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Corporate Taxes: Nobody knows for sure whether President Trump supports a "border adjustment tax." That's fitting, since nobody really knows what this tax would do to the economy. Trump has been hot and cold about the border adjustment tax. On Thursday, he told Reuters that he thought the tax "could lead to a lot more jobs in the United States." On Friday, Trump's top economic advisor reportedly said it was a nonstarter. The tax is part of a wholesale rewrite of the corporate tax code proposed by the House GOP leadership, which they say will vastly simplify taxes, lower rates,...

Treasury Secretary Steven Mnuchin said Thursday that he wants to see "very significant" tax reform passed before Congress' August recess, in what could prove a tough task as lawmakers work through a complex agenda. "We want to get this done by the August recess. We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan," he told CNBC in his first television interview since assuming office. President Donald Trump has repeatedly made pledges for tax reform and regulatory cuts since he took office, creating optimism among business executives and investors. So...

The Democratic mayor of Philadelphia is touting the success of the city’s beverage tax and lashing out at the “greed” of retailers as sales crater by as much as 50 percent. City officials say the unpopular soda tax is already exceeding expectations, raking in $5.7 million in revenue in January. The revenue is more than double what officials estimated, which goes towards early childhood education programs in the city. Despite the supposed success of the policy, sales among retailers are getting crushed. Stores are reporting beverage sales down 30 to 50 percent and are planning layoffs to cope with the...

The yearly ritual of submitting tax returns to the Internal Revenue Service (IRS) may not be something most of us look forward to doing, but do we really want the federal government to do it for us? Sen. Elizabeth Warren (D-MA) has proposed legislation that would require the IRS to offer you the convenience of doing your taxes for you. The actual bill would require the IRS to create programs that help taxpayers process and file their federal taxes for free. Sen. Warren says taxpayers spend, on average, 13 hours and about $200 for tax preparation services to file...

A group of chief executive officers are praising House Republicans' proposed border-adjustment tax as the debate escalates. Border adjustability, which would subject imports to U.S. tax and exempt exports "is consistent with the tax policies of nearly every other country in the world, and it would effectively end the 'Made in America' tax that creates an unfair advantage for foreign-based companies at the expense of U.S. jobs and economic growth," the CEOs wrote in a letter to congressional leaders Tuesday. Sixteen business leaders signed the letter, including the CEOs of Boeing, GE, McIlhenny Company, Pfizer and S&P Global. The chief...

The news media has been reporting on plans by a coalition of activist groups to hold a massive anti-Trump Tax March in Washington and at least 60 other locations on April 15. Unreported by the news media is that most of the listed partners and support organizers of the march are openly financed by George Soros or have close links to Soros financing. The website for the march, which is slated for the deadline for Americans to file their tax returns, claims that its mission is to get Trump to release his tax returns and more. The site relates: President...

Some Democrats prepare to withhold paying federal taxes in potentially the biggest tax boycott since the Vietnam War, according to a report from The Guardian. The National War Tax Resistance Coordinating Committee (NWTRCC), which campaigns for federal tax boycotts, says there has “renewed interest in war tax resistance following Trump’s inauguration,” with the website’s traffic doubling in the past month. “Something has clicked in the minds of thousands of people across the country… we don’t want to pay for Trump’s agenda! While many of the reasons people are fed up—extreme militarism, mass incarceration, police brutality, and mass deportations—are part of...

Full Title: Major Blow to Obamacare Mandate: IRS Won't Reject Tax Returns That Don't Answer Health Insurance Question The tax agency has stopped requiring individual filers to indicate whether they maintained health coverage or paid the mandate penalty as required under the law How much difference does a single line on a tax form make? For Obamacare's individual mandate, the answer might be quite a lot. Following President Donald Trump's executive order instructing agencies to provide relief from the health law, the Internal Revenue Service appears to be taking a more lax approach to the coverage requirement. The health law's...

The fact that it’s being proposed by Republicans doesn’t make it any more economically palatable. Madness is rare in individuals — but in groups, parties, nations, and ages it is the rule — Friedrich Nietzsche ‘Cap and trade was just one way of skinning the cat; it was not the only way,” Barack Obama declared after Democrats’ disastrous losses in the 2010 midterm elections. That shellacking finally killed off the Waxman-Markey cap-and-trade bill. From it was born the EPA’s Clean Power Plan and the Obama administration’s war on coal, in turn a contributory factor to Donald Trump’s election and Republicans’...

The proverbial friend of mine scrambled to pay estimated income taxes owed by Jan 17 2017. The extra amount is about $40k. This was over the $5k per quarter originally estimated last April. This was due to an unexpected contract. The friend believes the estimate to be about correct, mas a memos some bouncing around due to decreasing home mortgage interest paid. The friend had heard scuttlebutt to the effect that the IRS will seek to charge penalty for insufficient withholding. That is, maybe the $40k should have been paid in 4 10k installments in the eyes of the IRS...

Billionaire industrialist Charles Koch is launching a campaign to sink a border tax under consideration by Republican leaders in Congress, a move that could complicate the lawmakers' efforts to find a way to pay for President Donald Trump's proposed wall on the U.S. border with Mexico. Americans for Prosperity, a conservative political advocacy group founded by Charles Koch and his brother David, plans to use its network of wealthy political donors and activists to kill the proposal, which aims to raise $1.2 trillion over 10 years on goods coming into the United States, according to officials from the group, which...

If the GOP-controlled Legislature goes along with Democrat Gov. Tom Wolf's renewed call for a severance tax, it would be a surefire way to debilitate Pennsylvania's shale-gas industry. Always a bad idea, a severance tax is an even worse idea this time around — because 2016 saw the industry “shed a third of its jobs” and gas prices are still rebounding “from record lows,” according to the Commonwealth Foundation. The state's own Independent Fiscal Office estimates that Pennsylvania's existing impact fee is the equivalent of a 6.9-percent severance tax — higher than severance taxes in Louisiana, Wyoming and West Virginia.

The two preferences are among the most expensive provisions in the tax code. They are also viewed as disproportionately benefiting upper-income people. Of the two, the state and local tax deduction, which tends to benefit areas that lean Democratic, looks to be more endangered. A 2015 paper from the Tax Foundation found that the 10 counties that benefit the most from the deduction are located in New York, New Jersey, California and Connecticut.

"Dear Mr. Trump, I am among the tens of millions who voted for you, and also among the twenty thousand or so that spent fifteen months obsessively devoted to getting you elected. I went to bed in tears on election night, only to be woken at midnight by my wife to watch the miracle unfold. Perhaps someone will read this and in a second miracle, you will hear my voice. I am going to make seven points with seven paragraphs and seven graphics.#1 You are not only an accidental president, you are a fringe president. 27% of the eligible voters...

As you review this CNN article it is CRITICAL to remember there are two divergent U.S. economies: a Wall Street economy, and a Main Street economy. The DC UniParty Politicians, the Globalists and the MSM will instantaneously conflate the two. Stay sharp. The direct target of the tariff approach is the enhancement of the Main Street economy. Due to the global nature of Wall Street this immediately puts their financial relationship, their economic risk, in the same place as the risk for foreign countries which would be subjected to the economic leveling of the trade equation. Again, stay intellectually sharp...

LuxLeaks whistleblowers appeal jail sentences LUXEMBOURG (AFP) - Two whistleblowers and an investigative reporter in the "LuxLeaks" tax scandal return to court on Monday for leaking thousands of documents that exposed Luxembourg's huge tax breaks for major international companies. Protestors from across Europe are expected in Luxembourg as the three men begin the appeal to a verdict that saw two of the defendants receive jail sentences last June. The LuxLeaks scandal sparked a major global push against generous deals handed to multinationals that grew even stronger after the Panama Papers revelations earlier this year. Former PricewaterhouseCoopers employees Antoine Deltour and...

Portland City Council approved the controversial plan 3-1 Wednesday, making a statement about growing income disparity in the United States while giving Commissioner Steve Novick a legacy piece in his final weeks in City Hall. The tax targets publicly traded companies whose chief executives report salaries at least 100 times higher than the salary of a median worker.

Court Rules IRS Can Seek Information on Bitcoin Customers Agency to serve Coinbase with summons as part of wide-ranging tax probe By Paul Vigna Updated Dec. 1, 2016 4:35 a.m. ET A federal court on Wednesday ruled that the Internal Revenue Service can serve digital-currency-services company Coinbase with a “John Doe summons” that seeks detailed information on its customers’ transactions from 2013 to 2015. The IRS and the Justice Department are looking for information about the use of the digital currency bitcoin and the possibility that it has been used to evade federal tax laws over the three-year period. The...

What's the opinion or consensus on this guy and/or the tax changes? I am NOT a fan of class warfare and I feel like when they don't cut the taxes for the rich, there's an element of punishment. Why can't everyone single American get the same tax cuts? Why make people that make more foot more of the bill?

Last year, the Emanuel administration slipped through a tax on streaming video and cloud computing. Now, again without public hearings, City Hall is targeting bars and restaurants with a surcharge on satellite TV feeds. Earlier this month, the city served notice that its 9 percent amusement tax applies to businesses that subscribe to satellite TV services. The impact likely will be felt most by public spaces that buy premium subscriptions for NFL and college games that can easily run $5,000 to $10,000 a year, meaning their annual taxes would come to at least $450. "This is obviously a huge concern...