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All posts for the day April 2nd, 2014
This is no April Fool’s joke. Today, in a 5-4 decision written by Chief Justice John Roberts, the Supreme Court in “McCutcheon vs. Federal Election Commission,” went beyond “Citizen’s United” to strike down overall limits on how much an individual may contribute in one election cycle to innumerable federal candidates and to party committees. Overturning 40 years of national policy and 38 years of judicial precedent, the Court’s decision allows federal officeholders to solicit and individual donors to pour as much as $3.6 million directly into federal campaigns every election cycle – buying unparalleled personal influence in Washington and drowning out the voices of ordinary citizens. (It gives me no satisfaction that I testified against John Roberts at his confirmation hearing years ago.) This is the most brazen invitation to oligarchy in Supreme Court history.
In my view, we must amend the Constitution to establish once and for all that (1) money is not speech under the First Amendment, (2) corporations are not people, and (3) we the people have the right to set limits on how much money individuals and corporations can spend on elections. Robert Reich
Get an “A” on your Schedule A form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation.
Trap #1: Line 6 – Real estate taxes- Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.
Example:Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes. Your annual property tax bill: $5,500
Now do the math: Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A. Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.
(Houselogic 1/30/14)