other properties. Leibovitz has since restructured the loan and is no longer at risk of losing her assets…
Two more…via >> 5 of the Biggest Celebrity Tax Evaders …