Here’s what Republicans are so pissed about and what Mitch McConnell says is going nowhere.
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Of Course There’s a Nicolas Cage Tax Story on April 15th
It wouldn’t be tax day (in form, if not necessarily in substance) if the Raisin Bran™ of celebrity tax delinquents, Robert Snell, didn’t have a scoop today.
To make it even better, today’s edition is none other than perpetually tax-plagued Nicolas Cage.
In a storage locker last month, cops found Nicolas Cage’s rare $1.5 million, Superman comic book, which was stolen from the actor a decade ago. About the same time, the Oscar winner found kryptonite in his mailbox.
The IRS just sent the financially strapped screen star a $624,934 bill for delinquent federal taxes, according to public records.
If this level of irony doesn’t cause you to believe in some kind of benevolent god, then I feel sorry for you.
IRS hands Nicolas Cage pocket full of kryptonite [Tax Watchdog]
Senator Tom Coburn Explains What Tax Expenditures Are and What They Are Not
Earlier, we shared with you the thoughts of Americans for Tax Reform on Oklahoma Senator Tom Coburn’s rock-inspired “Back in Black” deficit reduction plan. Despite a silver lining that will allow whiny rich liberals to pay more taxes if they so choose, ATR wasn’t impressed, calling it a “Trillion Dollar Tax Hike.”
This is partly because Senator Coburn proposes the elimination of many tax expenditures. Of course, if you’re confused about what exactly a “tax expenditure” is, Senator Coburn took the time to explain it to everyone:
Tax expenditures are not tax cuts,” he said. “Tax expenditures are socialism and corporate welfare. Tax expenditures are increases on anyone who does not receive the benefit or can’t hire a lobbyist or special interest group to manipulate the code to their favor.”
It doesn’t appear that ATR has weighed in on this yet (and they are fond of quoting Coburn) but we don’t mind waiting.
House pursues balanced-budget bill; need for backup plan acknowledged [WaPo via TaxVox]
Earlier:
Did the Georgia Tea Party Call Grover Norquist a Socialist?
UBS is Naming Names (Finally)
In what probably amounts to UBS caving out of pure exhaustion from the nagging of U.S. Tax authorities, the Swiss Bank reached an agreement in which it will turn over names of wealthy clients. The Wall St. Journal is reporting that it could be between 8,000 and 10,000 names which will likely get UBS on the list at Hop Sing’s with Ned Isakoff.
More, after the jump
The whole sitch has caused many to confess their offshore banking sins and may make for more begrudgingly honest reporting of offshore accounts in the future but we hope that in hindsight, future Swiss negotiators see the wisdom of considering the undying power of the cocoa bean.
UBS Tax Lawsuit Settled by U.S., Swiss Governments [Bloomberg]
UPDATE: Read more at our sister site, Dealbreaker.