And the next broken promise is…

Convention of States Project

After vowing for months to reform the tax code and lower tax rates for middle-class Americans, the Republican-led Congress might not be able to get anything done by the late-summer deadline.

Treasury Secretary Steven Mnuchin even admitted this week that the timeline has become “highly aggressive to not realistic.”

In November’s election, the voters spoke overwhelming in favor of the GOP agenda — less government, lower taxes, more freedom. Now it isn’t clear whether Republicans ever intended to follow through on their major campaign promises, and the American people have taken note.

Full article: And the next broken promise is… – Convention of States

IRS to delay tax refunds for millions of low-income families

The IRS is delaying tax refunds for more than 40 million low-income families this year as the agency steps up efforts to fight identity theft and fraud.

The delays will affect families claiming the earned income tax credit and the additional child tax credit. These tax breaks are geared to benefit the working poor, and many families claim both.

“For most of these people it’s the biggest check they are going to get all year,” IRS Commissioner John Koskinen said in an interview with The Associated Press. “We are sensitive to that.”

The tax filing season starts Jan. 23. But a new law requires the IRS to delay tax refunds for people claiming these credits until Feb. 15. Processing times will delay most of the refunds until the end of February, Koskinen said.

The delay is designed to give the agency more time to screen the returns for fraud. The IRS estimates that it issued $3.1 billion in fraudulent tax refunds to identity thieves in 2014. The year before, the agency says, it paid out $5.8 billion in fraudulent refunds. Over those two years, the IRS says it blocked nearly $47 billion in fraudulent refunds.

Full article: IRS to delay tax refunds for millions of low-income families | Fox News

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Border of North Carolina and South Carolina to realign on New Year’s Day

Wow.

Some families will find their homes move to the other side of the new border entirely, but others aren’t as lucky. One woman will have the new state line go right through her master bedroom.

The homes that will become split by the new border will now have to pay property taxes to both states.

Another family will see their health insurance change with the move from South Carolina to North Carolina.

Full article: Border of North Carolina and South Carolina to realign on New Year’s Day | abc11.com

So there was a border dispute between the two Carolinas, basically, and it was allowed to be readjusted. The result is above.

This is insane. If your house ended up being cut in half by a readjusted border, you should be grandfathered in to the state you were originally positioned in and pay property taxes only to that state. Paying to both is ridiculous! And I hope they fight it. There is no way out for the people who ended up with that. You can’t sell the property. Who the heck is going to buy a house in both states that requires a double property tax?! Even if the families packed up tomorrow and moved out, leaving the house abandoned, they’d still own the property and have to pay taxes on it. Someone in the comments suggested “accidentally” having a cooking fire, but even if the house is gone, you still own the land and will be taxed accordingly. So what then?

Government at it’s finest.

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Carrier Will Receive $7 Million in Tax Breaks to Keep Jobs in Indiana

The Indiana governor was offering $7 million over 10 years to encourage the company to keep in the state roughly one-third of the 2,100 jobs it planned to ship to Mexico. United Technologies would also get credit from the state for keeping 300 research and headquarters jobs that it didn’t plan to shift abroad.

Mr. Hayes’ pilgrimage to Trump Tower ended roughly two weeks of intensive talks between representatives of Mr. Pence and United Technologies, the Farmington, Conn., parent of air conditioner and furnace maker Carrier. The agreement was touted by both sides Thursday.

People familiar with the negotiations said the company and Mr. Pence’s team also discussed a wide range of priorities, including United Technologies’ interest in a corporate tax overhaul, and regulations the company feels have been a burden to its business.

Mr. Pence admitted on Thursday that he hadn’t thought the company would reverse course, saying it was clear at a March meeting with Carrier officials that “the die was cast.” Instead of keeping the factory open, he negotiated in the spring for the company to pay back about $1.5 million in city and state incentives.

Full article: Carrier Will Receive $7 Million in Tax Breaks to Keep Jobs in Indiana – WSJ

I know there are a lot of heads exploding right now, but if this keeps people in their jobs, I’m OK with this. Seriously, those people will keep working and putting the money back into the economy of Indiana. Without the tax breaks, they are out of work and no money is going in to the economy from them. Yeah, I’m OK with this.

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Donald Trump Had Written About His $1 Billion Losses In 1997…In The New York Times!

In December of 1997, the Times published the first chapter of Trump’s book “The Art Of The Comeback” in which the real estate mogul discusses the financial woes he had experienced during the housing crash of the early 90’s and his subsequent comeback.

Trump writes:

One day, while walking down Fifth Avenue, hand in hand with Marla, I pointed across the street to a man holding a cup and with a Seeing Eye dog. I asked, “Do you know who that is?”

Marla said to me: “Yes, Donald. He’s a beggar. Isn’t it too bad? He looks so sad!”

I said, “You’re right. He’s a beggar, but he’s worth about $900 million more than me.” She looked at me and said, “What do you mean, Donald? How could he possibly be worth $900 million more than you?”

I said, “Let’s assume he’s worth nothing (only from the standpoint of dollars)–I’m worth minus $900 million.”

Trump continues, explaining that his empire began “hemorrhaging value” due to federal intervention in the housing market:

My net worth had been in the billions. By the spring of 1990 I was deeply in the red; my empire was hemorrhaging value. When the Supreme Court upheld the retroactivity provisions in 1992, I knew that not only for me, but for my colleagues as well, prospects were grim. Even for the awesome Olympia & York, headed by the powerful Reichmann family, the future looked bleak.

In 1989, with approximately the same debt, I had a net worth of almost $2 billion, maybe more. By the end of 1990 I had the same debt levels, but I was in the red. The problem: property values had plummeted so dramatically that many of my projects were worthless. In retrospect, it all seems easy to understand. Nevertheless, at the time, it was one of the toughest meetings I’ve ever had.

Finally, Trump details his comeback:

By 1993 I began to feel more like Chavez than like Taylor. My personal debt of $975 million had been reduced to $115 million, and I had two years to finish cleaning it up. There was no way to deny that things were going really great. Piece by piece, deal by deal, a beautiful picture was beginning to emerge. What my people and I had already achieved was astonishing.

The details of Trump’s losses in the 90’s were right there in Black and White the whole time. Declaring such losses would have been standard practice for any business.

Full article: Donald Trump Had Written About His $1 Billion Losses In 1997…In The New York Times! | The Sean Hannity Show

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Trump Accountant Comes Forward…

“As far as I know, and that only goes through late ’96, he didn’t (have the expertise to manipulate the tax code),” Mitnick said during an interview Wednesday with NBC News. Trump’s lack of expertise was exactly why he hired Mitnick.

What this means is that the entire liberal narrative alleging that Trump personally manipulated the US tax code in an effort to circumvent the spirit of the law is patently false.

Instead Trump had a professional accountant do what professional accountants do — prepare his taxes and maximize his deductions. And that’s what every screeching liberal does annually around April 15.

As if to drive home the point that the charges of Trump manipulating the system were false, Mitnick further explained to CNN, “Those returns were entirely created by us.”

In other words, Trump had virtually zero involvement with the tax process.

That obliterates one of the Democrats’ biggest talking points. But it doesn’t deal with the core question involved: “Is it wrong to maximize your tax deductions?” The answer, of course, is a resounding no.

Of course, the coup de grâce in this entire made-up controversy is that Hillary Rodham Clinton did on her taxes exactly what she’s accusing Donald Trump of doing.

Full article: BREAKING: Trump Accountant Comes Forward… Huge Announcement Leaves Media Speechless

Clinton Foundation refiles three years of tax forms

Clinton Foundation officials quietly refiled three years of tax-related forms this week after the New York attorney general acknowledged the charity had failed to disclose all of its donors in accordance with state law.

Two entities operating within the Clintons’ sprawling philanthropic network — the Clinton Health Access Initiative and the Clinton Global Initiative — submitted supplementary financial disclosures for different years between 2012 and 2014 while denying Tuesday that the attorney general’s office had asked them to do so.

“The Clinton Foundation is properly registered to solicit funds under Article 7A, which requires organizations to register before they solicit funds in New York,” said Ricardo Castro, general counsel for the Clinton Foundation.

Donald Trump’s eponymous foundation was issued a cease-and-desist letter Monday from the New York attorney general’s office over the charity’s failure to register under that same statute.

Full article: Clinton Foundation refiles three years of tax forms | Washington Examiner

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