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Keyword: taxandspend

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  • 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...
  • New York Times frets over the fortunes of California's wealthiest

    02/08/2018 11:25:57 AM PST · by rktman · 12 replies ^ | 2/8/2018 | Thom Lifson
    In a daily feature it calls “California Today,” the New York Times expresses concern over the impact of stock market declines on California’s wealthy. It is not out of concern that risk-takers will be disincentivized from making future investments, however. Matt Stevens and Julie Turkewitz write: California has one of the highest top tax brackets in the country, and the state relies heavily on those top earners to fill its coffers. (In 2014, the top 1 percent of earners paid 48 percent of all state income taxes in California, according to a 2016 article in the Economist.) “Since the top...
  • All inmates in NYS prisons to get free tablets

    02/01/2018 5:32:26 PM PST · by markomalley · 94 replies
    WKBW ^ | 1/31/18
    Under a new state contract, all inmates in New York State prisons will receive free tablets.The Department of Corrections and Community Supervision (DOCCS) is partnering with JPay, a company that specializes in inmate and corrections-related services. JPay is providing the tablets at no cost to the state or inmates, and DOCCS is not taking commissions for the tablets.The tablets will be preloaded with educational content and DOCCS plans to make additional services available through the tablets, such as Prison Rape Elimination Act reporting, Grievance filing, and the potential for placing commissary orders.According to DOCCS, JPay will get money from transactions that happen...
  • California Dems propose surcharge on businesses to fund social programs

    01/20/2018 3:44:46 AM PST · by lowbridge · 62 replies
    Fox news ^ | January 20, 2018 | Bradford Betz
    Lawmakers from California have proposed a bill that would compel companies making more than $1 million to turn over half their tax-cut savings to the state in order to fund programs that support low-income and middle-class families. Assembly members Kevin McCarthy, D-Sacramento, and Phil Ting, D-San Francisco, have proposed an Assembly Constitutional Amendment that would enact a tax surcharge on California companies, in order to help people who have been negatively affected by the GOP’s tax overhaul, the San Francisco Chronicle reported. -snip “Trump’s tax reform plan was nothing more than a middle-class tax increase,” Ting said in a statement. “It...
  • Pelosi Continues to Rip Tax Reform: Wage Increases and Bonuses Are ‘Crumbs,’ ‘So Pathetic’

    01/11/2018 11:51:21 AM PST · by Red Badger · 54 replies ^ | January 11, 2018 1:46 pm | BY: Cameron Cawthorne
    House Minority Leader Nancy Pelosi (D., Calif.) on Thursday continued to slam the recently passed Republican tax reform bill, calling the wage increases and bonuses "crumbs" during her weekly press briefing. Walmart was the most recent company to announce a wage increase and bonuses as a result of the sweeping legislation, which included a slashing of the corporate tax rate from 35 to 21 percent. "A number of companies are attributing the tax bill for being able to give higher wages to their employees as well as being able to give a number of bonuses to their employees. How do...
  • A financial 'bomb cyclone' is coming for the states in 2018

    01/07/2018 11:14:55 PM PST · by Oshkalaboomboom · 20 replies
    Washington Examiner ^ | Jan 08, 2018 | Sheila Weinberg
    January is traditionally the time to put the past behind us, turn over a new leaf, and make plans for what’s to come. Many indicators show the country’s economy has been pumping on all cylinders this past year. Stocks are at record highs and the unemployment rate is at its lowest point in 17 years. Many would agree that the economy is moving in the right direction, which is excellent news. Unfortunately, this optimistic news is somewhat undercut by worsening financial trajectories at the state government level from coast to coast. The nation is not in as good a shape...
  • Sticker shock over Seattle's new sugary drink tax

    01/06/2018 3:36:14 AM PST · by FreedomPoster · 161 replies
    KIRO 7 ^ | Jan 5, 2018 - 7:13 PM | Deedee Sun
    People are feeling sticker shock over Seattle’s sugary drink tax. You might’ve seen a picture circulating on social media that shows a more than $10 tax on a $15.99 case of Gatorade at Costco. On Friday, shoppers were taking their own pictures, stunned by the new prices. Advocates of the tax held a press conference on Friday, to explain how the city plans to use the $15 million expected to be raised from the tax in 2018. One Costco shopper loaded a case of Coca-Cola into her cart, not noticing the new price until KIRO7 pointed it out. “That much!”...
  • New York and co. are paying the price for being Deep Blue

    01/02/2018 4:12:56 PM PST · by Oshkalaboomboom · 40 replies
    NY Post ^ | Jan 02, 2018 | John Podhoretz
    The cold wasn’t the only thing that hammered the Northeast in the final fortnight of 2017 — and we can thank our extreme political polarization for the traumas New Yorkers and New Jerseyans are about to suffer. On the last night of the year, the Trump administration informed New York and New Jersey that there was no longer a deal with the federal government to help fund the desperately needed new rail tunnel between the two states — a $13 billion hit. Before that came the signing of the tax bill, whose limitations on the mortgage-interest and state- and local-tax...
  • Why are so many Americans angry about a tax cut?

    12/25/2017 9:21:16 PM PST · by Oshkalaboomboom · 86 replies
    NY Post ^ | Dec 25, 2017 | John Crudele
    Santa Trump gave American taxpayers a gift that they should have been thrilled and thankful to receive. Yet polls — starting from before the plan was actually passed — show that Americans hated the idea of a tax cut. Quinnipiac’s poll, for instance, showed that just 25 percent of voters approved the plan. Other surveys — by ABC News and The Washington Post, CNN, Morning Consult and YouGov — put approval only slightly higher. But those were still nowhere near the support that past tax cuts received. President Reagan’s first tax cut, in 1981, got a 51 percent approval rating....
  • Trump’s tax win will expose poverty of the leftist economics

    12/23/2017 6:45:57 PM PST · by GonzoII · 48 replies
    Washington Times ^ | L. Todd Wood
    When it comes to President Trump’s big tax plan, Democrats are worried — not that it will fail but that it will succeed, igniting the U.S. economy and providing so much economic growth that all those low-information voters out there will see the leftist scare talk of the last 25 years has been complete rubbish. Those fears are shared in Moscow, Tehran, Pyongyang and Beijing. America’s adversaries are worried that the U.S. economy, chained down by Obama, Clinton and Bush globalists for the last several decades, will actually make America great again under Mr. Trump. I’m talking “Ronald Reagan great”...
  • Mass Exodus From States Run By Top Democratic Governors Continues

    12/23/2017 8:19:17 PM PST · by Hadean · 72 replies
    forbes ^ | Dec 23, 2017 | Patrick Gleason
    The Democratic Governors Association, in an attempt to attack Illinois Gov. Bruce Rauner (R) tweeted this week about how 33,000 people left Illinois for another state over the past year, continuing years of outmigration from the Land of Lincoln. What they won’t be touting is the fact that during the administration of Gov. Pat Quinn (D), Rauner’s predecessor, 247,410 people on net left Illinois for the likes of North Carolina, Texas, Florida, Arizona, and other states that are better stewards of taxpayers dollars. Those 247,410 people, according to IRS migration data, took $13.7 billion with them to states that that...
  • Connecticut budget can’t rely on ‘the rich’

    12/21/2017 12:30:43 PM PST · by george76 · 42 replies
    Connecticut continues to be dogged by messy finances. The budget legislators and Gov. Dannel P. Malloy adopted in late October for fiscal year 2017-18 is in deficit. Gov. Malloy’s Office of Policy and Management estimated a $202.8 million hole Nov. 20, while state Comptroller Kevin P. Lembo concluded Dec. 1 that the hole is $207.8 million. Before these forecasts were issued, the state was expected to contend with a $4 billion deficit in the 2019-21 biennium. ... “between 2015 and 2016, Connecticut saw a net loss of 2,050 tax filers who earn more than $200,000 per year.” This amounted to...
  • Illinois Drives People Away

    12/13/2017 7:13:40 AM PST · by Beave Meister · 16 replies
    The Wall Street Journal ^ | 12/12/2017 | The Editorial Board
    If Republicans succeed in limiting the state-and-local tax deduction, one hope is that this could finally inspire a come-to-Jesus moment in prodigal high-tax states. Democrats in Illinois ought to be especially chastened by new IRS data showing an acceleration of out-migration. The Prairie State lost a record $4.75 billion in adjusted gross income to other states in the 2015 tax year, according to recently IRS data released. That’s up from $3.4 billion in the prior year. Many of the migrants were retirees who often flock to balmier climes. But millennials accounted for more than a third of the net outflow...
  • Montgomery County [MD] Bracing for Long-Term Revenue Decline [wealthy paying less taxes]

    12/12/2017 4:55:44 PM PST · by 11th_VA · 24 replies ^ | Dec 12, 2017 | By Andrew Metcalf
    Projected revenue decline attributed to wealthy individuals paying significantly less in income taxes; future job cuts not ruled out Montgomery County is revising its six-year revenue forecasts down by more than $400 million as income tax revenue lags behind previous projections. The lower long-term forecast comes after County Executive Ike Leggett called for 2 percent cuts at county departments to address a projected $120 million shortfall in the $5.4 billion fiscal 2018 operating budget. Leggett said he doesn’t believe county employees should worry about their job security “immediately,” however he did say potential job cuts may need to be considered...
  • The Real Reason Democrats Hate Losing the State and Local Tax Deduction

    11/29/2017 10:53:22 AM PST · by Boomer · 41 replies
    Townhall ^ | 11/29/17 | Bob Barr
    Since state and local taxes can be deducted, the tax burden is shifted from those governments to the federal government, which in turn makes up for this lost revenue by keeping taxes higher on the rest of the country. In effect, taxpayers in low-tax states and cities, like those in the South, are forced to subsidize the lavish public spending of liberals in New York, New Jersey, Connecticut, and California, who have little incentive to reduce the local taxes that fund their pet projects. It is much like making charitable donations online using someone else’s credit card. It does not...
  • States ranked by claims for state and local tax deductions

    11/20/2017 4:42:05 PM PST · by SkyPilot · 323 replies
    AP and ABC News ^ | 18 Nov 17 | AP Staff
    The percentage of federal individual income tax filers claiming a deduction for state and local taxes paid in 2015, ranked by state: 1. Maryland: 45.7 percent 2. Connecticut: 41.3 percent 3. New Jersey: 41.2 percent 4. Virginia: 37.3 percent 5. Massachusetts: 36.9 percent 6. Oregon: 36.0 percent 7. Utah: 35.3 percent 8. Minnesota: 34.7 percent 9. New York: 34.5 percent 10. California: 34.4 percent 11. Georgia: 32.8 percent 12. Rhode Island: 32.8 percent 13. Colorado: 32.5 percent 14. Delaware: 31.6 percent 15. Illinois: 31.3 percent 16. Wisconsin: 31.0 percent 17. New Hampshire: 30.9 percent 18. Washington: 29.9 percent 19. Iowa:...
  • Republicans vote for a tax increase

    11/11/2017 9:55:57 AM PST · by WilliamIII · 42 replies
    Fox and Hounds Daily ^ | Nov 10 2017 | Tony Quinn
    California Republicans are about to vote for a major tax increase, on California Republicans. That’s what will happen when they pass the Congressional Republican tax reform bill that does away with the state and local tax deduction to your federal taxes, widely used by middle class Californians.
  • 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...
  • Pension costs ‘crowding out’ spending on parks, schools and social services, report says

    10/04/2017 4:14:30 PM PDT · by artichokegrower · 26 replies
    Sacramento Bee ^ | October 04, 2017 | Adam Ashton
    California governments likely will make do with fewer teachers, parks employees and other public workers while they struggle to absorb fast-rising pension costs in the next few years, a former state lawmaker argues in a study released this week through Stanford University. Former Democratic Assemblyman Joe Nation projects that many cities, counties and school districts will double their spending on pensions by 2030, “crowding out” their ability to fund public services.
  • Theodore Roosevelt supported the death tax

    09/30/2017 8:04:42 AM PDT · by ProgressingAmerica · 53 replies
    Chalk another one up for big government progressivism. I recently posted about progressive republicans and the 16th amendment, having learned during that research that this was the case: I did not know previously that TR supported the death tax. Here is what he said in 1906: As a matter of personal conviction, and without pretending to discuss the details or formulate the system, I feel that we shall ultimately have to consider the adoption of some such scheme as that of a progressive tax on all fortunes, beyond a certain amount, either given in life or devised or bequeathed upon...