Americans’ 401(k) plans: An untapped source for tax revenue?

If urban elitist has a 401(k), it proves that he’s a liar and a tax cheat who isn’t paying his “fair share”.

But then again, we already knew that. Urban elitist supports and endorses tax cheats. Indeed, urban elitist actually works for this tax cheat and welfare fraud.

Besides not paying those pesky taxes, Mr. Rangel had other reasons for wanting to hide income. As the tenant of four rent-stabilized apartments in Harlem, the Congressman needed to keep his annual reported income below $175,000, lest he be ineligible as a hardship case for rent control. (He also used one of the apartments as an office in violation of rent-control rules, but that’s another story.)

Mr. Rangel said last fall that “I never had any idea that I got any income’’ from the villa. Try using that one the next time the IRS comes after you. Equally interesting is his claim that he didn’t know that the developer of the Dominican Republic villa had converted his $52,000 mortgage to an interest-free loan in 1990. That would seem to violate House rules on gifts, which say Members may only accept loans on “terms that are generally available to the public.” Try getting an interest-free loan from your banker.

The National Legal and Policy Center also says it has confirmed that Mr. Rangel owned a home in Washington from 1971-2000 and during that time claimed a “homestead” exemption that allowed him to save on his District of Columbia property taxes. However, the homestead exemption only applies to a principal residence, and the Washington home could not have qualified as such since Mr. Rangel’s rent-stabilized apartments in New York have the same requirement.

Urban elitist also works for and endorses this tax fraud:

Missouri Democratic Sen. Claire McCaskill admitted Monday that she had failed to pay about $287,000 in back taxes and will sell a private plane that has created considerable controversy as she prepares to run for a second term in 2012…..

The tax revelations are the only the latest problem for McCaskill involving the plane,however.

In the wake of a Politico report that had billed the government for her travel on the aircraft, she quickly reimbursed taxpayers for the trips, hoping to avoid a protracted political problem.

But, it was then revealed that she had billed taxpayers for a purely political trip — deepening her potential exposure on the issue.

And for these tax frauds as well.

Now, back taxes have been a problem for the Obama-Biden administration. You may recall early on that Tom Daschle was the president’s top pick to run the Health and Human Services Department. But it turned out the former Democratic senator, who was un-elected from South Dakota in 2004, owed something like $120,000 to the IRS for things from his subsequent benefactor that he just forgot to pay taxes on. You know how that is. $120G’s here or there. So he dropped out.

And then we learned this guy Timothy Geithner owed something like $42,000 in back taxes and penalties to the IRS, which is one of the agencies that he’d be in charge of as secretary of the Treasury. The fine fellow who’s supposed to know about handling everyone else’s money. In the end this was excused by Washington’s bipartisan CYA culture as one of those inadvertent accidental oversights that somehow never seem to happen on the side of paying too much taxes.

And under Geithner’s expert guidance the U.S. economy has been, well, wow! Just look at it.

Privacy laws prevent release of individual tax delinquents’ names. But we do know that as of the end of 2009, 41 people inside Obama’s very own White House owe the government they’re allegedly running a total of $831,055 in back taxes. That would cover a lot of special chocolate desserts in the White House Mess.

Of course, urban elitist has already admitted that he and his “wife” are on food stamps illegally, so it’s no surprise that they’re also cheating on their taxes like their owners.

northdallasthirty on November 30, 2012 at 2:31 PM

According to the link, she’s at The New School. Many if not most of my friends have 401ks that they’re counting on. And, given that our “class warfare” – as you childishly put it — is aimed at he relatively small 1 percent, we recognize the importance of 401 k plans to the middle class.

urban elitist on November 30, 2012 at 2:32 PM

And yet you’re still planning on confiscating them anyway.

Your Obama Party screams and rants that 401(k) and tax-advantaged retirement plans are giveaways to the rich, and that anyone who takes advantage of them is an unpatriotic tax cheat.

So you admit that you and all of your “friends” are unpatriotic tax cheats.

And, finally,how come all the sudden farsighted is eager to subsidize charities that are run so poorly that no one will donate to them without a tax deduction?

urban elitist on November 30, 2012 at 2:32 PM

So you acknowledge that Obama Party organizations like Media Matters are run poorly, since they have to entice people with tax deductions?

This is why we have to Let It Burn. Watching the desperate liars like urban elitist get smoked by their idiot Marxist rulers that they put into power will be made even sweeter by the fact that they are literally going to starve. Urban elitist and his worthless “wife” have no marketable skills; they just collect government checks.

northdallasthirty on November 30, 2012 at 2:38 PM