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Cliff Notes for the The Middle Class Tax Relief Act of 2010

Posted on December 2, 2010 by Caleb Newquist

Here’s what Republicans are so pissed about and what Mitch McConnell says is going nowhere.

Middle Class Tax Relief Summary

Posted in TaxTagged Tax cuts, The Middle Class Tax Relief Act of 2010

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Related Posts

  • Tax

It’s Unlikely That the Anti-Muslim Crowd Will Be Appeased By a Single Tax Conviction

  • Caleb Newquist
  • September 11, 2010

Just a hunch.

A federal jury on Thursday convicted the co-founder of an Islamic charity chapter who was accused of helping smuggle $150,000 to Muslim fighters in Chechnya.

Pete Seda was convicted of one count of conspiracy to defraud the government and one count of filing a false tax return. His lawyers said they would appeal.


But forget religion for a minute. What burns us up is that this guy Seda is blaming his accountant for the whole mess:

Seda claimed the money was intended as a tithe that his accountant failed to disclose on a tax return for the U.S. chapter of the Al-Haramain Islamic Foundation in Ashland, Ore. The foundation has been declared a terrorist organization by the U.S. government.

On the other hand, isn’t throwing an accountant under the bus something all religions can embrace? We’re searching for the common ground here, people.

Islamic charity co-founder convicted on tax charge [AP]

  • Tax

Just Because You Support Tax Cuts Doesn’t Mean You’re a Fiscal Conservative

  • Caleb Newquist
  • June 9, 2010

Since the the stench of last-minute pandering to voters is in the air today, Howard Gleckman points out over at TaxVox that while many candidates are quick to launch in with “I will cut taxes!” or “I believe in smaller government!” to catch some of the hot Tea Party action, these candidates (and many of the Tea Party types themselves) don’t really qualify as fiscal conservatives (if you go by the Wikipedia definition) who support balanced budgets and deficit reduction:

They are plainly interested in tax cuts—a core belief that appears repeatedly on Websites, position papers, and speeches throughout the movement. And while tea partiers say they favor smaller government, many in fact propose to shrink it in only trivial ways—by cutting earmarks or waste and abuse. Candidates elected on platforms supporting very large tax cuts and small spending reductions are likely to oppose aggressive efforts to reduce deficits, not back them. While some analysts see the tea partiers as the 21st century progeny of Ross Perot’s fiscal conservatism, nothing could be further from the truth.

One of Gleckman’s examples is Sharon Angle who claims to be the “one true conservative” (presumably that means a fiscal conservative) and is running for the Republican nomination in Nevada to face off against Harry Reid. Here is one of her ads:

There’s the mantra: “Limited Government!” “Lower Taxes!” As Mr Gleckman notes, Ms Angle would “abolish the Internal Revenue Code but doesn’t quite say how she’d finance government.” That’s a bit of a problem, especially since she says in her “On the Issues” page under healthcare that “the government must continue to keep its contract with seniors, who entered into the system on good faith and now are depending on that contract.”

Since this essentially represents the Tea Party’s position on healthcare we’ll agree with Gleckman when he says, “This view makes deficit reduction a challenge at best, especially when paired with big tax cuts.”

The point here is this – if you’re beating the drum of tax cuts and limited government to pander to a hot political movement but if you’re going to largely continue to spend tax dollars with the same fervor as George W. Bush, that doesn’t make you the second coming of Ross Perot.

  • Tax

Legal Pot in California Won’t Change Much, Other Than the Taxes Of Course

  • Adrienne Gonzalez
  • June 8, 2010

Legalization of gay marriage didn’t go over very well in the Golden State but come November, my fellow Californians and I will be deciding whether or not we’re up for taxing the hell out of the chronic to save our state’s sad fiscal sitch with an estimated $1.4 billion in revenue a year by making marijuana possession legal. According to the bill, an ounce would bring in $50 in revenue .

Now, we’re not promoting huge grow rooms in grandma’s Pomona basement but the law would allow an ounce for personal use (some of you might question that amount as a tad large) and for anyone over the age of 21 to have 25 square feet of plants growing in their residence.


As is, California is pretty loose with the definition of “medical use” and if you’ve ever been to Venice Beach, you already know that pot has been a big business round these parts since Proposition 215 made medicinal use legal. Everyone from depressed shlubs to Mr Magoo-sighted grandmas can head to the cannabis club for their medicine and some smart cities like Oakland already tax these sales.

Some of you may not realize this but pot is essentially legal in San Francisco anyway. I’ve never heard of cops asking for a prescription if you get busted toking on a blunt in the FiDi (hey, work is stressful) and the rumor is that the SFPD has actually made it an unofficial policy not to hassle pot smokers as long as that’s all they’re doing.

So if you’re smoking a joint on the street, you’re fine. If you’re smoking a joint AND killing someone or smoking a joint AND not wearing pants, you might have some trouble but for the most part, you can trot around town puffing away without having to worry about getting hassled. Of course, driving under the influence is still illegal so I would not recommend puffing away from behind the wheel, no matter how lax the locals are towards the green stuff.

The state seems divided equally on the issue, with the LA Times reporting that a recent poll left the state split 49/41, with 49% in favor of the legislation. Listen, if it’s between legal weed and paying $989 to register my car, I’ll take the weed tyvm.

So? Smoke ‘em if you got ‘em and if you don’t got ‘em, feel free to tax ‘em. Get used to the sin taxes, it might be the only way to bring my fine state (and others in equally dismal fiscal situations) back from the brink of financial Armageddon. And if that doesn’t work, at least we’ll be too high to notice.

Adrienne Gonzalez is the founder of Jr. Deputy Accountant, a former CPA wrangler and a Going Concern contributor . You can see more of her posts for GC here.

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