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Keyword: incometax

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  • The Original Tea Partiers: How GOP Insurgents Invented Progressivism

    07/22/2014 12:27:55 PM PDT · by Borges · 15 replies
    The Atlantic ^ | 7/22/2014 | MICHAEL WOLRAICH
    Wisconsin Senator Robert La Follette and his supporters pioneered long-shot primary challenges, strong ideology, and populist rhetoric a century ago.
  • RAHN: The end of the progressive income tax

    07/10/2014 5:40:08 AM PDT · by 1rudeboy · 83 replies
    Washington Times ^ | July 7, 2014 | Richard Rahn
    July 1 might go down in history as the beginning of the end of the comprehensive, progressive income tax. A progressive income tax, in which the government attempts to tax all labor income and capital income, such as interest, dividends and capital gains more than once, cannot help becoming so complex that it eventually dies of its own weight. This is particularly true when the government attempts to tax the worldwide income of its “tax persons” rather than the income located in its own territory. The complexity is caused by the never-ending attempt to define what income is and what...
  • Clinton can’t stop gaffes on crony capitalism

    06/23/2014 8:42:44 AM PDT · by PoloSec · 17 replies
    Washington Examiner ^ | June 23 2014 | Chris Stirewalt
    CLINTON CAN’T STOP GAFFES ON CRONY CAPITALISM Can Hillary Clinton, who says she and her husband went on from being “dead broke” in 2001 to rake in an estimated $155 million, run for president as the nominee of a party that is obsessed with income inequality? No problem, she told The Guardian, because the Clintons pay their taxes. The Democratic 2016 frontrunner dismissed the idea that voters would see a corporate-connected candidate with a nine-digit income in the past decade as part of the problem: “‘But they don't see me as part of the problem,’ she protests, ‘because we pay...
  • 5 Scandalous Obamacare Horror Stories

    10/19/2013 3:51:29 AM PDT · by Kaslin · 23 replies
    Townhall.com ^ | October 19, 2013 | John Hawkins
    Obamacare is hurting people. A lot of people -- and not just the ones who are wasting all day trying and failing to sign up for the dysfunctional 600 million dollar website. Millions of Americans are losing their insurance, losing their doctors, and taking huge hits to their wallets because of Obamacare. Here are some of their stories... 1) Man with leukemia loses his health insurance: Michael Cerpok is a high school drop-out, one of six kids born to a school teacher, and doesn't come from a wealthy family. He has run two businesses for more than 25 years and...
  • Flex spending accounts face hit in health overhaul(aka possible new Tax)

    11/01/2009 8:18:32 AM PST · by janetjanet998 · 32 replies · 1,339+ views
    WASHINGTON – Those tax-free spending accounts that you and your co-workers use to help pay for dental work, insurance copayments or over-the-counter drugs face a hit under the health overhaul bills in Congress — unless a coalition that includes a powerful union, insurers and others can stop it. Bills in the House and Senate would cap at $2,500 an employee's allowable annual contribution to a health care flexible spending account. There is no federal cap on contributions now, though companies that offer the accounts — more than 80 percent of companies employing 500 or more workers do — typically impose...
  • IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

    01/31/2013 2:43:47 PM PST · by rhema · 250 replies
    CNS News ^ | January 31, 2013 | Matt Cover
    In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year. Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS. The IRS's assumption that the cheapest plan for family of five will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan. “The annual national...
  • Health Reform Breaks Bad: The deceptions and disasters of Obamacare

    10/13/2013 11:58:48 PM PDT · by 2ndDivisionVet · 15 replies
    The Weekly Standard ^ | October 21 - October 28, 2013, Vol. 19, No. 07 | Christopher J. Conover
    Breaking Bad is the story of a seemingly well-intended but very misguided man who turned to cooking meth in order to amass enough wealth to provide for his family once he dies of cancer. The consequences of that unfortunate decision—not to mention the lies and deceptions to keep it on track—pyramid alarmingly over the course of five seasons, culminating in mayhem and a head-spinning body count. Obamacare isn’t a TV drama. But it will unleash its own tsunami of unintended consequences: more than a million jobs lost, an economy increasingly made up of part-time workers, higher health spending (at least...
  • How Obamacare Will Shrink the Labor Supply (freeloaders jazzed)

    10/14/2013 2:38:30 PM PDT · by Libloather · 4 replies
    National Review ^ | 10/14/13 | Veronique de Rugy
    Under the Affordable Care Act, someone making less than 138 percent of the poverty line qualifies for Medicaid, and someone between 138 and 400 percent of the poverty line is qualified to receive a federal tax subsidy for health insurance bought on a government exchange. But here is the problem: premiums will rise for millions of Americans because of requirements that policies provide certain benefits that they didn’t offer before. This means plenty of people will now have a pricier plan, and no way to defray the cost. My colleague Chuck Blahous sends me this piece from SFGate that gives...
  • ObaMedia: Health Insurance You Earn Is A "Tax Break"

    06/11/2009 10:36:20 AM PDT · by an amused spectator · 28 replies · 1,460+ views
    June 11, 2009 | various Obama Media sources
    Obama's Big Media mouthpieces are promoting the Dear Leader's latest talking point on Health Care: "Tax-free" health benefits from employers are actually a "tax break", and as such can be rescinded by The Leader and His Righteous Coven in the Congress.USA Today's Obama media sock puppet Richard Wolf "reports" in today's online rag:Lawmakers target health insurance tax break Congressscum appear to be ready to do a wilding on the health care you earned.
  • Guess Who Really Pays the Taxes By Stephen Moore

    01/01/2008 11:17:41 AM PST · by K-oneTexas · 37 replies · 1,005+ views
    The American ^ | November/December 2007 | Stephen Moore
    Guess Who Really Pays the Taxes By Stephen Moore From the November/December 2007 Issue Yes, income in America is skewed toward the rich. But taxes are skewed far, far more. The top 5 percent pay well over half the income taxes. STEPHEN MOORE has the numbers. 1. Are income taxes fair?That depends on who is offering the opinion. Democratic candidates for president certainly don’t think so. John Edwards has said, “It’s time to restore fairness to a tax code that has been driven badly out of whack.” Hillary Clinton laments that “middle-class and working families are paying a much higher percentage...
  • (Democratic) Older hill aides shocked by Obamacare prices [Waah alert!]

    11/21/2013 6:01:22 PM PST · by markomalley · 52 replies
    Politico ^ | 11/21/2013 | Jonathan Allen and Jennifer Haberkorn
    Veteran House Democratic aides are sick over the insurance prices they’ll pay under Obamacare, and they’re scrambling to find a cure.“In a shock to the system, the older staff in my office (folks over 59) have now found out their personal health insurance costs (even with the government contribution) have gone up 3-4 times what they were paying before,” Minh Ta, chief of staff to Rep. Gwen Moore (D-Wis.), wrote to fellow Democratic chiefs of staff in an email message obtained by POLITICO. “Simply unacceptable.”In the email, Ta noted that older congressional staffs may leave their jobs because of the...
  • Republicans: Wealthy Already Paying Their Fair Share On Income Taxes (CT battle over tax increase)

    07/27/2009 5:32:36 AM PDT · by raybbr · 17 replies · 456+ views
    Courant.com ^ | 7/27/2009 | By CHRISTOPHER KEATING
    Frustrated Democrats have been asking the same question for months: When are the rich going to pay their fair share? State employee unions are also asking — broadcasting television commercials depicting wealthy fat-cats smoking cigars and brandishing brandy snifters as Republican Gov. M. Jodi Rell has avoided tax increases on the rich and corporations. The unions have spent about $400,000 since February on radio, television and cable advertisements in their campaign for tax fairness. But Sen. L. Scott Frantz, R-Greenwich, says the rich are already paying their fair share. In fact, Greenwich paid more than 14 percent of the state's...
  • Another Obama Tax Hike [Obama favors 41% marginal tax rate for middle class]

    02/04/2010 4:51:56 AM PST · by grundle · 41 replies · 2,439+ views
    Wall St. Journal ^ | February 3, 2010 | Douglas Holtz-Eakin and Alex Brill
    The Senate health-care bill would raise effective marginal tax rates on lower and middle-income singles and families up to 41%. The effective marginal tax rate is the answer to the question: "If I earn $1 more, how much less than $1 do I get to save or spend?" If you can keep that full dollar for your disposal, the effective marginal tax rate is zero. If earning another dollar does not raise your disposable income by even a penny, the effective marginal tax rate is 100 percent. Consider, then, the figure below constructed for a two-earner family with two school-age...
  • Yes, We Can Afford Higher Taxes—Here's Why

    10/25/2012 6:34:29 AM PDT · by Sir Napsalot · 23 replies
    The Atlantic ^ | 10-24-2012 | James Kwak
    .... The huge tax cuts passed under Presidents Reagan and Bush II (surrounding smaller tax increases under Bush I and Clinton), in the short term, contributed to the largest budget deficits in peacetime U.S. history. In the long term, they undermined the federal government's ability to pay for the social insurance programs that make up the largest part of the federal budget: Social Security, Medicare, and Medicaid. But the most remarkable victory of the conservative revolution has been taking tax increases off the policy table, to the point where even letting tax cuts for the very rich expire as scheduled...
  • Tax Loopholes Need To Be Closed [ Ok! Close All Loopholes- GO FLAT TAX! ]

    07/15/2011 4:03:09 PM PDT · by NoLibZone · 23 replies
    post-journal.com ^ | July 15 2011 | /post-journal.com
    A term new to most Americans, "tax expenditures," is being bandied about in Washington as Congress and President Barack Obama discuss ways to bring the federal budget closer to balance. In many discussions it is used interchangeably with a more familiar word, "loopholes." President Obama has been gaining a certain amount of political traction by urging elimination of many loopholes. He and liberals in Congress prefer to focus attention on tax breaks for big corporations and "the rich." That last needs to be qualified by noting that under one of the president's proposals, families earning $250,000 or more a year...
  • Health Reform Threatened by Conservatives' Anti-Tax Fantasy (Washington Post editorial)

    07/29/2009 9:14:22 AM PDT · by SeekAndFind · 22 replies · 625+ views
    Washington comPost ^ | 7/29/2009 | Steven Pearlstein
    Nothing has been more damaging to rational discourse about economic policy than the notion, peddled relentlessly by Republican conservatives and accepted by too many centrist Democrats, that raising taxes is always and everywhere bad for the economy. Mind you, there's very little evidence supporting this view -- it's an article of faith and a convenient way for politicians to pander to their constituents. Reality is a whole lot more complicated. The economic impact of a given tax increase can be positive or negative, depending on who is taxed, how the tax is structured and how the tax revenue is used....
  • How To Undo The Failure Of Obamanomics — Big Tax Cuts

    02/28/2014 12:11:39 PM PST · by Jim Robinson · 18 replies
    IBD ^ | 2/27/2014 | IBD Editorial
    Fiscal Policy: President Obama is putting all his political chips on raising the minimum wage to 10.10 an hour, but so far that issue isn't gaining much political traction. The 500,000 job losses confirmed last week by the Congressional Budget Office certainly were a mortal wound to the legislative push — as well they should be when we have nearly 20 million Americans already unemployed or underemployed. But most Americans have a much bigger concern than raising the minimum wage. Only about 5% of workers make that little (the average is well above $20 an hour), and most receiving the...
  • The Hidden Impact of Obamacare and the Economy

    12/23/2013 7:26:35 AM PST · by LucianOfSamasota · 40 replies
    The Fiscal Times ^ | December 22, 2013 | Jacqueline Leo
    Obamacare has delivered another sucker punch to the middle class. This time it’s sticker shock. Now that a few people can get past the tech problems of HealthCare.gov and actually see the real cost of insurance plans available, they are finding that Affordable Care is big hit to the family budget. And when the family budget gets hit in the solar plexus, guess what happens to consumer spending and the economy. In California, policies for about 900,000 Californians are being canceled because of Obamacare’s mandates and about 2/3rd of these do not qualify for subsidies, according to The Chicago Tribune....
  • Section 9002 of the Healthcare bill raises your reported gross income liability (Vanity)

    03/30/2010 3:01:18 PM PDT · by Sneakyuser · 15 replies · 1,853+ views
    Example: You receive $5000.00 in medical insurance from your employer. At a 25% tax rate you will owe an additional $1250.00 in taxes.
  • The Hidden Obamacare Taxes That Will Crush The Middle Class(news 4 those who chose not to read bill)

    11/14/2013 11:06:18 AM PST · by bestintxas · 31 replies
    moneymorning ^ | 11/14/13
    Get ready to be blindsided by a barrage of new taxes. $1 trillion worth... They'll be coming courtesy of the Affordable Care Act, otherwise known as Obamacare. And they won't just be affecting those who make over $250,000. The bulk of these taxes will be passed on directly to the middle class. That's because while a majority of these "stealth taxes" were designed to be taxes on businesses, they're actually transferred directly to ordinary citizens. They include the investment income surtax, a Medicare payroll tax, even a "tanning tax" on those who utilize indoor tanning services. "Many of those [hidden]...
  • Thanks Obama! Care- Now with 25% Fewer Jobs!

    02/05/2014 5:23:35 AM PST · by Kaslin · 10 replies
    Townhall.com ^ | February 5, 2014 | John Ransom
    The Congressional Budget Office just confessed that the healthcare law passed by Democrats and only Democrats in 2010—you know the one that was supposed to save us so much money?-- is really a dud, a job killer, as we have said all along. And the consequences aren’t just that some guy you don’t know won’t have a job, the consequences are that guys you DO know won’t have jobs, and --in the best case—your tax bill will go up accordingly. The reform package, derisively known as Obamacare, is going to cost the country an additional 2 million jobs by 2017...
  • Obamacare's average monthly cost across U.S.: $328

    09/25/2013 7:03:21 AM PDT · by Idaho_Cowboy · 56 replies
    Yahoo News ^ | September 25, 2013 | Caroline Humer
    Americans will pay an average premium of $328 monthly for a mid-tier health insurance plan when the Obamacare health exchanges open for enrollment next week, and most will qualify for government subsidies to lower that price, the Obama administration said on Wednesday. The figure, based on data for approved insurance plans in 48 states, represents the broadest national estimate for how much Americans will pay for health coverage under President Barack Obama's healthcare reform law next year. The prices of the new plans are at the heart of a political debate over whether they will be affordable enough to attract...
  • Health care costsare going up 72% (IN)

    07/31/2013 8:16:45 AM PDT · by digger48 · 6 replies
    Kokomo Tribune ^ | July 31, 2013 | Stephen W. Robertson
    When Indiana recently announced that individual health insurance costs in Indiana will rise 72 percent on average because of new Affordable Care Act requirements, an immediate outcry followed from some ACA supporters, who accused the Department of Insurance of misrepresenting these numbers in a deliberate attempt to mislead Hoosiers. The DOI provided a lengthy testimony about these numbers before the Indiana Health Finance Commission on July 22, and the DOI stands by its numbers. The fact remains that the Indiana individual health insurance market will see significant increases next year because of ACA. The following is some background about how...
  • New Obamacare fees coming in 2014

    12/26/2013 9:02:28 PM PST · by Innovative · 30 replies
    NY Post ^ | Dec 25, 2013 | S.A. Miller and Geoff Earle
    Here comes the ObamaCare tax bill. The cost of President Obama’s massive health-care law will hit Americans in 2014 as new taxes pile up on their insurance premiums and on their income-tax bills. But one insurance company, Blue Cross Blue Shield of Alabama, laid bare the taxes on its bills with a separate line item for “Affordable Care Act Fees and Taxes.” Under ObamaCare, individual tax filers earning more than $200,000 and families earning more than $250,000 will pay an added 0.9 percent Medicare surtax on top of the existing 1.45 percent Medicare payroll tax. They’ll also pay an extra...
  • Hidden Obamacare taxes will appear on health insurance bills starting in 2014

    12/27/2013 3:46:16 AM PST · by afraidfortherepublic · 23 replies
    The Daily Mail ^ | 12-27-13 | Daily Mail Reporter
    New Obamacare taxes that were previously kept secret have been unveiled by outraged customers who feel betrayed. Residents in many states have yet to feel the change that will come when President Obama's signature health care program which will go into full effect in January. But Blue Cross Blue Shield subscribers in Alabama got a glimpse of the future when they received their latest bill which had a separate line spelling out how much extra they will have to pay as a result of national health insurance. A local paper, AL.com, obtained a picture from a reader who received a...
  • George W. Bush found the solution to America's healthcare crisis seven years ago. Nobody listened

    02/19/2014 6:52:22 PM PST · by SeekAndFind · 25 replies
    Politico Magazine ^ | 02/19/2014 | EDWARD LAZEAR
    The Congressional Budget Office’s warning that the Affordable Care Act will cause employment to fall by the equivalent of 2.5 million full-time workers is just the latest of Obamacare’s negative surprises. Unfortunately, House Minority Leader Nancy Pelosi’s statement that “we have to pass the bill so that you can find out what is in it” is proving to be depressingly accurate. The law’s defenders legitimately argue that it is not sufficient merely to criticize the Affordable Care Act; responsible action requires proposing an alternative. Fortunately, Republicans have a good one, and it’s been hiding in plain sight for the past...
  • Health-Care Bill Would Increase Taxes On Wages, Investments

    03/19/2010 9:42:11 AM PDT · by SmartInsight · 54 replies · 2,966+ views
    CNBC ^ | March 19, 2010 | AP
    High-income families would be hit with a tax increase on wages and a new levy on investments under President Barack Obama's health care overhaul bill. For the first time, the Medicare payroll tax would be applied to investment income, beginning in 2013. A new 3.8 percent tax would be imposed on interest, dividends, capital gains and other investment income for individuals making more than $200,000 a year and couples making more than $250,000. The bill also would increase the Medicare payroll tax by 0.9 percentage point to 2.35 percent on wages above $200,000 for individuals and $250,000 for married couples...
  • ObamaCare: Older Workers Could Pay 25% Of Income

    12/26/2013 6:38:57 PM PST · by Innovative · 45 replies
    Investor's Business Daily ^ | Dec 26, 2013 | JED GRAHAM
    A primary rationale of ObamaCare's insurance reforms limiting age-rating and precluding pricing based on health status has been to ensure that people will be able to afford health coverage when they need it most. An IBD analysis finds that middle-class households in their late 50s and early 60s could spend 25% or more of their income on health care — before their deductible is exhausted and ObamaCare's benefits kick in. Covered California's shop-and-compare tool shows that a 58-year-old couple in Los Angeles County with $65,000 in income buying a bronze plan would have to spend $19,400, including $9,400 in premiums...
  • Illinois Term limits and Millionaire Tax Initatives

    04/16/2014 7:53:18 AM PDT · by Siegfried X · 4 replies
    Chicago Tribune ^ | 03/22/2014 | Rick Pearson
    ...The House speaker's plan would ask lawmakers in the Democratic-controlled legislature to submit to voters on Nov. 4 a proposed amendment to the state Constitution that would create a 3 percent income tax surcharge on personal income exceeding $1 million a year. That would be added to the existing personal tax rate, which stands at 5 percent for all taxpayers but is scheduled to drop to 3.75 percent next year... ...Rauner's own populist-tinged ballot initiative, a petition drive to put a constitutional amendment before voters in November to limit legislators to a maximum of eight years in office. In pushing...
  • Rumsfeld: 'I know I don't know' if my tax return was done accurately

    04/15/2014 5:09:17 PM PDT · by SeekAndFind · 32 replies
    The Hill ^ | 04/15/2014 | Blake Neff
    Former Secretary of Defense Donald Rumsfeld filed his taxes on Tuesday with an added twist: a letter telling the IRS that he had no idea whether his return was, in fact, accurate. “Despite the fact that I am a college graduate and I try hard to make sure our tax returns are accurate...I know that I do not know whether or not my tax returns are accurate, which is a sad commentary on governance in our nation's capital," Rumsfeld's letter reads.The letter’s phrasing appears to allude to Rumsfeld’s famous “unknown unknowns” statement in 2002, when he said, in reference to...
  • Here's a deep thought on the consequences of having an income tax...

    04/15/2014 12:16:55 PM PDT · by The Looking Spoon · 7 replies
    The Looking Spoon ^ | 4-15-14 | The Looking Spoon
  • Just 39% Think Federal Income Tax System Is Fair

    04/15/2014 7:28:17 AM PDT · by IBD editorial writer · 48 replies
    Investor's Business Daily ^ | 04/14/2014 | John Merline
    As millions of Americans rush to file their federal income tax returns on Tuesday, few will be thinking that the current tax code is the fairest one of all, according to the latest IBD/TIPP survey. Just 39% of Americans say today's income tax code — which features multiple tax brackets along with myriad deductions and exemptions — is the fairest. As to what sort of tax system would be more fair, the public hasn't made up its mind. Thirty-six percent say a flat tax is the fairest way to collect income taxes, while 19% would prefer a national sales tax....
  • Obama has Proposed 442 Tax Hikes Since Taking Office

    04/15/2014 5:37:39 AM PDT · by Biggirl · 7 replies
    Atr.com ^ | April 15, 2014 | Max Velthoven,John Kartch,Ryan Ellis
    Since taking office in 2009, President Barack Obama has formally proposed a total of 442 tax increases, according to an Americans for Tax Reform analysis of Obama administration budgets for fiscal years 2010 through 2015.
  • $4 billion: Bogus tax refunds a growing problem

    04/10/2014 2:54:43 PM PDT · by posterchild · 8 replies
    AP via finance.yahoo.com ^ | Apr 10, 2014 | Eric Tucker
    WASHINGTON (AP) -- An Internet connection and a bunch of stolen identities are all it takes for crooks to collect billions of dollars in bogus federal tax refunds. And the scam is proving too pervasive to stop. A government report in November said the IRS issued $4 billion in fraudulent tax refunds over the previous year to criminals who were using other people's personal information. Attorney General Eric Holder said this week that the "scale, scope and execution of these fraud schemes" has grown substantially and the Justice Department in the past year has charged 880 people. Who's involved? In...
  • Taxing Life Away

    04/09/2014 4:13:49 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | April 9, 2014 | John Stossel
    It's tax time. I'm too scared to do my taxes. I'm sure I'll get something wrong and my enemies in government will persecute -- no, I mean prosecute -- me. So I hired Bob. Bob's my accountant. I like Bob, but I don't like that I have to have an accountant. I don't want to spend time keeping records and talking to Bob about boring things I don't understand, and I really don't want to pay Bob. But I have to. What a waste. Once, I calculated what I could do with the money I give Bob. I could have...
  • Tax Day

    04/08/2014 9:15:53 AM PDT · by Rational Voter · 3 replies
    Citizen Primer ^ | 04/08/2014 | Citizen Primer
    https://www.youtube.com/watch?v=1hhCs9r33tM&feature=youtu.be
  • Major Tax Reform Efforts Look Likely to Stall Again

    03/31/2014 8:42:35 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | March 31, 2014 | Paul Dykewicz
    Advocates of comprehensive tax reform in the United States should expect to start over in the next Congress due to the dim prospects that anything major will happen before the current legislative year ends in December, a key U.S. senator said. A lack of consensus on tax reform issues and relatively little time to advance any legislation -- without the long-shot possibility of becoming an amendment to a broad budget bill -- leave little hope to make any progress on the short term, said Sen. Benjamin Cardin, D-Md.). Whether you agree with Sen. Cardin’s politics or not, he is...
  • The Disturbing Truth Behind Your Next Income Tax Return

    03/29/2014 9:06:12 AM PDT · by RicocheT · 34 replies
    Bonner & Partners newsletter ^ | March 29, 2014 | Bill Bonner
    The Disturbing Truth Behind Your Next Income Tax Return By Jeffrey Tucker, Executive Editor, Laissez Faire Books The least of the problems with income tax is that it takes your money. The really big problem is that the income tax takes your life. It gives the government direct access to the things you own and sets up the political-bureaucratic sector to be the final arbiter of what you can and cannot consider to be yours. Illustrating this point is the bitter news that the IRS has considered it completely legal to demand access to your email archive whenever it wants....
  • Time to scrap the mortgage interest deduction: Simplify the Tax Code and Lower Tax Rates for All

    03/28/2014 7:03:46 AM PDT · by SeekAndFind · 129 replies
    Washington Examiner ^ | 03/27/2014 | Philip Klein
    In the coming weeks, Americans will spend an average of 13 hours and $210 to prepare their federal taxes. Beyond the compliance burden the federal tax code imposes, it also distorts economic activity and discriminates against some taxpayers in favor of others. But one of its most egregiously unfair provisions is also among its most popular - the mortgage interest deduction. In theory, the mortgage interest deduction is supposed to encourage home ownership, a questionable goal for government to begin with. The purpose of taxes is to raise money to finance government services, not to manipulate human behavior or economic...
  • Underwhelmed: Grading the New Tax Reform Plan

    02/28/2014 9:19:07 AM PST · by Kaslin · 1 replies
    Townhall.com ^ | February 28, 2014 | Daniel J. Mitchell
    To make fun of big efforts that produce small results, the famous Roman poet,Horace, wrote “The mountains will be in labor, and a ridiculous mouse will be brought forth.” That line sums up my view of the new tax reform plan introduced by Congressman Dave Camp, Chairman of the House Ways & Means Committee. To his credit, Congressman Camp put in a lot of work. But I can’t help but wonder why he went through the time and trouble. To understand why I’m so underwhelmed, let’s first go back in time. Back in 1995, tax reform was a hot issue....
  • Sochi Gets a Visit from the La Taxa Nostra: All Olympic Medals are Subject to Federal Income Tax

    02/09/2014 11:36:34 AM PST · by SeekAndFind · 65 replies
    American Thinker ^ | 02/09/2014 | Jeannie DeAngelis
    Somebody has to cover the cost of Sandra Fluke's contraceptives.  So, with that in mind, government mafia extortionists disguised as the IRS are eagerly awaiting the tally on Olympic gold, silver and bronze.  At the SOTU, Barack Obama said of the Sochi Olympics: "We believe in the inherent dignity and equality of every human being, regardless of race or religion, creed or sexual orientation." Then he said, "Next week the world will see one expression of that commitment when Team USA marches the red, white and blue into the Olympic stadium and brings home the gold."  Translation:  The president...
  • Calculating the health care individual mandate penalty

    01/21/2014 8:45:29 AM PST · by Seizethecarp · 4 replies
    Journal of Accountancy ^ | January 2014 | Debra M. Johnson, CPA, J.D., LL.M
    ...a single taxpayer would have to have an income of about $190,400 before the penalty for a full year would overtake the lower end of the estimated average bronze premium range (again, based on an estimated 2016 filing threshold: (2.5% × [$190,400 − $10,400] = $4,500)). For a married couple, the corresponding household income would be $500,800 (2.5% × [$500,800 − $20,800] = $12,000).
  • Your government’s message to you, “Happy New Year! Now start paying more tax!”

    01/01/2014 8:59:32 AM PST · by Oldpuppymax · 5 replies
    Coach is Right ^ | 1/1/14 | Kevin "Coach" Collins
    Barack Obama and the Republican House have a New Year’s greeting for you that you might not have heard about. The thieves in Washington are hitting us with a series of taxes that will take a noticeable bite out of your income. Here are some of these increases. The amount we pay for Social Security will jump from 4.2% to 6.2%. If you earn just $50,000 a year, this will mean an additional $1000.00 bite out of your wallet. The top marginal rate will rise to 39.6% from the previous 35%. This will impact couples earning over $450,000 and singles...
  • The Rich Don't Pay Most of the Taxes... They Pay All of Them

    12/13/2013 9:49:20 AM PST · by Kaslin · 35 replies
    Townhall.com ^ | December 13, 2013 | Mike Shedlock
    Counting transfer payments such as foods stamps, Medicaid, Medicare, and other government welfare, Congressional Budget Office (CBO) analysis shows the top 40% pay 106% of all taxes (more than all of them). In turn the bottom 60% get money back. Please consider The rich do not pay the most taxes, they pay ALL the taxes by CNBC reporter Jane Wells. Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9...
  • CBO:Top 40% Paid 106.2% of Income Taxes; Bottom 40% Paid -9.1%, Got Avg of $18K in 'Transfers'

    12/09/2013 2:13:34 PM PST · by SoFloFreeper · 19 replies
    CNS ^ | 12/9/13 | Terence P. Jeffrey
    The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office. At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.
  • CBO: The rich pay OVER 100 percent of taxes [income taxes]

    12/12/2013 1:51:06 AM PST · by markomalley · 13 replies
    The Daily Caller ^ | 12/11/2013 | Breanna Deutsch
    The rich are paying even more in taxes than you think.According to a Congressional Budget Office report this week, America’s top 40 percent of earners pay 106 percent of the taxes and the bottom 40 percent pay negative 9 percent, reports CNBC.How can one group pay more than 100 percent and another group pay less than zero? The formula that the CBO uses offsets taxes that are paid with refundable tax credits. These include money the government transfers back to the taxpayer for food stamps and social programs.Some low-income Americans received very generous subsidies. The report shows that Americans who...
  • The 106.2% Solution? Top 40% Paid 106.2% of Income Taxes While Bottom 40% Paid -9.1%

    12/10/2013 3:58:50 PM PST · by whitedog57 · 11 replies
    Confounded Interest ^ | 12/10/2013 | Anthony B. Sanders
    According to the Congressional Budget Office, the top 40% of Americans paid 106.2% of income taxes. How can the top 40% pay MORE than 100% of income taxes? Simple. The bottom 40% of Americans paid -9.1% of income taxes. And they received an average of $18,950 in government transfers. Of course, we know that real median household income has been falling generally since 2000 and especially since 2007. And house prices have been falling, but house prices have changed course and have been rising since 2012. csrealinc Seriously, how can the US have a dynamic housing market with such a...
  • Top 40% Paid 106.2% of Income Taxes; Bottom 40% Paid -9.1%, Got Average of $18,950 in 'Transfers'

    12/10/2013 6:11:39 AM PST · by Cincinatus' Wife · 18 replies
    CNS ^ | December 9, 2013 | Terence P. Jeffrey
    (CNSNews.com) - The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office.At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.Taxpayers in the top 40percent of households were able to pay more than 100 percent of net federal income taxes in 2010 because Americans in the bottom 40 percent actually paid negative income taxes, according to the CBO study entitled, “The Distribution of Household...
  • Income tax would have to rise by 9p in Scotland if voters choose to leave the UK…

    11/18/2013 10:55:25 AM PST · by Olog-hai · 16 replies
    Daily Mail (UK) ^ | 09:36 EST, 18 November 2013 | Matt Chorley
    Scotland would face a 9p (15¢) increase in income tax to plug a financial black hole caused by independence, a damning report warns Alex Salmond today. Falling revenues from North Sea oil and increased costs of a faster-aging population mean an independent Scotland would need deeper spending cuts and steeper tax hikes than the rest of the UK, the Institute for Fiscal Studies claimed. But the Scottish National Party claimed the country would have been better off if it had broken away from the rest of the UK in the 1970s. … Under even the most optimistic scenario, the IFS...
  • A Summary of Mark Levin’s Proposed Amendments

    08/25/2013 2:36:07 PM PDT · by Jacquerie · 143 replies
    Amendment to establish congressional term limits. No more than twelve total years combined in house and senate. Amendment to repeal the 17th Amendment. Governors may fill vacancies to fill out remainder of terms. Upon two thirds vote, state legislatures may remove their senators. Amendment to establish twelve year term limits on scotus. On three-fifths vote, and within twenty four months of a ruling, congress or the states may override scotus decisions. These overrides are not subject to judicial review. Congress shall submit preliminary budget to president by first Monday in May for the next fiscal year. Should congress/president not adopt...