Tax Chats

Send us a textScott and Jeff interview Lincoln Rice, Coordinator of the National War Tax Resistance Coordinating Committee, a group which would have you ask yourself "are you praying for peace, but paying for war?" We learn what it means to be a War Tax Resister. We discuss the risks, if any, of not paying taxes, and how the tax system is used by some as a tool for voicing opposition to government policies. 

Send us a textCapital Gains Sea ShantySung by Dyreng's DeductionsLyrics by Jeff HoopesThere once was a man who bought some stockIn a little firm they call gamestopThe price went up so he sold his sharesSittin on his gains so unawareThen, oh, the taxman comeTo tax his gains and stop his funOh, when, the taxin’ is doneHe’ll have some pennies and changeSo what could you do to stop the pain?To keep the taxman from your gains?To keep the tax from being incurredThe best way is to just deferThen, oh, the taxman comeTo tax his gains and stop his funOh, when, the taxin’ is doneHe’ll have some pennies and changeDeferrals not the only game in townTo save your money just share it aroundTo spare your gains from a high tax rateYou just need to donateThen, oh, the taxman comeTo tax his gains and stop his funOh, when, the taxin’ is doneHe’ll have some pennies and changeOoooohhhhhOoooohhhhOooooohhhhOooohhhhChorus OoooohhhChorus OoooohhhChorus OoooohhhChorus OoooohhhAnother trick to save tax costsIs to harvest your loss stocksSell as many as you have in gainsTo save yourself from taxman painsThen, oh, the taxman comeTo tax his gains and stop his funOh, when, the taxin’ is doneHe’ll have some pennies and changeIf you defer your gains so wellBecause you’re dead as a doornailYou’re dead but your estates got luckBecause your basis gets stepped upThen, oh, the taxman comeTo tax your gains and stop your funOh, when, the taxin’ is doneYou’ll have some pennies and changeOh, when, the taxin’ is doneYou’ll have some pennies and change

Send us a textScott explains the step-up in basis loophole. He describes how it can help you pass your wealth to your heirs tax efficiently.

Send us a textAre big countries bullying developing countries under the guise of the OECD's Inclusive Framework? It the framework really inclusive, or is it really an exclusive club of rich countries looking out for themselves? Jeff and Scott discuss these issues with Afton Titus who gives the African perspective.

Send us a textJeff talks about the relationship between taxes and inflation, and, introduces us to the term  seigniorage. 

Send us a textMartin Luther King Jr. is the only person to have ever been tried for perjury with regards to state income taxes in Alabama. Jeff and Scott interview Edgar Dyer about the tax perjury trial of Martin Luther King Jr. in 1960. Eddie wrote an article entitled "A Triumph of Justice in Alabama: The 1960 Perjury Trial of Martin Luther King, Jr."Fred Grey, Martin Luther King's attorney, said of the trial, "No one would have predicted that an all-white jury in Montgomery, Alabama, the Cradle of the Confederacy, in May 1960, in the middle of all the sit-ins and all of the racial tension that was going on, would exonerate Martin Luther King, Jr. But it really happened." Coretta Scott King said of the trial, "A southern jury of twelve white men had acquitted Martin. It was a triumph of justice, a miracle that restored your faith in human good."  Dr. King said it was a "turning point" in his life. Tune in to hear about this triumphal tax trial, which was a turning point for Martin Luther King.

Send us a textScott and Jeff discuss the principle of realization. As a general rule, most income taxes are levied when it is realized, usually when a transaction takes place. For example, gains in shares held as an investment are not taxed unless those shares are sold. The principle of realization also manifests itself in a variety of interesting ways, which we discuss in this episode.

Send us a textTaxes Taxes, Where's my RefundTaxes TaxesWhere’s my refund?Taxes TaxesI’m so angryCuz I paid too muchand April is so far away (far away)Taxes TaxesWhere’s my refund?Taxes TaxesGive me what is dueCause I need moneyHelp me pay my debtsI know I’ve claimed some thingsThat might not be legitMy daughter’s wedding costsThe dog food that I boughtBut I have paid so muchI feel no guilt at allMy friends say I’ve lost touchAnd some are just appalledTaxes TaxesWhere’s my refundTaxes TaxesWhat is that you say?You work for who?The I R S?Get out of my house!I hate taxes

Send us a textScott discusses one of the factors contributing to whether you should invest in a Roth IRA or a Traditional IRA.

Send us a textScott and Jeff welcome Brian Galle, Professor of Law at Georgetown University to discuss the proposed Billionaires' Income Tax, which is a tax on unrealized capital gains. Brian and 218 other law professors and economists recently sent a letter to Congress in favor of the proposal. The letter can be found here. We discuss how the tax is being positioned as being different from a wealth tax. We question whether the tax might eventually be expanded to everyone, not just billionaires.