In 1935, Roosevelt introduced “The Social Security Act” which passed Congress. However, the act was described “Old Age, Survivors, and Disability Insurance.” At first, the Act covered only industry and commerce. It was later extended to include farm operators in 1955. The SS tax was to be at the rate of 3% of income up to […]
In Ireland, a reader has sent this gem in. The Communications Minister Denis Naughten is so proud of himself for changing the definition of a ‘television set’ to include your laptop in order to extend the TV license fee to be applied to computers, laptops, and large tablets. He believes he will generate an extra €5m […]
Of course, the left is focusing on how much the “rich” pay while ignoring the entire issue of taxes. When I debated Steve Forbes and Governor James Florio at Princeton University, it was the Democrat Florio who I turned. I simply said that the tax code borrowed from the poor and middle class, handed them […]
Sue Peckitt, 65, poured a cup of coffee down the street drain and then threw the cup in a public garbage can. The police then gave her a ticket for 80 pounds. She appealed to have the unbelievable fine overturned and was told to pay up. The police told the press that her act of pouring the coffee down the […]
Believe it or not, someone can work hard to get into the Olympics and if they win the gold or silver medals, the Internal Revenue Service (IRS) is there waiting for their cut. Yes, American Olympians must pay taxes on the value of the medal. They also need to pay taxes on their prize money. […]
QUESTION: Mr. Armstrong, I remember Obama promising to eliminate income tax on seniors. They always just say whatever gets them votes and never do anything they promise. Hillary is doing the same. It’s just more lies on top of lies. HS ANSWER: Correct. Obama promised: “[We] will eliminate all income taxation of seniors making less than $50,000 […]
The hunt for money is absolutely destroying everything. The IRS has placed a maximum on the depreciation of assets. Any high-end cars over $40,000 must be paid for with after tax dollars. This will have some impact on the high-end … →
If you receive valuable jewelry as a gift, you cannot return to the USA without reporting it and paying the tax. The Saudi king gave Michelle Obama and her daughters $1.2 million in jewels. So why are the Obamas allowed to keep … →
