End of Issue #70 |

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Editorial and Rants

Oh, crap. I can't believe the media actually covered this story...
Backdoor Taxes to Hit Middle Class
February 1, 2010 - From: news.yahoo.com
The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases. The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner. Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year's levels, the tax will hit American families that can hardly be considered wealthy -- the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
Just kidding! Look what Yahoo!/Reuters did a few hours after that story was posted.
An uncensored copy of the original story is available at: www.timesasia.net/backdoor-taxes-to-hit-middle-class-latest-updates-47401487.htm.


Better pay your taxes White man! Look what Obongo's goons are getting!
www.fbo.gov/index?s=opportunity&mode=form&id=8d3b076bd4de14bbda5aba699e80621d
Acquiring Shotguns
Solicitation Number: TIRWR-10-Q-00023
Agency: Department of the Treasury
Office: Internal Revenue Service (IRS)
Location: Field Operations Branch Western (OS:A:P:B:W)
Notice Type: Combined Synopsis/Solicitation
Posted Date: February 2, 2010
Response Date: Feb 10, 2010 2:00 pm Eastern
Classification Code: 10 -- Weapons
NAICS Code: 332 -- Fabricated Metal Product Manufacturing
332994 -- Small Arms Manufacturing
Synopsis:
This requirement is a Small Business Set-Aside and only qualified
sellers may submit quotes. NACIS code for this requirement is 332994.
The RFQ opens on the date this announcement is posted and closes
Wednesday, February 10, 2010, 2:00:00 PM Pacific Standard Time.
Response should be emailed or mailed by the closing date to
Marc.Feinberg@irs.gov or IRS, 1301 Clay Street, Suite 810S, Oakland,
CA 94612. FOB Destination shall be Washington DC.
The Internal Revenue Service (IRS) intends to purchase sixty Remington
Model 870 Police RAMAC #24587 12 gauge pump-action shotguns for the
Criminal Investigation Division. The Remington parkerized shotguns,
with fourteen inch barrel, modified choke, Wilson Combat Ghost Ring
rear sight and XS4 Contour Bead front sight, Knoxx Reduced Recoil
Adjustable Stock, and Speedfeed ribbed black forend, are designated as
the only shotguns authorized for IRS duty based on compatibility with
IRS existing shotgun inventory, certified armorer and combat training
and protocol, maintenance, and parts.

