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Keyword: taxandspend

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  • California voters reject repeal of state gas tax and vehicle fee increase

    11/07/2018 11:09:03 AM PST · by C19fan · 52 replies
    LA Times ^ | November 7, 2018 | Patrick McGreeby
    Proposition 6, which would have repealed an increase in California’s gas tax, failed to win the majority vote needed for passage on Tuesday after Gov. Jerry Brown warned it would halt urgent repairs to the state’s crumbling roads and bridges. Brown, who leaves office in January, said after the first vote tallies were announced that it was important that the initiative be defeated for the future of the state. “This is one of the most significant votes in America tonight, because where else have people voted to tax themselves to pay for what they need?” Brown said to cheers at...
  • New York Towns Gearing Up to Fight IRS Ruling on Local Taxes

    09/30/2018 12:08:21 PM PDT · by Hojczyk · 48 replies
    The Wall Street Journal ^ | September 30,2018 | By Jimmy Vielkind
    An emerging coalition of New York municipalities is preparing to challenge proposed Internal Revenue Service regulations that clouded the ability of cities and towns to set up funds that allow residents to pay their local taxes as charitable contributions. The group of municipalities—which includes Westchester County—will file public comments with the IRS and is considering a lawsuit, according to Assemblywoman Amy Paulin, a Democrat who lives in Scarsdale. The new federal tax code signed into law by President Trump in December put a $10,000 cap on state and local tax deductions, a change that has hurt some residents in New...
  • Bill Would Grant New Yorkers 3 Months Paid Bereavement Leave To Mourn Loss Of Loved Ones

    08/04/2018 4:14:49 PM PDT · by Sub-Driver · 57 replies
    Bill Would Grant New Yorkers 3 Months Paid Bereavement Leave To Mourn Loss Of Loved Ones August 2, 2018 at 7:59 pm NEW YORK (CBSNewYork) – Lawmakers want every worker in New York to get three months paid bereavement leave to mourn the loss of a loved one. But many business owners say it could be crippling. Will Gov. Andrew Cuomo sign it into law? The bill is sponsored by Sen. Richard Funke, of upstate Batavia, whose son died. “I’ve experienced the pain of losing a child. The grief can be unpredictable and overwhelming,” he said in a statement. “No...
  • Borrowing billions to lower Chicago's pension debt? Emanuel's finance team is considering it

    08/04/2018 10:01:48 AM PDT · by Libloather · 75 replies
    Chicago Tribune ^ | 8/03/18 | Hal Dardick
    Mayor Rahm Emanuel’s financial team is considering borrowing billions of dollars to pour into Chicago’s ailing pension funds — a move they contend could save future taxpayers hundreds of millions of dollars but experts say comes with risk. The idea is to issue bonds at relatively low interest rates and use the money to reduce the city’s $28 billion in pension debt. The pension funds would invest the bond proceeds and ideally earn returns that outpace the interest the city would have to pay on the bond debt. Issuing so-called pension obligation bonds would be a first for Chicago, which...
  • Drowning In Debt: These States Are Approaching A Point Of No Return (FLEE!)

    08/02/2018 7:51:54 AM PDT · by SeekAndFind · 57 replies
    Townhall ^ | 08/02/2018 | Matt Vespa
    Having grown up in New Jersey, you understand that Democrats are a tax and spend party and even liberals in the state understand it. The Garden State is a case study in mass exodus; it’s just too expensive to live there anymore. Are there signs that the Democrats get it? Maybe—the heavily Democratic legislature in Trenton had to tell Governor Phil Murphy that his tax increase agenda was more or less not going to happen. Taxes still went up, but it was not the insane proposal the governor’s office had pushed. Still, I doubt Demorats in these states will find...
  • Taxpayers in these BLUE states are about to be destroyed thanks to massive debt

    07/29/2018 11:08:09 AM PDT · by SleeperCatcher · 40 replies
    The National Sentinel ^ | 7/29/18 | USA Features
    Other People’s Money: The Left-wing establishment press has found a new Democratic darling — avowed socialist Alexandria Ocasio-Cortez, whose running for Congress in New York City — but to be honest, the party has been trending that way for years. The evidence can be found in the way blue states have been run — into the ground, financially speaking. Several of them are facing massive debt thanks to mostly over-promised pensions approved by Democrats that have drained state bank accounts and are set to saddle taxpayers living in them with hundreds of billions of dollars in new taxes.
  • Millionaires Flee California After Tax Hike

    07/06/2018 2:11:38 PM PDT · by EdnaMode · 47 replies
    Forbes ^ | July 6, 2018 | Patrick Gleason
    According to new research released by Charles Varner, associate director of the Stanford Center on Poverty and Inequality, California lost an estimated 138 high-income individuals following passage of the Proposition 30 income tax increase championed by Gov. Jerry Brown (D) and approved by Golden State voters in 2012. This new research by Varner updates a previous paper released six years ago that looked at domestic migration to and from California following a 2004 income tax hike. “One reason we wanted to update our previous paper is that this tax change in 2012 is the largest state tax change that we...
  • Religious leaders hit GOP tax law after it imposes new tax

    06/26/2018 6:50:45 AM PDT · by GIdget2004 · 20 replies
    The Hill ^ | 06/26/2018 | Jacqueline Thomsen
    Religious leaders are slamming the new GOP tax law after the measure required them to start paying a tax on some of the fringe benefits religious institutions offer to employees. Politico reported Tuesday that the new tax law requires the groups to start paying a 21 percent tax on some of the benefits, including those for transportation, meals and potentially gym memberships. Republicans eliminated tax breaks for employees' fringe benefits in the law to cover the cost of tax cuts for corporations and individuals. Because nonprofits don’t pay income taxes, lawmakers implemented a tax on the organization's fringe benefits. Religious...
  • Seattle may pull ‘head tax’ after Amazon, Starbucks cry foul

    06/12/2018 8:28:19 AM PDT · by NohSpinZone · 24 replies
    Fox Business ^ | 6/11/18 | By Thomas Barrabi
    Seattle Mayor Jenny Durkan and city council members on Monday said they would consider legislation to repeal a “head tax” on the city’s large businesses, just weeks after the measure’s passage drew public criticism from Amazon, Starbucks and others. [SNIP] Amazon vice president and spokesman Drew Herdener said last month that the bill’s passage forced the company “to question our growth” in Seattle. "The city does not have a revenue problem – it has a spending efficiency problem. We are highly uncertain whether the city council’s anti-business positions or its spending inefficiency will change for the better," Herdener said at...
  • Amazon, Starbucks pledge money to repeal Seattle head tax

    05/25/2018 8:03:11 AM PDT · by gattaca · 37 replies
    Fox News ^ | May 25, 2018 | AP
    SEATTLE – Amazon, Starbucks, Vulcan and other companies have pledged a total of more than $350,000 toward an effort to repeal Seattle's newly passed tax on large employers intended to combat homelessness. Just days after the Seattle City Council approved the levy, the No Tax On Jobs campaign, a coalition of businesses, announced it would gather signatures to
  • How Seattle’s New Tax to Fight Homelessness Could Ruin its Economy

    05/18/2018 7:03:46 AM PDT · by SeekAndFind · 39 replies
    Fortune ^ | 05/18/2018 | Travish Brown
    In a shortsighted effort to fight homelessness, Seattle’s city council has approved a new employee “head tax” on companies based in the city. The policy pits growth and progress against each other in a zero-sum game that will do far more harm than good. The head tax is exactly what it sounds like: a straight levy of $0.14 per hour per employee—about $275 a year for a full-time worker—targeting every business in Seattle with revenues of $20 million or more. The proposal’s backers aim to raise around $48 million per year to fund various affordable housing initiatives in order to...
  • A reckoning is coming for blue states

    05/17/2018 4:17:01 PM PDT · by re_tail20 · 108 replies
    The Washington Post ^ | May 17, 2018 | Megan McArdle
    Before the ink was dry on our new tax bill, outraged blue states were screaming about the cap on the deductibility of state and local taxes. Their governments were also frantically seeking ways around it, and small wonder. For decades, high-tax states with a lot of wealthy residents enjoyed a hefty subsidy from the rest of America. Legislators were understandably panicked over what voters might do when handed the rest of the bill. That panic generated some desperate ideas. The most popular, currently, is allowing people to convert tax payments above the $10,000 cap into a "charitable donation." New York,...
  • Amazon Fights Back

    05/16/2018 7:10:26 AM PDT · by Kaslin · 29 replies
    Townhall.com ^ | May 16, 2018 | John Stossel
    Seattle is worried about the well-being of the poor and mentally ill people living there, so it's going to drive businesses out of town. OK, that's not how the politicians describe their plan, but that's probably how it will work out. Members of Seattle's city council want all big Seattle businesses to pay a tax of $500 per employee. In response, Amazon stopped building a new complex. Construction workers joined Amazon in protesting the new tax. On the other side are city council members like Kshama Sawant. She and members of her political party, Socialist Alternative, demonstrated in support of...
  • Seattle OKs taxing companies like Amazon to aid the homeless

    05/15/2018 10:43:32 AM PDT · by yesthatjallen · 38 replies
    AP ^ | 5 15 2018 | PHUONG LE
    Seattle’s largest businesses such as Amazon and Starbucks will have to pay a new tax to help fund homeless services and affordable housing under a measure approved by city leaders. The City Council unanimously passed a compromise plan Monday that taxes businesses making at least $20 million in gross revenues about $275 per full-time worker each year — lower than the $500 per worker initially proposed. The so-called “head tax” would raise roughly $48 million a year to build new affordable housing units and provide emergency homeless services. Etc...
  • NJ Gov. Murphy Allows Illegal Immigrants to Get College Financial Aid, Challenges Trump

    05/10/2018 6:16:54 AM PDT · by Kid Shelleen · 31 replies
    Fox News ^ | 05/09/2018 | staff
    New Jersey Gov. Phil Murphy (D) signed a bill Wednesday that allows New Jersey college students who are in the country illegally to obtain financial aid for their education, several news outlets reported. Murphy called the United States the "world's melting pot" where people come "in the hope of a new life," when he signed the legislation at Rutgers-Newark, according to NJ.com. The bill's sponsor, State Senator Teresa Ruiz (D-Newark), praised Murphy's move, saying that the Garden State prides itself in investing in "all of our students throughout their K-12 academic careers." She said it is not right to limit...
  • My clients are fleeing NJ like it is on fire

    05/04/2018 11:01:48 AM PDT · by Brilliant · 66 replies
    WSJ ^ | 5/2/18 | James Freeman
    That headline arrives via email from a money manager in northern New Jersey. The Garden State already has the third largest overall tax burden and the country’s highest property tax collections per capita. Now that federal reform has limited the deduction for state and local taxes, the price of government is surging again among high-income earners in New Jersey and other blue states. Taxpayers are searching for the exits. In the financial industry of course it’s not just the clients who are looking for greener pastures. One hedge fund manager moving his office to a southern state reports that his...
  • Trump tax cut leaves blue states bluer, but they do have a way out (SALT sends NY, CA scrambling)

    05/04/2018 7:18:27 AM PDT · by SeekAndFind · 26 replies
    The American Spectator ^ | 05/04/2018 | HUNT LAWRENCE AND DANIEL J. FLYNN
    High-tax states face a choice: reduce taxes or lose taxpayers. Stephen Moore and Art Laffer forecast in the Wall Street Journal the loss of 800,000 California and New York residents over the next three years. The exodus, the economics experts say, comes because of the tax bill, which limits the state and local tax (SALT) deduction to $10,000, passed in December. Previously, the feds forced no monetary limit on filers. California taxes individuals earning $1 million or more at a rate of 13.3 percent. New York levies an 8.8 percent rate upon individuals making a similar amount of money annually....
  • How the baby boomers — not millennials — screwed America

    04/26/2018 2:43:10 AM PDT · by Cronos · 125 replies
    Vox ^ | 12 Mar 2018 | Sean Illing
    Everyone likes to bash millennials. We’re spoiled, entitled, and hopelessly glued to our smartphones. We demand participation trophies, can’t find jobs, and live with our parents until we’re 30. But is the millennial hate justified? Have we dropped the generational baton, or was it a previous generation, the so-called baby boomers, who actually ruined everything? That’s the argument Bruce Gibney makes in his book A Generation of Sociopaths: How the Baby Boomers Betrayed America. The boomers, according to Gibney, have committed “generational plunder,” pillaging the nation’s economy, repeatedly cutting their own taxes, financing two wars with deficits, ignoring climate change,...
  • Pelosi: Democrats Will Repeal the GOP Tax Law When We Retake the House

    04/04/2018 7:16:12 PM PDT · by Zakeet · 48 replies
    NTK Network ^ | April 4, 2018
    House Minority Leader Nancy Pelosi (D-CA) said that Democrats would indeed repeal the GOP tax law if they are successful in retaking the House of Representatives this November during a town hall on Wednesday.
  • Alarm bells are ringing on the federal debt

    02/13/2018 5:54:30 AM PST · by Cheerio · 20 replies
    The Hill ^ | 02/09/18 | Thomas Binion
    If you’re reading The Hill, chances are you’ve heard the scary statistics or doomsday predictions about government spending. Or you’re heard it from the Congressional Budget office or Congressional Research Service or CBS, or you’ve heard it from House Speaker Paul Ryan or Office of Management and Budget Director Mick Mulvaney. In short, there is no shortage of professionals sounding the alarm over spending. If you’re like me, each time you’ve heard those, you’ve wondered, “How is that possible?” or “How did we get here?” or “If that were true, Congress wouldn’t be getting away with it.” Well, it’s...