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Keyword: taxes

Brevity: Headers | « Text »
  • Obama to propose $10-a-barrel oil tax

    02/05/2016 4:28:38 PM PST · by 2ndDivisionVet · 37 replies
    The Politico ^ | February 4, 2016 | Michael Grunwald
    President Barack Obama is about to unveil an ambitious plan for a "21st century clean transportation system." And he hopes to fund it with a tax on oil. Obama aides told POLITICO that when he releases his final budget request next week, the president will propose more than $300 billion worth of investments over the next decade in mass transit, high-speed rail, self-driving cars, and other transportation approaches designed to reduce carbon emissions and congestion. To pay for it all, Obama will call for a $10 "fee" on every barrel of oil, a surcharge that would be paid by oil...
  • Man Asks Bernie Why he Should Pay More in Taxes, Here’s his MORONIC Response

    02/05/2016 6:02:21 AM PST · by Impala64ssa · 52 replies
    Young Conservatives ^ | 2/3/16 | Alicia Powe
    America is being destroyed by the murder of the middle class and these trends will continue to accelerate if another Democrat is elected. Sen. Bernie Sanders kicked off a town hall in New Hampshire Wednesday night by ensuring the poor and middle class major tax increases. An audience member asked Sanders about how his socialist plan to raise taxes would be help him on a $41,000 a year salary. Sanders claimed people would ultimately save money funding his “Medicare-for-all, single-payer program ” and not having to pay health insurance premiums. From Breitbart: Sanders was asked by Chris Brownell, “Senator Sanders,...
  • Turbotax tech support - worst ever?

    02/04/2016 11:52:55 AM PST · by Oshkalaboomboom · 21 replies
    Vanity | 04 Feb 2016 | Oshkalaboomboom
    I tried my first E-file using Turbotax a few days ago. It gave me an error right away over my wife's 2 measly pension payouts from England which total about $1400. The problem is that there is no Employer Identification Number (EIN) for the 2 funds. When we mailed in our returns this was never a problem, we always got our refunds and have never been questioned over it. I couldn't find an answer on the Turbotax website so I did a generic workaround by putting 11-111111 as the EIN. That let me efile but a day later they both...
  • Walmart threatens to leave Puerto Rico over taxes

    02/04/2016 7:05:33 AM PST · by rrstar96 · 56 replies
    NotiUno.com ^ | February 4, 2016 | NotiUno
    (English translation) During his appearance yesterday [Wednesday] before Judge Jose A. Fuste at Federal Court in Hato Rey, Walmart Vice President for Special Taxes in Puerto Rico Anthony Walker stressed that the company will be unable to continue operations in the island if Law 72, known as the "Walmart tax" which imposes on the multinational [corporation] an estimated 91.5% tax rate, stands. "That is not sustainable for us. We recently closed seven stores in Puerto Rico as part of a strategy that has forced us to close a total of 254 stores around the world. Here in Puerto Rico, Walmart...
  • Illegal alien Mexicans and taxes

    02/04/2016 5:31:53 AM PST · by MeneMeneTekelUpharsin · 25 replies
    Information directly from the Illegal Alien community in the U.S. | 4 February 2016 | Mene Mene Tekel Upharsin
    This is to inform folks. In Mexico, a man (Juan Gomez) and a woman (Maria Torres) marry. They go to the municipal office and register to marry. They are told, "Okay, you are now Juan Gomez and Maria Torres de Gomez." She is not required to change her Social Security name to show her legal married name because neither he nor she have Social Security numbers. No where are they required on documents to show their legal married names. So, whenever she chooses, she can just give her name as Maria Torres. Flash forward to the United States. Now, it's...
  • Bill directs car tax to roads, bridges, not transit projects ( Colorado )

    02/03/2016 2:47:46 PM PST · by george76 · 15 replies
    Grand Junction Media ^ | February 2, 2016 | Charles Ashby
    Part of a fee that motorists pay to a road and bridge fund is being used for transit projects across Colorado, and Senate Republicans don't believe that's right. As a result, the Colorado Senate gave preliminary approval Tuesday to a bill that would change that. ... "The intent of this bill is to ensure that the money paid by citizens for the improvement of roads and bridges when they pay their vehicle registration fees is actually used for roads and bridges," Neville said. "The definition of a fee is that it should be utilized for those who are paying the...
  • Debate Rages Over How Often Government Pushes For A 'Yes' Vote on Tax Hikes

    02/03/2016 5:56:36 AM PST · by MichCapCon · 1 replies
    Michigan Capitol Confidential ^ | 1/21/2016 | Tom Gantert
    Last month the Battle Creek Enquirer’s editorial board published an editorial about a bill (now a law, Public Act 269 of 2015) to prevent municipalities and school districts from using tax dollars to promote tax increases in the 60 days before the election. (A sample: “The Republicans in control of that once august body seem to draw from a bottomless well of contempt for the democratic process and the people they are supposed to serve.”) The editors claimed: “The bill’s backers say it’s aimed at preventing government entities from using taxpayer dollars to influence voters. That's pretense. Such activity is...
  • [ATLAH Church] Controversial church in Harlem is deep in debt and may go up for public auction

    02/01/2016 11:37:14 AM PST · by rickmichaels · 9 replies
    NY Daily News ^ | January 28, 2016 | Ginger Adams Otis
    A Harlem church is certainly having its trials and tribulations. The controversial World Atlah Church on Lenox Ave. and 123rd infamous for its anti-gay and anti-Obama messages on its billboard - may go up for public auction thanks to its deep debts. The house of worship owes at least $1 million to creditors, including unpaid city water and sewage bills, according to documents obtained by DNAInfo, which first reported the story. A state judge ordered the church into a public foreclosure auction on Feb. 24, the website said. But its pastor, James Manning, says his flock is being fleeced. "We're...
  • Louisiana Governor Edwards: No campaign promises have been broken

    02/01/2016 6:34:29 AM PST · by rrstar96 · 28 replies
    WWL.com ^ | January 31, 2016 | WWL.com
    Governor John Bel Edwards argues against those who say he is breaking a campaign promise by proposing to raise taxes to address Louisiana's massive budget shortfall. Edwards says the proposals he's made are different than talked about during the election, because the facts are different. He also says these proposals are not what he wanted, but necessary. "It is time to stop living in a fantasy land, it's time to stop pretending that things are better than they are. You're going to see honest budgeting, you're going to see responsible budgeting from me." Edwards says during his campaign the state's...
  • Sanders defends tax increase pledge after Pelosi's comments

    01/31/2016 10:22:45 AM PST · by Libloather · 23 replies
    The Hill ^ | 1/31/16 | Rebecca Savransky
    Democratic presidential candidate Bernie Sanders on Sunday shot back against House Minority Leader Nancy Pelosi's (D-Calif.) comments that Democrats aren't "running on any platform of raising taxes." Sanders said the U.S. is spending "far more than other countries on healthcare." "My proposal will save middle-class families thousands of dollars a year on their healthcare costs. Most people tell me, 'Yes, they would be happy to pay $1,000 more in taxes if they're paying $5,000 less in healthcare premiums,' " he said on NBC's "Meet the Press." Sanders said the U.S. needs to follow every other major country in controlling healthcare...
  • Sanders' Tax Hike to Cost 6 Million Jobs [semi-satire]

    01/30/2016 9:13:32 AM PST · by John Semmens
    Semi-News/Semi-Satire ^ | 31 Jan 2016 | John Semmens
    An analysis undertaken by the Tax Foundation estimates that the tax increases promised by Democratic presidential candidate Sen. Bernie Sanders (S-Vt) will cut economic growth by more than 9% and result in 6 million fewer full-time jobs. "Sanders' plan would significantly increase marginal tax rates on capital and labor income, which would result in a substantial reduction of the size of the U.S. economy in the long run," authors Alan Cole and Scott Greenberg asserted. Sanders' campaign manager Jeff Weaver pooh-poohed the report quoting economist John Maynard Keynes' observation that "in the long run we are all dead. At 74...
  • Tax The Guns

    01/29/2016 8:45:19 AM PST · by Iron Munro · 108 replies
    Tampa Tribune ^ | January 29, 2016 | Greg Olson
    Here's an idea. If we can't outlaw guns or confiscate them, tax them. Make it a law to register everyone's guns and then charge a tax yearly for each one of them. Slowly raise the taxes every year (due to an increasing bureaucracy to handle the paperwork) so they become too expensive to own. When and if the taxes are overdue, take out a lien on the guns and foreclose on them. Hold them until exorbitant taxes, storage and lawyer fees (more than the gun is worth) are paid. If not paid in a timely fashion, they will be destroyed....
  • Bernie Sanders’ Tax Plan Would Kill 6 Million Jobs — Analysis

    01/29/2016 3:50:22 AM PST · by IBD editorial writer · 15 replies
    Investor's Business Daily ^ | 1/28/2016 | John Merline
    Bernie Sanders plan to raise taxes by $13.6 trillion over the next decade would have a devastating effect on the economy, according to a detailed analysis released on Thursday by the Tax Foundation.
  • Read This Or You May Die

    01/28/2016 1:49:19 PM PST · by MichCapCon · 16 replies
    Michigan Capitol Confidential ^ | 1/22/2016 | Tom Gantert
    A story published by Crain’s Detroit Business joins the legion of media reports giving a sympathetic ear to local government and school officials condemning a new law restricting their ability to use taxpayer resources to electioneer in favor of tax hike proposals during the 60 days before an election. For example, Crain’s reports: “Michigan law already made it illegal for cities, school districts and other public bodies to advocate a position on a ballot issue. The bill Snyder signed also rules out the sending of factual information. And that’s what has municipal leaders so concerned.” The story then quotes one...
  • $1.5 Billion Powerball Pot Just $522 Million After Taxes

    01/28/2016 11:55:14 AM PST · by MichCapCon · 45 replies
    Capitol Confidential ^ | Jan. 12, 2016 | Tom Gantert
    If you win the Powerball in Michigan, don’t be surprised to discover some "partners" sharing the pot with you: state and federal tax collectors. Here’s how much they will scoop off the top in taxes, as calculated by Joe Henchman, vice president of legal and state projects at the Tax Foundation. The winner will have 25 percent withheld automatically by law for federal taxes and the state withholding tax. In Michigan, the state income tax rate is 4.25 percent. When the winner files their taxes next year, they would have to pay again — the difference between what was withheld...
  • Tax Sells? Sanders, Clinton both pitching tax hikes in Dem primary

    01/28/2016 4:18:57 AM PST · by WhiskeyX · 21 replies
    Fox News ^ | January 28, 2016 | Doug McKelway
    Benjamin Franklin is credited with the observation that nothing is certain “except death and taxes.” Bernie Sanders would probably agree, and then some. In an election season marked by populist anger, his plan to raise at least $19.58 trillion in higher taxes over 10 years -- almost 20 times the tax hikes Hillary Clinton proposes -- has not dulled his rise. And, despite the anti-tax fervor of the Tea Party wave a few years ago, neither Democratic candidate seems shy about pushing an aggressive tax plan in their presidential primary battle.
  • Pelosi distances Democrats from Sanders's plan to raise taxes

    01/27/2016 5:32:39 PM PST · by Libloather · 16 replies
    The Hill ^ | 1/27/16 | Mike Lillis
    Democrats are not on board with the tax hikes Democratic presidential candidate Bernie Sanders has proposed to pay for his single-payer healthcare proposal, House Minority Leader Nancy Pelosi (D-Calif.) said Wednesday. "We're not running on any platform of raising taxes," Pelosi said during a press briefing to launch the Democrats' yearly issues conference in Baltimore, Md. "We do want to have a fairer tax system, and... we hope that we can do that this year." Sanders on Monday acknowledged that his "Medicare-for-all" healthcare plan would require tax hikes on the middle class. “We will raise taxes, yes we will,” Sanders...
  • Bernie Sanders: Of course I’ll raise your taxes. Why do you ask?

    01/26/2016 9:21:17 AM PST · by SeekAndFind · 43 replies
    Hotair ^ | 01/26/2016 | Jazz Shaw
    After last night’s town hall event on CNN where the Democrat candidates took a final opportunity to address the voters in Iowa, I came away with yet another thing to like about Vermont socialist Bernie Sanders. If nothing else, the guy has the admirable trait of honesty going for him. When the moderator asked if he wouldn’t need to jack up tax rates to put all of his wild eyed proposals into effect, he provided the sort of clarity we so rarely see in politicians. Of course he’s going to raise taxes! (Daily Caller) Monday during the Democratic Forum...
  • Republican Senators Propose Sales Tax Increase for Roads

    01/25/2016 7:51:01 AM PST · by MichCapCon · 9 replies
    Michigan Capitol Confidential ^ | 1/22/2016 | Jack Spencer
    Sen. Ken Horn, R-Frankenmuth, has introduced "dead on arrival" legislation that would replace the road funding plan Gov. Rick Snyder signed into law in November with a sales tax hike. The tax increase, from six to seven percent, would be the same as was in Proposal 1, which Michigan voters rejected last May by more than an 80 to 20 percent margin. Horn said that the plan he outlined in Senate Joint Resolution M is less complicated than the ill-fated Proposal 1. It would repeal the recently passed and enacted road funding plan, hike the sales tax rate and dedicate...
  • City: Vote 'Yes' On Tax Hike or You May Die

    01/21/2016 9:55:46 AM PST · by MichCapCon · 7 replies
    Michigan Capitol Confidential ^ | 1/18/2016 | Tom Gantert
    Vote “yes” for our tax hike or you may die of a heart attack or your house may burn down. That’s the message implied by mailings sent out last fall by the city of Rochester Hills to promote a property tax hike labeled as being for public safety. Yet the mayor of that city is one of the local government officials complaining about a new law that restricts their communications before an election to increase property tax rates. Rochester Hills Mayor Bryan Barnett spoke out against the legislation in a Lansing press conference in January. He also was critical of...
  • Judge gives go-ahead for ballot measure to raise Nevada's minimum wage

    01/21/2016 7:26:37 AM PST · by redreno · 5 replies
    http://www.reviewjournal.com ^ | 01/20/2016 | By Sandra Chereb
    CARSON CITY — A state judge Wednesday rejected arguments challenging language in a proposed constitutional amendment to gradually raise Nevada's minimum wage. District Judge James Wilson said a coalition of business groups failed to show that a required description of effect was misleading or that language setting dates for when new minimum wage rules must be posted are inappropriate. Attorneys Matt Griffin and Kevin Benson, arguing on behalf of the Committee to Preserve Nevada Jobs, argued that the explanation on what the initiative would do was misleading because it didn't explain that employers who violated minimum wage laws would be...
  • Retirement: When a public pension isn't enough

    01/21/2016 7:10:34 AM PST · by redreno · 8 replies
    http://www.chicagotribune.com ^ | 01/20/2016 | By Sandra Block and Kiplinger's Personal Finance
    Although the vast majority of public employees are covered by defined-benefit pension plans, many may need to supplement their pension checks to ensure a comfortable retirement. Teachers, for example, can enhance their retirement security by contributing to a 403(b) plan, a tax-deferred savings plan that's similar to a 401(k). Unfortunately, many 403(b) plans are vastly inferior to their private-sector counterparts as far as investment choices are concerned; primary offerings are usually products such as equity-indexed annuities, which often carry high fees and offer limited market returns
  • Real Stimulus For A Caving Economy? Corporate Tax Cuts

    01/21/2016 3:21:08 AM PST · by expat_panama · 33 replies
    Investors Business Daily ^ | 01/20/2016 | Editorial
    Economy: Stocks cratered again Wednesday, with the Dow off as much as 548. Business investment and profits are falling, and consumers are in retreat. A recession now seems possible. What can help turn things around? Surely the talk by the leading presidential candidates of raising tax rates... Perhaps it's just a coincidence that every time Bernie Sanders rises in the polls, the market tanks... ...the economy looks like it may need a pick-me-up as insurance against recession. This certainly should not mean anything like the failed $830 billion stimulus of early 2009. We learned a hard lesson from that blunder:...
  • Coloradans get a little relief on local taxes

    01/20/2016 5:17:48 PM PST · by george76 · 1 replies
    Denver Business Journal ^ | Jan 20, 2016 | Mark Harden
    Coloradans on average paid 8.9 percent of their incomes in state and local taxes in fiscal year 2012, down a bit from the 9 percent rate in the previous year... The Colorado rate was well below the national local-tax burden of 9.8 percent.. Colorado ranked 35th among the states for collective state and local tax burden, with No. 1 -- New York, at 12.7 percent -- having the highest state and local tax burden and No. 50 -- Alaska, at 6.5 percent -- the lowest. ... Taxes covered by the report include state and local income tax, property tax and...
  • Beware: IRS Now Has Six Years To Audit Your Taxes, Up From Three

    01/20/2016 1:40:46 PM PST · by Nachum · 43 replies
    yahoo ^ | 1/20/16 | forbes on Yahoo
    No one wants to be audited, so knowing how long your tax return can be attacked is important. The statute of limitations on taxes is a fundamental rule allowing taxpayers to eventually cut off their exposure. It can be pretty satisfying to say to the IRS, “sorry, you’re too late.” But this year, that will be a little harder due to an expansion of the IRS’s power to audit for extra years. Traditionally, the primary IRS statute of limitations was three years. But there are many exceptions that give the IRS six years or longer. Several of those exceptions are...
  • Group Makes Sure Taxpayers Know About Earned Income Tax Credit (Another $6,000 Cash Welfare Scam)

    Taxpayers could be losing up to $6000 of they don't apply for a certain tax credit, Channel 9's Steve Barrett reported. Volunteers from Heart of Florida United Way's (HFUW) "Financially Fit" are going door to door to some homes in Central Florida to make sure taxpayers are aware of the Earned Income Tax Credit. The group said it is also making sure low-income taxpayers know that they qualify for free tax assistance. "It's around $6,000 that they can get for the Earned Income Tax Credit. It's based on your income and the number of people in your household. Then, getting...
  • UN eyes tax on football tickets to pay for humanitarian aid

    01/17/2016 10:07:17 AM PST · by PROCON · 21 replies
    AFP ^ | Jan. 17, 2016 | André Viollaz
    United Nations (United States) (AFP) - A UN study of new sources of financing for its multi-billion-dollar aid operations is recommending a voluntary tax on football matches or concerts as one option to raise funds. The report released Sunday in Dubai also recommended tapping into Islamic social finance and mandatory alms-giving (zakat) as well as improving the transparency of relief operations to cut costs. More wars and natural disasters over the past decade have sent the price tag for global UN aid efforts skyrocketing, from $2 billion in 2000 to $ 24.5 billion in 2015, according to the nine experts...
  • New Taxpayer-Funded Electioneering Restrictions Anger Local Government Tax Hikers

    01/15/2016 12:28:56 PM PST · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 1/12/2016 | Tom Gantert
    The superintendent of the Lansing public school district really doesn’t like a new law that prohibits public schools and municipalities from sending out taxpayer-funded messages referencing local tax hike ballot proposals during the 60 days before the election. According to the Lansing State Journal, the school official said the law is “un-American” and “violates the principles of a functioning democracy.” Superintendent Yvonne Caamal Canul made the comments Jan. 5 at a news conference about the proposal, which was part of Senate Bill 571, now Public Act 269 of 2015 after being signed into law by Gov. Rick Snyder on Jan....
  • GameStop to close its Puerto Rico stores

    01/15/2016 10:00:35 AM PST · by rrstar96 · 6 replies
    NotiUno.com (Spanish) ^ | January 11, 2016 | NotiUno
    (English translation) The GameStop video-game stores in Puerto Rico will close. The United States-based company confirmed the closure as it pointed out that the decision was made due to the government's high taxes which it alleges have affected its operations in the island. It was reported that, unfortunately, over 500 employees will be laid off. According to GameStop's Public Relations Director, they will leave Puerto Rico as early as March.
  • Bernie Sanders: No, I won’t explain how I’ll pay for everything for everyone

    01/14/2016 1:35:08 PM PST · by SeekAndFind · 38 replies
    Bernie Sanders’ “Democrat socialist” policies sound good and have a lot of popular support among certain demographics, but when pressed on how he would pay for all the free stuff he’s promising, he’s a bit nonplussed. Pesky details like that just don’t interest him; it’s all about the utopian ideal in his dreamy little head, not about reality.For example, although he pledged to release his plan for paying for his health care plan before the Iowa caucuses, he’s now decided that might be a mistake and is considering breaking that particular pledge.CNN reports: Bernie Sanders could break his pledge...
  • Commentary: How Ted Cruz supporters differ from Donald Trump fans

    01/14/2016 11:17:47 AM PST · by 2ndDivisionVet · 96 replies
    The Chicago Tribune | January 14, 2016 | Albert R. Hunt, Bloomberg View
    Link only due to copyright issues: http://www.chicagotribune.com/news/opinion/commentary/ct-ted-cruz-donald-trump-president-supporters-20160114-story.html
  • How Local Governments Advocate for Tax Increases

    01/13/2016 12:11:29 PM PST · by MichCapCon
    Michigan Capitol Confidential ^ | 1/9/2016 | Jarrett Skorup
    The Michigan Legislature recently passed Senate Bill 571, which, among other things, would, “prohibit schools and local governments from sending any communication to residents that mentions an upcoming property tax millage election within 60 days of the vote.” Gov. Snyder has yet to sign the bill. Local governments, school districts, and some politicians have geared up a campaign to urge a veto of the legislation. Their complaints are often based on two misunderstandings. The first is that is a restriction on the free speech of public officials and employees. But public entities are funded by tax dollars and the government...
  • Boston lands new GE headquarters

    01/13/2016 9:47:53 AM PST · by DUMBGRUNT · 25 replies
    boston globe ^ | 13 Jan 2016 | Jon Chesto
    The company began looking to leave Fairfield, Conn., last year after state legislators threatened to raise corporate taxes. GE’s quest for a new global headquarters can be traced back to a decision by Connecticut Governor Dannel Malloy and Connecticut lawmakers last spring to significantly change business tax policies, to help fill a big state budget gap. The package, among other things, altered how multistate companies collect corporate taxes and how losses can be used to reduce tax bills over a period of years.
  • Ted Cruz’s Tax Plan Has Merit -- He Should Modify It, for Transparency

    01/13/2016 8:58:50 AM PST · by SeekAndFind · 10 replies
    National Review ^ | 01/13/2016 | The Editors
    Senator Ted Cruz has confounded his critics' expectations in rising as far in the presidential polls as he has, and is now drawing the attacks that go with it. The most substantive of the criticisms concern his tax plan. There is a lot to be said for that tax plan, but the critics are pointing to a real flaw in it that the senator can and should correct. Cruz's plan would cut tax rates, especially on saving and investment, while avoiding the large reductions in revenue that many of the other Republican candidates' plans would entail. The plan scores well,...
  • Hillary Clinton Proposes 4% Income-Tax Surcharge for Wealthy Americans [AGI $2mil.]

    01/12/2016 2:44:47 PM PST · by SES1066 · 32 replies
    Wall Street Journal ^ | 01/12/16 | PETER NICHOLAS and RICHARD RUBIN
    Hillary Clinton expanded on a plan to make the wealthiest Americans pay higher taxes, rolling out a new "surcharge" on multimillionaires that would restore the top tax rate to levels that haven't been in place for 30 years.
  • Hillary Panicking? Calls Chris Hayes to Propose Higher Taxes

    01/11/2016 6:21:30 PM PST · by governsleastgovernsbest · 28 replies
    NewsBusters ^ | Mark Finkelstein
    Is Hillary Clinton panicking? We've seen the polls showing the Iowa race closing to within the margin of error, and Hillary losing in New Hampshire. But could Clinton's internal polling be looking even more calamitous? The question arises because Hillary is suddenly trying to rival Bernie Sanders in rich-bashing. Nine months after announcing her candidacy, Clinton suddenly called into Chris Hayes' MSNBC show tonight to announce her proposal for "a new fair share surcharge." C'mon Hillary. You only talked about "multimillionaires." Really wanna be like Bernie? Gotta kvetch about "billionaires"—with a bona fide Brooklyn accent. View the video here.
  • How U.S.Expats Can Exclude More Than $100,000 from Taxes

    01/11/2016 2:27:53 PM PST · by lulu16 · 19 replies
    The Street ^ | 11/21/2015 | Chuck Bolotin
    Few people are not interested in legally reducing their taxes. By living in a foreign country and meeting some other criteria, you could exclude up to $108,000 of earned income from your 2015 U.S. tax return. That can certainly be an advantage of being an expat. The website Best Places In The World To Retire has collected more than 6,500 answers from expats to frequently asked questions about living abroad. These include cost of living, safety and healthcare. Several expats said that they were using the Foreign Earned Income Exclusion to reduce their tax liability to Uncle Sam, and that...
  • Michigan Gave Away Tens of Millions for Little in Return

    01/11/2016 7:48:27 AM PST · by MichCapCon · 4 replies
    Michigan Capitol Confidential ^ | 1/5/2016 | Jack Spencer
    In mid-December when the Michigan Legislature passed a law giving data centers tax exemptions, it set a job creation requirement of 400 jobs by 2022 and 1,000 by 2026. That gives the entire data center industry in Michigan 10 years to create roughly as many jobs as would be expected if just four new big box stores, such as Sam’s Club, Meijer, or a Super Target store opened for business. According to the retail industry, on average, each new big box store creates about 250 jobs, some less, some more. That means the 400 jobs the data centers are collectively...
  • Tax follies for 2016: It's elementary economics that higher taxes don’t always mean more revenue

    01/05/2016 8:01:14 AM PST · by SeekAndFind · 12 replies
    Washington Times ^ | 01/05/2016 | Richard Rahn
    If McDonald's suddenly cuts the price of its French fries in half, would its store profits fall or rise? If the price cut caused more people to come to its stores and spend more on other items, such as Big Macs, revenues and profits might rise, provided that competitors do not cut their prices in response. Airlines have learned to adjust their prices for each flight and almost each seat on what seems to be an hourly basis, depending on supply and demand, all in the interest of maximizing profit. Any business person who does not understand the laws of...
  • Why is it Better to be Middle Class Than Upper Class?

    01/04/2016 8:42:41 AM PST · by MichCapCon · 10 replies
    Capitol Confidential ^ | 1/2/2016 | Jarrett Skorup
    A recent article from National Public Radio reporting on a new Pew study says America has reached a tipping point because less than half the country belongs to the middle class. The first few paragraphs of the article makes things sound pretty bad. The story quotes Pew researchers: "The hollowing of the middle has proceeded steadily for the past four decades.” Later in the article, though, readers discover an important point: The hollowing of the middle class is due more to people joining the upper-income category than falling back into the lower-income one. This jibes with research from a University...
  • Using Taxpayer Money to Call for Higher Taxes

    01/04/2016 6:05:54 AM PST · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 12/28/2015 | Tom Gantert
    About a month before Muskegon County voters were to decide a $6.7 million property tax hike in February, the county road commission sent out a flier that stated, “Repairing our roads is costly, but if everybody pitches in to help with this 1.5 mill proposal, it’s not much at all.” Such taxpayer-funded, almost-electioneering newsletters, bulletins, phone calls and broadcasts in the weeks before a local property tax or ballot measure will cease if Gov. Rick Snyder signs a bill passed on Dec. 16. Among other things, it contains a provision that makes it unlawful for schools and local governments to...
  • New Bill Would Give IRS Power Over Independent Tax Preparers

    01/01/2016 10:53:02 AM PST · by Twotone · 46 replies
    Institute for Justice ^ | Dec. 30, 2015 | Chris Dobrogosz
    A bill introduced by two House Republicans earlier this month would force tax preparers to undergo continuous training and pass costly, restrictive licensing exams. According to a report from The Daily Signal, Reps. Diane Black and Pat Meehan presented the bill as a way to fight tax fraud and other criminal activity.
  • Skip Industry Breaks, Lower All Taxes

    12/30/2015 6:03:06 AM PST · by MichCapCon · 6 replies
    Michigan Capitol Confidential ^ | 12/28/2015 | Michael LaFaive
    There is a rush on by lawmakers to push through special legislation that would grant tax (or perhaps other) advantages to Switch, a data storage company, for a project in west Michigan. If the incentive bill is passed, it could see the company moving into the old Steelcase Pyramid Building. As I write, lawmakers are squabbling about the size of the fiscal Christmas gift they intend to present and whether it should be extended to other companies in the same industry. This legislation should not be passed into law, and if it is, it should not be signed by the...
  • Stop Sucking Your Thumbs, Liberals, and Get a Clue

    12/29/2015 7:31:41 AM PST · by TangoLimaSierra · 7 replies
    americanthinker.com ^ | December 29, 2015 | Christopher Chantrill
    It must be the holidays, because a lot of liberal media types are publishing end-of-year thumbsuckers on democracy. In the Atlantic, Peter Beinart writes that Americans are becoming more liberal; in the New Republic, David Dayen says no, they are not. And over at Vox, Roberto Foa and Yascha Mounk show with the World Values Survey that democracy is in trouble as Americans, and people all over the world, are losing faith in it.
  • Buffett Uses Selective Data on Tax Stance

    12/29/2015 6:17:18 AM PST · by george76 · 16 replies
    WSJ ^ | Dec. 28, 2015
    By suggesting the richest 400 Americans have seen their effective tax rate drop by one-third and thus they should back a 30% minimum tax rate, Mr. Buffett is deflecting attention toward rates and away from itemized deduction and tax-avoidance regulations. It is interesting to see Warren Buffett using selective data to steer the Hillary Clinton tax plan away from tax reform that would truly unhinge the superwealthy .. By suggesting the richest 400 Americans have seen their effective tax rate drop by one-third and thus they should back a 30% minimum tax rate, Mr. Buffett is deflecting attention toward rates...
  • New York Loses $400 Million After Imposing The Nation’s Highest Cigarette Tax

    12/28/2015 12:00:13 PM PST · by lowbridge · 61 replies
    dailycaller.com ^ | december 28, 2015 | guy bentley
    New York is reaping the whirlwind of sky-high cigarette taxes with a wave of smuggling decimating the state's revenue. New York holds the dubious honor of having the highest cigarette taxes in country, with the average pack of smokes in New York City costing as much as $10.60. New York raised taxes on cigarettes to $4.35 in 2010 from $2.75. In total, cigarette taxes have increased by 190 percent since 2006. The sharp rise has resulted in a raft of unintended consequences which are dealing a significant blow to the state's finances. New York State Comptroller Thomas DiNapoli reports New York's...
  • IRS can now revoke tax offenders’ passports

    12/28/2015 12:51:45 AM PST · by Olog-hai · 75 replies
    Washington Times ^ | Tuesday, December 22, 2015 | Kellan Howell
    Under a new enforcement provision passed into law earlier this month, the Internal Revenue Service can revoke passports of serious tax offenders who owe more than $50,000 to the government. And Uncle Sam can take away your passport at any time, even when the offender is traveling outside the country. [...] The new passport-revoking provision allows the Department of the Treasury and the IRS to authorize the State Department to take away U.S. passports from individuals with seriously delinquent debts, which the government defines as greater than $50,000, the Arizona Republic reported. ...
  • Audit shows Tesla met requirements for tax breaks in Nevada

    12/25/2015 7:26:55 AM PST · by redreno · 16 replies
    http://www.reviewjournal.com ^ | December 24, 2015 - 9:34pm | By Sandra Chereb
    CARSON CITY — Independent auditors concluded Tesla Motors Inc. met all conditions for tax abatements and credits during the eight months after lawmakers approved the perks in a special 2014 legislative session. The audit by accounting firm Grant Thornton calculated Tesla has earned $9.6 million in transferable tax credits for the period Oct. 17, 2014, through June 30. Tesla, in partnership with Panasonic Corp., is building a $5 billion lithium battery factory east of Reno in the Tahoe Reno Industrial Center. To lure the electric carmaker led by billionaire entrepreneur Elon Musk to Nevada, state lawmakers last year approved $1.3...
  • Donald Trump's big tax cuts come at a big cost

    12/24/2015 4:29:53 PM PST · by RC one · 37 replies
    money.cnn ^ | 12/22/15 | Jeanne Sahadi
    When Donald Trump put out his four-page tax plan in September, he said it wouldn't increase deficits. The economic growth it would spur, along with his spending cuts, would compensate for any potential loss in revenue from tax cuts, he said. Under his tax plan, Trump said he'd have to pay more than he does today. But an analysis by the Tax Policy Center released Tuesday suggests neither of those assertions are particularly grounded in reality, given what he's proposed so far. Key provisions in Trump's tax planFewer and lower rates: Trump would reduce the current seven income tax rates...
  • Illinois losing 1 resident every 5 minutes to out-migration

    12/24/2015 9:13:53 AM PST · by KeyLargo · 43 replies
    Illinois Policy Institute ^ | Dec 23, 2015 | Michael Lucci
    Illinois losing 1 resident every 5 minutes to out-migration The U.S. Census Bureau report released Dec. 22 is compelling evidence that Illinois needs pro-growth, pro-jobs reforms. The report shows that Illinois recorded its first six-digit loss of residents to other states, with Illinois losing 105,000 more people to other states than it gained from July 2014 to July 2015. The border war losses were so bad that Illinois total population shrank by 22,000 people on the year, the worst ever. Similar to last year 2013-2014 data, Illinois is the only state in the region to have a shrinking population. The...