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Three Politically Correct Ways to Not Profit from the Bush Tax Policy

Posted February 27, 2008

"Why wait for Barack or Hillary to reestablish social justice? I’ve found ways and means for you to become a conscientious tax cut objector right now! Ronald Reagan was elected president at an age when he was entitled to collect Social Security payments. And he donated his Social Security checks to the US Treasury. You, too, can start doing so right now." — J. Christoph Amberger

By J. Christoph Amberger, TodaysFinancialNews.com

Baltimore – (TFN): The following was taken from this week's TFN Amberger's Smackdown. Watch this video.

One issue liberals love to take issue with is the Bush Administration’s tax cuts, which are blamed for everything from budget deficits and the weak dollar to a localized outbreak of feline incontinence near Methuen, Massachusetts.

Propagandized as "tax cuts for the rich" Democrats intentionally obfuscate that these tax cuts benefited each and every tax bracket, especially on the lower end of the spectrum — while raising overall tax receipts to record level — as supply side economics usually do.

Which poses a conundrum for principled liberals: Are they supposed to just sit there and do nothing as the Bush Administration throws your own good money back at you? Money that the hoi polloi would just fritter away on frivolous  purchases like lawn furniture? After all, everyone in his right mind knows that money is best spent by elected liberal representatives… maybe on lawn furniture for the headquarters of a deserving labor organization whose support helped elect your very Congressperson!

Nosirreebob!

How to remedy this injustice?

You could just use a Clinton-era tax preparation program to make sure you’re paying your fair share at optimum tax rates. But before you go and dig out that dusty 1999 TurboTax CD you last saw in a tilted stack of antique AOL upgrades and Arthur Goes to School for Second Graders, please consider: IRS computers are programmed to catch gross calculation errors. The last thing you want is for them to find what they consider an error in their favor and start pelting you with refund checks!

But why wait for Barack or Hillary to reestablish social justice? Plugging into our network of experts, I’ve found ways and means for you to become a conscientious tax cut objector right now!

Rather watch the financial video? Click here.

Plan A: Choose not to be eligible. All you need is your 1040 income tax form. Simply elect not to take itemized deductions. After all, the mere fact that you’re “eligible” doesn’t mean you have to take them. This is America! If you don’t want to deduct your mortgage interest or your childcare expenses… Just Say No! Voilà… you’re paying more, avoiding immoral "loopholes" like mortgage interest deduction.

Plan B is a more adventurous way I learned from a CPA with considerable experience in corporate structuring.

It’s called “grossing up.” You calculate your taxes twice, using your trusty Clinton-Era TurboTax 1999 and the most current program. (It’s a little more work, but hey, the nation’s welfare is at stake and War is Not the Answer!) Now deduct your 2007 taxes from your 1999 taxes. The difference is the dirty money the objectionable white men in Washington were planning to line your pockets with!

Now here comes the fun part: Open up Schedule C in your 2007 tax program. You use it to declare income derived from self-employment. First, you need to make up a term that describes what “business” you’re in. “Budget balancer” or “fiscal conservative” are preferable to “social engineer”. “Savior of democracy” should be avoided; otherwise you may slip into the tax-exempt status of a religious organization.

Then you take the amount of your tax savings and divide it by your tax rate. If you are due US$100 and are taxed at a 36% rate, calculate 100 /.36 and you arrive at a gross of US$277. If you declare this as self-employment income on your Schedule C, you will owe US$100 in taxes… exactly the amount those conservative deficit-mongers are trying to bribe you with.

Plan C: Of course, as my own tax advisor pointed out, Plan B has the distinct drawback that you’re technically filing a false tax return. (After all, you didn’t really make any money as an amateur “social engineer” – nobody ever does!) And liberals always stay faithful not only to the spirit but also to the very letter of the law. Don’t worry: Plan C is even better, in a cosmic irony kind of way.

You see Ronald Reagan was elected president at an age when he was entitled to collect Social Security payments. And he donated his Social Security checks to the US Treasury.

You, too, can start doing so right now. I called up the press office of the U.S. Treasury:

“Citizens who wish to make a general donation to the U.S. Government may send contributions to a specific account called ‘Gifts to the United States.’ (…) Money deposited in this account is for general use by the federal government and can be available for budget needs. These contributions are considered an unconditional gift to the government.”

Just like all your other taxes.

Since over 50% of Americans about to make use of their right to vote in the next presidential election didn’t vote for Bush's tax plan, we think every liberal worth his salt will jump at the opportunity to bring this point across. Send your refund checks, tax rebates, and any other amounts you feel you have unjustly been stuck with to:

Gifts to the United States
U.S. Department of the Treasury Credit Accounting Branch
3700 East-West Highway, Room 6D37 Hyattsville, MD 20782

My liberal compatriots, when it comes to taxes, you're either in. Or you're out.

Auf Wiedersehn.

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