Where your 2013 taxes went

[Luddly Neddite]

 

[Luddly Neddite]

 

[waltky]

Granny wantin' to know if dat means her Halliburton stocks gonna be deductible?...

KEY TAX BREAKS
May. 13, 2014 ~ The Senate voted 96-3 Tuesday to begin debating a bill to renew more than 50 tax breaks for businesses and individuals. Most of the tax breaks expired at the beginning of the year. The bill would renew them through 2015, adding about $85 billion to the budget deficit.

Some of the key tax breaks, with the amount taxpayers would save over the next decade:

—A tax credit for businesses that invest in research and development. Savings: $15.4 billion.

—A tax credit for using wind farms and other renewable energy sources to produce electricity. Savings: $13.3 billion.

—An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. Savings: $10.4 billion.

—A deduction that allows residents who live in states without an income tax to deduct state and local sales taxes on their federal returns. Savings: $6.5 billion.

—A tax break that protects struggling homeowners who get their mortgages reduced from paying income taxes on the amount of debt that was forgiven. Savings: $5.4 billion.

—A tax break that allows restaurants and retailers to more quickly write off the cost of capital improvements. Savings: $4.8 billion.

—A tax break called bonus depreciation that allows profitable companies to write off large capital expenditures immediately, rather than over time. Savings: $2.9 billion.

—A tax deduction of up to $250 for teachers who use their own money to buy classroom supplies. Savings: $430 million.

—A tax credit for expenses related to railroad track maintenance. Savings: $414 million.

—Increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories.

Previously, the rebate was $10.50 a gallon. The new law extends a more generous rebate of $13.25 a gallon through 2015. Cost: $336 million.

—A tax break that allow motorsport races tracks to more quickly write off the cost of improvements. Savings: $71 million.

—A tax break that allows TV, movie and theatrical productions to more quickly write off expenses. Sexually explicit productions are ineligible. Savings: $27 million.

—A tax break that allows people who buy race horses to more quickly write off the cost. Savings: $9 million.

Key tax breaks

 

[DGS49]

All Federal spending must originate in the House of Representatives (Congress). Congress is authroized by the Constitution to do the following:

To borrow Money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish a uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current coin of the United States;

To establish Post Offices and post Roads;

To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;

To constitute Tribunals inferior to the supreme Court;

To define and punish Piracies and Felonies committed on the high Seas, and Offenses against the Law of Nations;

To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;

To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;

To provide and maintain a Navy;

To make Rules for the Government and Regulation of the land and naval Forces;

To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;

To provide for organizing, arming, and disciplining, the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;

[Govern the District of Columbia, and]

To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.

Now, review the charts above to see which expenditures are UNCONSTITUTIONAL. Do you see anything about Education? Housing? Food? Healthcare? Unemployment compensation? And of course, don't forget Social Security, which is also UNCONSTITUTIONAL.

Consider that in our current cultural/legal millieu, anyone proposing that the Federal Government - and particularly the Congress - ought to be constrained by the Constitution is considered an extreme Right-Wing nutjob.

What does that tell you?

 

[Pennywise]

Government- 4.5 cents? What a fucking joke. Every dollar in taxes is filtered through the sieve of government.

The cute little dollar chart is a lie. Choke on it.

 

[boedicca]

This is bogus. Where is Social Security?

 

[Pennywise]

This is bogus. Where is Social Security?

They exclude FICA. Aren't they cute?

 

[boedicca]

Leaving out SS is consistent with the Dem Propaganda Agenda that SS doesn't contribute to the deficit.

The other bogosity is that the chart doesn't included the additional Unfunded Liabilities that are piled on each year.

 

[DGS49]

I assume SS was left out because it is covered by the money in Al Gore's "LockBox," and does't eat up any General Fund money.

That's a joke.

 

[SteadyMercury]

This is bogus.

I agreed.

Better =