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Keyword: incometax

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  • I Have A Tax Question About Schedule M (Vanity)

    02/15/2011 9:32:28 PM PST · by OneVike · 44 replies
    self | 2/15/11 | OneVike
    I need some advice from some fellow Freepers who may be able to give me some. I am filling out my tax form, I using the 1040A tax form. While filling it out I am directed to a form that is called Schedule M. I found out I qualified for it last year, after I paid my taxes. The IRS sent my wife and I a check for $500.00 with a letter stating we failed to use schedule m which qualified us for an additional deduction. Personally I think it was a way for the democrats to buy votes....
  • Bill to reduce Idaho’s income tax rates to 4.9 percent has Otter’s blessing

    01/14/2011 6:05:11 AM PST · by CaspersGh0sts · 11 replies
    Idaho Reporter ^ | January 10th, 2011 | Dustin Hurst
    Rep. Marv Hagedorn, R-Meridian, wants to reduce personal and business income taxes in Idaho, lure businesses to the state, and ultimately increase overall tax revenues for Idaho and he is getting support for his plan in a big way. Gov. Butch Otter backed the proposal in his State of the State address in at the Capitol in Boise Monday, mentioning Hagedorn by name. Hagedorn’s bill is a 10-year plan that would lower personal and corporate income taxes in the state to a flat 4.9 percent, making it one of the lowest rates in the United States. Otter thinks the plan...
  • 50 million taxpayers must delay filing - IRS (Extension of Bush tax cuts came too late...)

    01/01/2011 3:32:23 PM PST · by RobinMasters · 45 replies
    CNNMoney ^ | DECEMBER 31, 2010 | David Goldman
    NEW YORK (CNNMoney) -- Itemize your tax deductions? Itching for a refund? You're going to have to wait. The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn't signed into law until Dec. 17. The bill ensured that the federal income tax rates would not change, and itemized deductions will continue to be allowed in full for high-income taxpayers. As a result, the 50 million taxpayers...
  • Income Taxes, Millionaires, and Billionaires (Chuck Schumer wants to play class warfare)

    12/14/2010 7:57:55 AM PST · by SeekAndFind · 8 replies
    American Thinker ^ | 12/14/2010 | Christopher Chantrill
    Senator Chuck Schumer (D-NY) is reported to be "irked" that President Obama didn't take his advice and use the tax bill to "corner Republicans into defending millionaires and billionaires."  In fact, Schumer's not just irked -- he's "deeply disappointed and convinced Obama had missed a major opportunity."  You'll remember that Schumer's plan was to continue the Bush tax cuts for everyone except those earning more than $1 million a year. Presumably, Chuck is upset about income trends showing the income share of the very richest rising in recent years.  Here is data from the IRS showing that the top...
  • No Missouri Compromise (The GOP should tell Obama - Now is not the time for higher income-tax rates)

    11/30/2010 7:29:30 AM PST · by SeekAndFind · 12 replies
    Nationa Review ^ | 11/30/2010 | The Editors
    The Democrats resent their recent losses and propose to take their anger out on American taxpayers — with a massive tax hike presented as a compromise on extending the Bush tax rates. It may be bad news for taxpayers, investors, the jobless, and the economy at large, but the Democrats’ intransigent insistence on sticking to their class-warfare platform is excellent news for incoming Republicans, inasmuch as it suggests that the Democrats still have not figured out exactly why the nation visited an almighty shellacking upon them on Election Day. Many congressional Democrats first wanted to undo what they still insist...
  • The Fair Tax: A Vital Part of the Solution!

    11/10/2010 3:44:17 PM PST · by Dick Bachert · 178 replies
    Self | 11-10-2010 | Dick Bachert
    No question about it -- we are in deep trouble. Unemployment, manufacturing being killed here and jobs moving overseas, unrestrained spending and the resultant deficits being given cover by more and more printing press “money” and the inflation – or worse – that almost always follows, etc., etc. And when the new – ostensibly conservative -- members of Congress take their seats in January, we will only see the beginning of the long and painful process of retracing our steps back to Constitutional and fiscal sanity. It points to the fact that much of our trouble stems from a failure...
  • Calif. tax climate 2nd worst in U.S. ( NY is number One )

    10/30/2010 11:10:41 AM PDT · by george76 · 18 replies
    Orange County Register ^ | October 29th, 2010 | Jan Norman
    California’s business tax climate is second worst in the nation, better only than New York’s, according to a new report from the Tax Foundation. New Jersey managed to move up two spots on the list after four straight years as the nation’s worst business tax climate... The index is based on the premise that taxes matter to business and states don’t raise or lower taxes in a vacuum. “The modern market is characterized by mobile capital and labor. Therefore, companies will locate where they have the greatest competitive advantage...
  • Tax breaks for all [in Puerto Rico]

    10/26/2010 6:54:09 AM PDT · by rrstar96 · 20 replies
    Puerto Rico Daily Sun ^ | October 26, 2010 | Raúl Colón
    After months of work and anticipation, [Puerto Rico] Gov. [Luis] Fortuño finally unveiled his administration’s comprehensive tax reform. At the center of the measure is an across-the-board reduction in the individual tax bracket that would result in a 49-percent overall savings in six years. Corporate reductions are slated to reach 30 percent. The cornerstone of the tax modification is the reduction of the income tax brackets. People making less than $20,000 would not pay any tax. The bracket of those making $20,001 to $30,000 would be taxed 7 percent. From $30,001 to $70,000, the allocation would be 14 percent. The...
  • Perry to Washington CEOs: Come to Texas

    10/25/2010 3:34:00 PM PDT · by jazusamo · 30 replies
    Politico ^ | October 25, 2010 | John Maggs
    Just days before Washington state voters decide whether to impose a first-ever state tax on six-figure incomes, Texas Gov. Rick Perry has jumped into the middle of the fray. With a week to go before the Washington ballot initiative, Perry, a Republican, has taken an unusually aggressive swipe at Gov. Chris Gregoire, a Democrat. Perry sent letters Friday to 90 leading businesses in Washington – including Amazon, Microsoft and Starbucks – inviting them to relocate to Texas, which also has no income tax. "If Washington doesn't want your business, Texas does,” said Perry. “Texas has no personal income tax and...
  • Steve Ballmer Donates Another $325,000 to Defeat I-1098

    10/20/2010 5:23:39 PM PDT · by pissant · 21 replies
    The Seattle Weekly ^ | 10/20/10 | Caleb Hannan
    A new filing by the state's Public Disclosure Commission reveals that Microsoft CEO Steve Ballmer is now Defeat 1098's biggest donor, and it's not even close. After giving "only" $100,000 in September to the campaign to prevent a high-earner's income tax, Ballmer significantly upped the ante by donating $325,000 on October 11. Also joining the check-cutting crew: Microsoft itself, which donated $75,000. That means both Bill Gates, junior and senior, are for, while Ballmer and the company he runs are against. What's that they say about a divided house? Structurally sound? Naw, that couldn't be right.
  • 41 Obama White House aides owe the IRS $831,000 in back taxes -- and they're not alone

    09/10/2010 7:26:53 AM PDT · by Qbert · 140 replies · 2+ views
    LA Times ^ | 9/10/2010 | Andrew Malcom
    Over the years a lot of suspicion has built up across the country about Washington and its population of opportunistic transients coming to see themselves as a special kind of person, somehow above average working Americans who don't work down in that former swamp. Well, finally, an end to all those undocumented doubts. Thanks to some diligent digging by the Washington Post, those suspicions can at last be put to rest. They're correct. Accurate. Dead-on. Laser-guided. On target. Bingo-bango. As clear as it's always seemed to those Americans who don't feel special entitlements and do meet their government obligations. We...
  • Lower slabs yield more revenues [India]

    08/26/2010 2:10:37 PM PDT · by James C. Bennett · 5 replies
    The Times of India ^ | 27 August, 2010 | The Times of India
    NEW DELHI: Lowering tax slabs have always generated higher revenue. The results were too encouraging as successive governments rationalized and made stable rates. Over the last few decades gross tax revenue has gone up by almost three to five times from Rs 1.11 lakh crore in 1995-96 to Rs 3.05 lakh crore in 2004-05 and to Rs 6.26 crore in 2009-10. The tax collection as percentage of GDP too has shown an upward trend. From 9.4% of GDP in 2004-05 it peaked to 12% of GDP in 2007-08 and slowed down due to global financial meltdown in 2008-09 but still...
  • 2011 Income Tax Calculator (If Bush tax cuts are allowed to expire)

    07/23/2010 2:12:11 PM PDT · by listenhillary · 47 replies · 3+ views
    The tax Foundation ^ | 7/14/10 | Tax Foundation
    Where will your taxes be for 2011? http://www.mytaxburden.org/
  • Abolish state income taxes (Statistics show they retard economic growth)

    07/20/2010 6:25:06 AM PDT · by SeekAndFind · 26 replies
    Washington Times ^ | 07/20/2010 | Richard W. Rahn
    Did you know there are nine states that have no state income tax? The non-income-tax states (see accompanying chart) are geographically and economically diverse, ranging from the state of Washington in the Pacific Northwest, to Texas and Florida in the South, and up to New Hampshire in the Northeast. Why is it that some of the states with the biggest fiscal problems have the highest individual state income tax rates, such as New York and California, while some of the states with the least fiscal problems have no state income tax at all? High-tax advocates will argue that the high-tax...
  • Five Truths that Republicans Hate

    07/05/2010 3:53:54 PM PDT · by Tolerance Sucks Rocks · 83 replies · 1+ views
    American Vision ^ | July 2, 2010 | Joel McDurmon
    On Wednesday Gary posted the list “Five Truths that Liberals Hate,” and it proved one of the most popular posts we’ve had in a while. While in total agreement with those ideals, and actually probably the most conservative guy at American Vision, I thought a little Tabasco for the Right was in order as well. So let’s hear it: five truths Republicans hate. 1. Most Republicans are as socialist as the Left. While not as socially liberal as the left—not advocating equality, gay rights, feminism, etc., etc.—Republicans have proven every bit as fiscally liberal with the exception of the last...
  • Ban the Income Tax (Half of us are now preying on the earnings of our neighbors)

    04/27/2010 6:45:53 AM PDT · by SeekAndFind · 20 replies · 763+ views
    American Thinker ^ | 04/27/2010 | Vasko Kohlmayer
    It is a truly tragic development that in America -- a country founded on the principle of the inviolability of private property -- half of us prey on the substance of our neighbors. A striking 37-second video moment made it to the internet last week. It was taken at a demonstration of public-sector unions in Springfield, Illinois marching in support of the proposed tax increases in that state. The clip features a public school teacher, an African-American lady, who carries a couple of placards while shouting: "Where is the money? Where is the money? ... Give up the bucks! Where...
  • Why gripe about taxes when you don't pay any? (LAUGH ALERT)

    04/25/2010 9:55:33 AM PDT · by Chi-townChief · 14 replies · 739+ views
    Chicago Sun-Times ^ | April 25, 2010 | MARK BROWN Sun-Times Columnist
    Like Giannoulias, Brady sees himself a victim of economy Before Friday, I never realized how much Bill Brady, the conservative Republican nominee for governor, and Alexi Giannoulias, the liberal Democratic nominee for senator, had in common -- other than being wealthier than most folks. Then Brady, a state senator from Bloomington and partner in an extensive family-owned real estate business, revealed he and his wife paid no federal income taxes in 2008 or 2009. That's right, not a dime. A few hours later, bank regulators closed the doors on the Giannoulias family-owned Broadway Bank in Chicago, its failure costing the...
  • New Zealand eyes income tax cuts

    04/20/2010 1:12:22 AM PDT · by Lonely Bull · 2 replies · 374+ views
    FT.com (Financial Times) ^ | April 19 2010 11:00 | Anna Fifield in Washington
    New Zealand’s centre-right government is considering cutting income tax rates and increasing the goods and services tax when it releases its budget next month as part of its efforts to rebalance the economy and make the country more internationally competitive. ... The Financial Times understands that the government will almost certainly increase the goods and services tax from 12.5 per cent to 15 per cent, to discourage excessive consumption, while cutting income tax rates.
  • Set On A VAT? Then Get Rid Of Income Tax

    04/16/2010 4:25:10 PM PDT · by Kaslin · 68 replies · 924+ views
    Investors.com ^ | April 16, 2010 | GEORGE F. WILL
    When liberals advocate a value-added tax, conservatives should respond: Taxing consumption has merits, so we will consider it — after the 16th Amendment is repealed. A VAT will be rationalized as necessary to restore fiscal equilibrium. But without ending the income tax, a VAT would be just a gargantuan instrument for further subjugating Americans to government. Believing that a crisis is a useful thing to create, the Obama administration — which understands that, for liberalism, worse is better — has deliberately aggravated the fiscal shambles that the Great Recession accelerated. During the downturn, federal revenues plunged and spending soared. And,...
  • Once Self-Reliant, Now A Nation Of Takers

    04/07/2010 5:19:01 PM PDT · by Kaslin · 23 replies · 1,256+ views
    Investors.com ^ | April 7, 2010 | SCOTT A. HODGE
    Are you a giver or a taker? No, that is not a bad pickup line from an Internet dating site — it's a question every American should be asking themselves these days. "Do I take more than I give?" I'm sure most of us want to be considered givers, not takers. After all, we grew up with the old adage that "it is better to give than receive." But we all know people who are more takers than givers. We've all seen someone who brings a small salad to the potluck but piles lots of your casserole on his...
  • Have you had IRS problems?

    04/07/2010 10:18:39 AM PDT · by Cowman · 15 replies · 821+ views
    Self | 07APR2010 | Self
    I posted a somewhat shorter version of this in a previous thread. I have been asked to expand it to a full post. Americans are now working their way through their tax forms and making valiant attempts to avoid using “colorful” language in reference to the tax people. For you this is a warning. If you have never had problems with the IRS you are very fortunate but rest assured you are in their crosshairs. The following is an experience I have had with the friendly, accessible government services that will be the template for the ever expanding O-care bureaucracy....
  • Tax Fairness Reaches A Tipping Point

    03/16/2010 5:16:23 PM PDT · by Kaslin · 26 replies · 1,200+ views
    Investors.com ^ | March 16, 2010 | INVESTORS BUSINESS DAILY Staff
    Fiscal Policy: The latest data show a record number of people with no tax obligation. We also have the highest-earning nontaxpayers ever. With more riding the wagon and fewer pulling, it should soon break down. A record number of the 142 million tax returns filed in 2008 resulted in no taxes owed, according to the Tax Foundation's analysis of the latest IRS data. About 51.6 million returns, or 36.3%, were filed by those whose deductions, exemptions and tax credits wiped out any federal income-tax obligation. These aren't people who have overpaid their taxes or had so much withheld from their...
  • The Census and the Welfare State

    03/18/2010 6:14:57 AM PDT · by Tolerance Sucks Rocks · 20 replies · 563+ views
    Campaign for Liberty ^ | March 15, 2010 | Jacob Hornberger
    The letter that Ralph Groves, director of the U.S. Census Bureau, recently sent to the American people reflects what America has become under the welfare state. Here is what the letter states in part: "Your response is important. Results from the 2010 Census will be used to help each community get its fair share of government funds for highways, schools, health facilities, and many other programs you and your neighbors need. Without a complete, accurate census, your community may not receive its fair share." In that one paragraph lies the plunderbund society in all it majestic glory. Everyone is supposed...
  • Record Number of Tax Filers Paid No Federal Income Taxes in 2008

    03/14/2010 6:30:16 AM PDT · by reaganaut1 · 40 replies · 1,520+ views
    Tax Foundation ^ | March 10, 2010
    A record number of the 142 million tax returns filed in 2008 resulted in no tax payment, according to a Tax Foundation analysis of IRS data. That means the tax filers got back every dollar that had been withheld from their paychecks, and often more. Roughly 51.6 million tax returns, or 36.3 percent, were filed by such "nonpayers," people whose exemptions, deductions and credits wiped out any federal income tax due. A family of four earning more than $50,000 can have no income tax liability after taking the standard deduction and the child tax credit. "Two records were set in...
  • Many states considering holding tax refunds to help balance budget

    03/12/2010 1:26:01 PM PST · by pabianice · 27 replies · 922+ views
    Fox News Channel | 3/12/10
    More states considering holding individual 2009 tax refunds until August/September. Other states to garnish wages for taxes due.
  • Cash-Strapped States Delay Paying Income-Tax Refunds

    03/06/2010 10:35:33 AM PST · by cajuncow · 176 replies · 4,669+ views
    Yahoo ^ | 3-5-10 | cnbc
    This year, more Americans and businesses may be asking: Where's my tax refund? That's because cash-strapped states such as North Carolina, Alabama and Hawaii have been forced to slow down issuing income tax refunds to individuals and businesses because of a lack of funds in their budget. Kansas has hinted that a delay might be possible, and processing paper refunds in Iowa has slowed because the state doesn't haven't enough employees to get them processed faster. Another state, New York, is still considering whether they'll follow the likes of Hawaii and delay refund payments.
  • Harry Reid — Moron!

    03/05/2010 11:56:07 AM PST · by Stoutcat · 10 replies · 672+ views
    Grand Rants ^ | 03-05-10 | Stoutcat
    Not only is Harry Reid a jerk (see Alan's latest post), but clearly he’s also a moron. Not sure when this video was made, looks like it was posted online in 2008. Try not to drink a beverage as you watch this, or you may end up with a ruined keyboard or monitor... [video that has to be seen to be believed]
  • Daily Show Glenn Beck nonsense, Samantha Bee From the CPAC Future and Gunfloss

    02/23/2010 1:19:44 PM PST · by Tolerance Sucks Rocks · 2 replies · 588+ views
    Kick! ^ | February 23, 2010 | Rack Jite
    Though the Glenn Beck clips are classic examples of the nonsense this nitwit pushes out all day on his radio and TV shows, the interview with Samantha Bee from the CPAC future is the funniest thing I ever did see. Gunfloss... All independent voters should be rounded up, hog tied, have their eyelids stapled open like Alex and forced to watch this 3 minute video. One viewing would be enough for these 40% of the voters to end of all this crazy right-wing crap once and for all.
  • [Concord, MA] Push starts for local income tax

    02/14/2010 5:27:26 PM PST · by cmj328 · 41 replies · 1,055+ views
    The Boston Globe ^ | February 14, 2010 | Jennifer Fenn Lefferts
    As part of an effort to make Concord more affordable and diverse, local officials want to shift the tax burden off most property owners and onto the town’s wealthiest residents. The long-shot proposal, which some say is unconstitutional, calls for imposing a local income tax to help offset the town’s dependence on property taxes to fund its operations. “It’s not a tax increase, but a shifting of the burden,’ [snip] “If we’re lucky, this could happen in 15 to 20 years. But if you don’t start somewhere, it would never ever happen.’’
  • Obama Budget Would Increase Income Redistribution from Top 1 Percent of Taxpayers by $112 Billion

    02/13/2010 7:00:35 PM PST · by TheFreedomPoster · 14 replies · 507+ views
    THE FREEDOM POST ^ | February 13, 2010 | Matthew Burke
    True to his campaign promise to "spread the wealth around," President Obama's recently released budget targets high-income earners for income redistribution to low- and middle-income families, according to a new Tax Foundation report. The president's policies would redistribute an additional $112 billion from the top 1 percent of taxpayers down the income scale in fiscal year 2012.
  • [Puerto Rico] Governor: Tax cuts are No. 1 priority

    01/27/2010 7:15:44 AM PST · by rrstar96 · 5 replies · 300+ views
    Puerto Rico Daily Sun ^ | January 27, 2010 | Xavira Neggers Crescioni
    Implementing tax breaks for the poor and middle class will be the New Progressive Party’s [NPP's] first order of business this year, Gov. Fortuño said after meeting Tuesday with the NPP legislative conference at La Fortaleza [the Governor's Mansion]. Fortuño said he expects to pass reform legislation during the second half of this year and taxpayers will first receive tax cuts in 2011 and more in 2012. The reform will eliminate income taxes for families that earn less than $20,000 annually, Fortuño and House Speaker Jenniffer González promised. The tax cuts for will be fueled by “fostering work, rewarding success...
  • Tax Increase for the Rich Is at Issue in Oregon (money already spent)

    01/23/2010 3:36:35 PM PST · by reaganaut1 · 11 replies · 812+ views
    New York Times ^ | January 23, 2010 | William Yardley
    ... On Tuesday, voters here and across Oregon will have the chance to make that happen when they decide the fate of two ballot measures that would raise taxes on higher-income residents and on businesses to help pay for public education and other services. Known as Measures 66 and 67, the votes are referendums on $727 million in tax and fee increases that were approved last year by the Democratic-controlled Legislature. ... Opponents say the proposals are the wrong fix at the wrong time. State income taxes for wealthier Oregon residents are already among the highest of any state. But...
  • Evaluating the Progressive Amendments

    01/02/2010 3:26:13 PM PST · by Tolerance Sucks Rocks · 28 replies · 1,224+ views
    On the Rim of Insanity ^ | January 1, 2010 | Ben Oravetz
    At around the turn of the century, before or just after World War I, the progressive amendments were passed. Not since the post Civil War era was there ever such a speedy passage of amendments to the Constitution or since. In a period of about 10 years or so, we saw four radical amendments passed and ratified into the Constitution. They are amendments 16, 17, 18, and 19. The era in which they were passed was one of optimism among the American Left and many of the influential leaders. New areas of science were opening up as well as new...
  • $10 an Hour with 2 Kids? IRS Pounces

    12/06/2009 12:48:00 PM PST · by Publius · 154 replies · 6,944+ views
    Seattle Times ^ | 6 December 2009 | Danny Westneat
    Rachel Porcaro knows she's hardly rich. When you're a single mom making 10 bucks an hour, you don't need government experts to tell you how broke you are. But that's what happened. The government not only told Porcaro she was poor. They said she was too poor to make it in Seattle. It all started a year ago, when Porcaro, a 32-year-old mom with two boys, was summoned to the Seattle office of the Internal Revenue Service (IRS). She had been flagged for an audit. She couldn't believe it. She made $18,992 the previous year cutting hair at Supercuts. A...
  • High-Income Tax May Be Needed for Afghan War Cost: Carl Levin (D-MI)

    11/20/2009 2:09:53 PM PST · by libh8er · 6 replies · 419+ views
    Bloomberg via Drudge | 11.20.09 | Viola Gienger
    Headline only. Can't post per FR rules.
  • "California Tax Gimmick is Theft"

    11/18/2009 10:33:24 PM PST · by hoguenews · 19 replies · 1,154+ views
    Hogue News ^ | November 11, 2009 | Nick Kump
    So it might be the cynic in me or call me crazy for not trusting the government, but I cannot believe that there was not more attention paid to the state’s latest accounting gimmick to save the state’s budget. Starting Sunday you may notice a few less dollars in each paycheck, 10 percent less to be specific. While the state says that the money will be returned in April, something does not sit right with me when the government helps itself to even more of my paycheck especially when so many people are already living paycheck to paycheck. Read the...
  • Calif. boosts income tax collection by 10 percent

    11/02/2009 5:42:09 PM PST · by NormsRevenge · 17 replies · 952+ views
    AP on Yahoo ^ | 11/2/09 | Judy Lin - ap
    SACRAMENTO, Calif. – California wage earners will soon notice a little less money in their paychecks. Starting Monday, employers in the cash-strapped state are required to withhold 10 percent more in state income taxes to help ease the budget problems. It's part of a plan to artificially inflate state revenue by $1.7 billion through next June. Brenda Voet, a spokeswoman for the state Franchise Tax Board, says it's technically not a tax increase since workers will get their money back after April 15.
  • To Close the Deficit, Federal Income Tax Rates Would Have to Nearly Triple

    10/24/2009 6:42:46 PM PDT · by reaganaut1 · 58 replies · 2,310+ views
    Tax Foundation ^ | October 22, 2009
    Federal income tax rates would have to be nearly tripled across the income spectrum if Congress were to close the deficit in fiscal year 2010, according to a new report from the nonpartisan Tax Foundation. Instead of taxing joint filers with rates ranging from 10 percent to 35 percent, tax rates would have to start at 27.2 percent and reach up to 95.2 percent. "Federal government spending levels are so high that even if policymakers were willing to stop debt-financing government services, the federal tax system in its current form wouldn't be able to raise that much," said Tax Foundation...
  • We're broke ... time for a new tax

    10/02/2009 4:35:54 AM PDT · by RayChuang88 · 43 replies · 1,264+ views
    CNNMoney.com web site ^ | October 2, 2009 | Jeanne Sahadi
    NEW YORK (CNNMoney.com) -- President Obama has been steadfast in his pledge that he won't raise taxes on those making less than $250,000. But that doesn't mean only high-income households will be subject to higher taxes. An increasing number of influential Democrats and fiscal policy experts have signaled publicly that lawmakers will have to get a handle on the deficit sooner rather than later. And they recommend policymakers seriously consider the creation of adding a value-added tax (VAT) on top of the federal income tax. That could mean more money out of everyone's pockets when buying virtually anything - sweaters,...
  • Warning: The Deficits Are Coming!

    09/06/2009 2:56:36 PM PDT · by BGHater · 2 replies · 578+ views
    WSJ ^ | 04 Sep 2009 | John Fund
    David Walker sounds like a modern-day Paul Revere as he warns about the country's perilous future. "We suffer from a fiscal cancer," he tells a meeting of the National Taxpayers Union, the nation's oldest anti-tax lobby. "Our off balance sheet obligations associated with Social Security and Medicare put us in a $56 trillion financial hole—and that's before the recession was officially declared last year. America now owes more than Americans are worth—and the gap is growing!" His audience sits in rapt attention. A few years ago these antitax activists would have been polite but a tad restless listening to the...
  • Study Calculates Economic Cost of Higher Tax Rates, Health Care Surtax

    08/22/2009 5:44:48 AM PDT · by reaganaut1 · 10 replies · 519+ views
    Tax Foundation ^ | August 14, 2009
    The actual economic costs of the proposed health care surtax and the expiration of the 2001 and 2003 tax cuts will be twice the amount of revenue the government intends to collect. According to a new analysis from the Tax Foundation, the higher tax rates are estimated to raise $88 billion in 2011, but the economy will incur an additional burden of $76 billion—or "deadweight loss"—as a result, which raises the total cost of the tax increases to $164 billion, roughly double what lawmakers intend to raise. Tax Foundation Special Report No. 170, "The Excess Burden of Taxes and the...
  • Obama Budget, Health Care Surtax Will Shrink Federal Income Tax Base

    08/08/2009 2:12:23 PM PDT · by reaganaut1 · 11 replies · 957+ views
    Tax Foundation ^ | July 29, 2009
    With the expiration of the Bush tax cuts and the implementation of a proposed health care surtax, in 2011 the top federal individual income tax rate will rise to more than 46% and over 50% for those living in many states. This sharp increase in tax rates can be expected to reduce the size of the tax base and may raise substantially less revenue than the casual observer might think—perhaps only 60 cents on the dollar. In Tax Foundation Fiscal Fact No. 182, "The Economic Cost of High Tax Rates," Senior Fellow Robert Carroll explains that for every 1% decrease...
  • PRISON CARS and DIESEL THERAPY?

    07/27/2009 9:04:29 AM PDT · by Dick Bachert · 10 replies · 1,595+ views
    Self | 7-27-2009 | Dick Bachert
    The images below turned up in my email box this morning. While they MIGHT be fancy cattle cars (the Nazis were fond of those if you’ll recall), they are described here as “prison cars.” They brought with them my 1997 memory of what happened to one of our folks who dared challenge the powers-that-be. It’s a long and sad story but one we should all read from the standpoint that when – not if – but WHEN the excrement makes contact with the rotating, oscillating motorized air handling device, one of those railcar cells probably has your name on it....
  • Obama's Plan: 58% Tax Rates

    07/19/2009 5:31:11 AM PDT · by jodiluvshoes · 34 replies · 2,136+ views
    Townhall.com ^ | 07.19.2009 | Kevin McCullough
    I was asked this past Thursday morning on Fox News about the impact of President Obama spending the day in New Jersey campaigning for the immensely unpopular sitting governor Jon Corzine. I was asked if it was a good use of the President's time. I was asked if there were bigger things he should be focused on. I was asked if it might not even backfire against Corzine or other candidates in the immediate electoral future. Obama dedicated not just a speech, but the entire day to the Corzine cause. My response is simple, "It's what he has to do."...
  • House bill to hit millionaires with 5.4 pct surtax

    07/14/2009 1:01:41 PM PDT · by curth · 43 replies · 1,788+ views
    Reuters ^ | Tue Jul 14, 2009 1:41pm ED | Donna Smith
    A sweeping overhaul of the U.S. healthcare system to be announced on Tuesday in the U.S. House of Representatives will include a surtax on millionaires of 5.4 percent, congressional sources said. The tax rate is higher than the 3 percent surtax lawmakers had been discussing earlier and would be imposed on those making more than $1 million a year,
  • ‘Blue Dog’ Dems growl at Rendell’s plan

    07/13/2009 2:59:01 AM PDT · by Born Conservative · 10 replies · 1,102+ views
    Times Leader (Wilkes Barre PA) ^ | 7/13/09 | MARC LEVY
    HARRISBURG — As powerful politicians clash over Pennsylvania’s lengthening state budget impasse, members of a small band of largely backbench conservative Democrats are exercising a little muscle of their own. The so-called “Blue Dog” Democrats in the House have openly defied a call by Gov. Ed Rendell and leaders of the House Democratic majority to support an increase in the personal income tax. And they did so in a building in which rank-and-file legislators generally fear the punishment that might result from thumbing their noses at their caucus leaders. Many of the 25 or so Blue Dogs are from western...
  • Poor leave Calif. at higher rate than rich (Despite high Income Tax on rich!)

    07/10/2009 10:09:49 PM PDT · by greatdefender · 56 replies · 1,527+ views
    AP-Yahoo! ^ | 10 July 2009 | JULIET WILLIAMS
    SACRAMENTO, Calif. – The poor are more likely to leave California than the rich, despite concerns that the state's relatively high income tax rate is driving away the wealthy, a new study shows. The report released Friday by the Public Policy Institute of California determined the poorest 20 percent California residents are twice as likely to leave the state as the richest 20 percent. Factors such as cheaper rent and home prices outside the Golden State seem to edge out income taxes when people of all incomes decide whether to stay or go, said institute researcher Jed Kolko, who authored...
  • Springfield Tax Revolt (Illinois)

    06/06/2009 5:46:15 AM PDT · by libstripper · 10 replies · 648+ views
    Wall Street Journal ^ | June 6, 2009 | Wall Street Journal
    Taxpayer victories are rare these days, so let's cheer the good news in Illinois, where earlier this week the state House in Springfield voted 74-42 against a plan to raise the income tax rate on individuals and businesses by 50%. When Governor Pat Quinn succeeded Rod Blagojevich in January, he immediately proposed raising the personal income tax to 4.5% from 3%, the business tax rate to 7.2% from 4.8%, and expanding the sales tax to services ranging from dry cleaners to Internet hookup. The Democrat says the income tax hike is "based on a principle as old as the Bible....
  • The Latest on Murphy vs. the IRS

    06/07/2009 7:03:56 AM PDT · by george76 · 9 replies · 1,189+ views
    wsj ^ | JUNE 7, 2009 | Tom Herman
    After several courtroom battles, Marrita Murphy lost. Her case attracted widespread interest because it involved an important question -- and also because she initially won a major round in court. The issue: Should Ms. Murphy have to pay federal income tax on a $70,000 award she received from a former employer for emotional distress and loss of reputation? She argued the award wasn't taxable. She paid the tax -- more than $20,000 -- and later sought a refund. In 2006, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit ruled in her favor. The...
  • Hawaii Enacts Top Income Tax Rate of 11% on Incomes over $200,000, Highest State Rate in the U.S.

    05/29/2009 8:39:47 PM PDT · by reaganaut1 · 35 replies · 2,402+ views
    Tax Foundation ^ | May 12, 2009
    Despite a veto from Governor Linda Lingle (R) last week, the Hawaii Legislature forced through several tax increases on Monday, including the addition of three income tax brackets on top of the current nine: 9 percent on income over $150,000 ($300,000 for joint filers), 10 percent on income over $175,000 ($350,000 for joint filers), and 11 percent on income over $200,000 ($400,000 for joint filers). By adding the 11% bracket, Hawaii will move from eighth to first in the ranking of top state income tax rates, passing Maine, New Jersey, Iowa, Oregon, Vermont, Rhode Island and California. In Tax Foundation...