PRWatch has this up on the funny accounting practices of the Koch brothers.
Another group in the Koch network, the 60 Plus Association, spent around $18 million in the 2012 election year, but told the IRS that only $35,000 of that total had anything to do with electoral politics. Similarly, American Commitment spent $11.5 million in 2012, but told the IRS it spent only $1.86 million on elections. Wisconsin Club for Growth told the IRS that it spent $0 on elections in 2011 and 2012, despite spending $9.1 million on Wisconsin’s recall elections and working closely with Scott Walker’s campaign; the Center for Media and Democracy filed a complaint against the group last year.
Most of the groups in the ever-expanding Koch universe are nonprofits organized under Section 501(c)(4) of the tax code, whose primary activity is supposed to be “social welfare” rather than electoral politics. In turn, these nonprofits are allowed to keep their donors secret.
– See more at: http://www.prwatch.org/NODE/12717#sthash.MSFrrUUH.dpuf
…and this is why the rightwing groups were throwing such hissy fits (sp?) about the IRS investigating multiple 501(c)(4) groups. The Kochs, et al, have figured out that they can essentially “launder” money through them by appearing to be about social welfare. And the Kochs were relying on the fact that the IRS has suffered cuts interfering with their ability to investigate fraud…hoping that they would be able to get away with it.
PRWatch also has this up
on Joni Ernst’s connection to the Koch machine. You drop in some quarters and junk comes out….(sorry, couldn’t help myself)
…and by the way, Joni, I also wore bread bags on my shoes as many of us did in those days before being humiliated for not wearing proper boots. My parents grew up in the Depression, and wearing bread wrappers was the thing to do. I see no shame in that. The shame is wearing a pair of boots for one season and then tossing them into the landfills.
Just a reminder, folks, that the capital gains tax is a tax on just the profits off of capital gains (like when making money on the stock market – you only pay on the profits, not the amount you put in nor on any losses, which one can also claim as a loss on tax returns).
What do you see? I see people making $3,000 for all of last year being TAXED. You scratched out a few dollars, and Congress has decided you should pay $303 in taxes. Good Lord. There was a time in a faraway land where people weren’t taxed until they surpassed $10,000 (if I recall correctly).
I’ve made no secret of my pay – $8.50 an hour for a position that required computer work and the ability to work with InDesign, a technical program that not everyone can do.
So, after the deduction, my total income came to $4,911.
And…my tax is…wait for it….$493 freaking dollars. I was counting on that money to see me through until I get another position …or here’s a crazy thought…gas money for either looking for a job or going back to school.
But wait, there’s more!!
Scroll down to those making $40,000 (25% approx. of what I made last year)…so their tax burden is going to be much more, right?
Wrong. My burden is 10% of my income – a whopping amount. The burden for someone making four times as much is only 12% – which is only 2% more than I am.
And further down the page, someone making $80,000 is only paying 20% of their income towards taxes.
This is significant because until one reaches a certain point of self-sufficiency, around $30,000, they cannot afford to pay such high taxes. They are in survival mode and it is unconscionable that anyone beneath $20,000 is taxed at all.