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Keyword: taxes

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  • Obama Tax Revamp Seeks 28% Corporate Rate [Proving DNC knows the rates kill jobs]

    02/22/2012 11:22:02 AM PST · by NoLibZone · 16 replies
    Wall Street Journal ^ | Feb 22 2012 | y JEFFREY SPARSHOTT And SIOBHAN HUGHES
    The Obama administration Wednesday proposed an overhaul of U.S. corporate taxes that would lower the maximum rate companies pay while eliminating scores of loopholes that allow businesses to reduce their payments. The Treasury Department said the plan would overhaul the corporate-tax code, including lowering the top income-tax rate for corporations to 28% from 35%, cutting the effective tax rate even further for manufacturers, and eliminating popular deductions. The plan also maintains or makes permanent some credits, such as for research and development and production of renewable electricity, which aims to encourage investment in wind and solar power. "A key test...
  • EXCLUSIVE: GM Dealers Get Chevy Volt Tax Credit for Sales to Gov't (Outrageous)

    02/22/2012 9:56:02 AM PST · by jazusamo · 17 replies
    NLPC ^ | February 22, 2012 | Mark Modica
    I discovered an interesting fact while reviewing the 2011 IRS form 8936 used for the $7500 EV tax credit. While under most circumstances it is the wealthy purchasers of Chevy Volts and other high priced plug-in vehicles that get the taxpayer-funded handout, it appears that General Motors' dealerships that sell the vehicles to government entities are benefiting by being able to claim the credits. These dealers are able to double-dip into the seemingly endless pool of taxpayer funds designated for cronies of the Obama Administration under the guise of green initiatives. Not only do taxpayers pay for Chevy Volts...
  • Obama moves on corporate-tax reform (in the wrong direction!)

    02/22/2012 9:37:34 AM PST · by SeekAndFind · 9 replies
    Hotair ^ | 02/22/2012 | Ed Morrissey
    Corporate tax reform has long been an opportunity for a win-win bipartisan effort in Washington. Everyone agrees that the corporate code needs significant changes, if not a complete overhaul; it's too complicated, too costly, and rewards the larger companies that can afford to analyze it for every possible benefit. Both parties have made corporate tax reform part of their plartforms, Democrats arguing that we need to close loopholes, Republicans that we need simplification and lower rates.The White House decided to go first on corporate tax reform: The Obama administration Wednesday will unveil a framework for reforming the corporate tax code...
  • Obama's Dividend Assault (A plan to triple the tax rate would hurt all shareholders. You included)

    02/22/2012 8:27:23 AM PST · by SeekAndFind · 7 replies
    President Obama's 2013 budget is the gift that keeps on giving—to government. One buried surprise is his proposal to triple the tax rate on corporate dividends, which believe it or not is higher than in his previous budgets. Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions and exemptions, and the rate hits 41%. Then add the 3.8% investment tax surcharge in ObamaCare, and the new dividend tax rate in 2013 would be 44.8%—nearly three times today's...
  • 50p tax rate 'failing to boost revenues’

    02/21/2012 8:45:28 PM PST · by jjw · 10 replies
    The Telegraph ^ | 21 Feb 2012 | Robert Winnett, and James Kirkup
    The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue. The Treasury received Ł10.35 billion in income tax payments from those paying by self-assessment last month, a drop of Ł509 million compared with January 2011. Most other taxes produced higher revenues over the same period.
  • The 'Fairness' Fraud (Thomas Sowell)

    02/21/2012 12:29:27 PM PST · by jazusamo · 35 replies · 1+ views
    Creators Syndicate ^ | February 21, 2012 | Thomas Sowell
    During a recent Fox News Channel debate about the Obama administration's tax policies, Democrat Bob Beckel raised the issue of "fairness." He pointed out that a child born to a poor woman in the Bronx enters the world with far worse prospects than a child born to an affluent couple in Connecticut. No one can deny that. The relevant question, however, is: How does allowing politicians to take more money in taxes from successful people, to squander in ways that will improve their own reelection prospects, make anything more "fair" for others? Even if additional tax revenue all went...
  • 'Soak the rich' a false formula

    02/20/2012 10:53:14 AM PST · by Graybeard58 · 7 replies
    Waterbury Republican-American ^ | February 20, 2012 | Editorial
    It's February, so President Obama has unveiled his budget proposal for fiscal year 2013, which begins Oct. 1. Mr. Obama, who has presided over the first trillion-dollar budget deficits in American history and proposes to spend $3.8 trillion in his new budget, let it be known — again — that increasing taxes on "the rich" is his method of choice for raising revenue. The president may think this will get the nation out of the fiscal crisis he worsened, but in reality, he is setting the stage for more budget shortfalls — in the unlikely event this budget, unlike the...
  • 25 Signs That The Nazification Of America Is Almost Complete

    02/19/2012 5:36:22 AM PST · by IbJensen · 113 replies · 3+ views
    Right Side News ^ | 2/19/2012 | Staff
    The United States of America is becoming more like Nazi Germany every single day. In fact, the Nazification of America is almost complete. The parallels between Nazi Germany and the United States of today are going to absolutely shock many of you. Most Americans simply have never learned what life was really like back in Nazi Germany. Under Adolf Hitler, Germany was a Big Brother totalitarian police state that ruthlessly repressed freedom and individual liberty. Under Adolf Hitler, Germany adopted socialism, dramatically increased government spending and raised taxes to astronomical levels. Under Adolf Hitler, abortion became legal in Germany, the...
  • How lawmakers clip taxpayers

    02/19/2012 5:31:47 PM PST · by Graybeard58 · 9 replies · 1+ views
    Waterbury Republican-American ^ | February 19, 2012 | Editorial
    "When the laws undertake to add ... artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society — the farmers, mechanics, and laborers — who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice." — President Andrew Jackson, 1832 Unless the injustice of those titles, gratuities and exclusive privileges are granted to rich and powerful members of Congress such as Sens. Joseph Lieberman and Richard Blumenthal; in such cases, the humble and impotent are...
  • Proposal for cap on Connecticut gas tax hits speed bump

    02/19/2012 3:47:16 PM PST · by matt04 · 5 replies
    Efforts by state Sen. Len Suzio to get a cap placed on the state’s gross receipts tax for gasoline is being met with strong opposition from the chairman of the legislature’s General Law Committee. State Sen. Paul Doyle, D-Wethersfield, said he doesn’t believe the legislation that Suzio is proposing will result in lower gas prices for motorists. “As co-chairman of the committee that fights to protect consumers, I do not believe the proposal would ease the burden of exorbitant gas prices,” Doyle said. “Let’s not mislead people into thinking this plan is going to bring relief at the pump. History...
  • Tax Foundation Rips Santorum Tax Plan (Grade: D+)

    02/18/2012 11:26:25 PM PST · by JediJones · 195 replies · 1+ views
    The Wall Street Journal ^ | 1/6/2012 | Kristina Peterson
    An antitax advocacy group zinged Republican presidential candidate Rick Santorum’s tax plan, giving him a grade of “D+” grade and the dubious honor of proposing what “may be the worst idea of any of the Republican candidates.” ”The good news is Santorum has gotten more specific about his tax plan since last month when we gave him a D+,” economist William McBride wrote on Thursday. “The bad news is… he’s gotten more specific.” Mr. McBride said the biggest problem with Mr. Santorum’s proposal is the sharply different corporate tax rates he would establish. Mr. Santorum would halve the corporate tax...
  • The History of American Debt:1775-2011

    02/18/2012 1:31:18 PM PST · by orthodoxyordeath · 3 replies
    The Band Of Patriots ^ | August 8, 2011 | Matthew Monos
    Standard and Poor downgraded the credit rating of the USA from AAA to AA+. Add in the fact that they downgraded the credit of institutions such as Freddie Mac and Fannie Mae for being too reliant on government (shocker!), are mulling downgrades of Britain and France, and said they might downgrade the USA again in a few months if the situation doesn't improve, and we're looking at financial free-falls worldwide. This of course has prompted a renewed interest in American debt, since the S&P said that was the main factor in this downgrade. In fact this morning John Chambers, Managing...
  • Congress Releases Details on Payroll Tax Cut and Unemployment Extension

    02/16/2012 11:34:52 PM PST · by 2ndDivisionVet · 5 replies
    Accounting Today ^ | February 16, 2012 | Michael Cohn
    House and Senate negotiators have released a conference committee report spelling out several of the provisions of the payroll tax cut extension legislation, which also extends unemployment benefits and the “doc fix” for Medicare reimbursements for physicians. The bill would extend the 2 percentage point cut in Social Security and Medicare withholding taxes to 4.2 percent through the end of the year. The payroll tax cut provision would put a full $1,000 in the pockets of the typical American family over the course of 2012, according to the office of Senate Finance Committee Chairman Max Baucus, D-Mont. Under current law,...
  • Sen. Sherrod Brown was delinquent on taxes for his D.C. condo

    02/16/2012 8:57:16 PM PST · by rfp1234 · 13 replies
    WASHINGTON — Ohio Democratic U.S. Sen. Sherrod Brown was more than four months delinquent in paying taxes on his Washington, D.C., apartment and had to pay a penalty and interest last week. This was not the first time, records show. Brown also was delinquent in 2006 and 2007 and paid penalties and interest, according to tax records from the District of Columbia. "I was late," he said on a conference call with reporters when asked about the recent delinquency. "I misplaced the bill and I paid it as soon as I found out. I paid a penalty for being late,...
  • Great news: Deal struck on extending temporary tax cut that hasn’t boosted the economy at all

    02/16/2012 9:55:43 AM PST · by SeekAndFind · 12 replies
    Hotair ^ | 02/16/2012 | Ed Morrissey
    Yeah, I know I'm supposed to feel all warm and fuzzy about the fact that Democrats and Republicans didn't play this out to the 11th hour, like they do with every other dispute these days. We're supposed to cheer because the system worked and it produced a bipartisan result in a year that will see precious few of them. Too bad that it sucks money out of an already-ailing trust fund while delivering none of the economic impact promised when we tried it last year:CLICK ABOVE LINK FOR THE VIDEO Congressional negotiators resolved all differences on an agreement to extend...
  • Rick Santorum paid DOUBLE Mitt Romney's tax rate in 2010

    02/16/2012 6:20:22 AM PST · by C19fan · 14 replies
    UK Daily Mail ^ | February 16, 2012 | Staff
    Republican presidential candidate Rick Santorum released four years of federal income tax returns on Wednesday night, showing a sharp rise in his personal wealth spurred by his growing work as Washington-based corporate consultant and media commentator. Santorum's returns show that his federal income taxes rose from 2007, when he paid $167,000, to $310,000 in 2009, then dropped to $263,000 in 2010. During that same period, his annual income surged from nearly $660,000 in 2007 to $1.1 million in 2009 before slipping to $923,000 in 2010. That amounts to an effective tax rate of about 28.5 per cent for the latter...
  • Congressional negotiators reach deal on $150 billion economic plan

    02/16/2012 1:27:19 AM PST · by 2ndDivisionVet · 31 replies
    The Washington Post ^ | February 16, 2012 | Paul Kane
    In a pact early Thursday morning, congressional negotiators gave final approval to an economic plan worth more than $150 billion that would extend a payroll tax holiday and unemployment benefits. A key roadblock was overcome when the lawmakers agreed to require new federal workers to contribute more to their pension plans, clearing the way around 12:30 a.m. for a majority of the House-Senate conference committee to begin signing the deal. The pension provision represented a concession to key Maryland Democrats who, even after prodding from President Obama, did not grant their support until current federal workers were shielded from the...
  • Gallup: 85% of small businesses not hiring (Most cite economy, regulations)

    02/15/2012 12:20:10 PM PST · by SeekAndFind · 25 replies
    Hotair ^ | 02/15/2012 | Ed Morrissey
    Gallup polled small-business owners (value under $20M) about their expansion plans in early January, which for some strange reason didn’t get reported until today. Among those who do not plan to hire — 85% of the entire sample — almost half of all such businesses cited expected costs from health care coverage and government regulation: U.S. small-business owners who aren’t hiring — 85% of those surveyed — are most likely to say the reasons they are not doing so include not needing additional employees; worries about weak business conditions, including revenues; cash flow; and the overall U.S. economy. Additionally, nearly...
  • The Hidden Taxes In Obama's Budget (Sneaky, very sneaky)

    02/15/2012 12:16:33 PM PST · by SeekAndFind
    Zero Hedge ^ | 02/15/2012 | Tyler Durden
    While headlines yesterday crowed and complained of the small rise in the budget and the focus on taxing the wealthy - which admittedly given the peak polarization in political parties is unlikely to actually move into legislation anytime soon - JPMorgan's Michael Cembalest finds perhaps the most controversial part of the proposal hidden deep in the report. While the JPM CIO notes the CBO baseline and alternative scenarios, it is the difference between the $293bn benefit (CBO estimate from last year) and the Administration's new estimate of $584bn that caught his eye as buried on Page 73 of the...
  • What happens when we live off the other guy?

    02/15/2012 11:38:04 AM PST · by landsbaum · 8 replies
    Nearly half of U.S. households receive government benefits. We’ve reached record highs of those relying on government-paid benefits, which is to say, benefits paid for by taxpayers, which is another way of saying redistributed wealth. Which is another way of saying socialism....