No surprise on this….
I mentioned that a specifically aimed tax on the rich would never get anywhere in the US Senate….
Senator’s Sanders and warren have been using for THAT for years….
It just won’t fly politically and they know it…
Small tax increase’s could make it into Biden 2 part Infrastructure Bill/Bill’s….
President Joe Biden will not call for a wealth tax to help pay for his multitrillion-dollar Build Back Better initiative, according to multiple people familiar with the White House’s thinking. In doing so, he will sidestep a proposal that progressive Democrats, led by Sen. Elizabeth Warren (D-Mass.), say would raise trillions of dollars in revenue and narrow income inequality.
The decision comes amid intense debate in Washington over how to fund the president’s sprawling package, which could top $3 trillion. Democrats are pushing for a variety of tax hikes to fund the legislation, while Republicans are vowing to oppose any package that relies on tax increases to raise revenue.
As a presidential candidate, Biden shied away from a full embrace of the wealth tax, which Warren popularized on the trail and has since introduced in Congress. The policy calls for a 2 percent annual tax on households with a net worth above $50 million, which would rise to 3 percent for those with a net worth above $1 billion…
Ah too bad.
But Biden is looking to increase taxes on those earning $400,000 and more. James may not like it, but that is what Biden campaigned on.
Yo Z?
I do not make anything close to $400k a year
I am NOT against a wealth tax raise
I DO know as i state such a attempt would not succeed in the Senate
Sorry to hear that you make less than $400k a year. Perhaps you deserve a raise that is commensurate with your contributions?
I’d settle for the deduction for the website to come back…
Just be happy that the IRS never looked into your fraudulent scheme.
I publish a good blog Z😁
Why shouldn’t monopolistic cyber-zillionaires like James pay their fair share towards the 6G Broadband Expansion that will put additional untold trillions into their pockets ?
Which additional trillions can fund James’ next campaign for Mayor or President. Andrew Yang, Michael Bloomberg, Carly Fiorina, Meg Whitman, why not someone who’d know what to do?
The only drawback is that this would provoke an immediate reaction in the Grand Old Party — running a PDog son of the Land of Lincoln in an attempt to elect the country’s first Jewish president. That GOP opponent, as we know, has already acquired a vast campaign staff, apparatus and donor base in his quest for Dog Catcher, but everyone kind of knew that that would be a mere stepping-stone to Greatness (run convention campaign commercial with pompous musical soundtrack).
I’m not so sure that James is as wealthy as you think he is. We really only know that he pays a lot of property tax.
Well, we know how little he’s getting from this blog.
I suspect that the deal he had with the Russian girls dried up years ago. Perhaps he is now selling our personal information to make some extra bucks?
In the beginning i did have Adsense the Goofle ad service…
It was paying me a few hundred every month…
But as soon as the hits on the ads climbed they cut me off….
The other ad apps do not produce….
So no ads….
No revenue…
You think the government owes you money for your hobby?
I would like the deduction back as would millions other i would assume especially since a LOT Of people run their small things from home….
Your blog is not a “business” in any sense of the word. I cannot understand why you think you should be subsidized for this. If you don’t enjoy it, then don’t do it. Every thing has to end.
CG?
Thanks a Lot😤
CG sounds like he wants you to close up James.
Sort of an odd thing to say really .
Then adds the cryptic “Everything has to end.”
As for me I’m far more offended by the wealthy getting so many tax cuts that many don’t pay any tax at all than you or any other little business getting a few bucks deduction.
Yea Jack he wasn’t comforting at all…
Oh please. Sorry, I do not think PDog is something that there should be a tax write-off for. If so, then I should get one too for all I have done.
I do think james needs a blog vacation to perhaps recharge. As a consumer, I think I have the right to point out that the quality here has really decreased in the past few weeks. If not stated, the creator might never know. Not trying to hurt anyone’s feelings.
Ur probably right to a certain degree CG…
The post Trump politics is a bit duller and that is a Good thing….
It’s been busy for this ole dog…
But i will keep pushing…
Oh and of course my views change with more info or a change in things on a subject…
The last decade of doing this place makes ya a bit callous to digs…
Well my criticism of James and much of his “take” on our world and it’s daily events is well known.
I doubt if a break would change his outlook much,if at all.
Indeed one of my criticisms is that his “take” changes daily or even hourly.
However the “Everything has to end” surely sounds like an odd thing to say.Sure sounds to me like you feel like he needs to fold up shop.If he did,well,
Of course you could always resume posting over at HHR where the “real” Republicans gather!
Haha!
I have no desire to post at HHR. I am tired of political blogs altogether.
The whole business about how he deserves tax subsidizing for this though was a bit hard to ignore.
Hey u should get the deduction also…
If rich guys can write off jets WTF shouldn’t we get BACK the deduction for our blogs?
Really?You tired of political blogs?
Well that’s rather odd too.
No, we should not. But if I were to be compensated, it should be for all the abuse I get on here.
Hey that’s ur view..
And the abuse comes with being on a blog..
It IS about different points of view…
The Hedge Hog guys have to be MUCH HARDER on ya…
Here, I am similar to a “Nazi sympathizer” because I voted for Romney. There I am a “fake Jew” because I voted for Biden.
‘People ain’t just one thing’, eh?
I do not think I am either.
Obviously, this never was a business for James. He might have hoped to get some money out of it, but clearly it was always a hobby. I have a hard time believing that James believes he wasn’t committing fraud. The fact that rich people commit fraud does not in my opinion make it right for everyone else to do it too.
I agree that James should consider some time away.
I resent the term fraud Z….
I publish a blog….
I was legally claiming the deduction ….
A service was and is being offered…
You throw terms around loosely
It seems to me that CG gives as much abuse here as he gets in return. Perhaps he forgot some of the things he says about Keith? He accuses us all of the time of being partisan, yet he is offended if we were to say the same thing about him.
The amount went up since the Republicans
Passed a Tax ‘cut’ in 2017…
DSD…..
I hear ya❗️😉
He did campaign on it and it’s the right thing to do even though it will impact my household. But my partner and I think it’s the right thing just like an increase in the gas tax is the right thing to finance our highway infrastructure.
I do wish they would lift the cap on local real estate deductions though, that were imposed to punish high tax Blue States. Those are unfair given how much we contribute to the National Treasury.,
The RE tax cap hurt me also….
Biden’s proposal is a tax on income, not wealth. Do you understand the difference?
Sure I do…..
Reporters are using the ‘word’….’Wealth’…shorter than Higher Income, eh?
Well, as a former tax-return-preparer I can tell you that (as you might imagine) the IRS (following Congress’ law) regularly has to decide whether someone’s activity is a business or a hobby. (for example., if you sell some of the art or crafts you enjoy creating).
The general rule is that if you can’t turn a profit (more income than expense) for at least three out of five years, then it’s a hobby. You can still deduct a few direct expenses of the business side (e.g. billing and accounting), but not all the money you’ve spent on paint, canvas, tools, etc. In other words, it’s understood that it can take more than a year to make a go of some businesses (high start-up costs, time needed to establish a presence, etc.), but if you’re spending more than you take in over too long a time, then it’s a hobby. Same goes for someone developing that killer app.
So I’d be a little slow to accuse James of fraud. It wouldn’t surprise me if he thought (or at least hoped) at the start that he could make Political Dog turn a dollar in the way that the Huffington Post or Axios do — and if that was sincere, then so were his deductions.
On the other hand, you can also see that there must have come a point when most or all of his blog expenses stopped being deductible.
Here’s the Internal Revenue Service’s own guidance:
Question
How do you distinguish between a business and a hobby?
Answer
In making the distinction between a hobby or business activity, take into account all facts and circumstances with respect to the activity. A hobby activity is an activity not done for profit. This includes activities done mainly for sport, recreation, or pleasure. No one factor alone is decisive. [emphasis added]. You must generally consider these factors in determining whether an activity is a business engaged in making a profit:
Whether you carry on the activity in a businesslike manner and maintain complete and accurate books and records.
Whether you have personal motives in carrying on the activity.
Whether the time and effort you put into the activity indicate you intend to make it profitable.
Whether you depend on income from the activity for your livelihood.
Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business).
Whether you or your advisors have the knowledge needed to carry on the activity as a successful business.
Whether you were successful in making a profit in similar activities in the past.
Whether the activity makes a profit in some years and how much profit it makes.
Whether you can expect to make a future profit from the appreciation of the assets used in the activity.
https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses
Thank You DSD…..
Z was just talking garbage…
Ur explanation fits almost to a ‘T’….
So DSD, based on how much revenue James made from pdog in the past year and based on his activities (was there any?) in the past year to make money, how can you ethically argue here that this is not now a hobby? For example, what activity in the past year can you possibly come up with that could even remotely indicate that James intends to make this blog profitable? In order to make something profitable, you need revenue. He hasn’t even attempted to generate revenue.
Knock it off Z…..
James seemed unhappy that now he (probably on the advice of that good accountant) isn’t still able to write off those expenses.
But that doesn’t necessarily mean that, in addition to the hobby or social aspect, he didn’t have a sincere hope of making a going proposition of this blog and thus a legitimate claim to write off at least his starting costs.
Since people have to eat and often don’t have large enough savings to devote 100% of their time to a prospective enterprise, a vast number of businesses and even industries started out as side jobs for someone working 40 hrs/week doing something else, as several of the IRS’s own examples suggest. The technical/scientific side of computers is full of such examples, as is academia (the professor who ….)
I didn’t see”have a hope that the hobby be profitable” be one of the criterion you listed.
Perhaps in the early years, James could at least make a case that he attempted to be be profitable, and his records suggest that he did make some effort, and that he perhaps did even report a profit to the IRS for some years? Clearly that is not true in recent years.
Amazon CEO Jeff Bezos announced on Tuesday that the company is supportive of raising the corporate tax rate to pay for President Biden’s infrastructure package.
Bezos released a statement that he supports the administration’s focus on infrastructure and that “it’s the right time to work together” to pass a package.
“We recognize this investment will require concessions from all sides — both on the specifics of what’s included as well as how it gets paid for (we’re supportive of a rise in the corporate tax rate),” Bezos said….
More…
(Whose he kidding?
Paying a few million would be like throwing away pennies for most of us….)
More on new push back against tax increases for the rich….One senses some double talk?….Remember big business uses taxpayer paid infrastructure to deliver its goods and service
Groups like the Chamber of Commerce and the Business Roundtable have largely rejected the plan, saying the tax hikes that Biden is proposing to pay for it would crush American competitiveness.
Top executives of companies who in the past have given speeches about the need for infrastructure spending are mostly silent, opting to complain privately that Biden’s plan is too expensive, too partisan, too laden with unrelated social policy and not at all what they had in mind. Jeff Bezos, CEO of online retailing behemoth Amazon, put out a statement on Tuesday that seemed at first glance like an endorsement of Biden’s plan.
Except it wasn’t.
Bezos, like other CEOs, nodded toward acceptance of a higher top corporate tax rate — though he actually put his name behind it. But he stopped well short of explicitly backing Biden’s infrastructure proposal and instead called for a “balanced solution” to boost U.S. competitiveness. Underneath the surface, the corporate world generally despises Biden’s plan in its current form and is fixated on its defeat…..
More…
Sorry for the unnecessary extra bold-face.
The bold face is fine….
BTW?
The IRS rules cone from a committee in the House….
They are then voted to become the tax code which is about 10 or more hard covered boooks i believe DSD?
There was talk about changes due to the pandemic…
I have a good accountant…
(1) Of course all of this also applies to cg.blogspot.com
(2) Nifty semi-interactive Census map of decennial post-census redistribution of Congressional seats among the states here:
https://www.census.gov/library/visualizations/interactive/historical-apportionment-data-map.html
I pointed out the same for CG….