Quietly Making Noise

@TheMoneyGeek @cordes_tax I have clients who provided the information more than 6 weeks ago and they’re still waiting.

So far this year, the IRS has issued 1.1 million CP53 notices to taxpayers who have not supplied electronic banking info with their 2025 tax returns. If you don't respond or supply that information via your online taxpayer account, the IRS will issue a paper check after six weeks

@JamesBlairUSA Where’s that indictment? Where’s the announcement of an indictment?

A federal grand jury indicted Don Lemon. He was not just magically arrested. A federal grand jury indicted Don Lemon. He was not just magically arrested. A federal grand jury indicted Don Lemon. He was not just magically arrested. Pass it on…

@mountainwesttax Dunning Kruger in all it’s excellence.

@Angela52830602 @IanJaeger29 Members of Congress DO pay SS taxes as Do the vast majority of federal judges. Only those hired prior to 1984 don’t.

@IanJaeger29 You save it by combining the elimination of the income cap (while maintaining the benefit cap) with an expansion of the tax base to include investment income and putting the president, Congress and federal judges on social security instead of individual pensions.

You don’t save Social Security by raising the age to 70 years or older. You save it by removing everyone that is ineligible to receive it.

@KurtBevacqua We still don’t know you idiot. We do know it’s not vaccines and it’s not Tylenol.

Well then, what does cause autism you know it all fat fuck?

@guidomurguia @AlecStapp Mostly unbuildable land 30 minutes east of downtown.

@AlecStapp And San Diego has a bunch of empty land 30 min east of downtown … insane policies

My favorite Austin housing chart: They've proven that you can add a bunch of people to your city without skyrocketing rents. Meanwhile, San Diego hasn't added anyone, and rents there are still up 60%.

@girlsreallyrule The statute of limitations is not 7 years.

Donald Trump on Friday removed Internal Revenue Service Commissioner Billy Long and is replacing him temporarily with Treasury Secretary Scott Bessent. The SOL for back taxes is seven years, which should give his rich friends everything they need. nbcnews.com/politics/econo…

@KellyScaletta Corporate taxes are not progressive. A flat 21%. 9 of 10 isn’t bad. But 9 of 9 would be better.

Addressing the dumbest arguments about tariffs. 1. Tariffs are ALWAYS paid by the importer. Every time. Without fail. The importer has to pay the US Treasury the tariff before it is released from its port. That's what a tariff is. It's how they work. 2. Tariffs are typically passed on to customers. How much they are passed on is called a "pass-through rate. Remember Trump's tariffs on washing machines? The pass-through rate on Trump's 2018 washing machine tariff was between 108% and 225%. And it also raised the price of dryers, since they are usually sold as a set. 3. "Buying American" is a myth. No matter what you buy, the cost is affected by tariffs on some level. Let's say you buy American grown beef. The cattle has to eat, right? So the farmer gets silage from a corn farmer. And that corn farmer needs fertilizer, and that fertilizer probably comes from Canada. So the cost of growing the corn goes up, which causes the cost of feeding the cattle to go, which causes the cost of beef to go up. 4. Even if by some miracle, you found something 100% home-grown in every imaginable way where all the manufacturing parts are also made in America and all the aluminum and steel and raw materials for the parts were made in America (Grok said there weren't any) the prices would STILL go up because the price of all the items needed to produce it would go up because of the laws of supply and demand. 5. Countries don't pay tariffs. Can we stop this stupid-ass argument? There is no transaction between COUNTRIES. An IMPORTER (a private business) imports goods from an EXPORTER (another private business) because people in the importing country want those goods and will buy them. 6. There is a big difference between "tariffs" and "corporate taxes." For starters, not all importers are big corporations. But also corporate taxes are taxes on corporate income, not taxes on costs. If you make the taxes on COST go up you make the sell price go up. 7. Corporate taxes are PROGRESSIVE which means the more you make, the more of your income is taxed. Tariffs are REGRESSIVE, meaning the LESS you make the more of your income is taxed. 8. Taiffs are already starting to affect prices, but we haven't had the full brunt of it yet for a couple of reasons. First, most of the tariffs have only just gone through in the last 2-3 months and it takes time for the ripple effect to hit. Second, many corporations stocked up on imports ahead of the anticipated trade war (hence the negative GDP growth rate in the first quarter, as net exports is part of GDP). 9. It is not about whether tariffs are "good" or "bad." It's about whether Trump's use of them is completely fucking stupid or not. And it is. Fire is a tool, just like tariffs. But if you burn down your house to cook dinner, you're an idiot. Trump's "tariff every product on every country in the world" is like burning down the house to light a match. It's appallingly stupid. 10. I don't have a 10 yet, but I felt I needed to put this here to round it out. Congrats if you read this far.

@RedSoldier51 @RpsAgainstTrump @grok That never happened a single time.

@RpsAgainstTrump @grok The Jobs numbers were manipulated Biden’s entire campaign and repeatedly had to be changed 6 months later. Months on end.

Hey @Grok, which world leaders fired, arrested, or killed statisticians for presenting data they didn’t like? Give me three examples. Keep it short.

@Ike_Saul Revisions are not a problem. They’re based on more complete information.

The Labor Dept statistics do, actually, seem like a genuine problem. They are inaccurate with major revisions far too often. But of course Trump has to turn it into a personal hit job against him, and now we'll have months of questioning the accuracy of the reports.

@ardent_guru @Garrett_Archer You have no idea how it works. But keep pretending to be an expert.

@Garrett_Archer If you have to revise like this , the BLS needs to be overhauled . Total incompetence

Monthly jobs revisions 2015 to 2025.

@FloppingAces @Jhkunstler She was not deposed. She was interviewed. The two are not the same.

Ghislaine Maxwell. Epstein. Wexner. Wray. RussiaGate. After years of coverups, Trump’s DOJ just kicked the hornet’s nest. Here’s what just went down — and why the Swamp should be panicking: 🧵👇 (h/t @Jhkunstler) 1/16

@jd_nelson46 @dalehanson82 @MikeSington If you understand simple math, you’d know that prices can’t drop more than 100%. Idiot.

@dalehanson82 @MikeSington Absolutely pointless, simple math.

Trump’s cognitive decline on full display- he just babbles without knowing what he’s saying. Here, he claims he’s going to reduce drug prices by 1,400%, which means pharmaceutical companies would have to pay Americans to take their drugs. Jake Tapper, where’s your investigation?

@FortWayneCPA Extending 8 year old tax cuts provides no delta. I’m skeptical the other minor cuts will have any significant impact. A few hundred more in the hands of seniors, and car buyers. Not sure tipped employees can move the needle much.

@stuartksd Extending tax cuts and adding more. Puts more money in peoples pockets which they i turn spend.

What are the worst provisions of OBBB? I will go first. Adds $3.94 trillion to the national debt through 2034. Note this includes additional interest on the debt. The bill cuts income taxes by $4.45 trillion. Most will occur in the first 5 years since many expire. It increases spending in the near term (military and immigration enforcement mostly) by $300 billion. The spending increase is near term. It does cut $1.5 trillion from spending and of course those cuts are weighted towards the later years meaning Congress will likely try to wiggle out of them. I find this next part interesting per the CBO: They feel that GDP will increase in real terms (Accounting for inflation) .5% per year from now through 2024 due to OBBB. They feel that OBBB will overall cause interest rates to increase by .14%. They feel that OBBB will increase inflation by a small amount through 2030 since the tax cuts are front loaded and the spending cuts are back loaded. Also the OBBB increases the debt ceiling by 5 trillion dollars... There are no fiscal conservatives any more. They are gone...

@FortWayneCPA My return is similar except 4 k-1s, and 6 brokerage accounts and another 6 1099s. I work pretty fast and I’m sure I spent 3 or 4 hours on it. Though it may have been less if I had all the info at once. Maybe I could get it done in 2. Wife would spend at least an hour reviewing.

Some of the comments on my prior posts about our tax returns are very disconnected from reality. Poll at the end about how long this tax return would take your firm to prepare and properly review! Karena and I filed our 1040 today... We should use our 1040 as a test because it is bulky. It likely took Karena 3 hours to prepare it and me an hour to review it. Just two W-2's. Tiny Schedule C. 3 Brokerage statements. Note I moved from Etrade/Morgan Stanley to Fidelity in 2024 otherwise there would just be two. 5 K-1's from two partnerships and an S Corp. Tiny amount of side business income. Interest income on 8 lines. From 7 places. Four of with have Federal bond interest. Dividends from all three brokerage statements. One Indiana tax credit. Our returns are not hard; they are just bulky... Federal return and Indiana return. Some SSTB's. Some interest not subject to NII tax. The K-1's are not particularly complicated. All Indiana companies. Most have interest income. One had big capital gains due to selling a condo unit. The brokerage statements have exempt and municipal interest on some of them. How long would this tax return take your firm to prepare and properly review? I have provided enough information to get you in the ballpark.

@DailyTaxMemes That’s because it was probably before you were born. Rental income didn’t go on sched e, either. It went on a form 4831 (I think) and then the net was transferred to sched e. Maybe early 80’s it changed. Could have even been late 70’s.

@stuartksd Don’t recall this

@jemelehill Two tiny dicks waving at each other.

Typing back and forth … so very manly 😂😂😂😂😂😂😂😂😂😂😂😂

@IRS_MEDIC @FortWayneCPA Holders of the debt.

@FortWayneCPA No. It is the Federal Reserve. Who is all this interest on the debt paid to? But your conclusion is correct. Both political parties are captured by the Federal Reserve, thus will not fix it. It is intentionally broken so that we think voting will help.

Do you know what the main drivers of the US deficit are? Medicare and Medicaid and Tax Cuts. Neither political party is willing to fix this.