Gulf Spill Yields Tax Talk About Multinationals

In the middle of all the “tax loopholes closing” that’s been going on in Congress, a big, fat one may have remained open. Sen. Max Baucus (D-MT), who chairs the powerful Senate Finance Committee, has opened an investigation into whether Transocean, Ltd., has been exploiting tax law loopholes by moving their headquarters overseas (spoiler alert, … Read more

Obama’s Treasury Pick Under Fire for Tax Liability

In the midst of the current economic crisis, I know that many in Congress were hoping for a smooth transition to a new administration. That may not happen. President Elect Barack Obama’s nomination to head the Treasury Department has hit a road block: revelations that Timothy Geithner had failed to timely pay $34,000 in taxes. … Read more

The Shill of the Game

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No, that’s not a typo. These days, it seems, it is all about the dollars. Even in college sports – or maybe especially in college sports.

The headline on this week’s Philadelphia Inquirer, Sunday Edition, blared “Raising Funds – and eyebrows” – the story about the push to raise money for colleges through athletics made the front page. It seems especially fitting to run the story during football season (and maybe just a little self-serving that it focused on Temple and Penn State Universities less than a week before the well-known Nittany Lions pick on the Owls in Philadelphia) but it’s hardly news. The role of the dollar in college sports has been under fire for more than a year now, from the IRS inquiry into whether the tax-exempt status of colleges should remain considering the “empires” that have been built on the backs of taxpayers to the controversial salaries paid to coaches to Congress’ debate about the role of sports in secondary educationincluding basketball. What has come out of this debate is largely nothing – a lot of drama on both sides about the value (or not) of sports programs at colleges and universities. While there should be pressure to answer this debate in a very public way, there isn’t. Perhaps it’s impolitic to do it with football play-offs looming in the distance – too many OSU fans in Congress (yes, that’s OSU pictured above)? And then there’s basketball… And then, baseball. It’s just so darned inconvenient. Only Senator Charles Grassley (R-IA) has dared bring it up again recently; he promised last month to take another look at whether tax-exempt status was appropriate – but then, who are we kidding? He went to the University of Northern Iowa.

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But I’m Not Rich!

That’s what many folks think when asked to consider whether they will be affected by the AMT (Alternative Minimum Tax). But here’s where they’re wrong: the AMT is hitting middle class America more often. We’ve even argued about it a little bit on the blog (be sure and read the comments). And the consensus is … Read more