With the Bush tax cuts set to expire and a Democratic led congress at work, America could potentially see a tax increase of $115 billion for the next year- a scenario of minute desirability to anyone, especially when juxtaposed with the present economic climate. From higher income taxes and individual state taxes, to halved child [...]

Arnold Schwarzenegger, had an IRS tax lien filed against him totaling about $79,000. The lien was filed against the California Governor May 11th in Los Angeles County. Supposedly, the Governor owes about $39k from 2004 and $40k from 2005. The lien documentation was posted online by TMZ yesterday.

AP reported just recently that Obama’s Undersecretary for the Treasury for International Affairs, Lael Brainard, is now joining the ranks of Ron Kirk, Tim Geithner, Tom Daschle, and Nancy Killifer or nominees who had tax problems. The difference between Brainard and the rest is that her liabilities were small compared to the others.

Oakland’s Mayor, Ron Dellums, owes the IRS $239,000 dollars for taxes he failed to pay in 2005, 2006, and 2007 according to public records and confirmed by news reports. A public tax lien was placed on his residence. Here is yet another politician who like Charlie Rangel caught with tax problems.