Politics Feed

Photo by Pixabay via Pexels.com Ah, election years. They're always, uh, fun. Yeah, let's go with fun. Competing candidates with usually diametrically opposed policy positions go at each other, trying to convince voters that their proposals will better benefit them. That's why we tend to see, even in more usual presidential campaigns, a lot of ideas tossed out, including tax proposals. That's the case in the Trump Administration's suggestion this week to lower capital gains tax rates. Taxing investment timing payoffs: Capital gains are the profits made when you sell assets. We generally think of them in terms of financial... Read more →


If you get $500 from Uncle Sam in the next week or so, don't freak out. It's real if you used one of the Internal Revenue Service's online coronavirus registration tools and didn't originally get all the relief you were due. The tax agency is sending the money to those who previously were denied the $500 per child economic impact payment (EIP) amount created by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The problem with the shorted amount wasn't with these individuals' or their minor children's' eligibility. It was due to a glitch in the IRS system set... Read more →


Donald J. Trump announced on Aug. 8 four executive actions to provide COVID-19 relief in the wake of the stalled Congressional talks. (White House photo via Twitter) By now everyone knows that Donald J. Trump decided to literally take COVID-19 relief into his own hands yesterday. Sitting at table in a meeting room at his Bedminster, New Jersey, golf club, surrounded by media and club members who served as a smaller surrogate rally crowd to cheer him and boo the reporters, Trump sign four executive actions. One was a formal Executive Order. The other three were memoranda. He and his... Read more →


Millions of youngsters across the United States will start this school year in virtual classrooms. But the tax savings are real in 11 states holding sales tax holidays this weekend. Ten of the events kick off at 12:01 a.m. on Friday, Aug. 7. Most run through the full weekend. One doesn't start until Sunday, Aug. 9, but continues through the following Saturday, Aug. 15. Below are this weekend's back-to-school tax holidays listed alphabetically by participating states. The links, which include the state names, provide more details on what is and isn't tax-free. Florida: Friday, Aug. 7 through Sunday, Aug. 9.... Read more →


The days of real toasts are on hold for the most part due to the coronavirus. But alcohol sales and the tax revenue they produce remain a bright spot in an otherwise dim outlook for state treasuries hit hard by the pandemic. (Photo by burst via Pexels.com). Many states have been facing budget issues for a while. Those financial problems have been exacerbated by the coronavirus pandemic. As businesses closed down, some temporarily and some forever, states saw the associated corporate tax revenue drop. Those closed companies meant its employees no longer had income on which they paid taxes. And... Read more →


Remember the Michigan man who lost his property because he underpaid by $8.41 the overdue real estate tax bill? The state's highest court says the how the tax sale of Uri Rafaeli's house was handled was wrong, at least as far as the transaction's proceeds. Because of that finding, the Michigan Supreme Court said Rafaeli, an 85-year-old retired engineer, is due financial compensation for the loss of his home to the tax collector. That means Rafaeli soon should be depositing more than $24,000 from the county. High Court speaks: "[G]overnment shall not collect more in taxes than are owed, nor... Read more →


Congress is debating, sort of, the possibility of, among other pandemic-related issues, another round of COVID-19 economic relief payments (EIPs). That's good news for folks struggling to make ends meet in the wake of coronavirus-related economic troubles. But some folks haven't yet received the first stimulus checks created back in March under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Created to help, but…: Now there's some good news for some encountering relief payment problems. The Taxpayer Advocate Service (TAS) now can help taxpayers in certain situations resolve their COVID-19 payment issues. "Previously, the IRS did not have a... Read more →


As the Senate grapples with its latest COVID-19 economic relief payment proposal, millions of Americans who lost their jobs in the pandemic are trying to figure out how they will pay their bills coming due in August. Those who had a workplace retirement plan, typically a 401(k), likely are deciding whether they should tap that account. It's always been possible to take what's known as a hardship distribution from tax-favored retirement plans. Pre-coronavirus tax law also allowed for loans from workplace retirement savings accounts. But COVID-19 also has added some new considerations to this financial route. The Coronavirus Aid, Relief,... Read more →


The Japanese anime television series Hamtaro is being used by some Thai protesters as a symbol of what they say is their government's insatiable appetite for taxpayer dollars. Here in the United States, we've been watching the continuing #BlackLivesMatter social and racial justice protests that were sparked by the death of George Floyd while in Minneapolis police custody. We are not alone. Similar protests have been held around the world. But in Thailand, there is another, tax-related protest that's taken a lighter approach to highlight a serious issue. Hundreds of Thai young people last weekend sang a Japanese cartoon jingle... Read more →


Photo by Scrumshus via Citypeek-Wikipedia The Senate this week released its plan for another round of coronavirus relief. As expected, there are substantial differences between this Republican-crafted bill and the measure passed in mid-May by the Democratically-controlled House. Both bills are wide-ranging, but there are some key provisions that are of particular interest to most of us. Both also use as a basis in many areas the Coronavirus Aid, Relief and Economic Security (CARES) Act provisions that were enacted in late March. Below is a comparison of seven key areas in the latest GOP Senate's Health, Economic Assistance, Liability Protection... Read more →


Yes, people should pay their bills. Sometimes, though, things happen. Just look at the financial crises the coronavirus pandemic has created for individuals. And yes, in some limited cases turning over way past-due bills to a private collection agency is appropriate. Note the use of the word limited. Full disclosure. For the most part, I hate bill collectors. I've helped family members who were in financial straits deal with them. While things worked out in our favor, those agencies' employees were the total worst. That's why I was disappointed (yeah, let's use that term to keep the ol' blog family... Read more →


Classic television's Cleaver family, circa 1960. (Photo via Wikipedia Commons) Senate leaders and U.S. Treasury Secretary Steve Mnuchin promise they'll release next week the Republican response to the Democratic House's already approved next round of COVID-19 relief payments. Until then, we're still speculating on what will be in the counter proposal. It's a safe bet, however, that it will contain a second round of direct payments. The first payments, created by the Coronavirus Aid, Relief and Economic Security (CARES) Act that became law in late March. What's not clear, though, is who would qualify for this additional stimulus money. Halfway... Read more →


The Hon. John Lewis receiving the Presidential Medal of Freedom from President Barack Obama in 2010. (Obama White House photo) The celebration of the life of the Hon. John Lewis continues. Today, the late civil rights leader and long-time member of Congress lies in state in his native Alabama. Other key moments from his early days in the South also will be commemorated as part of the six-day journey of memorialization and tributes that continues in Washington, D.C., before he goes to his final rest in Atlanta. America, the world actually, lost a true hero when Lewis passed away on... Read more →


UPDATE, July 28, 2020: We finally know how the Senate wants to handle additional COVID-19 economic relief. The GOP-crafted Heath, Economic Assistance, Liability Protection and Schools (HEALS) Act, like the already passed Democratic House bill, provides for another round of stimulus payments, but isn't quite as generous as far as dependents. It also drastically reduces federal unemployment assistance. Details on this opening gambit are in these articles from The Washington Post and CNBC. Washington, D.C. watchers are used to federal lawmakers' last-minute struggles to create and pass legislation. Often though, we have to wait until the end of the year.... Read more →


UPDATE, July 23, 2020: The White House has dropped its push for a payroll tax cut as part of the next round of COVID-19 relief. Although Donald Trump cited Democrats' objections to the payroll tax cut, top Senate Republicans also disliked the idea, seeing it as too expensive as they struggle to craft a relief version to counter the already-passed House bill. Federal lawmakers are working on the next COVID-19 relief package. Specifically, Republican Senators are working on a stimulus deal since House Democrats, who control that Congressional chamber, approved their proposal back in May. But in addition to dealing... Read more →


Tax season 2020 is over. That means the focus of most Americans returns to the same thing we've been fixating on (besides taxes) for the last few months: COVID-19. The coronavirus is still here. It's getting worse in some — OK, a lot of — states. Even in the areas where it seems to be under better control, people are still worrying about what it means to their lives and, of course, their livelihoods. Although some jobs returned earlier this summer, that partial economic recovery is not expected to last after coronavirus cases reemerged following state re-openings. So folks are... Read more →


Shopping during a pandemic will be challenging, but Alabama retailers and customers hope the state's annual back-to-school sales tax holiday this weekend will make everyone as happy as this young shopper. It's on! It is Alabama's annual Back-to-School Sales Tax Holiday weekend. It starts at 12:01 a.m. on Friday, July 17, and runs until the clock strikes midnight on Sunday, July 19. And yes, everyone knows that we're still in the midst of the COVID-19 pandemic. Cases are increasing throughout the United States, with the South one of the hardest hit areas. Businesses and officials in Alabama, however, are going... Read more →


UPDATED, July 31, 2020: This post was published originally on July 8 in advance of the 2020 state sales tax holiday season. As the holidays come and go, I'll change the headline to reflect the upcoming events. I'll also color code the table showing all 16 sales tax holidays planned for this summer so you can easily see which have past and which are on the immediate horizon. Coming up at the end of July/first of August are tax holidays in Mississippi and Tennessee. If and when schools reopen, classrooms likely will look much different from this due to COVID-19... Read more →


Often, too often, we use independence and freedom interchangeably. Even dictionaries and thesauruses say the words each mean to some degree the power or right to act, speak, or think as one wants without hindrance or restraint (freedom) or the state of being free from the control or power of another (independence). On this July 4, 2020, we are reevaluating what those definitions mean to us, our families, friends and neighbors, to people we don't know personally and to the United States as a whole. The scrutiny of those definitions could fill library shelves nationwide where reference — and history... Read more →


The tax agency has made it clear that the July 15 filing deadline is firm. But you still can get an extension to file, giving you until Oct. 15 to submit your Form 1040. Just ask for it by July 15. Plus, there other filing extension options (and forms on this Tax Form Tuesday!) for other tax circumstances. If you were hoping the Internal Revenue Service would push Tax Day 2020 beyond July 15, sorry. The agency says the already-delayed filing and tax paying deadline for 2019 returns is firm. When the IRS announced that decision late Monday afternoon (or... Read more →