Ripped From The Headlines, October 12, 2023
The IRS says Microsoft Owes $29B, Consumer Prices Rise More Than Expected, The Federal Deficit Is Bigger Than It Looks - Read, Share, & Subscribe - SherlocExposes.com
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RIPPED FROM THE HEADLINES WILL NOT PUBLISH ON 10/13/2023. WE WILL RETURN ON 10/16/2023 OR WHEN NEWS BREAKS.
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“The Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest, the company revealed Wednesday in a securities filing.
That figure, which Microsoft disputes, stems from a long-running IRS probe into how Microsoft allocated its profits among countries and jurisdictions in the years 2004 to 2013. Critics of that practice, known as transfer pricing, argue that companies frequently use it to minimize their tax burden by reporting lower profits in high-tax countries and higher profits in lower-tax jurisdictions.
The IRS began an audit of Microsoft in 2007 that the agency described in federal court documents last year as ‘one of the largest in the Service’s history.’ Microsoft says it was recently notified by the IRS that the audit has ended, starting a new process to resolve a dispute over how much is owed.
Part of the long-running IRS investigation centered on how Microsoft structured a manufacturing facility starting in 2005 in the U.S. territory of Puerto Rico. The IRS has said Microsoft hired accounting firm KPMG to set up a cost-sharing arrangement with the Puerto Rican affiliate that shifted taxable revenue out of the U.S.
THINGS TO PONDER:
Unpopular opinion: The IRS is upset because the tax law they helped to create allows businesses enough loopholes to bypass taxes…
And they are stuck with it.
While Microsoft is a lot of things, there’s some question as to whether they actually broke any laws or owe any taxes.
What you’re seeing Microsoft do here is a “Double Irish With A Dutch Sandwich” setup (Click Here to learn more about it.)
Done right, it avoids unnecessary and punitive taxes, which for the most part are so badly mismanaged by the US government, that we currently have a $32 billion national debt.
Do you find it interesting at all that they’ve been investigating since 2007, and are just now getting to what Microsoft owes?
If that was you… or us… they’d be all over us and threatening jail for much, MUCH less money.
Know Your Foe.
Click Here to read the full article.
“Prices that consumers pay for a wide variety of goods and services increased at a slightly faster-than-expected pace in September, keeping inflation in the spotlight for policymakers.
The consumer price index, a closely followed inflation gauge, increased 0.4% on the month and 3.7% from a year ago, according to a Labor Department report Thursday. That compared with respective Dow Jones estimates of 0.3% and 3.6%. Headline inflation increased 0.6% in August.
Excluding volatile food and energy prices, the so-called core CPI increased 0.3% on the month and 4.1% on a 12-month basis, both exactly in line with expectations. Policymakers place more weight on the core numbers as they tend to be better predictors of long-term trends. Core inflation also increased 0.3% in August, when it was up 4.3% from the previous 12 months.
In keeping with recent trends, shelter costs were the main factor in the inflation increase. The index for shelter, which makes up about one-third of the CPI weighting, accelerated 0.6% for the month and 7.2% from a year ago. On a monthly basis, shelter accounted for more than half the rise in the CPI, the Labor Department said.
Energy costs rose 1.5%, including a 2.1% pickup in gasoline prices and 8.5% in fuel oil, and food was up 0.2% for the third month in a row. On a 12-month basis, food costs climbed 3.7%, including a 6% increase for food away from home, while energy costs were off 0.5%.”
THINGS TO PONDER:
Breaking news: People can’t afford to live in today’s economy.
We’re just scratching the surface of the problems with these “reports” that come out…
The reality? It’s at least 10 times worse when you factor in all of the “stealth” taxes and fees.
Here’s the deal: If you want to lock in the value of your money, invest in things that are going to be harder or more expensive to get now… lock in your value with something tangible.
The ride is now starting to get bumpy.
Brace For Impact.
Click Here to read the full article.
“When it comes to the size of the federal government’s annual deficit, appearances can be deceiving.
The gap between spending and revenue for fiscal year 2023, which ended on Sept. 30, was $1.7 trillion, the Congressional Budget Office projected ahead of the official Treasury Department figures. That would be a roughly $300 billion widening in the shortfall from fiscal year 2022.
But the gap was actually much larger. That is because of the odd way President Biden’s attempt to broadly cancel student debt shows up in budget figures.
When the Biden administration announced its plan to forgive federal student debt held by 40 million Americans in September 2022, it logged the long-term cost of the program, $379 billion, on the budget all at once, even though effectively no money was spent on it that year. Treasury last year put fiscal 2022’s deficit at $1.4 trillion.
But in June 2023, the Supreme Court tossed the debt-cancellation program, meaning most of that money wouldn’t actually be spent. Rather than update last year’s deficit numbers, though, the Treasury recorded the changes as a $333 billion spending cut in August 2023.
Either way, the deficit is growing again after retreating from its highs after the start of the Covid-19 pandemic. That is inflaming longstanding debates in Washington about the federal budget, which is already under pressure from higher interest rates.
The widening gap between spending and revenue is due to several factors, including lower tax receipts. Losses in the stock market in 2022 mean the Internal Revenue Service has experienced a drop in revenue from individual taxes that aren’t withheld from paychecks this year.”
THINGS TO PONDER:
The US government is once again doing incredible work here…
INCREDIBLY BAD.
The same people who want you to pay more taxes (everywhere) are not only robbing you blind, they are making sure you continue to suffer with bad infrastructure, unsecured borders, and more surveillance in your personal life…
Friends, there’s only so much train track left before you go over a cliff. You MUST get active in the process of watching those you send to represent you.
Know Your Foe.
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