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Keyword: incometax

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  • 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, hes 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...
  • The Libertarian Way To Tip

    04/28/2017 2:53:45 PM PDT · by davikkm · 21 replies
    IWB ^ | Robert Carbery
    Megan, a server at a Tex-Mex restaurant in Missouri recently got this tip from someone who is not a fan of the individual income tax. Undoubtedly, a libertarian. On the tip line, the customer put a big zero, in addition to: Taxation is Theft. To further clarify, the customer put some loose cash on top of the receipt with a note saying, This is not a tip. This is a personal gift and not subject to federal or state income taxes. The Reddit post was aptly titled, The Libertarian way to leave a tip. Is this stupid anarchic libertarianism at...
  • End the Income Tax

    04/24/2017 4:46:06 AM PDT · by Kaslin · 72 replies
    Townhall.com ^ | April 24, 2017 | Katie Kieffer
    Tell President Trump to ask Congress to end the federal income tax so that you and I can reach our full potential for wealth.This weekend, President Trump tweeted that a: “Big TAX REFORM AND TAX REDUCTION will be announced [on] Wednesday.” This is great news. However, as we go through the process of improving the tax code, we must encourage our politicians to do two things:1.) Eliminate the unconstitutional federal income tax.2.) Reduce hidden taxes that politicians eternally use to offset tax “cuts”—namely increases in federal spending.America turns 241 years old in July. We’re still a “baby” nation in contrast...
  • The Archipelago Tax Plan

    04/18/2017 3:58:19 PM PDT · by Art in Idaho
    self | April 18, 2017 | Art in Idaho
    The Archipelago Tax Plan The dreaded April 15 has come and gone. Today is the last day you can send in your taxes. Americans have dutifully done their taxes and sent them in hoping there is some rhyme and reason why theyre paying so much in taxes. Ive always been somewhat of a tax resister because my basic premise is taxation is redistribution of wealth. I also think redistribution of wealth is theft. If you look at historical trends, when taxes approach 30% of a persons income, there is a lot of grumbling which eventually leads to revolutions. Many American...
  • Did you know THERE WAS NO INCOME TAX till the Civil War?

    04/16/2017 3:06:15 PM PDT · by ReformedMedia · 36 replies
    The Washington Standard ^ | 04-15-2017 | William Federer
    On APRIL 15, 1865, President Lincoln died. He was shot the night before in Fords Theater. On APRIL 15, 1912, the Titanic sank. It struck an iceberg the night before. Among the 1,514 lives lost were millionaires John Jacob Astor IV, Benjamin Guggenheim and Isa Strauss, all of whom were vocal opponents of the Federal Reserve Act. In 1954, APRIL 15 became the deadline for filing Income Tax returns. Originally, Article I, Section 9 of the U.S. Constitution prohibited a direct Federal Income Tax on American citizens: NO CAPITATION OR OTHER DIRECT TAX SHALL BE LAID, UNLESS IN PROPORTION TO...
  • Illinois wealth flight explained in 4 graphics

    11/18/2016 9:32:13 PM PST · by george76 · 28 replies
    Illinois Policy ^ | November 15, 2016 | Michael Lucci
    IRS data show the average income of taxpayers leaving Illinois surpassed the average income of taxpayers entering the state by $20,000 in 2014, a record loss for Illinois in the wake of the 2011 income-tax hike. Politicians enacted Illinois 2011 income-tax hike during a late-night legislative session in January 2011 and raised the states personal income-tax rate to 5 percent from 3 percent. This 67 percent income-tax hike lasted for four years, during which time Illinois experienced record wealth flight. IRS data reveal what happens when politicians choose short-term tax revenue gains over long-term stability. The short-term increase in tax...
  • Donald Trumps Income Tax Calculator

    11/14/2016 7:12:23 AM PST · by the_boy_who_got_lost · 11 replies
    A simple Income tax calculator showing you what your federal taxes are now and what they will be under Trump.
  • Proposition 55 would extend "temporary" tax for 12 years [CA]

    10/15/2016 8:47:44 AM PDT · by Olog-hai · 19 replies
    Associated Press ^ | Oct 15, 2016 10:51 AM EDT | Juliet Williams
    When Gov. Jerry Brown and his allies urged voters to adopt a temporary income tax on the wealthiest Californians and a statewide sales tax on everyone four years ago, the deal was billed as a short-term salve for a state mired in debt and on the verge of insolvency. The taxes were needed to stave off $6 billion in so-called trigger cuts to schools and social programs baked into the state budget by Democrats as a threat to voters. Lawmakers also threatened to cut three weeks off the school year if Proposition 30 didnt pass. [] Now, with the sales...
  • (April 11, 2015) Warren Buffetts Nifty Tax Loophole

    10/11/2016 3:22:26 PM PDT · by CruiseMates · 13 replies
    Barrons ^ | April 11, 2015 | Morris Propp
    Warren Buffett is fond of saying his tax rate is lower than his secretarys. He does not publicize his tax returns, but for the tax year 2010, he paid $6.9 million on taxable income of $39.8 million, according to partial disclosures he made in 2011. What is astounding about those numbers is not the 17.3% tax rate, but that Buffetts $39.8 million of taxable income is only about 0.05% of his reported net worth ($71 billion according to Forbes, which put him third on its list of the 400 wealthiest people in the world for 2015).
  • New Jersey Governor Christie upends old income tax deal with Pennsylvania

    09/03/2016 11:01:53 PM PDT · by Olog-hai · 19 replies
    Reuters ^ | Fri Sep 2, 2016 5:46pm EDT | Hilary Russ
    New Jersey Governor Christie said on Friday the state would begin taxing income earned by people who work in New Jersey but live in Pennsylvania, ending a long-standing arrangement with the neighboring state. Pulling out of the nearly 40-year old reciprocity agreement would allow New Jersey to raise more revenue starting Jan. 1. Christie, a close ally of Republican presidential nominee Donald Trump, said in a statement that he was forced to act because the Democrat-controlled legislature created a $250 million budget hole in June by relying on public employee health insurance cuts they have not yet made. If lawmakers...
  • The "10% Flex" Tax plan, a novel idea for Taxes and Tariffs ~ Vanity

    05/24/2016 6:04:51 PM PDT · by GraceG · 29 replies
    GraceG
    When it comes to taxes, depending on whichever conservative you talk to they all have a different idea on what sort of tax plan would work best. Some want a national sales Tax, some want an income tax, and some even want a Tariff. So why not UNIFY under a plan that ALL of us can get behind? Here is an idea that I have been thinking about that i have never seen before. I call it the "10% Flex" Tax plan. Why is it flexible? It is flexible as it would allow congress to control what TYPE of taxes...
  • One Top Taxpayer Moved, and New Jersey Shuddered

    04/30/2016 10:36:42 AM PDT · by reaganaut1 · 39 replies
    New York Times ^ | April 30, 2016 | ROBERT FRANK
    Our top-heavy economy has come to this: One man can move out of New Jersey and put the entire state budget at risk. Other states are facing similar situations as a greater share of income and tax revenue becomes concentrated in the hands of a few. Last month, during a routine review of New Jerseys finances, one could sense the alarm. The states wealthiest resident had reportedly shifted his personal and business domicile to another state, Frank W. Haines III, New Jerseys legislative budget and finance officer, told a State Senate committee. If the news were true, New...
  • Paying Your Fair Share? 45% Of Americans Pay Zero Income Taxes

    04/19/2016 8:21:27 AM PDT · by SeekAndFind · 38 replies
    IBD ^ | 04/19/2016
    Democrats keep demanding that the rich pay their fair share of income taxes. But they never say what fair is. Probably because they know that the rich pay huge amounts while 45% of households pay nothing. The nonpartisan Tax Policy Center has some eye-opening statistics on its site that should silence the tax fairness debate, if the numbers were widely known. For example, did you know that the richest 20% of households pay 88% of federal income taxes? Or that this is up from 64.7% the year before Reagan took office? Did you know that 45% of all households pay...
  • 45% of Americans pay no federal income tax

    04/18/2016 1:50:30 PM PDT · by george76 · 49 replies
    MarketWatch ^ | Apr 18, 2016 | Catey Hill
    An estimated 45.3% of American households roughly 77.5 million will pay no federal individual income tax ... The top 1% of taxpayers pay a higher effective income-tax rate than any other group (around 23%, according to a report released by the Tax Policy Center in 2014) nearly seven times higher than those in the bottom 50%. On average, those in the bottom 40% of the income spectrum end up getting money from the government. Meanwhile, the richest 20% of Americans, by far, pay the most in income taxes, forking over nearly 87% of all the income tax...
  • 45% of Americans pay no federal income tax

    04/18/2016 7:43:19 AM PDT · by Java4Jay · 57 replies
    An estimated 45.3% of American households roughly 77.5 million will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group.
  • Why Ted Cruzs VAT really is a VAT

    04/15/2016 10:56:53 PM PDT · by Hanna548 · 253 replies
    American Enterprise Institute ^ | 01/15/16 | James Pethokoukis
    Make no mistake here. Cruz is proposing a VAT add-on to the existing personal income tax system.
  • N.J. has lost its wealthiest resident to Florida, report says (David Tepper)

    04/06/2016 8:14:15 AM PDT · by DCBryan1 · 24 replies
    NJ.com ^ | 16, 2016 at 3:04 PM, updated March 17, 2016 at 7:17 AM | By Craig McCarthy
    New Jersey's wealthiest man may be making a common Northeast move: a relocation to the tax-friendly state of Florida, a report says. According to Bloomberg, David Tepper has shifted the base of his Appaloosa Management to the Sunshine State as of Jan. 1 after registering to vote and declaring citizenship in Miami at the end of 2015. Taxes were reportedly an important part of the 58-year-old's decision, but also, quality-of-life played big part in his choice to move, according to the article. Tepper has been a resident of the Garden State for more than two decades and has continually appeared...
  • ‘It’s a Lie’: Michele Bachmann Slams the Progressive Tax System

    02/11/2016 7:30:07 PM PST · by Tolerance Sucks Rocks · 10 replies
    The Blaze ^ | February 11, 2016 | Billy Hallowell
    Former congresswoman Michele Bachmann (R-Minn.) recently joined historian David Barton on the show “Foundations of Freedom,” where she spoke out against the progressive income tax system, saying that class warfare rhetoric leads people to “violate the 10th Commandment.” “It’s appealing to the lower interest of man, and it appeals to the American people to violate the 10th Commandment,” Bachmann said. “We are told, ‘Don’t covet’ — in other words don’t be jealous and don’t want what your neighbor has … Instead politicians say, ‘Oh no, no. Your neighbor is rich, because he stole it from you.’” She continued, “That’s not...
  • Coloradans get a little relief on local taxes

    01/20/2016 5:17:48 PM PST · by george76 · 1 replies
    Denver Business Journal ^ | Jan 20, 2016 | Mark Harden
    Coloradans on average paid 8.9 percent of their incomes in state and local taxes in fiscal year 2012, down a bit from the 9 percent rate in the previous year... The Colorado rate was well below the national local-tax burden of 9.8 percent.. Colorado ranked 35th among the states for collective state and local tax burden, with No. 1 -- New York, at 12.7 percent -- having the highest state and local tax burden and No. 50 -- Alaska, at 6.5 percent -- the lowest. ... Taxes covered by the report include state and local income tax, property tax and...