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Keyword: incometax

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  • Claims that capping SALT deductions violate Constitution are meritless

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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