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April 15, 2009
WASHINGTON, March 26 /PRNewswire-USNewswire/ --
Congressman Chaka Fattah (D-PA), in a letter to President Obama,
praised the President for establishing a task force to examine
possible overhaul of the U.S. Tax Code -- and offered for
consideration his own proposal to transform the costly and confusing
code.
In his letter, Fattah asked the President to direct
the Treasury Department to analyze the objectives embodied within
H.R. 1703, the Comprehensive Transform America Transaction Fee Act
of 2009, as helpful in pursuing the goals improving revenue
collection while reducing both the national debt and the deficit.
The Fattah legislation calls for Treasury to conduct a comprehensive
analytical study on the viability of eliminating all federal taxes
on individuals and corporations and replacing the taxes with a fee
on transactions.
"Transforming the existing tax code into a
simplified alternative is critical to restoring America's economic
vitality. The current revenue collection system is the most
complicated in the industrialized world," Fattah wrote.
The Office of Management and Budget estimates
Americans will spend 6.4 billion hours and $265 billion this year
alone complying with the obligations of a tax code that now contains
more than 66,000 pages of rules and regulations amassed over 96
years.
"According to the Congressional Research Service,
replacing the current way we collect taxes with a transaction fee
has the potential not only to meet current financial obligations but
provide enough additional revenue that America could pay off the
debt and the escalating deficit," said Fattah. "That alone is enough
for Treasury and the task force to take a serious look at this very
viable solution."
The following is a full text of the letter from
Congressman Fattah to President Obama.
March 25, 2009 Mr. Barack Obama President United States of America 1600 Pennsylvania Avenue Washington, DC 20500 Dear Mr. President:
I am writing to applaud your decision to appoint a
Presidential task force to review and overhaul the nearly century
old U.S. Tax Code. Costly, convoluted and confusing, the current
code has left the American taxpayer to spend countless hours and
dollars trying to comply with an antiquated system.
As the task force begins to examine ways to simplify
revenue collection so that it works better for the American people,
I ask that you direct the Treasury to analyze the objectives
embodied within H.R.1703, the Comprehensive Transform America
Transaction Fee Act of 2009, as they could be helpful in pursuing
two of your goals; improving revenue collection and reduction of
both the national debt and the deficit. It is legislation that I
introduced today calling for Treasury to conduct a comprehensive
analytical study on the viability of eliminating all federal taxes
on individuals and corporations and replacing the taxes with a fee
on transactions.
The transaction fee would be equivalent to current
revenues generated by all federal taxes, and could provide addition
revenues to reduce the national debt and the deficit. The
transaction fee would help close tax loopholes and protect
progressivity. Experts at the Congressional Research Service (CRS)
have reviewed the transaction fee and find along with other tax
policy organizations, that eliminating all federal taxes would
further stimulate the economy and spur job growth by allowing
businesses to expand their operations and hire more employees. CRS
also estimates that with implementation of a transaction fee of less
than half a percent, the nation could get to revenue neutrality.
As your Administration investigates avenues to
eliminate the nation's escalating debt and deficit, the transaction
fee offers a viable funding solution. In whole or in part, the
transaction fee would also serve to support some of your other
critical initiatives such as universal health care, an equitable
public school system and investment in the infrastructure of urban
and rural areas.
Should you or the tax review task force need
additional information on the Comprehensive Transform America
Transaction Fee Act, I will be more than happy to answer your
questions.
Very truly yours, Chaka Fattah Member of Congress cc: Mr. Rahm Emanuel
Source: Office of Congressman Chaka Fattah
BLOOMINGTON, Ill., Jan. 15 /PRNewswire/ -- As Americans gear-up for tax day, many do not know which investments can help them save on their income taxes or defer paying them, according to a new survey by COUNTRY Insurance & Financial Services. More than half say they either do not have a good understanding of these investments (30 percent) or are unsure (21 percent).
Americans' admission to their lack of awareness appears to be on target, as half of those surveyed could not name a tax-deferred investment. A couple of right answers -- 401(k) or an IRA -- were selected by only 50 percent. Further, more than one-third (36 percent) currently do not have an IRA or 401(k) account.
"Retirement accounts such as a 401(k) or an IRA help sock-away money for the future while providing valuable tax savings," says Keith Brannan, vice president of Financial Security Planning for COUNTRY Insurance & Financial Services. "If you are not taking advantage of these accounts, you could be missing an opportunity to pay less in taxes. More importantly, you could also be missing an opportunity to use those funds to meet future retirement goals. Learning about them or talking to a professional can help you improve your financial security."
Brannan also encourages Americans to consider investing any tax refund they might receive this year. The COUNTRY survey shows that while 30 percent of Americans received a significant income tax refund last year, less than half (46 percent) used that "found money" toward improving their long-term financial security.
"As you prepare to file your taxes and receive financial information from your employer, now is the perfect time to evaluate your overall financial picture," adds Brannan. "With predictions that 2008 may be a tough economic year, people may find a need to focus on spending behaviors."
Tips for long-term tax savings
-- Contribute to an IRA or 401(k) if you are not doing so already. The
contributions you make can be tax deductible. If your employer
offers a match on your 401(k), contribute enough to receive all of
the match.
-- If you are an empty nest parent, consider maxing out your 401(k).
This could help replace a lost tax deduction, since you can no longer
claim your children as dependents.
-- Invest in a mutual fund focused on long-term capital gains. Long-term
gains are treated more favorably at tax time.
-- If you own a small business, set up a sponsored retirement plan. The
money you spend to match your employees' contributions is tax
deductible.
For more information on Americans' sentiments about financial security, please visit http://www.countryfinancialsecurityindex.com/.
The COUNTRY survey is based on a national telephone survey of 3,000 Americans and is compiled by Rasmussen Reports, LLC, (http://www.rasmussenreports.com/) an independent research firm. The margin of sampling error for a survey based on this many interviews is approximately +/- 2 percentage points with a 95 percent level of confidence.
COUNTRY Insurance & Financial Services (http://www.countryfinancial.com/) serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.
Source: COUNTRY Insurance & Financial Services
Web site: http://www.countryfinancialsecurityindex.com/
http://www.rasmussenreports.com/
Company Offers Customized Tax Benefits and Discount Off Tax Preparation For Workers Across a Wide Range of Occupations
Proprietary Deductions@Work(R) Program Helps Taxpayers Identify and Claim Occupation-related Deductions
PARSIPPANY, N.J., April 6 /PRNewswire/ -- According to the IRS, last year over 12 million taxpayers filed their taxes in the final week before the due date.* With the filing deadline of April 17th fast approaching, many Americans are facing the tax time crunch -- organizing the expenses they need to itemize and accurately prepare and file their 2006 income tax return, and ideally making sure that they are not leaving money on the table.
Jackson Hewitt Tax Service(R), a leader in the tax preparation industry, continues to remind everyday workers that there are numerous tax deductions specifically related to different types of employment. That is why throughout April, Jackson Hewitt is working around the clock to celebrate the Workforce of America. The company will spotlight a number of industries to help a variety of workers take full advantage of the tax benefits related to their profession.
"As the tax preparer of choice for the Workforce of America, it is important for us to spotlight the many credits and deductions available to tax filers, especially the ones that are job-related and often overlooked," notes Michael D. Lister, President and CEO, Jackson Hewitt Inc. "We recognize how hard our customers work for the money they earn. So throughout April, when last-minute filers are feeling the pressure, we are going to be working extra hard -- and in many cases around the clock -- to ensure that they are filing a complete and accurate return!"
Lister notes that through its proprietary program Deductions@Work, Jackson Hewitt tax preparers are able to delve into over 50 of the most common professions in the U.S. to note the credits and deductions available for each -- pinpointing possible tax considerations relative to items like specialty equipment, union dues, professional association fees, safety equipment for work, uniforms or professional publications.
Celebrating A Range of Occupations
As part of its April celebration of the Workforce of America, Jackson Hewitt has set aside particular days during the month when it will offer special benefits to certain professions.
On those special days, members of the select professions can go into participating Jackson Hewitt locations to receive $25 off of tax preparation.
The schedule of professions and occupations being celebrated include:
-- Friday, April 6 - Saturday, April 7: Educators and Students, including all teachers; college, graduate and post-graduate students; tutors; and other related jobs.
-- Sunday, April 8 - Monday, April 9: Food & Beverage workers, including waiters/waitresses, bartenders, cooks, and other related jobs.
-- Tuesday, April 10 - Wednesday, April 11: Construction workers and Laborers, including construction workers, mechanics, welders, truck / bus drivers and other related jobs.
-- Thursday, April 12 - Friday, April 13: Medical workers, including nurses, doctors, hospital aides, pharmacists and other related jobs.
-- Saturday, April 14 - Sunday, April 15: Retail or Sales Employees, including sales clerks, stock clerk, cashiers and other related jobs.
Though the deadline to file is fast approaching, there's no need for consumers to panic. There is still ample time to take advantage of the tax knowledge and fast, accurate service at Jackson Hewitt.
In anticipation of meeting with a preparer, taxpayers should gather such critical items as their wage statements (Form W2), social security card, driver's license, and the dates of birth and social security numbers for any dependents. A handy "What To Bring" checklist noting all the documents needed to get started on a return can be found on the Jackson Hewitt web site at www.jacksonhewitt.com, or by simply stopping in at any local Jackson Hewitt office.
A tax preparer can help identify important potential tax benefits that may be available to consumers, such as special credits related to energy efficient home improvements or refunds available through the new Federal Telephone Excise Tax Credit.
To assist all last-minute tax filers, Jackson Hewitt locations will offer extended hours throughout the final weeks and up until the tax deadline -- with select locations open until midnight and even around the clock during those final two days, April 16 and 17. To reach an office near you to learn hours of operation or schedule an appointment, please call 1-800-234-1040 or visit http://www.jacksonhewitt.com/.
HOUSTON, April 25 /U.S. Newswire/ -- TEXANS for NO new TAXE$ (TNT)-formed specifically to oppose the Sharp Tax Proposal, and a project of Conservative Republicans of Texas, PAC-is sorely disappointed in the late-night passage of the Sharp Tax scheme by the Texas House of Representatives-an overwhelming abandonment of the Republican Party's platform.
"Despite this betrayal by House Republicans, the fight is not over and we are confident that we can win this struggle in the Senate," said Norman Adams, TNT co-chairman. "The members of the Senate understand that a state income tax, which this would be, is illegal and that this revision of the franchise tax would maim our economy. We are particularly hopeful that Lt. Gov. Dewhurst- a businessman who we believe understands the seriousness of this threat-will not support this cockeyed proposal."
The Sharp Tax Proposal was passed in the House by a vote of 80-69, with only 12 Republicans casting a nay vote. The proposal is now being considered by the state Senate.
"While we are greatly disappointed by the overwhelming defection of state House member, we are equally thankful for those stalwart conservatives who actually stood by their principles on this matter," stated Steven F. Hotze, M.D., co- chair of TNT and founder of several enterprises in Texas. "In particular, Harris County Republicans Bill Keffer, Debbie Riddle, Robert Talton, Gary Elkins, Dwayne Bohac and Joe Crabb deserve recognition for banding together to battle this travesty. They put to shame their fellow members of the Harris County Delegation, who accounted for a six-vote swing that greatly contributed to our loss on this important vote.
"Passing this proposal will not lighten the average Texan's tax burdens one bit because foisting a tax increase on small- and medium-size businesses will increase the cost of doing business, eliminate jobs and drive up the cost of goods," Hotze said. "Texans need to look long and hard at the facts, costs and impact this scheme represents, and then tell their state senators to protect our economy by voting no on this bill."
TNT will continue its educational campaign, which includes a state-wide petition encouraging Texans and Texas businesses to publicly oppose the Sharp margin tax proposal because of the detrimental effects it will have on the state's economy. To view the petition as well as Dr. Hotze's testimony in its entirety, visit http://www.TEXANSforNOnewTAXES.org.
http://www.usnewswire.com/
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TNT Disappointed by House Sellout on Sharp Vote; Vows Renewed Effort to Stop Tax Bill in Senate
1099-MISC Forms For Independent Contractors for 2005