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Keyword: tax

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  • Boom: Treasury kills 305 regulations, IRS hammered

    04/24/2018 6:33:23 PM PDT · by aMorePerfectUnion · 8 replies
    The Washington Examiner ^ | April 24, 2018 12:44 PM | by Paul Bedard
    Acting on President Trump’s demand that his cabinet secretaries gut Obama-era federal regulations, the Treasury Department on Tuesday said it has cut over 300 standing and proposed rules with a focus on the Internal Revenue Service. In a new 20-page report, Secretary Steven T. Mnuchin highlighted the elimination of 305 regulations, including those proposed, and the wiping away of 298 IRS “deadwood” rules. “Reducing unnecessary burdens will lead to increased economic growth, greater job creation, and a fundamentally stronger economy for our country,” said Mnuchin. “Regulatory reform is a key component of the president’s plan to make American businesses more...
  • Americans Are Migrating In Droves To Low-Tax States

    04/23/2018 7:49:16 AM PDT · by SeekAndFind · 69 replies
    IBD ^ | 04/23/2018
    There has been a vast, largely unheralded migration in the U.S. over the past decade. Not because of weather, or amenities. But because of taxes. Recently, Wallet Hub published a list of states ranked by their tax burden, based on property taxes, income taxes and sales taxes as a share of personal income. The five states that impose the biggest tax burden on their residents are, in order: New York, Hawaii, Maine, Vermont and Minnesota. The five states with the lowest tax rates: Alaska, Delaware, Tennessee, Florida and New Hampshire. Right away there are some obvious similarities between the groups....
  • GOP Lawmakers Refuse to Help Fund Gas Tax Repeal Effort

    04/18/2018 1:02:44 PM PDT · by HKMk23 · 14 replies
    Reform California ^ | 4/18/2018 | Self
    As Californians are painfully aware, the Democrat Stronghold of Sacramento this year levied upon them an additional gasoline tax that soaks motorists for nearly twenty cents per gallon. Yes, on its face, it's "only" twelve cents per gallon, but nothing in Sacramento is as it appears. Democrats inserted language that alters the way that tax is calculated, and that little bit of typical Democrat chicanery accounts for the difference between what they say, and what drivers actually pay. As fewer Californians know, Reform California, with Carl DeMaio as Chairman, is leading the push to place an Initiative on the November...
  • A Guide to the Tax Changes

    04/17/2018 6:33:34 PM PDT · by PeterPrinciple · 4 replies
    Fact Check.org ^ | 12/20/17 | Eugine Kiely
    Pass-Through Business Taxes Previous law: Businesses organized as sole proprietorships, LLCs and partnerships don’t pay corporate tax rates. Instead, the owners pay individual income taxes on their share of business income – they’re called pass-through business taxes. Those tax rates are the same as the individual income tax rates. New law: Business owners can take a 20 percent deduction on their pass-through business income, with limits for those earning above $157,500 (single) and $315,000 (married, filing jointly).
  • Pray for an asteroid [Dave Barry column on Taxes 1999]

    04/13/2018 8:40:21 AM PDT · by Red Badger · 9 replies
    www.miamiherald.com ^ | April 4, 1999 | Dave Barry
    Perhaps you are one of the many Americans who are afraid of preparing their own income-tax returns. If so, let me offer these words of encouragement: You stupid idiot. I say this because doing your own taxes has never been easier, thanks to modern technology such as the telephone, the personal computer and the canned frozen margarita. Take me. I am not a so-called "Certified Public Accountant, " but I have been handling my own taxes for years, using a simple, three-step system: STEP ONE: One week before the April 15 tax deadline, I gather together all my financial records....
  • QBI Qualified business income for independent consultant?

    04/10/2018 12:42:57 PM PDT · by SteveH · 6 replies
    Steveh and irs | Steveh
    What is QBI for an independent consultant? Thanks in advance
  • Pain In The Pump: Gas Prices On The Rise

    04/03/2018 1:05:55 PM PDT · by Red Badger · 38 replies
    baltimore.cbslocal.com ^ | 04-03-2018 | Staff
    BALTIMORE (WJZ) — The cost of gas is up across the country, including in Maryland, and is inching toward the highest price in three years. Gas is going up about a penny every other day — 15 cents in the past month. “We’ll be paying the highest prices for this time of year since 2014,” said Christine Delise with AAA. Gas companies are changing over to a different summer blend. To do so, some refineries shut down, leading to the classic market principal of supply and demand. A tighter supply means they can demand more for your fuel. Demand is...
  • Trump proposal would penalize immigrants who use tax credits and other benefits

    03/28/2018 12:53:10 PM PDT · by tcrlaf · 21 replies
    WaPo ^ | 3-28-2018 | Nick Miroff
    Immigrants who accept almost any form of welfare or public benefit, even popular tax deductions, could be denied legal U.S. residency under a proposal awaiting approval by the Trump administration, which is seeking to reduce the number of foreigners living in the United States. According to a draft of the proposal obtained by The Washington Post, immigration caseworkers would be required to consider a much broader range of factors when determining whether immigrants or their U.S.-citizen children are using public benefits or may be likely to do so. Current rules penalize immigrants who receive cash welfare payments, considering them a...
  • Humorous Tax Question: Does the holding period for raised cattle begin at conception or birth?

    03/14/2018 7:29:12 AM PDT · by tired&retired · 22 replies
    Vanity
    When does life begin for farm animals- Conception or Birth? Dairy cows and horses held more than 2 years qualify for special capital gains treatment when sold. While this might appear trivial, many dairy farmers are liquidating due to the low milk prices and selling off their entire herd resulting in hundreds of thousands of dollars in proceeds. Heifers less than two years old create a tax problem. The question is: "What is the acquisition date of cattle or horses born on your farm/ranch from your animals?" Conception or Birth? If it is conception you have an extra 9 months...
  • Murphy to propose raising N.J. sales tax in first budget

    03/13/2018 3:46:03 PM PDT · by GuavaCheesePuff · 40 replies
    Newark Star-Ledger ^ | March 13, 2018 | Matt Arco and Samantha Marcus
    Gov. Phil Murphy is set Tuesday to unveil a state budget proposal -- his first -- that will include more than $1.5 billion in new revenue from taxes and closing loopholes, including a small spike in New Jersey's sales tax, NJ Advance Media has learned. The extra revenue would also come from a proposed millionaires tax, closing tax loopholes used by corporations, and a plan to legalize marijuana, according to multiple sources briefed on the budget.
  • Trump Wants A 'Phase Two' Of Tax Cuts

    03/13/2018 7:11:28 AM PDT · by Enlightened1 · 62 replies
    CNBC ^ | 03/12/18 | Jacob Pramuk
    President Trump again brings up a "phase two" of tax cuts. The GOP law passed in December permanently chops taxes for corporations and temporarily reduces the tax rate for most individuals. Trump wants a 'phase two' of tax cuts Trump wants a 'phase two' of tax cuts 18 Hours Ago | 00:44 President Donald Trump said again Monday he wants a "phase two" of tax cuts on top of the law Republicans passed in December. Speaking as the World Series champion Houston Astros visited the White House, Trump asked Rep. Kevin Brady, R-Texas, whether he planned to cut taxes further....
  • Poll Finds More Americans Agree With Pelosi that GOP Tax Cut Delivered ‘Crumbs’(barf alert)

    03/04/2018 12:41:30 PM PST · by Ennis85 · 52 replies
    U.S News ^ | March 2nd 2018 | Gabrielle Levy
    HALF OF AMERICANS AGREE with House Minority Leader Nancy Pelosi's comments that corporations are giving their workers "crumbs" as a result of the tax bill, according to a poll released Friday by a group aligned with President Donald Trump. America First Priorities, found 49 percent of respondents agreed with the California Democrat, whose remarks pointed out the disparity in the windfall companies received in December with the passage of a major tax cut compared to the comparatively small bonuses they're handing out to their employees. "In terms of the bonus that corporate America received versus the crumbs that they are...
  • Only 13 Passengers Used NRA Discount To Buy Delta Tickets (Virtue Signal: $40MM in lost tax break)

    03/03/2018 6:28:56 AM PST · by RoosterRedux · 38 replies
    dailycaller.com ^ | Amber Randall
    It appears that Delta Airlines gave up a $40 million tax break over a mere thirteen passengers, according to a Friday report. A spokesperson for the Atlanta based company revealed that only 13 passengers had used their National Rifle Association membership to purchase tickets with Delta Airlines, reports USA Today The airline company confirmed that number to The Daily Caller News Foundation Friday afternoon. Georgia Republican lawmakers passed a bill Thursday that removed a tax break on jet fuel that would have heavily benefited Delta in response to the cancellation.
  • Chinese billionaire 'hid $2bn aluminium pile in Mexican desert and then sold it across border(trnc)

    03/03/2018 6:33:24 AM PST · by smileyface · 41 replies
    Daily Mail ^ | Sept 11 2016 | Clemence Michallon
    - Giant pile of aluminum was discovered two years ago in central Mexico - Measures one million metric ton; six per cent of world's aluminum stock - Industry exec is convinced it is related to Chinese billionaire Liu Zhongtian - Believes China has been routing aluminum through Mexico to avoid tariffs
  • Mark Levin: Trump's tariffs are an unpatriotic tax on all Americans

    03/02/2018 7:28:44 AM PST · by SeekAndFind · 122 replies
    American Thinker ^ | 03/02/2018 | Ed Straker
    President Trump is raising tariffs 25% on steel and 10% on aluminum, claiming that cheap steel from other countries has hurt the American steel industry.  His claim, that steel imported at lower prices hurts our steel industry, is certainly true. But talk show host Mark Levin says Trump's tariffs are crony capitalist gifts for wealthy steel-owners that are bad for the economy as a whole.  On his talk show last night, he listed a number of reasons why: 1. Industries that depend heavily on steel, such as auto and airplane manufacturers, will take a big hit.  With the increase in the price...
  • Democrats are surprised that more money in pay checks is popular

    02/27/2018 5:34:14 AM PST · by Cheerio · 27 replies
    powerlineblog. ^ | February 26, 2018 | Paul Mirengoff
    How out of touch is the Democratic Party? This out of touch: The Washington Post reports that Democrats expected the Trump tax cut to be unpopular and are surprised to find that voters like seeing more money in their pay checks. Post reporter Erica Warner writes: Democrats predicted a political backlash for ­Republicans in December when the GOP pushed through a deeply unpopular tax cut that added more than $1 trillion to the federal deficit and disproportionately helped the wealthy. But at the outset of the 2018 campaign season, Democrats’ early optimism appears less well founded here [in Indiana], where...
  • L.A. County's homeless problem is worsening despite billions from tax measures

    02/19/2018 10:11:15 AM PST · by BenLurkin · 41 replies
    Los Angeles County's homeless population is increasing faster than the supply of new housing, even with the addition of thousands of beds in the last two years and millions of dollars beginning to flow in from two ballot measures targeting the crisis, according to a long-awaited report by the region's homelessness agency. The report showed that officials two years ago far underestimated how much new housing would be needed when they asked city and county voters to approve the tax measures. ... Peter Lynn, executive director of the homeless authority, said Friday that new cost figures had not been calculated,...
  • California's Proposed Fraudulent Gift to the Ultra-Wealthy

    02/04/2018 6:29:11 AM PST · by Kaslin · 35 replies
    Townhall.com ^ | February 4, 2018 | Hank Adler
    If you were worried that the wealthiest California taxpayers were paying too much in Federal taxes, the Democratic dominated California State Senate apparently has been equally concerned and has proposed a "tax" law change that would allow California taxpayers to deduct 85% of their California state taxes as "contributions" in their federal income tax returns. In short form, the proposal is for California taxpayers to pay an amount equal to their California taxes to a non-profit "charity" that will in turn donate the money to the state. Of course, the California Senate has found a couple of tax professors to...
  • Vanity--got my first payroll tax cut, thank you President Trump!

    02/01/2018 4:44:05 AM PST · by RooRoobird20 · 40 replies
    Me ^ | 2/1/2018 | Me
    I just got my first paycheck since the tax cut went into effect, my take home pay is increasing by $170 per month. Thank you, President Trump! How about you all? Are you starting to get paychecks with the new tax rates? Winning!!!!
  • Seattle Soda Tax Not Doing Too Well

    01/31/2018 1:30:37 PM PST · by Tolerance Sucks Rocks · 60 replies
    The WasteWatcher (Citizens Against Government Waste) ^ | January 11, 2018 | Spencer Chretien
    While the rest of us were popping champagne to celebrate the arrival of 2018, Seattle greeted the New Year with a 1.75 cent per ounce tax on sweetened beverages. It was needed, former Mayor Ed Murray once said, for a host of noble reasons: to reduce sugar consumption; to raise revenue for important projects like a year of “free” community college for all graduating public high school students; and, to subsidize purchases of healthy foods by low-income families.Before he resigned in disgrace over multiple allegations of personal misconduct, Murray considered the soda tax one of his greatest accomplishments, a “cutting...