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Keyword: taxes

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  • Obama refuses to set upper limit on tax rate

    07/26/2014 11:37:16 AM PDT · by SeekAndFind · 16 replies
    American Thinker ^ | 07/26/2014 | Thomas Lifson
    James Pethokoukis of the American Enterprise Institute noticed a very revealing moment in President Obama’s Thursday interview with CNBC’s Steve Liesman: STEVE LIESMAN: Mr. President, I just want to pivot back one more time to domestic issues.  You’ve said a bunch of times that getting the wealthy to pay a little bit more, and you’ve succeeded in raising that top tax rate to 39% or rolling back the tax cuts. Is there a limit there?  Is there a limit to how much you believe the government should take from an individual in terms of a top tax rate? PRESIDENT OBAMA:...
  • (Exempt) Obama: Offshore 'tax inversions' are unpatriotic

    07/26/2014 9:55:40 AM PDT · by Libloather · 35 replies
    MSN ^ | 7/26/14
    <p>WASHINGTON (AP) President Barack Obama says a loophole that lets companies dodge U.S. taxes by moving their headquarters overseas is unpatriotic.</p> <p>Obama is denouncing "tax inversions" in his weekly radio and Internet address. He says companies are essentially renouncing their citizenship to avoid paying their fair share.</p>
  • Walgreens leaving Illinois for Switzerland?

    07/25/2014 7:31:56 PM PDT · by Coleus · 21 replies
    Watchdog.org ^ | July 25, 2014 | SCOTT REEDER
    Walgreens leaving Illinois for Switzerland? SPRINGFIELD I picked up my vacation photos at Walgreens the other day. And I didnt hear any French, German or Italian spoken.How surprising.Ive read that the Deerfield, Ill.,-based drugstore chain is considering becoming a Swiss corporation. Ill admit the thought of a company that is essentially an American icon becoming a foreign corporation gives me pause. After all, Walgreens is one of Illinois premier companies. It was founded here in 1901 and is headquartered in Deerfield, Ill. And now they are talking about moving their headquarters to Switzerland.But what exactly does it mean when...
  • Mark Cuban:If Your Company Is Moving For Tax Reasons, I'm Selling Your Stock

    07/25/2014 6:53:00 AM PDT · by SeekAndFind · 42 replies
    Business Insider ^ | 07/25/2014 | Myles Udland
    Mark Cuban isn't a fan of tax inversions, either. Last night, President Obama spoke with CNBC's Steve Liesman, and their first topic of conversation was the issue of tax inversions, or mergers where U.S.-based companies acquire foreign companies and move their tax base overseas to enjoy lower rates. Obama said this strategy, among other things, "undermines people's confidence in how companies are thinking about their responsibilities to the country as a whole." Cuban took his rhetoric a step further: he said he's selling stock in companies that move for tax reasons. On Twitter this morning, Cuban fired off a series...
  • How to stop companies from deserting America before its too late

    07/25/2014 6:09:46 AM PDT · by SeekAndFind · 30 replies
    Fortune ^ | 07/24/2014 | Allan Sloan
    Sometimes even journalists get it right. My essay about companies incorporating overseas to dodge taxes, Positively Un-American, featured in our last issue, clearly struck a nerve. Since its publication, these corporate inversionsa euphemism for desertionshave taken on a life of their own. Barely a day seems to pass without a corporation announcing that it plans to leave the U.S. to save taxes but wants to continue having its business, its employees, its directors, and especially its top executives benefit from our rule of law, democratic system, and the other great things that make America America. It just doesnt want to...
  • Obama urges Congress to tackle tax loopholes

    07/24/2014 7:07:31 PM PDT · by Innovative · 17 replies
    CBS News ^ | July 24, 2014 | Rebecca Kaplan/
    Most of President Obama's West Coast fundraising trip has been spent raising money behind closed doors, but appeared publicly to the Los Angeles Technical College Thursday to push Congress to close loopholes for U.S. businesses that shift their residences abroad to avoid a higher tax bill. The president framed his remarks around the idea of "economic patriotism," a recurring theme he has used recently to encourage the idea of closing tax loopholes to help fund investments in education and job training.
  • More Lying By The IRS Before Congress And The Courts

    07/24/2014 6:31:23 PM PDT · by raptor22 · 14 replies
    Investor's Business Daily ^ | July 24, 2014 | IBD EDITORIALS
    Scandal: The tangled web of IRS deceit unravels a bit more with news recycled backup tapes of lost emails still exist and statements before a federal judge that Lois Lerner's hard drive was irreparably damaged were untrue. Deliberately destroying evidence pertaining to the investigation of possible criminal activity is a crime. So is lying about it to Congress and the courts as part of a cover-up of that activity. On July 11, U.S. District Court Judge Reggie Walton, at a hearing examining a lawsuit against the IRS by the targeted conservative group True the Vote, told Obama administration lawyers he...
  • Obamacare Tax Fine Caps Put in Place

    07/24/2014 5:26:47 PM PDT · by dignitasnews · 13 replies
    Dignitas News Service ^ | July 24, 2014 | Dignitas News Service Team
    Federal officials have announced the structure and methodology for the amount of tax fines to be levied to individuals in non-compliance of federal Obamacare mandates. Under the plan announced today, the maximum tax/penalty an individual can be charged for failing to comply with the Affordable Care Act (ACA) often referred to as "Obamacare" will be $2,448 per person, while a family of five could entail a levy of $12,240. The decision that was announced today would initially impose on the citizenry a first year additional tax fine of $95 per person and be raised as much as 1 percent of...
  • New Report on Tax Cronyism in the States

    07/24/2014 1:34:16 PM PDT · by ThethoughtsofGreg · 4 replies
    American Legislator ^ | 7-24-14 | Jacob Kohlhepp
    As the quest for tax reform sweeps the nation, policymakers are faced with the dilemma of how to best build a tax code that promotes fairness, removes roadblocks to economic growth and maintains enough revenue to provide the proper amount of public services. As ALEC has pointed out Rich States, Poor States and other publications, low tax rates and smart tax choices are the path to prosperity because they increase a states competitiveness and are the least hurtful to productivity. However, in the effort to lower rates and make the tax code less of a burden, there is another impediment...
  • IRS Lawlessness: 20 Hard Drives, Six Unanswered Questions

    07/24/2014 8:18:36 AM PDT · by raptor22 · 55 replies
    Investor's Business Daily ^ | July 24, 2014 | IBD EDITORIALS
    Scandal: An internationally accredited information-technology asset-management firm says the IRS has some explaining to do as our patience is taxed with tales of even more convenient computer crashes. Private-sector organizations as vast as the Internal Revenue Service typically have redundancy built into their information technology systems, as secure record keeping is the key to managing their businesses and staying in business. Such records, if nothing else, are often required to be kept by law, and often by the IRS itself. As we have noted, Lois Lerner's lost emails from the critical period when the IRS was serving as a political...
  • Academic research favors low-tax states

    07/24/2014 5:16:05 AM PDT · by MichCapCon · 2 replies
    Capitol Confidential ^ | 7/23/2014 | Mike Van Beek
    A recent Michigan Future report calls into question a common economic theory: increasing taxes tends to lead to less private-sector growth. Comparing Michigans economic performance over the last two decades to that of Minnesotas, the report claims that rais[ing] taxes on the wealthy and businesses to invest even more in public services was the Gopher States key to success. While this anecdote convinced the Detroit Free Press, a large body of economic research does not support this view. For example, a new working paper published by the Mercatus Center empirically examines the relationship between state taxes and economic growth and...
  • How Are Tax Dollars Translated into Taxpayer Working Hours? Need Freeper Help

    07/21/2014 6:01:29 PM PDT · by Chickensoup · 18 replies
    07/21/14 | Chickensoup
    Need some help here. Trying to understand government spending in terms of hours of taxpayer work. In other words trying to find average taxpayer hours worked to pay taxes, and use it to look at government spending in a different way, hourly cost, Need help on this. Money these days is a little numbing. But every worker knows how long and hard they work for paycheck. Tax freedom day was April 13 in 2013 Freeper help?
  • CEO of the US, politicians need NOT apply

    07/21/2014 1:31:21 PM PDT · by simka · 111 replies
    self
    We do not need Hillary or Warren or any career politician. We do not need another leader in debt to big business, financial backers or his party agenda. We do need someone truly independent of all political pressures, capable of resolving all the damage done to this country. The names that come to mind are Ben Carson, Mitt Romney and maybe Ted Cruz. What say you all?
  • Flying soon? Expect fee turbulence [Obama-approved cost goes up today, 7/21/14]

    07/21/2014 5:38:59 AM PDT · by SoFloFreeper · 8 replies
    Atlanta Journal Constitution ^ | 7/20/14 | Mark Davis
    ....On Monday, Transportation Security Administration fee hikes go into effect, and they will have the greatest impact on travelers who make nonstop flights or have long layovers between flights. Critics say the agency should call the fees what they really are: a tax hike. Anyway you look at it, this is an increase in taxes, said Charlie Leocha, chairman of the consumer group Travelers United. The old fee had been $2.50 for a nonstop and $5 for a connecting flight. The maximum fee for a round trip was $10. The new security fee for all flights is $5.60. Any layover...
  • Maria Bartiromo: we need Economic Patriotism (Hooray Maria!!) on show Sunday Morning Futures

    07/20/2014 7:59:47 AM PDT · by Cringing Negativism Network · 52 replies
    Fox News | July 20 2014 | (rant)
    Hooray! Maria Bartiromo and gang were just discussing "Economic Patriotism" on her Fox News Channel show "Sunday Morning Futures". I couldn't believe it. FINALLY. Way to go. Much more conservatives need to climb on board this important topic.
  • Walgreens to lay off 345 in Flagstaff

    07/19/2014 9:16:57 PM PDT · by george76 · 27 replies
    Arizona Daily Sun ^ | &#8206;7&#8206;/&#8206;19&#8206;/&#8206;2014&#8206; &#8206; | Suzanne Adams-Ockrassa
    One of the top 10 employers in Flagstaff, Walgreens, announced Friday that it was closing its distribution center by April and laying off all 345 employees. ... Walgreens recently announced it was seeking to relocate its corporate headquarters overseas to lower its income tax bill. One estimate put first-year tax savings for the countrys largest drugstore chain at more than $700 million. The Wall Street Journal reported July 15 that Walgreens is considering buying the rest of Alliance Boots, a drugstore chain that operates in the United Kingdom but is headquartered in Switzerland. If Walgreens does purchase the rest of...
  • Netroots Nation: Attendees Fight For Taxing Wall Street, Demand Detroit Stop Messing w/Water Rights

    07/19/2014 4:32:22 PM PDT · by 2ndDivisionVet · 19 replies
    Townhall ^ | July 19, 2014 | Matt Vespa
    On the second day at Netroots, which was held in Detroit, Michigan, about 300 attendees at this liberal conference took to the streets to protest the proposed water-shut-offs. The city has begun cracking down on residents who havent been paying their water bills; 42,000 have seen their water turned off since July of 2013. The Atlantic reported on July 17 that residents are paying plumbers $30 to turn their water back on illegally. Although, while Netroots participants were there to be the voices for these people, the folks affected are remaining quiet: Residents targeted by the shut-off campaign have been...
  • EPA proposed new rule to garnish wages for non-tax debts

    07/19/2014 10:54:52 AM PDT · by The Bat Lady · 26 replies
    regulations.gov ^ | 7/19/2014 | The Bat Lady
    This Proposed Rule document was issued by the Environmental Protection Agency (EPA) For related information, Open Docket Folder Docket folder icon Action Proposed rule. Summary Environmental Protection Agency (EPA) is proposing to amend EPA's claims collection standards to include administrative wage garnishment. This rule amends the EPA's debt collection regulations to implement the administrative wage garnishment (AWG) provisions of the Debt Collection Act of 1982, as amended by the Debt Collection Improvement Act of 1996 (DCIA). The proposed rule will allow the EPA to garnish non-Federal wages to collect delinquent non-tax debts owed the United States without first obtaining a...
  • Obama seeks private dollars to repair public infrastructure

    07/18/2014 5:40:52 AM PDT · by TurboZamboni · 25 replies
    Pioneer Press(NY Times) ^ | 7-17-14 | Michael D. Shear
    WASHINGTON -- How can a president fix more roads and bridges without any new money to spend? President Barack Obama's answer Thursday was to announce new initiatives to encourage private-sector investment in the nation's infrastructure, including the creation of a "one-stop shop" at the Department of Transportation to forge partnerships between state and local governments, and public and private developers and investors. Stymied by Republican lawmakers who refuse to go along with Obama's call for vast new spending on the nation's infrastructure, the president is spending the week trying to demonstrate that he can still find ways to stop big...
  • Staten Island man dies after NYPD cop puts him in chokehold

    07/18/2014 5:11:11 AM PDT · by GrandJediMasterYoda · 117 replies
    NY Daily news ^ | 7/18/14 | BY KEN MURRAY , KERRY BURKE , CHELSIA ROSE MARCIUS , ROCCO PARASCANDOLA
    Staten Island man dies after NYPD cop puts him in chokehold SEE THE VIDEO VIDEO EXCLUSIVE: A 400-pound asthmatic Staten Island dad died Thursday after a cop put him in a chokehold and other officers appeared to slam his head against the sidewalk, video of the incident shows. BY KEN MURRAY , KERRY BURKE , CHELSIA ROSE MARCIUS , ROCCO PARASCANDOLA A 400-pound asthmatic Staten Island dad died Thursday after a cop put him in a chokehold and other officers appeared to slam his head against the sidewalk, video of the incident shows. I cant breathe! I cant breathe!...
  • Australia votes to repeal carbon tax

    07/17/2014 6:07:25 PM PDT · by kingattax · 4 replies
    BBC ^ | 17 July 2014
    Australia's Senate has voted to repeal the carbon tax, a levy on the biggest polluters passed by the previous Labor government. Prime Minister Tony Abbott, whose Liberal-National coalition beat Labor in an election last year, had made the repeal a central aim of his government. Politicians have been locked in a fierce row about the tax for years. Labor says it helps to combat climate change, but the Liberals claim it penalises legitimate businesses. The Australian Senate voted by 39 to 32 votes to repeal the tax. Introduced in July 2012, it charges the 348 highest polluters A$23 (13; $22.60)...
  • US House approves permanent ban on Internet access taxes

    07/16/2014 6:12:26 PM PDT · by Utilizer · 6 replies
    ITworld ^ | July 15, 2014, 2:24 PM | Grant Gross
    The U.S. House of Representatives has voted to permanently extend a ban on Internet access taxes that Congress has temporarily extended three times over the past 16 years. The House, in a voice vote Tuesday, passed the Permanent Internet Tax Freedom Act, over the objections of some Democrats. In addition to permanently banning states and local governments from taxing Internet access, the bill would ban any other form of Internet-only taxes, although its aimed primarily at taxes on Internet access service. The bill does not address Internet sales taxes, a separate issue that Congress has debated for several years. The...
  • Who'll Build the Roads?

    07/16/2014 4:14:50 AM PDT · by Kaslin · 21 replies
    Townhall.com ^ | July 16, 2014 | John Stossel
    "Tea party members don't think there's a federal role in transportation!" complained Sen. Sherrod Brown, D-Ohio, last week, near the site of a $5.8 million highway project. If only most tea party members were that radical. While Brown and other big-government folks worry that Republicans will cut spending, Republicans debate adding another $10.5 billion to the Highway Trust Fund to keep it going another year -- without deciding how to reform it. Now, there's no doubt some roads and bridges need work. But too little transportation money spent by government goes to building and repairing roads. As Cato Institute transportation...
  • The Lefts War on Women

    07/16/2014 7:16:57 AM PDT · by Academiadotorg · 3 replies
    Accuracy in Academia ^ | July 15, 2014 | Gabrielle Okun
    While the so-called conservative war on women remains a favorite topic of talking heads, actual assaults on the gender are increasingly coming from the political Left. prolife rally Obamacare affects women, Mattie Duppler, of Americans for Tax Reform said at a Republican Studies Committee panel discussion on womens issues. For example, the Independent Mandate Tax takes 2.5% out of their income, Dupler pointed out. Charmaine Yoest, of Americans United for Life, noted in the Capitol Hill symposium that two women die each month, a fact ignored, if not actively suppressed, by most health centers and the media. If women has...
  • Krugman: Wrong on Taxes, Wrong on Kansas

    07/14/2014 2:41:40 PM PDT · by ThethoughtsofGreg · 6 replies
    American Legislator ^ | 7-11-14 | Will Freeland
    New York Times columnist Paul Krugman recently used his weekly column to take aim at pro-growth tax reform and the Rich States, Poor States ALEC-Laffer State Economic Competitiveness Index. Krugman pulled no punches while dismissing the pro-growth impact of tax reformKansas recent tax reform specificallyseeing it fit to call those he disagrees with charlatans and cranks. Issues of projection by Krugman aside, he is wrong on the economic evidence for tax reform and wrong on Kansas. His errors, omissions, and innuendo in the place of facts warrants correction. First and most broadly, Krugman is wrong on the economic evidence analyzing...
  • How Does Cutting Taxes Increase Cost?

    07/14/2014 7:45:31 AM PDT · by MosesKnows · 14 replies
    How Does Cutting Taxes Increase Cost? Did Bush tax cuts cost the U.S. economy $6.6 trillion?I paid little attention to this headline on Yahoo Finance the other day because it was not a sensible question. Later, it came up in a different venue and I discovered there are people who believe that cutting taxes increase cost. Ill leave it up to you to discover who they are. Only spending can add cost. We don't have a trillion-dollar debt because we haven't taxed enough; we have a trillion-dollar debt because we spend too much
  • The wrong folks get billions in tax dollars ($106 BILLION just last year)

    07/13/2014 12:08:41 AM PDT · by Innovative · 9 replies
    CNN ^ | Jull 12, 2014 | Blake Ellis
    A government watchdog agency said an estimated $106 billion in payments were made in error last year: meaning they were the wrong amount, went to the wrong person or lacked sufficient documentation. These payments include tax refunds, unemployment benefits, Social Security benefits, and Medicare and Medicaid coverage. The improper payments could be even higher since not all agencies reported to the Government Accountability Office. The Department of Agriculture's School Breakfast program, which provides free or reduced-price meals to needy students -- had the highest error rate in 2013, at 25%.
  • Democrat Congressman: Tax Drivers for Every Mile They Drive

    07/12/2014 12:35:05 AM PDT · by 2ndDivisionVet · 31 replies
    CNS News ^ | July 11, 2014 | Penny Starr
    While the House and the Senate this week issued measures intended to temporarily replenish the Highway Trust Fund before it runs out of money next month, Rep. Earl Blumenauer (D-Ore.) ended the week by proposing to hike - then abolish - the federal fuel tax and replace it with a per-mile fee. The policy development that Im most excited about and that will reinforce the right practices for the future: After we raise the gas tax, we should abolish it, Blumenauer said on Friday at the liberal Center for American Progress in Washington, D.C. The time is right to replace...
  • Why State Tax Cuts Arent Driving Job Growth

    07/11/2014 7:37:04 AM PDT · by SeekAndFind · 11 replies
    Fiscal Times ^ | 07/11/2014 | BY ROB GARVER
    When Wisconsin Gov. Scott Walker delivered his State of the State address in January 2013, he promised that an agenda of budget cutting, reduced taxes and less business regulation would result in a better economic climate and more jobs for his state. Unlike the message coming out of Washington, I believe that putting more money in the hands of the people instead of the government is good for the economy, said the Republican governor, who is known as a reformer. Walker is just one of several Republican governors who, with the help of friendly Republican-dominated state legislatures, have...
  • Michigan Taxes Junkyard Dogs

    07/11/2014 7:10:21 AM PDT · by MichCapCon · 5 replies
    Michigan Capitol Confidential ^ | 7/10/2014 | Jarrett Skorup
    On Aug. 5, most voters will be focused on the primary elections for candidates. But there is another important issue on the ballot that day. Voters will be asked to approve or reject legislation reforming Michigan's personal property tax. This is a tax businesses pay annually on the value of their equipment. A "yes" vote would eliminate this cost for small businesses and phase it out for manufacturing companies. In Michigan, that means junkyards are paying taxes on the value of their dogs, hotels on their drapery, hair salons on their leftover shampoo, and bars on the worth of their...
  • 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...
  • Cover-up: Lois Lerner Caught Trying to Hide Information and Emails From Congress

    07/09/2014 3:01:44 PM PDT · by blueyon · 33 replies
    ACLJ ^ | 7/09/14 | Jordan Sekulow
    The latest bombshell email revelation from former top IRS official Lois Lerner shows her actively trying to hide information from Congress just days after learning of the Investigator General report on the IRS targeting of the Tea Party and conservative groups. Lerner stated that she had been cautioning fellow IRS employees to be cautious about what we say in emails because Congress has asked for emails. She was also concerned with hiding information shared through an IRS internal messaging system known as OCS, previously unknown to congressional investigators and others. She asked another employee if OCS conversations were also searchable.
  • Texas Margin Tax is the Epitome of Bad Tax Policy

    07/09/2014 12:54:32 PM PDT · by ThethoughtsofGreg · 7 replies
    American Legislator ^ | 7-9-14 | Will Freeland
    With most legislative sessions for 2014 adjourned, many states are now looking forward to November. Other than elections, various ballot initiatives will be voted on later this year. Perhaps the most economically damaging proposal comes from the state of Nevada, where voters will decide whether or not to impose a 2 percent modified gross receipts tax, or margin tax on the states businesses. Currently, only Texas has the economically devastating margin tax, at 1 percent, and that has been the subject of multiple votes to repeal just in the 2013 legislative session. Other states, such as Washington and Ohio also...
  • Laredo Mayor: No Taxpayer Money to Help Illegal Immigrants (Won't raise taxes on citizens)

    07/07/2014 9:36:26 PM PDT · by BuckeyeTexan · 27 replies
    KRGV Rio Grande ^ | 07/07/2014 | Staff
    LAREDO - City leaders in Laredo say they will not use taxpayer money to help illegal immigrants released from Border Patrol custody. Laredo Mayor Raul Salinas said the city has to look out for its own citizens. Laredo's position runs counter to those of cities like McAllen, which has spent thousands in tax dollars helping Central Americans released from Border Patrol custody.
  • Egypt president raises cigarette, alcohol prices

    07/06/2014 7:15:56 AM PDT · by Olog-hai · 8 replies
    Associated Press ^ | Jul 6, 2014 9:45 AM EDT
    Egypts president has issued a decree raising the sales tax on cigarettes by up to 50 percent and on beer by 200 percent. [] President Abdel-Fattah el-Sissi, former military chief elected last month, vowed to take tough decisions to address the countrys battered economy. This weekend, el-Sissi also partially lifted subsidies on fuel, a politically sensitive issue that Egypts previous leaders had avoided.
  • The Real Internal Revenue Scandal

    07/06/2014 7:03:17 AM PDT · by Innovative · 31 replies
    NY Times ^ | July 5, 2014 | NY Times Editorial Board
    There is a scandal going on at the Internal Revenue Service, but it has nothing to do with Lois Lerner or her missing emails. No, the real scandal is what Republicans did to cripple the agency when virtually no one was looking. Since the broad Tea Party-driven spending cuts of 2010, the agencys budget has been cut by 14 percent after inflation is considered, leading to sharply reduced staff, less enforcement of the tax laws and poor taxpayer service. The budget cutters are also trying to prevent the agency from performing its new job of collecting higher taxes on the...
  • Marijuana is illegal under federal law, should IRS be able to collect taxes on Colorado pot sales?

    07/05/2014 5:43:33 PM PDT · by Libloather · 55 replies
    Fox 6 Now ^ | 7/05/14
    (CNN) Some Colorado marijuana sellers are challenging Uncle Sam. Theyre filing a lawsuit saying the IRS shouldnt be allowed to collect taxes on marijuana sales because marijuana is illegal under federal law. Attorney Rob Corry says forcing Colorados recreational marijuana businesses to pay violates the United States Constitution. He has filed a lawsuit in District Court on behalf of clients, some of whom say taxes could be used as evidence in any future prosecution. Theyre open records and they are admitting to a federal crime. Its still a federal crime to sell marijuana, Corry said.
  • Five Reasons Not to Raise the Gas Tax

    07/05/2014 8:12:09 AM PDT · by Tolerance Sucks Rocks · 34 replies
    The Huffington Post ^ | July 3, 2014 | Randal O'Toole
    The federal Highway Trust Fund is running out of money, and some senators have proposed to fix the problem by raising gas taxes. This, however, is the wrong solution because it treats the symptom, and not the underlying reason for the shortfall. Here are five reasons for not increasing gas taxes. 1. The problem is not a shortage of funds but an excess of spending. For more than 50 years after Congress created the Highway Trust Fund in 1956 it was able to avoid a shortage of funds by a simple measure: it didn't spend more than was collected in...
  • Pension chaos hits Chicago, Illinois budgets

    07/04/2014 10:40:22 PM PDT · by george76 · 71 replies
    Crain's Chicago Business ^ | July 04, 2014 | GregHinz.
    yesterday's decision in a key Illinois Supreme Court case has set off a first-class explosion in state and local government, potentially punching tens of billions of dollars in holes in their collective budgets. Some elements of the court's decision are drawing intense debate. But if the overnight consensus is anywhere near correct, everyone from City Hall and the Capitol to your local village and school board will have little option now but to dig deep, cut services and raise taxes a lot and labor unions little incentive to compromise. "The law in Illinois is now crystal clear: Politicians cannot...
  • Berkeley To Force Marijuana Dispensaries To Provide Free Weed For Low-Income Patients

    07/04/2014 8:49:37 AM PDT · by Innovative · 43 replies
    CBS Local ^ | July 4, 2014 | Ryan Takeo
    The city of Berkeley will require medical marijuana dispensaries to give away two percent of the amount of cannabis they sell each year free to low-income patients. The City Council voted unanimously at Tuesdays meeting to amend the citys medical pot rules, which would also allow for a fourth dispensary in Berkeley. Under the proposal, at least two percent of all medical weed dispensed at a club would have to be provided at no cost to very low-income members and it must be the same quality thats dispensed to regular paying customers.
  • The IRS Crackdown on Offshore Tax Cheats Comes with a Price

    07/04/2014 5:44:44 AM PDT · by SeekAndFind · 40 replies
    Fiscal Times ^ | 07/04/2014 | John Grgurich
    <p>If you're an American, July 4 likely holds some significance for you, even if that's only getting the day off from work, having a beer, and watching some fireworks. But if you're an American living overseas, July 1 may come to hold an even greater significance the day the Internal Revenue Service's new overseas tax-collection rules took effect.</p>
  • At Walgreen, renouncing corporate citizenship

    07/01/2014 3:19:54 PM PDT · by 2ndDivisionVet · 33 replies
    Yahoo! Finance / The New York Times ^ | July 1, 2014 | Andrew Ross Sorkin
    A little less than two years ago, Gregory D. Wasson, the chief executive of Walgreen, sought a series of tax breaks from Illinois, where his company is based. We are proud of our Illinois heritage, he said at the time. Just as our stores and pharmacies are health and daily living anchors for the communities we serve, we as a company are now recommitted to serving as an economic anchor for northeastern Illinois. The state gave Walgreen $46 million in corporate income tax credits over 10 years in exchange for a pledge to create 500 jobs and invest in upgrading...
  • Yes, if You Cut Taxes, You Get Less Tax Revenue (anti-KS fail)

    06/29/2014 2:14:53 AM PDT · by Olog-hai · 13 replies
    New York Times ^ | June 27, 2014 | Josh Barro
    Kansas has a problem. In April and May, the state planned to collect $651 million from personal income tax. But instead, it received only $369 million. In 2012, Kansas lawmakers passed a large and rather unusual income tax cut. It was expected to reduce state tax revenue by more than 10 percent, and Gov. Sam Brownback said it would create tens of thousands of jobs. In part, the tax cut worked in the typical way, by cutting tax rates and increasing the standard deduction. But Kansas also eliminated tax on various kinds of income, including income described commonlyand sometimes misleadinglyas...
  • Tsunami of Foreign Minors to Hit Public Schools, Texas Officials Silent

    06/28/2014 4:13:31 PM PDT · by 2ndDivisionVet · 40 replies
    Breitbart's Texas ^ | June 28, 2014 | Merrill Hope
    DALLAS, Texas--Nerves are starting to fray. Texans want answers about the tsunami of undocumented and unaccompanied minors that may well hit public school classrooms this Fall. Breitbart Texas reported that the Clear Lake Tea Party (CLTP) voiced strong concerns about how these minors will be absorbed into classrooms across the state. Locally, it stands to tax Texans in more ways than one and how schools prepare comes with a surprising answer. Breitbart Texas asked Texas Education Agency (TEA) Director of Media Relations Debbie Ratcliffe who said, "We are monitoring the situation but, at this point, we have no districts report...
  • The Dark Road: The Worst Tax Law You've Never Heard About (effective July 1st)

    06/28/2014 11:11:55 AM PDT · by TigerClaws · 34 replies
    It broke Ruth Freeborns heart to give up her U.S. citizenship that fateful day last year. Unfortunately for the Oklahoma native, though, it was either that, or her family. Ruths Canadian husband of 33 years, who earns all of the middle-class familys income, simply could not go along with this situation, she explained. To find myself suddenly not able to live, bank, save or to keep peace in my marriage while being American at the same time was shocking at first and deeply disturbing to me. Ruth wrote what must have been hundreds of letters to U.S. senators and officials,...
  • EXCLUSIVE Charlie Crists Wife Slapped With Florida Tax Lien!

    06/28/2014 7:32:22 AM PDT · by SoFloFreeper · 12 replies
    gossipextra.com ^ | 6/27/14 | Jose Lambiet
    The bureaucracy thats being run by incumbent Gov. Rick Scott just filed a tax lien against his Democratic challenger Charlie Crists wife, Gossip Extra has learned exclusively. Holy Crist! According to a document filed in Crists home city of St. Petersburg, the states Department of Revenues filed a lien against Carole Crist for non-payment of the reemployment tax for a period stretching from July 2012 through September 2013. For the oversight, the state wants millionaire Carole to pony up $352.61, which includes the actual $100-tax, a $200-penalty, $50.24 in fees and $2.37 in interest.
  • IRS Admits To A Smidgeon Of A Felony

    06/27/2014 5:38:07 PM PDT · by raptor22 · 34 replies
    Investor's Business Daily ^ | June 27, 2014 | IBD EDITORIALS
    Scandal: The Internal Revenue Service admits it broke the law after an organization whose private tax data are illegally shared with an ideological competitor wins its lawsuit. So who is going to prison for this federal crime? If IRS Commissioner John Koskinen wants to know which criminal statutes have been broken, he might try reading about one in the morning newspapers, the same place President Obama gets his information about the "phony scandal" du jour. The National Organization for Marriage has been awarded a $50,000 settlement from the IRS after the agency admitted wrongdoing in leaking the organization's 2008 tax...
  • Obama to pitch economic agenda in Minnesota

    06/27/2014 3:01:17 AM PDT · by SoFloFreeper · 4 replies
    Fox News ^ | 6/27/14
    ....Obama is pitching his ideas to boost the American middle class in Minnesota, a state that already has embraced a key component of the president's economic agenda by moving to raise its minimum wage....
  • The Reality Is That There Is No Difference Between Republican and Tea Party Candidates (Laff-riot)

    06/26/2014 2:20:43 PM PDT · by 2ndDivisionVet · 12 replies
    In order to understand their surroundings, human beings depend on their brains ability to organize, identify, and interpret a barrage of sensory information that allows them to perceive, among other things, a potential threat. There has been a gross misperception among a large number of people who observe American politics that the greatest threat to this country, and more specifically its democracy, is the rise of extremists in the conservative movement. As a rule, the first extremist group that comes to most peoples mind is the Koch brothers tea party movement that they errantly bifurcate from establishment Republicans and it...
  • Obamacare Will Suck the Life Out of the Economy

    06/26/2014 5:33:37 AM PDT · by SoFloFreeper · 21 replies
    CNBC ^ | 6/26/14 | Edward Morrissey
    The word "unexpectedly" for negative economic reports has become a much-mocked clich in the media over the past five-plus years of recovery, but this week's final look at first-quarter economic growth deserves an exception. First estimated at a meager 0.1 percent annualized rate, and then downwardly revised to -1.0 percent in May, most economists expected a smaller revision to the downside in the -1.5 percent-1.8 percent range.