Asian Persuasion gains on Caucasian

If, you have notice more Thai, Chinese, Sushi, and Korean BBQ restaurants in your neighborhood, you may find certain details of this next article interesting. According to the latest US Census data the fastest growing-race in America are Asians.

Now this is all find with me. I got no problem with Asians. I love both Asian food, women, massage parlors, laundries, nail salons, gardeners and liquor stores. But what happens if the Asian’s become the dominate race in the US?

I mean, they already own the world?

Asians fastest-growing race in United States, census finds

AFP – Wed, Mar 21, 2012

Asians are the fastest growing race group in the United States, reflecting a surge in immigration from the entire region over a decade, the US Census Bureau said Wednesday.

As part of an ongoing analysis of the data it reaped from its 2010 census, the federal agency said those who identified themselves as Asian alone, and not mixed race, grew by 43.3 percent from a decade earlier.

 

That was more than four times faster than the rate of growth for the overall US population, which grew 9.7 percent in the same period to 308,745,538.

Some 14.7 million people, or 4.8 percent of the total population, identified themselves as Asian alone. Another 2.6 million, or 0.9 percent, said they were Asian in combination with another race group, most commonly white.

“Net international migration is the biggest component of the change in the Asian population,” Elizabeth Hoeffel, a statistician in the Census Bureau’s population division, told reporters in a conference call.

Read more at YahooNews

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How To Save On Your IRS Tax Return- Up To 15 Percent

What? MasterCard, Visa and AMEX are persona non grata at the local IRS payment window? Well, not quite but the agency will be giving taxpayers a significant discount if you pay in cash. Of course, the Tax Man may want to know where you have been hiding all the cash.

 

 

 

 

 

 

Get the full scoop, from Tax Girl over at Forbes.com.

 

IRS Offers Discount for Cash Payments

April 1, 2011 · 9 comments

Citing a need for immediate liquidity in the U.S. Treasury, the IRS has announced a set of surprising measures for the 2011 tax season, including a 10% discount for taxpayers willing to pay in cash. A further discount – up to 15% depending on the type of coin – is available for taxpayers paying in coins.

Why the discount? The obvious answer is that the U.S. Treasury wants cash and they want it now.

Personal checks can be costly to the U.S. government as payment since they often contain mistakes, may get lost and can be bounced for insufficient funds. Checks may also take several days to clear and, IRS officials note,

Read More at: Tax Lawyer Los Angeles


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A Russian Fem Spy Spooked US, But It Wasn’t Anna Chapman

A female Russian agent got “close enough” to a sitting U.S. cabinet member that the FBI felt they had to swoop in and arrest the lot — but it wasn’t the famous femme fatale Anna Chapman, federal officials said today.

Chapman, the seductive 20-something SoHo spy, was named by a British newspaper Monday as the reason the FBI decided to finally round up the Russian ring, which had long been under surveillance, in 2010. The paper cited an interview conducted by the British broadcasting network the BBC with the FBI’s counter-intelligence head Frank Figliuzzi.

“We were becoming very concerned they were getting close enough to a sitting U.S. cabinet member that we thought we could no longer allow this to continue,” Figliuzzi said.

Story Source: Yahoo News

 

 

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IRS Back Taxes Tax Tips 2012- It’s Never to Late

Tax Girl over at Forbes has made getting this year’s personal Federal income tax filings almost paint by number. If, you haven’t yet filed, you may want to check this out. Any one of these tax tips could save you a lot of money or at least keep you from being audited by the IRS.

 

Tax Season Cheat Sheet: Most Noteworthy Tax Changes of 2011

  1. There is no Schedule M and no Making Work Pay Credit. The Making Work Pay Credit which was available for taxpayers in 2009 and 2010 is not available for 2011. That means there is no Schedule M to file and there is no additional credit for the year.
  2. There is a payroll tax cut for employees. For 2011 (and now, for 2012), employees who receive a form W-2 received a tax break of 2% on FICA contributions during the year:

Read More at: Tax Lawyer Los Angeles


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IRS Your Foreign Earned Income & Bank Account Status

I found an excellent tax attorney blog from someone who really knows how to handle tax issues on foreign income earners. If, you are someone you know is has not been properly reporting, you may want to take a good look at this article.

Tax Obligations of Foreign Income Earners

If you have income from work or investments overseas, it is important that you pay your taxes on this income. This would involve those with dual citizenships and those who have lived and worked in other countries either the whole or part of 2011. The IRS has issued 6 guidelines for you if you fall into this category of taxpayers.

1. Know if it applies to you
Under US tax law, all your overseas income earned through whatever means is taxable even if you are paying taxes in your host country. This includes foreign bank interest, stock dividends, foreign securities income, income from foreign trusts, foreign investment income etc. So even if you do not have a job overseas, you are still liable for tax if you draw income from any of these overseas sources.

2. Meet the deadline
The filing deadline for those with foreign income is June 15 if you are either a military personnel serving abroad or a US citizen or resident alien living overseas.

Continue Reading: L.A. Tax Attorney site


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How a Tax Incentive Can Be Viewed As a Penalty

Martin Sullivan, has written a great article on the what would happen if the Supreme Court strikes down the “individual mandate.” He accurately explains IRS tax code through use of ‘tax incentives’ and ‘penalties’ are an excellent way for Congress to get individuals and businesses to do what lawmakers want them to do.

I’ve been telling people this for years. You know it’s a great day when I find someone who can articulate it better than I can.

If Mandate Is Struck Down, Are Tax Incentives Next?Martin A. Sullivan | Apr. 2, 2012 11:59 AM EDT

For lawyers and political junkies, it is the Super Bowl: three days of Supreme Court arguments over one of the biggest domestic policy changes in decades.

But we economists can only scratch our heads. Why are we in court? What’s the big deal? It’s called an “individual mandate.” Sounds ominous. But to economists it looks like nothing more than your everyday ordinary tax incentive. For as long as there has been a tax code — and particularly in recent decades — there has been a bipartisan consensus that tax incentives are an excellent way for Congress to get individuals and businesses to do what lawmakers want them to do.

Read More at: tax.com

Article Source: BeElected.com Posted By John.


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Just the Facts on the Buffett Tax

When the Sage from Omaha, Warren Buffet called for additional taxes on the mega-rich last year it appears that President Obama was listening. However, we are now in a election year and me thinks that Mr. Obama may be more than a little disingenuous about taxing the rich.

Obama Pushes For Buffett Tax, by Mike Godfrey, Tax-News.com, Washington Last updated 17 hours ago | Tuesday, April 03, 2012

President Barack Obama has reiterated his strong recommendation for Congress to pass, in the near future, a “Buffett tax” on the wealthiest United States taxpayers, although he obviously knows that such a tax would be extremely unlikely to obtain the approval of his Republican electoral opponents.He is referring back to the proposal made by Warren Buffett, the billionaire chairman and chief executive of Berkshire Hathaway, who called last year for additional taxes on the “mega-rich”. Buffett had then disclosed that his federal tax bill was only 17.4% of his taxable income – “and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33% to 41% and averaged 36%,” he said.

He concluded that, as part of a tax reform package, he would immediately raise the tax rate for those making more than USD1m a year, including dividends and capital gains, with an additional rate for those making USD10m or more.

Read More at: usa-tax-news.com

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Obama Blaming Israel for Rising Fuel Prices

The Obama administration is blaming Israel for the recent rise in global crude oil prices, says its “posturing” on Iran brought the rise.

The Obama administration is blaming Israel for the recent rise in global crude oil prices, according to a Sunday report in The World Tribune. The rise in fuel prices is deemed as harming the U.S. economy and has also hurt Obama in the polls as he seeks re-election in November.

The report cited a leading U.S. analyst, Robert Satloff, who returned from talks with Israeli officials.

Satloff, executive director of the Washington Institute for Near East Policy, said, according to The World Tribune, that the Israeli leadership saw Washington as attributing the higher gas prices to “Israel’s posturing” on Iran.

“They think the Iranians should be held responsible for the higher gasoline prices,” Satloff was quoted as having said.

He added that the officials told him the Obama administration was staging a campaign to undermine Israel.

“I cannot underscore how deep and visceral the [Israeli] comments of the leaking that came out of Washington were,” Satloff said, noting Israel is alarmed by what officials determined were leaks by the administration of U.S. President Barack Obama of purported Israeli preparations to attack Iran.

The Israeli concerns come in the wake of a report in Foreign Policy magazine last week, according to which Israel has purchased an airfield in Azerbaijan on Iran’s northern border, prompting the United States to watch very closely.

Journalist Mark Perry wrote that the Obama administration is monitoring Israel’s relations with Azerbaijan, particularly its military ties.

The Americans believe Israel may use the site as a springboard for an attack on Iran’s nuclear plants, or as a landing and refueling spot following one. The site could also be used for aircraft needed for search, rescue and recovery in the wake of an attack.

“We’re watching what Israel is doing in Azerbaijan. And we’re not happy about it,” an official told the Foreign Policy writer.

Azeri president Ilham Aliyev later dismissed the speculation and said, “Azerbaijan’s territory will never be used to launch an attack against its neighbor, Iran.”

Story Source: israelnationalnews.com

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TIC TOC-WATCH YOUR MONEY EXPLODE

Hold on tight to your money..AGAIN..big changes are coming..

A TIME BOMB OF A TAX CODE

There is alot of serious news out there – tragedy, health care, a nuclear Iran. It seems the news of the day roars at us.

But if you turn down the sound, you can hear it: tick, tick, tick. What is it, you say? It’s the federal tax system, and it’s set to explode. And if it does, there will be damage.

If Congress and the President do nothing about our tax system between now and the end of the year, here are just a few things in the tax law that will blow up. (From a Joint Committee on Taxation Report, JCX-1-12.)

All of the so-called Bush individual income tax cuts go away. Not just the rates on the rich, but all of them. For people in the 10 percent marginal income tax bracket, your bracket is busted (sorry for the March pun). If your maximum rate was 25 percent, it’s now 28; if it was 28, it’s now 31; if it was 33, it’s now 36; and if it was 35, it’s now 39.6.

  • The tax on capital gains goes up. And the special break for dividends goes away.
  • The payroll tax goes up – for everyone.
  • Child credits are cut.
  • You will get a tax increase for being married.

The estate and gift tax rules return to where they were in 2001. For example, the exemption amount goes from $5 million to $1 million and the top tax rate goes from 35% to 55%. How anyone can do estate planning these days is beyond me, and I get asked that question by tax practitioners a lot.

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IRS Seeking to Hire 4000 Agent ‘Smith’ Types for ObamaScare

Looks like ObamaCare, just became ObamaScare. IRS wants 4000 Agent Smith’s. “Hello Mr. Anderson.”

 IRS seeks 4,000 agents, $303 million for Obamacare

The Internal Revenue Service wants to add about 4,000 agents to hunt down tax cheats and still plans to spend $303 million building a system to oversee Obamacare even though its future looks bleak in the U.S. Supreme Court.

Internal Revenue Service Commissioner Douglas Shulman testifies recently before Congress. (Photo by Win McNamee/Getty Images)

A new Government Accountability Office review of the IRS 2012 tax return season and the taxman’s fiscal 2013 budget request also found that the agency’s customer service rating has slipped and 5.5 million returns were delayed a week because of a computer programming glitch.

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