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IRS Taxes on Gold Medal Winners: $9,000. True or False?

Written by Gary North on August 2, 2012

If an American wins a gold medal at the Olympics, will the IRS collect about $9,000? True or false? True — maybe. It depends on his post-endorsement income. And why not? The U.S. Olympic Committee awards every gold medal winner in every sport, no matter how obscure, a cash payment of $25,000. You didn’t know […]

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Estate Tax Hike Is Likely: 35% to 55%

Written by Gary North on August 2, 2012

President Bus’s tax cuts involved a cut in the estate tax from 55% to 35%. That will expire on January 1. Rich people who want a better deal for their heirs had better expire before January 1. Class warfare is the basis of this tax. So is jealously. The poor and especially the middle class […]

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Bad Advice for College-Bound Students

Written by Gary North on July 27, 2012

A newspaper article on four women with student debt concludes with really bad advice. Student loan tips Take out student loans only after you’ve exhausted efforts to get grants and scholarships. The correct advice: never take out a student loan. If you need loans, take out federal ones before private ones, said Janice Riutta, director […]

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Obama Guts Clinton’s 1996 Welfare Reform Law

Written by Gary North on July 27, 2012

Bill Clinton promised welfare reform when he ran in 1992. He delivered in 1996. Now Obama has gutted it. But wasn’t the law a law? How can he overturn it? Be redefining it. The Heritage Foundation reports. Today, the Obama Department of Health and Human Services (HHS) released an official policy directive rewriting the welfare […]

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Student Loan Cancellation Is Taxable Income

Written by Gary North on July 25, 2012

Sometimes a judge will decide to cancel a student’s debt. This is lagal for hardship cases. What students do not understand is this: the IRS regarded a canceled debt as taxable income. This young woman went on total disability. It was a legitimate cause. She had $91,000 in student debts. Now she owes the IRS […]

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Alternative Digital Currencies Based on Barter

Written by Gary North on July 15, 2012

The free market responds to demand. When a government breaks down, free markets respond. This is happening in Greece. In a town 200 miles north of Athens, a network of bartering townspeople has sprung up. No government agency is involved. No taxes will be paid. An unemployed mother and her daughter are selling jams, vegetables, […]

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