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Keyword: incometax

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  • New 1040 tax form will be the size of a postcard

    06/21/2018 8:46:57 AM PDT · by Libloather · 56 replies
    Fox Business ^ | 6/20/18 | Brittany De Lea
    U.S. Treasury Secretary Steven Mnuchin said on Wednesday that new tax forms, designed to make the filing process clearer and simpler for Americans, will be released next week. “Next week we will be unveiling the new 1040 and it will be a postcard as we promised,” he said during a press conference celebrating the six-month anniversary of the passage of tax reform. “Hardworking taxpayers won’t have to spend nearly as much time filling out their [tax forms].” The 1040 form is the U.S. individual income tax return. Republicans promised to simplify the filing process for taxpayers, famously claiming the forms...
  • Turns Out, The Rich Will Pay An Even Bigger Share Of Income Taxes Under GOP Tax Cuts

    04/25/2018 8:10:49 AM PDT · by SeekAndFind · 3 replies
    IBD ^ | 04/25/2018
    Tax Fairness: The most frequently repeated complaint about the Republican tax cuts is that they are a massive "giveaway" to the rich. New evidence shows that this claim, like almost every other attack on the tax bill, is false. In the run-up to the passage of the tax reform plan, which President Trump signed into law on Dec. 22, critics attacked it on several fronts. They said there was no way the tax cuts would spur extra economic or job growth. But after the tax cuts went into effect, several economists sharply increased their growth forecasts for 2018. They said...
  • Tax Reform Is Boosting Take-Home Pay for Millions of Americans. Here’s the Proof.

    03/30/2018 10:44:01 AM PDT · by Tolerance Sucks Rocks · 15 replies
    The Daily Signal ^ | March 22, 2018 | Mary Kate Hopkins
    For a nation accustomed to instant gratification, the Tax Cuts and Jobs Act is a winner.Before President Donald Trump even signed the bill, companies were announcing employee pay raises, bonuses, and increased investments to grow their businesses and bring operations back from overseas.Among the first out of the gate was AT&T, which said it would give $1,000 bonuses to more than 200,000 nonmanagement employees and make an additional $1 billion investment in the United States. Boeing put $100 million toward training, education, and other workforce development. Walmart expanded paid parental leave and boosted starting wages to $11 an hour.Then in...
  • Illinois Progressive Tax Gambit

    03/10/2018 5:52:36 AM PST · by reaganaut1 · 8 replies
    Wall Street Journal ^ | March 9, 2018
    The only two restraints—at least for now—on public union governance in Illinois are GOP Gov. Bruce Rauner and the state’s flat income tax. Democrats hope to do away with both in November. Democrats in Springfield have filed three constitutional amendments to establish a graduated income tax—the rates won’t be determined until after voters give their assent. The state’s flat 4.95% income tax, believe it or not, is lower than the rate in all its neighbors save Indiana (3.23%). But its property and corporate taxes are among the highest in the country. Last summer Democrats with the help of a handful...
  • Claims that capping SALT deductions violate Constitution are meritless

    01/30/2018 7:18:20 PM PST · by Tolerance Sucks Rocks · 14 replies
    The Hill ^ | January 30, 2018 | Rob Natelson
    Some leading proponents of centralized federal power have caught that ole-time states’-rights religion.New York Governor Andrew Cuomo, for example, has been a fervid defender of ObamaCare and other congressional programs invading traditional areas of state control. But, he says, Congress violated the rules of federalism when its new tax law capped income tax deductions for state and local taxes paid (SALT deductions).Are Cuomo and his allies correct? Does the Constitution require Congress to include SALT deductions in its income tax laws? ADVERTISEMENT The Constitution’s actual language does not say so. Some cite a 1985 speech by the late Senator Daniel...
  • Poll: Support for Trump tax law increasing

    01/17/2018 7:44:46 PM PST · by 11th_VA · 30 replies
    The Hill ^ | Jan 17, 2018
    Support for the new tax law is increasing, according to a new poll, though it still isn't favored by a majority. The poll, conducted for The New York Times, found that 46 percent of respondents strongly or somewhat support the plan, up from 37 percent in December.
  • Is America’s tax system fair?

    01/17/2018 8:32:25 AM PST · by Oldpuppymax · 10 replies
    The Coach's Team ^ | 1/17/18 | Amity Shlaes
    Tax the rich some more. That recommendation comes from many politicians. It seems obvious to tax the rich. We tell ourselves they won’t miss that little extra bit we take. And after all, it’s only right that they pay their fair share. The technical name for taxing the rich more is progressivity. And it’s hard to oppose a concept that shares its roots with an optimistic word like progress. But this surface logic obscures some important truths about progressivity. So let’s stand back. The first thing we see when we take our distance is surprising. It is that many people...
  • Vanity: GOP Eliminated Personal Exemptions from Income Tax

    12/21/2017 10:53:13 AM PST · by C19fan · 168 replies
    FactCheck.org ^ | December 20, 2017 | Eugene Kiely
    Personal Exemption A personal exemption is the amount that you can deduct from your income for every taxpayer and most dependents claimed on your return. Current law: $4,050 per person, which means a married couple with two dependents would receive a personal exemption of $16,200. New law: The personal exemption is eliminated. The exemption returns after 2025.
  • 30,417,609 Paid $0 Income Taxes, Got $89.6 Billion Back

    12/19/2017 9:33:52 PM PST · by Kaslin · 42 replies
    Townhall.com ^ | December 20, 2017 | Terry Jeffrey
    Of the 150,493,263 filers who submitted individual income tax returns to the Internal Revenue Service for the 2015 tax year, only 99,040,729 paid any income tax at all. Together, those Americans paid a record $1,457,891,441,000 in total income taxes -- for an average of $14,720 per taxpayer. The other 51,452,534 -- or about 34.2 percent of all filers -- did not pay a penny. Their average income tax payment was $0. This is a fundamental divide in the American tax system. On one side are those who do pay taxes; on the other, those who don't. And the divide gets...
  • Fact-Checkers: Democrats Just Keep Lying Hysterically About Tax Reform

    12/07/2017 8:36:28 AM PST · by Oshkalaboomboom · 8 replies
    Townhall.com ^ | Dec 07, 2017 | Guy Benson
    This reality, and the resulting assignment of an avalanche of 'Pinocchios,' comes as no surprise to our readers -- who've been kept abreast of Democrats' never-ending onslaught of falsehoods, misinformation, fear-mongering and distortions about the GOP's tax reform bill. Fact-checkers have been working overtime to correct the record in an exhausting game of anti-lie whack-a-mole, with the Washington Post's team dishing out 11 Pinocchios to three top Democrats on the ridiculous ""private jet tax break" fairly tale alone. This nonsense is still floating around, promoted by the DNC chairman: Tom Perez @TomPerez #GOPTaxScam philosophy: Let's end tax benefits for colleges...
  • [New Jersey] Income Tax Exemption for Veterans - 2017 tax year

    12/04/2017 12:47:26 PM PST · by NewJerseyJoe · 14 replies
    NJ Division of Taxation ^ | 11/9/17 | NewJerseyJoe
    The state of New Jersey is doing a non-existent job of publicizing this new tax exemption for veterans, so I'm trying to spread the word.http://www.state.nj.us/treasury/taxation/newexemptionveterans.shtml
  • Seattle's Income Tax on 'the Rich' Has Collateral Damage: The Poor

    11/22/2017 11:22:18 AM PST · by Kaslin · 26 replies
    American Thinker.com ^ | November 22, 2017 | Brian T. Hodges
    Seattle’s City Council made national headlines earlier this year when it enacted a city income tax aimed at “high earners.” Immediately, politicians crowed that they had planted a flag of “resistance” to the forces of “Trumpism.” In a court hearing last week, the city defended its war on wealth against several legal and constitutional challenges. The briefing from both sides exposes an inconvenient reality for the levy’s defenders: its real, ultimate victims aren’t necessarily the plutocrats they claim to be targeting. In fact, just the opposite. Some background: there are few precedents from other parts of the country for a...
  • Fortune Magazine Column: You’re Better Off in a State With a Higher Income Tax

    10/30/2017 2:21:45 PM PDT · by SeekAndFind · 41 replies
    Fortune ^ | 10/30/2017 | Carl Davis
    Many lawmakers in Congress and in statehouses around the country peddle the same supply-side theory about income taxes: the lower the tax, the more the economy will grow. But new research from the Institute on Taxation and Economic Policy reveals this economic approach is failing to deliver in the states. In fact, states with higher income taxes outperformed states with no income tax. My colleagues and I compared the economic track record of the states that have charted the most radically different courses with their income tax policies, or lack thereof. Specifically, we examined economic growth in the nine states...
  • Trump’s tax plan will benefit everyone

    10/17/2017 10:40:51 AM PDT · by TBP · 31 replies
    The Hillsdale Collegian ^ | October5, 2017 | Nicole Ault
    Trying to advocate his tax-reform proposal, President Trump insisted: “It’s not good for me. Believe me.” He shouldn’t have said that. His statement offered an easy target for the plan’s opponents, who promptly howled that his nine-page framework is a handout to the rich. “Trump’s tax plan benefits wealthy, including Trump,” cried a New York Times headline. The president missed the point. His plan is good for him. But it’s good for the rest of America, too. Trump’s framework will improve life for everyone: It offers direct benefits to the middle-class, encourages economic activity, and reduces the time citizens will...
  • You Won't Believe These Income Tax Facts!

    10/10/2017 1:27:12 PM PDT · by Kaslin · 34 replies
    American Thinker.com ^ | October 10, 2017 | Christopher Chantrill
    They tell me that our wise leaders are presently working on a tax reform or cut, or something. So I thought I’d add a new Income Tax Analysis page to my usgovernmentrevenue.com site. The page has a chart showing the federal individual income tax and the corporate income tax going back to 1913. This is what it looks like, as percent of GDP, with individual in blue and corporate in red. Do you see what I see? In the early days about half of the income tax was collected from corporations, but over the years the corporations have managed to...
  • Blame progressive republicans for the 16th amendment

    09/23/2017 10:06:15 AM PDT · by ProgressingAmerica · 11 replies
    Far too often, articles or books are written about how bad the 16th amendment is(which it absolutely is) but then the authors turn around and point to Woodrow Wilson. This is historical malpractice. It is said that 42 states ratified the 16th amendment, and 40 of those did so prior to March 4, 1913, which was when Wilson was inaugurated. Massachusetts ratified the 16th on the same day, March 4th, and New Hampshire followed a few days later on March 7th. So let me get this straight: Woodrow Wilson as president was so strong and powerful that he reached back...
  • Rand Paul: GOP's swamp tactics could kill tax reform dead

    08/31/2017 5:37:06 PM PDT · by ForYourChildren · 64 replies
    Conservative Review ^ | 08/30/2017 | Chris Pandolfo
    Ahead of President Trump’s push for tax reform in Springfield, Missouri, Senator Rand Paul, R-Ky., published an op-ed demanding that Congress’ bill include real tax cuts and that the details of the bill be debated in the open. Decrying the talk from “wonks in Washington,” Paul argued that tax reform must not be “revenue neutral” through offsets elsewhere in the tax code. “Revenue neutral ultimately means that someone pays more for someone else to pay less. It means tax ‘reform’ without real tax cuts,” Paul wrote. “I fear that tax reform that mandates revenue neutrality will result in those with...
  • Feds Collect Record Income and Payroll Taxes Through July

    08/15/2017 8:42:22 AM PDT · by where's_the_Outrage? · 4 replies
    CNS news ^ | August 14, 2017 | Terence P. Jeffrey
    (CNSNews.com) - The federal government collected record amounts of both individual income taxes and payroll taxes through the first ten months of fiscal 2017 (Oct. 1, 2016 through the end of July), according to the Monthly Treasury Statement. Through July, the federal government collected approximately $1,312,691,000,000 in individual income taxes. At the same time, it collected $976,278,000,000 in Social Security and other payroll taxes. Prior to this year, fiscal 2015 held the record for individual income tax collections through July. That year, the Treasury collected $1,309,431,860,000 (in constant 2017 dollars) in individual income taxes in the first ten months of...
  • Overwhelming number of people speak in favor of Seattle income tax (Tax the Rich!)

    06/01/2017 7:35:12 AM PDT · by PROCON · 61 replies
    mynorthwest.com ^ | May 31, 2017 | MYNORTHWEST.COM
    An overwhelming number of people spoke in support of a citywide income tax in Seattle on Wednesday at City Hall. People in support of taxing the richest residents cited everything from “simple justice,” to the untapped pool of money that could be used to deal with pressing problems like homelessness and drug abuse. The proposed tax would be 1.5 percent on adjusted gross income over $250,000 per year. Councilmember Lisa Herbold says there are still many undecided details, chiefly how that income level would be calculated. The legal basis for such a selective tax is shaky and whatever the...
  • Gubernatorial hopeful Frank Wagner pushes infrastructure investments

    05/20/2017 10:56:52 PM PDT · by Tolerance Sucks Rocks · 12 replies
    The Roanoke Times ^ | May 5, 2017 | Carmen Forman
    Republican gubernatorial candidate Frank Wagner visited Roanoke Friday to pitch his campaign message of improving transportation infrastructure in order to create more jobs across Virginia.At a Roanoke County Republican Committee luncheon, Wagner, a GOP state senator from Virginia Beach, discussed his proposal to raise the gas tax for projects like widening Interstate 81 and building Interstate 73 and the Coalfields Expressway.Yes, he’s a rare Republican calling for a tax increase. He understands the irony. Building up major pathways in and out of Southwest Virginia will improve the business climate, he said.In the economically depressed Southside region , adding broadband and...