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Keyword: taxes

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  • Tax Reform Has Delivered for Workers: Two years later the data show that investment has increased, with wages and job participation rising.

    12/23/2019 4:30:54 AM PST · by karpov · 31 replies
    Wall Street Journal ^ | December 22, 2019 | Gary D. Cohn and Kevin Hassett
    It’s been two years since President Trump signed the Tax Cuts and Jobs Act into law. To the delight of supply-siders, the law contained significant marginal tax rate reductions for individuals and corporations. At the time there was lively debate concerning the likely economic impact of the bill, with opponents pointing to analyses that found little effect from the rate reductions. At the White House, where we worked at the time, we produced analyses that suggested economic growth would surge. On the second anniversary of the TCJA, the numbers are in, and our projections have been vindicated. The view that...
  • Can Rubionomics Succeed? Boris Johnson Will Soon Find Out. The British prime minister follows the Florida senator by clothing liberal policy in conservative rhetoric.

    12/21/2019 6:27:05 AM PST · by karpov · 7 replies
    Wall Street Journal ^ | December 19, 2019 | Joseph C. Sternberg
    ... Mr. Rubio, seeing how Mr. Trump has activated new segments of the electorate for Republicans, is trying to devise some policy platform to retain those voters once Mr. Trump is no longer on the ballot. The solution is to copy much of the language and some of the policy views of the left so as to avoid alienating those new voters. The most telling manifestation of this, from both Mr. Johnson and Mr. Rubio, is their approach to productivity and investment. One of their insights is entirely traditional-conservative: Only by boosting productivity can an economy deliver employment and wage...
  • NY State Faces $6 Billion Deficit [semi-satire]

    12/15/2019 4:33:26 PM PST · by John Semmens · 5 replies
    Semi-News/Semi-Satire ^ | 15 Dec 2019 | John Semmens
    The gap between revenues and expenditures for the New York State Government is projected to exceed $6 billion for next year. The preferred option of raising taxes to cover the shortfall has had the unpleasant effect of driving many wealthier residents to leave the state. The disdained option of cutting expenditures has resulted in the soaring welfare expenditures that comprise two-thirds of the shortfall. Assembly Speaker Carl Heastie (D-Bronx) vows to “resist any cuts to the benefits of the voters who gave Democrats control of all branches of the government” and “to extract the wealth unfairly accumulated by the tax-dodging...
  • PAUL JOSEPH WATSON'S LATEST: Leftist Losers React to UK Election

    12/15/2019 1:32:23 PM PST · by Company Man · 38 replies
    Youtube ^ | December 15, 2019 | Paul Joseoh Watson
    Paul hits it out of the effin' ball field, yet again. Paul is on fire no-I-really-mean-it-this-time.
  • Ukranian Official Reveals Six Criminal Cases Opened in the Ukraine Involving the Bidens

    12/11/2019 4:02:24 AM PST · by Freedom of Speech Wins · 16 replies
    Gateway Pundit ^ | 12/10/19
    (Gateway Pundit) – President Trump spoke to the press Saturday at the White House as he departed for Florida for speeches before the Israeli-American Council National Summit in Hollywood and a Republican fundraising dinner in Aventura. Trump told the waiting reporters that his personal attorney former New York City Mayor Rudy Giuliani “found plenty” of “good information” during his recent trip to Ukraine and Europe.
  • Supreme Court will take up Trump’s broad claims of protection from investigation

    12/13/2019 1:46:21 PM PST · by entropy12 · 139 replies
    WAPO ^ | Dec. 13, 2019 at 4:31 p.m. | Rob Barnes
    The Supreme Court announced Friday that it will take up President Trump’s broad claims of protection from investigation, raising the prospect of a landmark election-year ruling on the limits of presidential power.
  • As New York State faces a $6.1B deficit, talk of tax hikes creep up

    12/13/2019 10:28:37 AM PST · by karpov · 34 replies
    Buffalo News ^ | December 8, 2019 | Tom Precious
    ALBANY – In 2020, state officials will examine whether to turn to New York residents and businesses for more tax revenues. With the state facing a gaping hole in its finances, and if history is an already well-known guide to New Yorkers, that’s hardly a bold prediction. But how? That’s the $6.1 billion question. The new state budget is due in March, and Democrats who control the state Capitol are already talking about potentially major tax hikes on wealthy individuals and corporations. Considering past red-ink periods in the annals of state budget-making, however, low and middle class taxpayers could get...
  • Buttigieg, Billed as Moderate, Touts Progressive Economic Plan. Mayor Pete is no Warren or Sanders, but his platform proposes trillions in new taxes and spending

    12/13/2019 4:44:10 AM PST · by karpov · 14 replies
    Wall Street Journal ^ | December 13, 2019 | Jacob M. Schlesinger and John McCormick
    Pete Buttigieg has leapt to the top tier of Democratic presidential candidates by touting himself as a moderate alternative to Elizabeth Warren and Bernie Sanders. But his economic platform still embraces an expanded role for government and a shift to the left. Mr. Buttigieg has a Wall Street tax plan with new levies on financial transactions and capital gains. He wants to uproot decades of labor law, giving unions more clout to counter big business. And he proposes raising Social Security taxes and benefits, while also contemplating slavery reparations for African-Americans. The South Bend, Ind., mayor has tangled with Sens....
  • How to Pay the Wealth Tax: Sell Everything. Investors could pay twice as much in capital gains just to raise the funds for Ms. Warren’s levy.

    12/12/2019 5:38:01 PM PST · by karpov · 25 replies
    Wall Street Journal ^ | December 12, 2019 | Hank Adler and Madison Spach
    Elizabeth Warren’s proposed wealth tax—an annual levy on the total value of one’s assets, not income—has drawn a lot of attention. The senator’s claim that her proposal would cost “ultramillionaires” only an annual 2% and billionaires an annual 6% wildly understates the truth. Wealthy people don’t maintain bank accounts with millions or billions of dollars of liquid cash; they invest their assets. Those hit with the wealth tax would have to sell assets each year to pay it, subjecting them to income tax as well. The actual cost would often be several times greater than 2% or 6%. Ms. Warren...
  • Warren's wealth tax will generate $1 trillion less than she claims, study finds

    12/12/2019 12:06:34 PM PST · by Oldeconomybuyer · 24 replies
    CBS News ^ | December 12, 2019 | BY AIMEE PICCHI
    Senator Elizabeth Warren's plan to tax the fortunes of uber-wealthy Americans could generate $1 trillion less in revenue than she forecasts, according to a new analysis. Warren has proposed imposing a 2% surcharge tax on wealth of $50 million or more, with the rate rising to 6% on billionaires. Her campaign estimates the tax would generate about $3.75 trillion in new revenue, which would be used to fund "Medicare for all" and other public programs. Not so fast, according to the University of Pennsylvania's Penn Wharton Budget Model. The nonpartisan research group says Warren's wealth tax is likely to generate...
  • Warren Wealth Tax Would Raise Nearly 30% Less Than Projected, Study Finds

    12/12/2019 5:07:55 AM PST · by karpov · 18 replies
    Wall Street Journal ^ | December 12, 2019 | Richard Rubin
    WASHINGTON— Elizabeth Warren’s wealth tax would raise $2.7 trillion over a decade, $1.1 trillion short of her presidential campaign’s estimates, according to a new analysis from the Penn-Wharton Budget Model. The difference stems in part from disagreement over the pervasiveness of tax avoidance. Still, the new study projects that the wealth tax would raise more money than critics such as former Treasury Secretary Larry Summers have argued, and the analysis suggests it could be a significant new revenue source targeted at very few people. “This is not nickels and dimes, even in our estimate,” said Kent Smetters, who runs the...
  • Murphy says a big goal for 2020 is raising taxes on N.J. millionaires

    12/10/2019 11:47:13 AM PST · by GuavaCheesePuff · 26 replies
    Newark Star-Ledger ^ | December 10, 2019 | Matt Arco and Brent Johnson
    Twice in his first two years as New Jersey’s governor, Phil Murphy tried to raise income taxes on millionaires to funnel more money into the state budget for education, transportation, and public-worker pensions. And twice, his fellow Democrats who lead the state Legislature told him no, saying the Garden State is already over-taxed.
  • Could Tax Increases Speed Up the Economy? Democrats Say Yes

    12/09/2019 10:55:26 AM PST · by karpov · 74 replies
    New York Times ^ | December 5, 2019 | Jim Tankersley
    WASHINGTON — Elizabeth Warren is leading a liberal rebellion against a long-held economic view that large tax increases slow economic growth, trying to upend Democratic policymaking in the way supply-side conservatives changed Republican orthodoxy four decades ago. Generations of economists, across much of the ideological spectrum, have long held that higher taxes reduce investment, slowing economic growth. That drag, the consensus held, would offset the benefits to growth from increased government spending in areas like education. Ms. Warren and other leading Democrats say the opposite. The senator from Massachusetts, who is a leading candidate for the Democratic presidential nomination, contends...
  • Mayor Pete’s Retirement Plan to Tax the Middle Class: His campaign has lacked fiscal candor.

    12/08/2019 3:49:04 PM PST · by karpov · 15 replies
    Wall Street Journal ^ | December 8, 2019 | Chris Jacobs
    Democratic presidential candidate Pete Buttigieg claimed last month that “everything that we have proposed has been paid for, and we have proposed no tax increase on the middle class.” The South Bend, Ind., mayor is incorrect on both counts: He hasn’t said how he’d pay for all his proposed spending. He has endorsed one explicit tax increase on the middle class, and his recent retirement plan provides an outline for another. Add it up, and middle-class workers could face a trillion dollars in new taxes. To support family caregivers, Mr. Buttigieg’s retirement plan restated his prior commitment to enact “an...
  • Moderate Joe Biden Wants Tax Hikes Twice as Big as Hillary Clinton Proposed in 2016

    12/06/2019 10:58:54 AM PST · by karpov · 9 replies
    Reason ^ | December 5, 2019 | Peter Suderman
    One of the recurring questions of the 2020 Democratic presidential primaries is whether the party has lurched too far to the left. This topic has manifested itself most prominently in the divide between the more progressive candidates, Sens. Elizabeth Warren (D–Mass) and Bernie Sanders (I–Vt.), and the relative moderates, former Vice President Joe Biden and South Bend, Indiana, Mayor Pete Buttigieg. It has largely taken the form of a debate over the merits of Medicare for All, a single-payer health care system that Warren and Sanders support and that Biden and Buttigieg do not. Warren's rise over the summer, and...

    08/21/2009 1:13:53 PM PDT · by kingattax · 31 replies · 1,036+ views
    New York Post ^ | August 21, 2009 | JENNIFER FERMINO
    Looks like the country's top diplomat and her headline-grabbing hubby have reached a détente while on a romantic Bermuda vacation yesterday. The laid-back Clintons looked like any other happily married couple outside the Cambridge Beaches resort, where they are staying for a brief vacation. The getaway comes less than two weeks after a feisty Secretary of State Hillary, during a visit to the Congo, lashed out at a university student who she thought had asked her Bill's opinion on an international issue. And on Tuesday, Hillary Clinton raised eyebrows when she skipped a meeting between President Obama and Bill Clinton...
  • Bipartisan Bill Helps Working Families With Advances on Child Tax Credit

    12/05/2019 3:54:36 PM PST · by KC_Lion · 10 replies
    The Epoch Times ^ | December 5, 2019 | Bill Cassidy
    WASHINGTON—Parents of infants under 1 year of age or adopted children of any age could receive in advance up to $5,000 of their child tax credit to help cover expenses under a bipartisan bill introduced Dec. 4. The “Advancing Support for Working Families Act” was unveiled during a joint Capitol Hill news conference by Sens. Bill Cassidy (R-La.), Kyrsten Sinema (D-Ariz.), and Shelley Moore Capito (R-W.Va.), as well as Reps. Colin Allred (D-Texas) and Elise Stefanik (R-N.Y.). .... “This does not raise taxes, and it does not have mandates. We give options to the parents,” Cassidy said during the news...
  • Scrap Energy Tax Favors for Better Reform

    12/05/2019 5:51:54 PM PST · by Tolerance Sucks Rocks · 2 replies
    The Daily Signal ^ | December 5, 2019 | Katie Tubb
    It’s that time of year again when Congress, feeling the pressure of budget negotiations and the year’s end, provokes the issue of expired or soon-to-expire energy tax credits. Congress has on the table roughly a dozen renewable energy tax subsidies covering wind, solar, electric vehicles, biofuels, and others. There’s a host of reasons why these energy subsidies should end, not least of which being Congress’ 2015 promise to phase out two “temporary” credits that have been around for decades—wind and solar. These two alone divert $23 billion and $12.5 billion, respectively, between 2018 and 2022, and will continue to burden...
  • Thou Shalt Not Covet

    12/05/2019 5:22:33 AM PST · by Kaslin · 2 replies ^ | December 5, 2019 | Cal Thomas
    Not many people think of the Ten Commandments these days, unless some group is trying to fight a legal battle to place them on public property. Still, these laws of God, which may be familiar to some only through the Cecil B. De Mille classic film starring Charlton Heston as Moses, contain worthy guidelines that are applicable to today. When considering the "wealth tax" proposed by presidential candidates Elizabeth Warren and Bernie Sanders, the 10th Commandment is particularly relevant: "Thou shall not covet thy neighbor's house, thou shall not covet thy neighbor's wife, nor his manservant, nor his maidservant, nor...
  • Illinois imposing car trade-in tax on Jan. 1; Dealers call it double taxation

    12/03/2019 12:10:56 PM PST · by Erik Latranyi · 29 replies
    Illinois Policy ^ | 31 July 2019 | Joe Barnas
    Car dealers may have a busy New Year’s Eve if Illinoisans try to beat a significant sales tax expansion on vehicle trade-ins that starts in 2020. The state currently collects no sales tax on a car’s trade-in value, which acts as credit toward a new vehicle purchase. By law, sales tax only applies to the difference between trade-in value and the new vehicle’s purchase price. That changes Jan. 1. Under Senate Bill 690, signed June 28 by Gov. J.B. Pritzker, state and local sales tax will be applied to any trade-in value above $10,000. The new tax is expected to...