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Keyword: tax

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  • The experiment: how much tax do we really pay?

    08/22/2014 5:32:51 AM PDT · by lifeofgrace · 35 replies
    Charting Course ^ | 8/22/14 | Steve Berman
    My wife and I decided to do a bit of downsizing this summer.  We went through our budget, line by line, and set up new limits for what we spend.  I am blessed with a good job, and we are not really hurting to make ends meet.  But we noticed that our spending started to spiral up, up and away.  Really, we have better things to do with our hard earned money than throw it away on stuff that doesn’t matter. It took us several years to get from the financial Thelma and Louise I was when we were first...
  • Repeal fails, tax reform upheld {Alaska Oil Tax}

    08/21/2014 2:00:33 PM PDT · by thackney · 13 replies
    Alaska Journal of Commerce ^ | 2014.08.21 | TIM BRADNER
    A referendum to roll back an oil production tax change made in 2013 was defeated by voters in the state’s primary election held Aug. 19. Ballot Measure 1, which would have reinstated the state’s previous tax known as ACES that was repealed in 2013, was voted down 52 percent to 48 percent, or a margin of about 6,800 votes, the Division of Elections reported in late results with 98.6 percent of the votes counted. Earlier in the evening of Aug. 19 the “yes” votes had a thin majority of a few hundred for repeal with about 25 percent of the...
  • Property Tax Corruption: “Taxation without Representation” in contemporary American government

    08/21/2014 4:54:59 AM PDT · by SeekAndFind · 7 replies
    American Thinker ^ | 08/21/2014 | Michael Bargo, Jr.
    If anything approaches “taxation without representation” in contemporary American government, it is property taxation.  This is because as a practical matter voters – as property owners – have no say in the amount of property taxation they endure.Harold Lasswell, a prominent U. of Chicago political science professor, once said that the country is made up of two groups: the political elites and the masses.  The exploitation of the masses is now being achieved through property taxation. Since political elites have, in most counties, complete control over issues of assessments and property taxes, they have the opportunity to exploit this power...
  • Thousands Of Firms Aren't Paying An "Obamacare Tax", IRS Audit Finds 24% Shortfall

    08/20/2014 9:37:29 AM PDT · by SeekAndFind · 8 replies
    Zero Hedge ^ | 08/20/2014 | Tyler Durden
    It appears Sen. Orin Hatch's comment that "everything from this ill-conceived tax's structure to its implementation has been a disaster," are coming true. As AP reports, an "Obamacare" tax on medical devices is falling short of its revenue target because thousands of companies aren't paying it, according to a government audit released Tuesday. An audit found the IRS received only 5,107 returns (against expectations of over 9,000) with a 24% shortfall in revenues. The tax is projected to generate $29 billion over the coming decade, so a 24 percent shortfall - if it were sustained - would be significant. As...
  • ObamaCare tax not meeting revenue target because companies not paying, audit finds

    08/19/2014 7:22:02 PM PDT · by george76 · 13 replies
    Associated Press ^ | August 19, 2014
    An ObamaCare tax on medical devices is falling short of its revenue target because thousands of companies aren't paying it, according to a government audit released Tuesday. The audit by the Treasury inspector general for tax administration says the IRS needs to do a better job policing the tax. The tax agency, however, doesn't have adequate tools to identify which companies owe it, the audit said.
  • Pay more for gas? Radical U.S. Chamber thinks you should

    08/13/2014 5:06:28 PM PDT · by ObamahatesPACoal · 38 replies
    If you think the price of a fill-up at the local service station is steep, Thomas J. Donohue will not be your favorite guy. Donohue, the President and CEO of the U. S. Chamber of Commerce, is concerned about the nation’s infrastructure. So much so, in fact, he’s written a piece titled, “Let’s pave the way for infrastructure funding,” in which he opines that it’s time to “raise the gas tax.” "The U.S. Chamber believes", he writes, "that the simplest, most straightforward way to fix the Highway Trust Fund is to raise the gas tax, which hasn’t been done in...
  • Ukraine Will Destroy Itself w/o Russia

    08/08/2014 4:17:08 AM PDT · by thackney · 17 replies
    Real Clear Energy ^ | August 8, 2014 | James Stafford
    Ukraine doesn’t need Russia to take it down—Kiev is doing fine destroying itself, most recently with a new tax code that doubles taxes for private gas producers and promises to irreparably cripple new investment in the energy sector at a time when reform and outside investment were the country’s only hope. Ukrainian President Petro Poroshenko on August 1 signed off on a new tax code that effectively doubles the tax private gas producers in Ukraine will have to pay, calling into question any new investment, as well as commitment from key producers already operating in the country. The stated goal...
  • Robert Redford Sues New York State Over $1.6 Million Tax Bill Related to Sundance Channel Sale

    08/06/2014 8:51:48 AM PDT · by C19fan · 40 replies
    The Hollywood Reporter ^ | August 6, 2014 | Kimberly Nordyke
    Robert Redford is suing New York state related to the sale of Sundance Channel. The actor-director sued the New York State Department of Taxation and Finance in Albany County Supreme Court on July 30 claiming that he's being overtaxed on money his company made when it sold off a stake in the channel in 2005.
  • The Last Refuge of a Scoundrel: Obama's 'Economic Patriotism'

    08/06/2014 6:58:10 AM PDT · by SeekAndFind · 15 replies
    Weekly Standard ^ | 08/06/2014 | Fred Barnes
    When he’s in trouble, President Obama changes the subject to the economy. And in speech after speech, he utters some version of this line: “We know from our history, our economy does not grow from the top down, it grows from the middle up.” This is a puzzling statement. I don’t know what it means, much less whether it’s true. I asked a number of economists and they were no help. “I have no idea what it means,” Douglas Holtz-Eakin, the former director of the Congressional Budget Office, says. “I am unaware of any literature supporting the proposition,” Kevin Hassett,...
  • Appeals court upholds Obamacare tax as constitutional

    07/29/2014 9:32:29 AM PDT · by jazusamo · 97 replies
    The Washington Times ^ | July 29, 2014 | Stephen Dinan
    A key appeals court on Tuesday ruled that despite including a tax, Obamacare doesn’t violate the Constitution’s requirement that all tax bills originate in the House of Representatives, giving the Obama administration another health care win. The three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia said that the Obamacare tax was “incidental” to the primary purpose of the Affordable Care Act, so it isn’t a revenue-raising measure as envisioned by the Constitution. “Some exercises of the taxing power are not subject to the Origination Clause,” the unanimous panel concluded. The issue had been in...
  • Australia abolishes divisive carbon tax

    07/17/2014 2:02:35 PM PDT · by SeekAndFind
    The Daily Times ^ | 07/17/2014
    Noah Rothman wrote up Quinnipiac’s gubernatorial poll yesterday, prompting me to wonder over at Townhall whether the polling outfit was holding back its Senate numbers for separate release. We now have our answer. A virtual deadlock, and advantage Gardner: The closely-watched U.S. Senate race is tied with 44 percent for U.S. Rep. Cory Gardner, the Republican challenger, and 42 percent for Sen. Mark Udall, the Democratic incumbent, according to a Quinnipiac University poll released today. Another 10 percent are undecided. This compares to the results of an April 24 survey by the independent Quinnipiac University showing Sen. Udall at...
  • Obama Administration Seeks End to Tax Inversion Deals: To halt rush of U.S. companies moving abroad.

    07/16/2014 1:29:38 PM PDT · by SeekAndFind · 17 replies
    New York Times ^ | 07/16/2014 | David Gelles
    The Obama administration has urged congressional leaders to take swift action to halt the rush of United States companies moving abroad. In letters sent to four lawmakers, Treasury Secretary Jacob J. Lew said the administration supported a quick fix that would halt the trend of so-called inversions, in which United States companies buy a smaller competitor and reincorporate overseas to save money on taxes. Speaking at the CNBC Delivering Alpha conference on Wednesday, Mr. Lew called for legislation that would include a package of business reforms, one of which would bring tax levels of companies in the 20 percent range....
  • 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...
  • Desire a national Fair Tax or Flat Tax!

    07/10/2014 4:06:02 AM PDT · by Texask9 · 54 replies
    Lets get fair tax passed.
  • More Fuel Efficient Cars Causing Highway Trust Fund to Go Broke

    07/07/2014 7:38:43 AM PDT · by Red Badger · 53 replies
    www.weeklystandard.com ^ | 9:24 AM, Jul 7, 2014 | By GEOFFREY NORMAN
    Washington needs more money and if it doesn’t get it, your morning commute will become: a) more expensive b) more unpleasant c) both The problem, you see, is that the Highway Trust Fund is "going broke,” by the Beltway’s curious definition of the phrase. It is sort of the way that after a round of painful “cuts,” spending somehow still goes up. The Highway Trust Fund takes in more than 18 cents on every gallon of gasoline sold in this country, so there is plenty of revenue. Just not enough to meet Washington’s needs and desires. People are driving more...
  • British public footing a Ł1bn bill - to aid the US taxman

    07/04/2014 8:00:05 PM PDT · by PotatoHeadMick · 14 replies
    The Daily Telegraph (UK) ^ | 4 Jul 2014 | Richard Dyson
    Your bank and investment provider are now officially working for the United States tax authorities – and you’re footing the Ł1bn bill. On Tuesday July 1, new US tax legislation also clicked into place – US tax legislation that applies in Britain, that is. The US-originated laws require British financial institutions to investigate and report via HM Revenue & Customs any information that may be of interest to the Internal Revenue Service, the US equivalent.
  • Obama Administration Plans To Dramatically Alter Transportation Funding For States

    07/02/2014 9:59:19 PM PDT · by Rusty0604 · 37 replies
    head9 Polotics ^ | 07/02/2014 | head9politics staff
    Starting in August, the Obama administration will dramatically revamp and cut back the formula it uses to send transportation funds to the states unless Congress replenishes the Highway Trust Fund The Department of Transportation (DOT) predicts that the fund, which has traditionally drawn its revenue from the federal gas tax of 18.4 cents per gallon, will be depleted by late August . The agency will use a previously-established formula to calculate the percentage of remaining funds that each state will receive, with new revenues coming in every two weeks as money from the gas tax comes into the fund.
  • Foreign banks to report on Americans trying to evade taxes as US FACTA starts July 1

    07/02/2014 7:15:58 AM PDT · by SeekAndFind · 27 replies
    US Foreign Account Tax Compliance Act (FATCA) that allows banks worldwide to reveal information about their depositors, takes into effect on July 1. Under the new act all foreign banks are required to reports all offshore accounts of the US citizens. Banking centers like Switzerland and Luxembourg that agreed to the US Foreign Account Tax Compliance Act (FATCA) will have to begin turning over account names and other data to US financial authorities so that they can tax unreported income. According to the Internal Revenue Service, US citizens will have fewer options to stash their cash offshore away from the...
  • District of Columbia approves 'yoga tax' as part of budget

    06/24/2014 1:25:08 PM PDT · by PoloSec · 24 replies
    Reuters ^ | June 24 2014 | Ian Simpson
    The District of Columbia Council on Tuesday approved a "yoga tax" on gymnasiums and yoga classes that has angered fitness buffs in the U.S. capital. The Democratic-controlled council voted 12-1 to give final approval to a $10.6 billion budget for 2015 that included a sales tax on gyms, yoga studios and other athletic businesses, a spokeswoman for Council Chairman Phil Mendelson said. The budget also includes a substantial income tax cut that would be offset by expanding the existing 5.75 percent sales tax to such services as tanning salons, health clubs, car washes and bowling alleys. The move is expected...
  • IRS Admits Wrongdoing, to Pay $50,000 in Leaking of Marriage Group’s Tax Return

    06/24/2014 12:16:11 PM PDT · by SeekAndFind · 49 replies
    The Daily Signal ^ | 06/24/2014 | Ken McIntyre
    Two years after activists for same-sex marriage obtained the confidential tax return and donor list of a national group opposed to redefining marriage, the Internal Revenue Service has admitted wrongdoing and agreed to settle the resulting lawsuit. The Daily Signal has learned that, under a consent judgment today, the IRS agreed to pay $50,000 in damages to the National Organization for Marriage as a result of the unlawful release of the confidential information to a gay rights group, the Human Rights Campaign, that is NOM’s chief political rival. “Congress made the disclosure of confidential tax return information a serious matter...
  • Who’s to Blame for High Airfares?

    06/24/2014 8:18:59 AM PDT · by SoFloFreeper · 25 replies
    Daily Signal ^ | 6/24/14 | Bryan Riley
    Airline ticket prices are soaring this summer. Prices are up 12 percent since 2009, even after adjusting for inflation. When customers of Spirit Airlines book their flights, they can see exactly what they’re paying for. Spirit provides a breakdown of individual factors that make up the total cost of an airline ticket, including the base fare, fuel prices, and taxes/fees (aka the government’s cut).
  • Would Monsanto move its headquarters out of the country?

    06/24/2014 4:42:07 AM PDT · by WhiskeyX · 12 replies
    St. Louis Post Dispatch ^ | 23 June 2014 7 hours ago | Tim Barker
    According to the wire service, Monsanto mulled a takeover of its $34 billion seed and herbicide rival, in part, to move its legal headquarters to Switzerland. It’s a move known as corporate inversion and it has the power to shield money held overseas from Uncle Sam’s tax collectors.
  • Don’t Raise the Gas Tax: Sen. Bob Corker's Idea is Bad Policy and Bad Politics

    06/20/2014 6:53:27 AM PDT · by SeekAndFind · 15 replies
    National Review ^ | 06/20/2014 | The Editors
    The federal Highway Trust Fund, historically, is a fund that the government can’t be trusted to spend on federal highways. Unfortunately, Senator Bob Corker (R., Tenn.) is proposing to put more money in it by raising the federal gasoline tax, a proposal he’s concocted with Senator Chris Murphy (D., Conn.). Corker’s idea is bad policy and bad politics. The politics: Gas prices are rising rapidly, taxes on fuel are regressive, and Americans, rightly, really don’t like when you raise any kind of tax at all. There’s no pressing policy reason to increase the tax. The trust fund has plenty of...
  • Senator Murphy (D-CT) proposes increase in federal gas tax

    06/19/2014 9:46:40 AM PDT · by matt04 · 15 replies
    Connecticut residents may soon be seeing more federal tax hikes in the gas and diesel purchased, the first hike in 20 years. Lawmakers in Washington, DC said the federal highway trust fund will be empty in a few months if they don't come up with a plan to refill it. Connecticut Sen. Chris Murphy and Tennessee Sen. Bob Corker proposed raising the federal tax $0.12 over the next two years to replenish the fund, however, taxpayers aren't approving of this. "That's not going to work for me. I'm a single parent, I can't afford that," said Latoya Leery. Connecticut drivers...
  • Senators propose 12-cent gas tax increase (It's Bi-partisan!- RINO's are the worst!

    06/18/2014 6:40:40 PM PDT · by Red in Blue PA · 50 replies
    WASHINGTON (AP) — Two senators unveiled a bipartisan plan Wednesday to raise federal gasoline and diesel taxes for the first time in more than two decades, pitching the proposal as a solution to Congress' struggle to pay for highway and transit programs. The plan offered by Sens. Chris Murphy, D-Conn., and Bob Corker, R-Tenn., would raise the 18.4 cents-a-gallon federal gas tax and 24.4 cents-a-gallon diesel tax each by 12 cents over the next two years, and then index the taxes to keep pace with inflation. The increase would be applied in two increments of 6 cents each.
  • Bob Corker: Another Reason to Not Support David Perdue

    David Perdue, running for the Senate in Georgia, wants to be one of those guys who reaches across the aisle to get things done. He wants to transcend partisan the way all the CEOs who get into politics claim they want to do. David Perdue also likes Bob Corker. In fact, several times Perdue has mentioned has admiration of Bob Corker. Corker is one of the guys Perdue thinks is a model Senator. Corker reaches across the aisle and gets things done. Putting his money where his mouth is, Perdue has donated to Corker several times — maxing out.
  • Minnesota governor cheers relocation of major corporation HQ to … Ireland

    06/18/2014 1:20:50 PM PDT · by SeekAndFind · 18 replies
    Hotair ^ | 06/18/2014 | Ed Morrissey
    When Rick Perry stumps for businesses to relocate, at least he’s cheering for his home state of Texas as the final destination. In Minnesota, we have the unusual experience of having a governor laud a corporation for moving its headquarters out of the state — and out of the country. Medtronic, a leading manufacturer of medical devices, acquired an Irish firm in the same sector, but will move its corporate headquarters to Ireland rather than transfer Covidien’s executive operations to Minnesota (via Gary Gross): “As I look at the project as governor of Minnesota, this is a good deal...
  • Senators propose 12-cent gas tax increase

    06/18/2014 9:48:43 AM PDT · by Olog-hai · 72 replies
    Associated Press ^ | Jun 18, 2014 12:17 PM EDT | Joan Lowy
    Two senators unveiled a bipartisan plan Wednesday to raise federal gasoline and diesel taxes for the first time in more than two decades, pitching the proposal as a solution to Congress’ struggle to pay for highway and transit programs. The plan offered by Sens. Chris Murphy, D-Conn., and Bob Corker, R-Tenn., would raise the 18.4-cents-a-gallon federal gas tax and 24.4-cents-a-gallon diesel tax by 12 cents each over the next two years, and then index the taxes to keep pace with inflation. The plan also calls for offsetting the tax increases with other taxes cuts. …
  • The Clintons: estate taxes for thee but not for me

    06/18/2014 6:31:42 AM PDT · by SeekAndFind · 22 replies
    American Thinker ^ | 06/18/2014 | Thomas Lifson
    Bill and Hillary Clinton are using perfectly legal, but complex and expensive legal strategies available only to the rich in order to avoid the estate taxes they have assured us are essential to fairness and economic justice. So much for the crusade against the 1% who are supposedly responsible for all the ills of everyone else.  Keeping Chelsea a wealthy member of the 1% is the apparent goal.Richard Rubin of Bloomberg reports: Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it. To reduce...
  • House Passes Pair of Business Tax Break Bills

    06/16/2014 7:56:17 PM PDT · by SgtHooper · 4 replies
    Accounting Today ^ | June 12, 2014 | Michael Cohn, Editor-in-Chief, AccountingToday.com
    The House passed a pair of bills Thursday to provide tax breaks to businesses. One bill, H.R. 4457, “America's Small Business Tax Relief Act of 2014,” would permanently extend Section 179 expensing of up to $500,000 after the generous bonus depreciation limit expired last year. It passed by a vote of 272 to 144. The other bill, H.R. 4453, the “S Corporation Permanent Tax Relief Act of 2014,” makes permanent the shortening of the built-in gains tax-holding period for S corporations from 10 years to five years to give S corps quicker access to capital. It also contains a basis...
  • Colorado unveils Obamacare tax to boost struggling state exchange

    06/12/2014 6:03:07 AM PDT · by george76 · 35 replies
    Washington Times ^ | June 10, 2014 | Valerie Richardson
    Colorado will begin charging an Obamacare tax next month on all health insurance policies — even those obtained through private employers — to help prop up the state’s struggling health care exchange. ... Republicans have called the Obamacare tax unconstitutional, given that the state’s constitution requires voters to approve any tax increases, but exchange managers insist it’s a fee, not a tax.
  • Hosed at the Pump: Where are the Highest Gas Taxes in The Nation?

    06/04/2014 1:37:53 PM PDT · by Kaslin · 26 replies
    Townhall.com ^ | June 4, 2014 | Mike Shedlock
    The Tax Foundation posted the following map of gasoline taxes. The Tax Foundation says "Gas taxes are generally used to fund transportation infrastructure maintenance and new projects. While gas taxes are not a perfect user fee like tolls, they are generally more favorable than other taxes because they at least loosely connect the users of roads with the costs of enjoying them. However, some of our recent analysis shows that many states do not rely on gas taxes and tolls as much as they could, and instead fund substantial amounts of transportation from other sources like income and sales taxes."...
  • SCOTUS to decide on double taxation across state lines [Commerce]

    06/01/2014 6:39:57 AM PDT · by SeekAndFind · 35 replies
    Hotair ^ | 06/01/2014 | Jazz Shaw
    A rather wonky interstate commerce case has been granted a writ of certiorari and will be heard by the Supreme Court during the fall session. The reason this particular petition should interest you is that it has the potential to affect so many people, specifically those who derive income from any sources outside the state where they live. As explained in this Forbes article, the fundamental question being put to the court is as follows:Does the United States Constitution prohibit a state from taxing all the income of its residents — wherever earned — by mandating a credit for...
  • Prof. Ian Plimer explains the true source of CO2

    05/30/2014 4:29:31 AM PDT · by simka · 30 replies
    Ian Plimer, professor emiritus
    PLIMER: "Okay, here's the bombshell. The volcanic eruption in Iceland .. Since its first spewing of volcanic ash has, in just FOUR DAYS, NEGATED EVERY SINGLE EFFORT you have made in the past five years to control CO2 emissions on our planet - all of you. Of course, you know about this evil carbon dioxide that we are trying to suppress - it’s that vital chemical compound that every plant requires to live and grow and to synthesize into oxygen for us humans and all animal life. I know....it's very disheartening to realize that all of the carbon emission savings...
  • Where's my CA state tax refund? (Vanity)

    05/27/2014 3:20:25 PM PDT · by Sergio · 21 replies
    Myself | 5/27/2014 | Sergio
    Anyone having issues with their California state tax refund.
  • IRS: Employers Face $36,500 Per Worker Tax for ´Obamacare Dumping´

    05/26/2014 10:47:17 PM PDT · by Nachum · 49 replies
    Breitbart´s Big Government, ^ | 5/27/14 | Wynton Hall
    The Internal Revenue Service ruled it will impose a tax penalty on employers of up to $36,500 per worker for dumping employees into the Obamacare exchanges. The New York Times, which broke the story, reports: When employers provide coverage, their contributions, averaging more than $5,000 a year per employee, are not counted as taxable income to workers. But the Internal Revenue Service said employers could not meet their obligations under the health care law by simply reimbursing employees for some or all of their premium costs. The IRS ruling is an effort by the Obama administration to stop employers with...
  • When it comes to the gas tax, Coakley running on empty

    05/23/2014 10:35:13 AM PDT · by luke1825 · 7 replies
    lowell sun ^ | 5/24/2014 | peter lucas
    You can't really blame Attorney General Martha Coakley for not knowing how much the state tax on gasoline is. How could she? She hasn't paid it in years, at least since 2006 when she was elected attorney general. Since then, as the state's chief law officer, she has had a state car and a state driver, usually a state cop, driving her around. Consequently, although you might find the 60-year-old Democrat candidate for governor pumping iron to get in shape, you would never catch her pumping gas. Pumping iron, yes. Pumping gas, no. The state limo arrives with a full...
  • Calvin H. Johnson’s attack upon the apportionment of direct taxes

    05/11/2014 6:09:10 PM PDT · by JOHN W K · 22 replies
    5/11/14 | johnwk
      SEE: Purging Out Pollock: The Constitutionality of Federal Wealth or Sales Tax By Calvin H. Johnson I have studied the above cited article and was astounded that one article could have so many misrepresentations and inaccurate conclusions which were apparently concocted in the author’s mind to promote a tax scheme contrary to the true intentions and beliefs under which our Constitution’s original tax plan was agreed to. Calvin writes:The apportionment clauses of the Constitution say that federal "direct taxes" must be apportioned among the states according to their population … Apportionment according to population is a hobbling requirement, somewhere between...
  • The Return of the web tax. Be very afraid.

    05/10/2014 10:20:50 AM PDT · by SeekAndFind · 8 replies
    Hotair ^ | 05/10/2014 | Jazz Shaw
    It’s nice to have someone looking out for you, even if you didn’t know that you had a guardian angel on your shoulder. For the majority of you, since you’re using some form of internet access to read this, you’ve been protected for the last fifteen years by the Internet Tax Freedom Act. It prevents most state and local governments from taxing your internet access fees. But unless Congress figures out something in the near future, that could all be coming to an end on November 1st. Millions of Americans could be threatened with new state taxes on their Internet...
  • Federal lawsuit: Can Washington tax marijuana? (i.e. the state)

    05/09/2014 11:55:59 AM PDT · by Olog-hai · 15 replies
    Associated Press ^ | May 9, 2014 2:47 PM EDT | Gene Johnson
    A federal lawsuit is challenging Washington state’s authority to tax marijuana as long as marijuana remains illegal under federal law. The case arises from the state’s attempt to collect sales taxes from a medical marijuana dispensary. But lawyer Douglas Hiatt, who filed it late Thursday, said it could throw a wrench in Washington’s plans for collecting taxes on recreational marijuana, too. The author of Washington’s recreational pot law, Alison Holcomb, disagreed. She doesn’t expect the lawsuit to get very far. …
  • Pfizer Inversion Plan Puts Tax Code Under Microscope (Drug Giant to Move Legal Address to London)

    05/09/2014 6:53:38 AM PDT · by SeekAndFind · 9 replies
    Fox Business News ^ | 05/09/2014 | By Dunstan Prial
    The U.S. corporate tax code has come under far more scrutiny than Pfizer in the wake of the giant drug maker’s announcement last week that it hopes to avoid billions of dollars in federal taxes by moving its legal address to London. “The quotes we’ve seen from the politicians so far don’t in any way seem to be criticizing Pfizer. They’re laying the blame on the tax system that Pfizer has to work with,” said corporate tax expert Robert Willens. “Historically the company itself got blamed,” Willens added. “There’s been a shift in that dynamic. Now the system seems to...
  • Is THE REPEAL 16 COLALITION really trying to end taxes calculated from incomes?

    05/08/2014 7:21:53 PM PDT · by JOHN W K · 5 replies
    5/8/14 | johnwk
    Is THE REPEAL 16 COLALITION really trying to end taxes calculated from incomes?  As stated at repeal 16.org, “The Coalition to Repeal the 16th Amendment (Repeal 16) is comprised of a broad range of individuals and organizations including the Tea Party Patriots, Americans For Fair Taxation, Americans for Limited Government, Competitive Governance Action and Free Market America.” According to REPEAL 16 ORG, its stated goal is to “end our corrupting tax system and the oppressive IRS”. They go on to ask “What is the Repeal 16 Bill?” And they answer the question as follows: ”Congressman Jim Bridenstine has introduced a bill...
  • California Mileage Tax Would Charge Drivers Based on Distance Driven

    05/07/2014 9:48:35 PM PDT · by lowbridge · 160 replies
    http://www.nbclosangeles.com ^ | may 6, 2014 | Jodi Hernandez and Chris Roberts
    Sick of the gas tax? What about a tax on every mile you drive? A new bill going through Sacramento would tax drivers for every mile they are on the road. The state gasoline tax of 52.9 cents per gallon could be replaced with a "miles driven fee" of $0.05 cents or so per mile driven, under state legislation proposed by a Bay Area lawmaker. State transit officials note that there's not nearly enough money available to fix the many bridges and roads in California that are in desperate need of repair. A federal highway fund, based on taxes on...
  • The Growing Threat of a Wealth Tax

    05/07/2014 8:01:59 AM PDT · by SeekAndFind · 33 replies
    Townhall ^ | 05/07/2014 | Daniel J. Mitchell
    Allister Heath, the superb economic writer from London, recently warned that governments are undermining incentives to save. And not just because of high tax rates and double taxation of savings. Allister says people are worried about outright confiscation resulting from possible wealth taxation. It is clear that individuals, when at all possible, need to accumulate more financial assets. …Tragically, it won’t happen. A lack of trust in the system is one important explanation. People simply don’t believe the government – and politicians of all parties – when it comes to long-terms savings and pensions. They worry, with good reason,...
  • D.C. Council Considering a New ObamaCare Tax; WashPost Buries Story on B4

    05/06/2014 10:23:27 AM PDT · by PoloSec · 3 replies
    News Busters ^ | May 6 2012 | Ken Shepherd
    Claiming that the District of Columbia's ObamaCare exchange is just too darn small in size to pay for itself, Mayor Vince Gray (D) is proposing the city council "approve legislation granting the District's exchange board broad new power to tax any health-related insurance product sold in the city -- regardless of whether it's offered on the exchange," Washington Post staffer Aaron Davis reported this morning.
  • New plan… let the IRS do your taxes for you!

    05/04/2014 5:03:51 PM PDT · by SeekAndFind · 55 replies
    Hotair ^ | 05/04/2014 | Jazz Shaw
    It’s a couple of weeks too late for this to help most people this year, but I’m sure many of you ran into issues filing your taxes. It’s a huge pain in the backside, isn’t it? Over at Redstate, Matthew Clark dredges up a brilliant scheme from Ezra Klein which should make all of your lives easier. Why not let the IRS do our taxes for us?Liberal wunderkind Ezra Klein (formerly of the Washington Post and now of Vox.com) was pushing this new idea a few weeks ago.Well it wasn’t really new. He’s been pushing it for years.The idea is...
  • The IRS’s Heavy Hand: How the owner of a small business got swindled by the federal agency

    05/01/2014 11:26:21 AM PDT · by SeekAndFind · 18 replies
    National Review ^ | 05/01/2014 | George Will
    Flint, Mich. — Earnest moralists lament Americans’ distrust of government. What really is regrettable is that government does much to earn distrust, as Terry Dehko, 70, and his daughter Sandy Thomas, 41, understand. Terry, who came to Michigan from Iraq in 1970, soon did what immigrants often do: He went into business, buying Schott’s Supermarket in Fraser, Mich., where he still works six days a week. The IRS, a tentacle of a government that spent $3.5 trillion in 2013, tried to steal more than $35,000 from Terry and Sandy that year. Sandy, a mother of four, has a master’s...
  • Apple’s Massive Debt Offering Will Total $12B (Tax Avoidance)

    04/29/2014 1:29:00 PM PDT · by dila813 · 8 replies
    Techcrunch ^ | 4/29/2014 | Alex Wilhelm (@alex)
    Apple will raise $12 billion in debt, paying a 0.77 percent premium over Treasuries on the component 10-year notes. The offering will contain seven parts, with maturities ranging from three years to 30. Apple’s recently enlarged shareholder return program is not cheap. By raising a fresh $12 billion via bond issuance, Apple is not forced to bring home foreign cash reserves, a process that the company previously stated would “incur significant tax consequences.”
  • This Insane Bill Could End The State Of California As We Know It

    04/25/2014 3:55:35 PM PDT · by lowbridge · 57 replies
    http://www.westernjournalism.com ^ | april 25, 2014 | james v lacy
    The new legislation, known as “Senate Bill 1372,” would raise state corporation taxes not on profits. If passed, California’s already high current corporate tax of just less than 9% would shift to a new formula in 2015 based on the corporation’s median compensation of employees as compared to the highest employee, rather than to simply tax profits. According to the Sacramento Business Journal, if the corporation’s top paid executive made 100 times the median worker salary in the company, the company’s tax rate would rise 9%. Companies paying the top earner 400 times the average salary would pay a 13 percent tax...
  • Jenny Beth Martin of Tea Party Patriots disappoints constitutionalists!

    04/23/2014 4:35:12 AM PDT · by JOHN W K · 13 replies
    4-22-2014 | johnwk
      SEE: Tea Party Patriots Use Elections to Push 'Flat' or 'Fair' Tax Monday, 14 Apr 2014 06:05 PM The Tea Party Patriots are pushing a "flat tax" or a "fair tax" rate in the coming elections to stop the endless hiking of taxes on Americans, group President Jenny Beth Martin says. "A flat tax, a fair tax — either one is better than what we have now," Martin told Ed Berliner and Diane Dimond, guests hosts of "The Steve Malzberg Show" on Newsmax TV. "The tax code has grown and grown and grown. It's time to address the fact that...