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Keyword: incometax

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  • 5 Myths About the State and Local Tax Deduction’s Cap

    06/25/2019 2:21:35 PM PDT · by Tolerance Sucks Rocks · 16 replies
    Ever since the Tax Cuts and Jobs Act passed in late 2017, Democrats and a few Republicans have decried how the law’s $10,000 cap of the state and local tax deduction harms schools, local communities, home values, first responders, and middle-class families. Fast forward almost two years later and these false claims are not going away. House Democrats recently announced a hearing scheduled for Tuesday where many of the common myths are likely to be repeated. Here are a few of the most common misconceptions. Myth #1: The Cap Hurts Middle-Class Taxpayers Before the 2017 tax cut capped the state...
  • Problematic Women: Women Are Increasingly Embracing Socialism … but Why?

    06/13/2019 6:44:25 PM PDT · by Tolerance Sucks Rocks · 119 replies
    The Daily Signal ^ | June 13, 2019 | Lauren Evans and Kelsey Bolar
    In a recent poll for “Axios on HBO,” 55% of American women say they would prefer to live in a socialist country over a capitalist country. This week on “Problematic Women,” we discuss why women are embracing socialism and what can be done to stop this trend. Also, we break down why freshman Rep. Alexandria Ocasio-Cortez says members of Congress, despite already making $174,000 a year, deserve a pay raise. We crown Yale University graduate and future Justice Brett Kavanaugh law clerk Sophia Chua-Rubenfeld Problematic Woman of the Week. And we discuss these topics: — Justice Ruth Bader Ginsburg had...
  • Using Windows 7 computer for income tax filing? (Vanity)

    06/11/2019 10:04:43 AM PDT · by deoetdoctrinae · 28 replies
    Me | 6/11/2019 | deoetdoctrinae
    I've used a computer running Windows 7 to file our federal taxes for several years. Microsoft will stop support and security updates on January 14, 2020. We always file as soon as we get all tax forms (usually early February). Wondering if we would be safe doing the same one more time. Thoughts?
  • 83 Percent of the Deficit Could Be Eliminated With This One Simple Trick

    05/28/2019 7:33:20 AM PDT · by SeekAndFind · 43 replies
    PJ Media ^ | 05/28//2019 | Dustin Siggins
    Each year, millions of Americans pay their taxes. We suffer through the nightmare of unfathomable IRS forms, spend tens of billions of dollars on tax experts so the IRS won’t audit us … and yet watch as other people slip through the cracks.Those cracks are pretty large. The IRS has concluded that approximately 16.3 percent of taxes simply don’t get paid. This was the case in 2001, 2006, and 2008-2010.In 2018, this meant that almost $643 billion in federal taxes simply went unpaid, based upon the $3.3 trillion pulled into federal coffers– what the IRS and Government Accountability Office...
  • How to pay? Income tax needed for $110 million roadwork plan, $20 million jail project

    04/25/2019 10:34:09 AM PDT · by Tolerance Sucks Rocks · 12 replies
    The Daily Journal ^ | April 10, 2019 | Magen Kritsch
    Workers in Johnson County could have hundreds of additional dollars taken out of their paychecks annually to help pay for roadwork in the county and an expansion of the county jail — work expected to cost more than $130 million in the next five years. The Johnson County Council unveiled an income tax increase proposal to fund $110 million in road, bridges and infrastructure improvements across the county, mainly due to the construction of Interstate 69, and an estimated $20 million jail expansion project that would address a frequently overcrowded jail that the state has ordered the county to fix....
  • Face It: You (Probably) Got a Tax Cut

    04/15/2019 6:39:39 PM PDT · by bitt · 69 replies
    nytimes ^ | 4/14/2019 | Ben Casselman and Jim Tankersley
    Studies consistently find that the 2017 law cut taxes for most Americans. Most of them don’t buy it. If you’re an American taxpayer, you probably got a tax cut last year. And there’s a good chance you don’t believe it. Ever since President Trump signed the Republican-sponsored tax bill in December 2017, independent analyses have consistently found that a large majority of Americans would owe less because of the law. Preliminary data based on tax filings has shown the same. Yet as the first tax filing season under the new law wraps up on Monday, taxpayers are skeptical. A survey...
  • NYT editorial board member writes op-ed saying everyone's income taxes should be available to public

    04/15/2019 8:21:12 AM PDT · by SeekAndFind · 66 replies
    American Thinker ^ | 04/15/2019 | Thomas Lifson
    The very concept of privacy seems to be under attack (except, of course, as a justification for abortion, as laid out in Roe v. Wade — that is considered sacrosanct by the Left, including academia and the media). Now, from a member of the New York Times editorial board, comes the suggestion that not just President Trump's but your and my income tax records should be publicly available.  I'm not kidding.  Binyamin Applebaum wrote in the Sunday edition — the one with the biggest readership: … disclosure could help to ensure that people pay a fair share of taxes.  Americans underpay their taxes by more than $450 billion each year, more than...
  • California Has Become America's Cannibal State

    04/11/2019 4:19:03 AM PDT · by Kaslin · 18 replies ^ | April 11, 2019 | Victor Davis Hanson
    For over six years, California has had a top marginal income tax rate of 13.3 percent, the highest in the nation. About 150,000 households in a state of 40 million people now pay nearly half of the total annual state income tax. The state legislature sold that confiscatory tax rate on the idea that it was a temporary fix and would eventually be phased out. No one believed that. California voters, about 40 percent of whom pay no state income taxes, naturally approved the extension of the high rate by an overwhelming margin. California recently raised gas taxes by 40...
  • Poll shows broad support for graduated state income tax pushed by Gov. J.B. Pritzker

    03/29/2019 6:20:53 AM PDT · by ChicagoConservative27 · 31 replies
    chicagotribune ^ | 03/27/2019 | Dan Petrella
    A new statewide poll shows two-thirds of Illinois voters support Democratic Gov. J.B. Pritzker’s top policy priority, amending the state constitution to allow a graduated-rate income tax. The poll, from the Paul Simon Public Policy Institute at Southern Illinois University at Carbondale, did not ask participants specifically about the governor’s proposal. But the poll showed that a system under which higher earners are taxed at higher rates is popular throughout the state among both Democrats and independents.
  • How Wealthy Americans Like Jack Benny Avoided Paying a 70% Tax Rate

    01/19/2019 5:35:11 AM PST · by reaganaut1 · 85 replies
    Wall Street Journal ^ | January 18, 2019 | Laura Saunders
    It wasn’t that long ago, in 1980, that America had a top income-tax rate of 70% for individuals, nearly double the current top rate of 37%. And it wasn’t unusual. From 1940 through 1980 the top rate for the highest earners never dipped below 70%. During most of the 1950s, when the U.S. economy dominated the world, the top rate was 91%. It kicked in at $400,000 of taxable income, or roughly $3.7 million in today’s dollars. This history is relevant given New York Rep. Alexandria Ocasio-Cortez’s recent call for higher tax rates on what she called the “tippy-tops” to...
  • Use this calculator and see how the tax bill will affect your...

    01/15/2019 6:34:29 PM PST · by entropy12 · 15 replies
    CNN ^ | Tal Yellin
    This calculator provides a window into how the tax bill being passed by Congress could affect your after-tax income if your main source of income is a paycheck. It does not take into account the effects of the repeal of the health care individual mandate or the potential economic growth that may result from the bill's provisions.
  • High Tax Rates Aren’t Optimal

    01/09/2019 6:46:10 AM PST · by reaganaut1 · 12 replies
    Wall Street Journal ^ | January 8, 2019 | Holman W. Jenkins, Jr.
    ... A large and growing literature continues to support the claim that high marginal tax rates and big tax hikes are harmful to economic well-being. See the work of the Dallas Fed’s Karel Mertens and colleagues, or the Romers’ own 2010 work finding a “highly contractionary” effect from postwar tax hikes. The theoretical cases for towering “optimal” tax rates that Mr. Krugman cites always tend to trip up over political realities if nothing else. Politicians may find it politically handy to be seen dinging the rich, but they also find it useful to placate the rich by dishing out loopholes....
  • House Democrats Change Rules to Make It Easier to Raise Taxes

    12/12/2018 12:53:33 PM PST · by Rusty0604 · 47 replies
    Washington Free Beacon ^ | 12/12/2018 | Haris Alic
    The incoming chairman of the House Rules Committee, Rep. Jim McGovern (D., Mass.), confirmed to colleagues on Wednesday that he would not honor the three-fifths supermajority requirement to raise income taxes, as reported by the Washington Post. The change comes after a standoff between Pelosi and her moderate allies in the Democratic conference, such as incoming Ways and Means Committee chairman Richard Neal (Mass.), and younger, more progressive members like Rep.-elect Alexandria Ocasio-Cortez (N.Y.). In November Pelosi and Neal initially proposed keeping the three-fifths supermajority rule for income tax increases "on the lowest-earning 80 percent of taxpayers." That notion, however,...

    11/29/2018 11:06:58 AM PST · by Brian Griffin · 11 replies
    Brian Griffin | 11/29/2018 | Brian Griffin
    This would create a first class bargaining chip when dealing with a Democratic-controlled House of Representatives. Withholding taxation and estimated taxation for calendar years after 2019 would have to be ended too. The Democrats would soon realize that restarting 1040-style taxation would be a hard sell politically since people have a natural affinity for the money they worked hard to get. Their bargaining chip would be military funding. The Constitution provides that "no appropriation of money" for army funding "shall be for a term longer than two years". But since military people tend to be highly employable in the private...
  • French government to push ahead with taking income tax from workers' pay

    09/05/2018 10:31:24 PM PDT · by Olog-hai · 17 replies ^ | 5 September 2018 10:48 CEST+02:00
    The French government announced on Tuesday that it will push ahead with the long-planned reform to deduct income tax directly from workers’ paychecks on a monthly basis from January 2019. After days of wavering and speculation that they would ditch the reform, the French government finally announced on Tuesday that from January 2019 workers will indeed have their income tax taken directly from their paychecks automatically. The change will see most workers in France have their income tax automatically taken out of their wages each month by their employers, as is the case in most other European countries, rather than...
  • 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...