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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IRS Informants Don’t Get Paid

Written by Gary North on June 26, 2012

In 2006, a law was signed that enabled the Internal Revenue Service to pay informants up to 30% of the unpaid taxes owed by an individual or a firm. The goal, obviously, was to increase revenues. People are afraid of being exposed. Whistleblowers (“snitches”) increase the likelihood of exposure. The snitches snitched. The IRS did […]

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Legal Tender Gold and Silver? This Will Get You a Prison Term.

Written by Gary North on March 29, 2012

Sometimes, Americans get the silly idea that the words “legal tender” on American coins mean legal tender. Then they try this stunt. They pay workers in silver coins at face value. This reduces the workers’ income tax bracket. The employer who tries this is risking a prison sentence. Variations of this story have been published […]

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Your Retirement Fund’s Future Explained in 7 Seconds

Written by Gary North on January 10, 2012

You have hopes for your IRA or your 401(k) tax-deferred retirement plan. You are not worried about government confiscation. To explain what’s likely, watch this 7-second cartoon. Lucy is the government. Charlie Brown is an investor in a tax-deferred retirement program.   Do you want the IRS to know what you own? How many bullion […]

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Super-Snooping: Your Revised 2012 Credit Report

Written by Gary North on December 12, 2011

Well, it had to happen. Your credit report provides a number to tell lenders how good a risk you are. Staring in spring, it’s going to tell lenders a lot more than one number. It’s going to tell him all of your numbers. Last week, a company called CoreLogic introduced a new type of credit […]

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