9 chapters across the catalog
Child Tax Credits and the Smoking Hot Wife Jingle
Several producers, including Amanda and Sir Perfunk, donated their government child tax credit payments to the show. Sir Perfunk requested a "Smoking Hot Wife" jingle and asked about the return of the "Taxi" whistle at the end of the show. The hosts discuss the influx of "government treasure" being redirected to the podcast.
Countess Kim is promoted to Duchess Kim, Keeper of the Nutty Fluffers, following a $2,000 donation. Another producer shares a personal story of successfully coming off SSRI medication after years of listening to the show's critiques of the drugs. The segment also touches on LDS culture in Utah, including references to green jello and cherry Coke.
IRS Inflation Calculation Changes and Hidden Tax Increases
The Internal Revenue Service has reportedly altered the formula used to calculate inflation for 2019 tax regulations. This mathematical change affects the standard deduction and is expected to result in higher tax payments for citizens over the next 18 months. The hosts characterize this as a "hidden tax" implemented through administrative rule changes rather than legislation.
The Internal Revenue Service (IRS) tax hearings are summarized following extensive review of the proceedings. A brief executive summary highlights the key points of the testimony provided to Congress regarding the agency's recent activities and oversight.
International Banking Treaties, American Expat Financial Challenges
New international treaties and IRS reporting requirements have made it increasingly difficult for Americans to maintain bank accounts in Europe. The hosts discuss how banks are closing accounts for US citizens to avoid the administrative burden of reporting financial activity to the United States government.
Fiscal Cliff Consequences, Alternative Minimum Tax (AMT) Impact
The "fiscal cliff" poses a significant threat to 30 million Americans due to the scheduled expiration of Alternative Minimum Tax (AMT) patches. If no deal is reached, the AMT exemption threshold will drop significantly, potentially adding thousands of dollars to the tax bills of middle-class households. The hosts argue that both political parties are complicit in allowing this "tax bomb" to remain under-discussed.
Warren Buffett, Wealth Tax Proposal, Income Inequality
Warren Buffett's support for higher taxes on the wealthy is criticized as a "morale boost" for the middle class that fails to address actual wealth accumulation. An alternative proposal by Daniel Altman suggests a flat 1.5% wealth tax on all financial assets, housing, and business ownership, which could theoretically replace all revenue from income, estate, and gift taxes. This shift from taxing income to taxing total net worth would target the super-wealthy who avoid traditional income taxes through stock options and low salaries.
Paul Allen, Charter Communications, Debt Forgiveness Tax Breaks
Microsoft co-founder Paul Allen is identified as a major beneficiary of the stimulus bill through his stake in Charter Communications. The cable provider's $8 billion debt forgiveness during Chapter 11 bankruptcy is reportedly eligible for tax deferment until 2014 under the new legislation. This is characterized as a significant tax break for the wealthy.
UK Tax Law, US Citizenship, Capital Gains Double Taxation
A new UK tax law proposal requires residents with overseas income to pay an annual fee of 30,000 pounds to avoid worldwide taxation. American citizens living in the UK face unique challenges because the United States taxes capital gains regardless of where the transaction occurs. This policy shift effectively creates a double taxation scenario for Americans selling assets abroad while residing in Britain.
