CONGRESS VOTES TO CONCENTRATE THE GREATEST AMOUNT OF WEALTH IN FEWEST NUMBER OF HANDS
From: <KEBSCHULLW_at_aol.com>
Date: 3 Aug 2006 10:00:23 -0700 Be sure to check out H. R. 5970 at http://thomas.loc.gov, especially Sec. 237. FRIVOLOUS TAX SUBMISSIONS. which adds SEC. 6702 to the IRC. Obviously, Congress has unwarranted confidence in Treasury/IRS. Since 1984 IRS has issued instructions that include state income tax refunds in the calculation of taxable Social Security benefits. Since 1988 state income tax refunds from years when the regular tax was paid has been excluded from Alternative Minimum Taxable Income. Currently, state income tax refunds that provided a tax benefit in a prior year may be taxed DOUBLE OR NOTHING in violation of sections 111(a) and 56(b((1)(D) when IRS instructions are followed. In 2004, when confronted with two amended returns where tax refunds were treated in conformance with the Internal Revenue Code (the taxable income attributable to a tax refund was reduce from being more than twice the amount of the refund to being equal to the refund), IRS folded and accepted the returns. Less than a month before I received the last refund, I received a letter (Letter 3175 SC (1999-Rev. 2) from IRS (Ogden, UT) which indicated the the Courts have consistently ruled against my arguments. In that letter my name was misspelled, my SSN was incorrect, the contact telephone number was bogus, there was no indicattion of form or year, "December" was misspelled, and there was no fax number. GOOD ENOUGH FOR GOVERNMENT WORK! Two days after the amended returns were filled Newsday reported that IRS Commissioner Everson had announced that he had paided the AMT for the first time in 2003. Was Everson the beneficiary of a FRAUDULENT IRS instruction that excludes from AMTI tax refunds that provided a tax benefit in a prior year when the regular tax was paid? Section 56(b)(1)(D) only excludes tax refunds that provided a tax benefit in a year the AMT was paid from AMTI. Cheers,
WDK
August 1, 2006
WASHINGTON (AP) -- A Senate famous for its ''deliberative pace'' is hoping to rush out bills this week bolstering pensions, raising the minimum wage and cutting taxes before departing the Capitol and shifting their re-election campaigns into high gear. Which of those measures advance this week will determine how much Republicans can boast about as they seek re-election, and to what degree Democrats can portray them as a do-nothing Congress undeserving of continued control. The House adjourned in the wee hours of Saturday morning for a five-week vacation, passing pension reform and a bill combining a $2.10 hourly raise in the minimum wage over two years with a large cut in inheritance taxes next decade for multimillionaire families. Most sweeping is a bill that would help preserve the traditional employee-based pension system for the nation's 44 million retirees, tightening controls on companies that fall behind in their contributions and giving special repayment breaks to the airline industry. After reaching an agreement that took five months to negotiate, the House passed the measure, 279-131, Friday night. Its fate in the Senate is uncertain after Majority Leader Bill Frist, R-Tenn., and House Republicans dropped a crucial sweetener, a plan to extend certain business and middle-class tax breaks. Those tax breaks are instead now attached to a package raising the $5.25 minimum wage and lowering future inheritance taxes -- an election-year gambit in which GOP leaders hope Democrats will allow the latter in order to win the former.
Senate Minority Leader Harry Reid, D-Nev., branded the proposal
''It should fail,'' Reid added, but he said he said he would do Better prospects await a bill to expand oil and gas development in the east-central Gulf of Mexico, opening up 8.3 million acres for drilling. The House has approved a broader measure that also would lift a 25-year federal ban on new drilling along the Atlantic and Pacific coasts. The proposal is aimed at decreasing natural gas and oil prices. The Senate also will try to pass a $427 billion spending bill for the Pentagon that combines new funding for the war in Iraq, money to procure a fighter plane beset by cost overruns and a bucketful of pet projects for defense contractors in lawmakers' home states. The House passed its Pentagon spending bill in June. Leaders in both chambers want to combine them into one measure signed into law before the November election. ^------ The minimum wage/estate tax bill is H.R. 5970. The pension bill is H.R. 4. The offshore drilling bill is S. 3711. The military spending bill is H.R. 5631 On the Net: The bills can be found at: http://thomas.loc.gov Received on Thu Aug 03 2006 - 10:00:29 PDT |
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