Senators Carl Levin, D-Mich., and Sheldon Whitehouse, D-R.I., introduced the Cut Unjustified Tax Loopholes Act, also known as the CUT Loopholes Act, or S. 268, on Monday. The bill was introduced in the midst of a congressional and White House showdown over the impending budget sequestration and growing calls for corporate tax reform, but builds on earlier legislation introduced by Levin in previous congressional terms (see Senators Introduce Bill to Cut Tax Loopholes). This bill, which closes loopholes and strengthens enforcement measures against offshore tax haven abuse, could raise nearly $200 billion over 10 years, according to estimates. [AT]
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A Romantic Tragedy: The Iowa Film Tax Credit Scandal
- Joe Kristan
- August 26, 2011
Once upon a time a little farm state was feeling sad. The state wasn’t poor. It wasn’t lonesome – strange, handsome and glamorous men were always courting her – but something was missing. What could it be?
Then a man whispered in her ear: you need glamor! And it’s in your grasp!
The little state blushed. “How can I, a little farm state, be glamorous like Hollywood?”
The man said: “You can buy glamour!” And he burst into song:
You’ve got glamor
Right here in River City!
Movies start with cash;
If I can be so brash;
Give me some tax credits!
So the smitten little state gave the man transferable film tax credits. She was so excited about glamor, she gave the tax credits away freely, and the glamor came:
We’ve relied on caucuses every four years to bring action and celebrities to town. Now, sightings are anytime, any place.
But something was wrong. The little state sensed amid the cocktail party laughter that the glamorous were laughing at her, not with her. She noticed that the glamorous people were driving away with shiny new cars that she was paying for. And she noticed that the tax credits were getting rather expensive.
So she cut off her tax credits. This made the glamorous people mad, and some of them sued her. But she caught some of the hapless glamorous people and had them locked up. She made the man who whispered in her ear about film credits confess that he had done a bad thing. She got mad at the man who handed out the tax credits for her and tried to put him in jail.
So the little state is sadder, but perhaps wiser. Which has an attraction of its own:
I flinch, I shy, when the lass with the delicate air goes by
I smile, I grin, when the gal with a touch of sin walks in.
I hope, and I pray, for a Hester to win just one more “A”
The sadder-but-wiser girl’s the girl for me.
The sadder-but-wiser girl for me.
The moral of our story? If you fund it, they will come. And loot your purse. And laugh at you.
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When It Rains, It Pours: R. Kelly Hit with Tax Lien
- Caleb Newquist
- July 15, 2011
If you’ve been poking around the web the last couple of days, you probably heard that R&B singer R. Kelly is in danger of getting thrown out of his house. It’s an unfortunate turn of events for RK who stopped paying his mortgage payments trying to strongarm JP Morgan into modifying his loan.
Unfortunately for R., it appears he also has blown off the IRS. Delinquent celebrity taxpayer scoop artist Robert Snell reports:
Music industry bad boy R. Kelly has more than foreclosure to worry about. Kelly, the controversial R&B star owes more than $837,000 in delinquent federal taxes, records show.
Snell reports that the IRS released a $1 million lien just last month against RK, so it’s unclear if this little oversight is the result of his JPM negotiating strategy or he’s still getting caught up on things.
R. Kelly believes he can fly — from tax bill [Tax Watchdog]
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The Nets’ Latest Attempt to Boost Attendance Is to Offer Free Tax Preparation
- Caleb Newquist
- March 4, 2010
Okay, who’s got no plans on Friday? Work? Bah. How about you go to the Nets game against the Orlando Magic instead? Sure they’re terrible but you’ll get a coupon that is redeemable at a Roni Deutch Tax Center to get your state return done for free (a $29 value!).
Yes, we said the Nets are terrible but to put it more accurately, they’re atrocious. So atrocious that they have the worst attendance in the NBA. You need your tax return prepared; the Nets need fans. Let’s make this happen. We’re not saying you have to paint your face or anything but show up and drink a beer or two. You can always leave at halftime.
And even if you’re bound and determined to prepare the return yourself, there will Roni Deutch reps at the game to answer your tax questions. Again, free of charge. Of course they’d prefer if you just handed over all your paperwork and coughed up the $185 to have your federal return done too but it’s really about being a fan and supporting the team:
“It’s easy to jump on the Lakers’ bandwagon,” said [Roni] Deutch, who claims to have been the first girl to play Little League baseball on an all-boys team in her home state, California. “The hallmark of a strong company is one that aligns with young companies. I’m a betting woman, and I think the Nets are going to win a championship this decade.”
Write it down.
Nets Will Offer Free Tax Preparation as a Game Promotion [NYT via Yahoo!]