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Keyword: tax

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  • Sales tax revenues are WAY down everywhere - What next?

    05/16/2020 2:32:03 PM PDT · by MeneMeneTekelUpharsin · 45 replies
    Local News | 16 May 2020 | Mene Mene Tekel Upharsin
    Another major crisis is arising. Cities and towns across the United States have seen a MAJOR drop in sales tax revenue. This is going to lead to extreme financial duress for these municipalities. What happens next?
  • Dori: Is Inslee crashing regional economy to get state income tax?

    04/30/2020 2:43:50 PM PDT · by Libloather · 12 replies
    My Northwest ^ | 4/29/20 | Door Monson
    I’ve said it a million times: I support mitigation, and I support our stay-at-home order. But I cannot make any sense of how Governor Jay Inslee has been enforcing these policies. This week, Inslee emphasized that the state will resume public day-use of state parks, but with no overnight camping. Uh, Jay … walk five minutes in any direction from your Olympia office. You’ll see hundreds of people overnight camping with no social distancing. We also have those campers in Seattle, Tacoma, Everett, Bremerton, and all other cities in the region. **SNIP** Tuesday’s Seattle Times had a story about how...
  • Bloomberg's transaction tax sets stage for clash with Wall Street clients

    02/19/2020 11:35:25 AM PST · by Oldeconomybuyer · 14 replies
    Reuters ^ | February 19, 2020 | by Michelle Price, Pete Schroeder
    WASHINGTON - Presidential candidate Michael Bloomberg’s decision to back a tax on trades marks a blow for Wall Street lobbyists which had seen the moderate Democrat as a potential ally, said analysts and lobbyists. On Tuesday, the former New York mayor and Wall Street investment banker, who made his $60 billion fortune in finance, proposed imposing a 0.1% tax on trading stocks, bonds and derivatives as part of a broader financial services agenda. Bloomberg’s decision to back the tax is likely to bring him into conflict with Wall Street firms that are fighting the policy, many of which are the...
  • Trump's defiance of Congress on EU auto tariffs is 'just plain illegal,' economist Paul Krugman says

    01/28/2020 9:42:33 AM PST · by central_va · 42 replies
    business insider via yahoo ^ | 1/23/20 | Theron Mohamed
    Paul Krugman slammed President Trump for threatening 25% tariffs on European vehicles and auto parts as they posed potential risks to national security. The Nobel Prize-winning economist and New York Times columnist also criticized Trump's refusal to turn over to Congress a report about an investigation into the national-security risks. "Pretty sure that's just plain illegal," Krugman tweeted. "Congress ... didn't make him a dictator free to set tariffs wherever he likes without even offering an explanation."
  • New Year, New Tax: What You Need to Know About Oregon’s Gross Receipts Tax

    01/24/2020 3:25:24 PM PST · by Twotone · 31 replies
    Cascade Policy Institute ^ | January 20, 2020 | Katie Eyre
    The 2019 Oregon Legislature established a new tax affecting all firms that do business in Oregon. While it is called by its misnomer the “Corporate Activity Tax,” the CAT actually applies to most types of organizational entities such as partnerships, individuals, limited liability companies, and trusts that have commercial activity generated in Oregon in the regular course of their trade or business. It is a tax paid annually for the privilege of doing business in Oregon. Initial expectations are that it will raise about $1 billion in new revenue annually. These funds are to be set aside for exclusive use...
  • Is a state with no income tax better or worse?

    01/17/2020 7:17:12 AM PST · by ConservativeMind · 95 replies
    Bankrate ^ | May 27, 2019 | Adrian D. Garcia
    Is it better to live in a state with no income tax? It’s a great question considering we already have to set aside a portion of our paychecks for the federal government. The case for removing an individual income tax typically goes like this: states that don’t dip directly into their residents’ pay become beacons for growth. They’re better at creating jobs and keeping a core of young, educated workers from moving to other states. The American Legislative Exchange Council reports that over the past decade the nine states without a personal income tax have consistently outperformed – on GDP...
  • New York’s beer tax is relatively low. Some lawmakers want to double it

    01/10/2020 9:57:56 PM PST · by Libloather · 30 replies
    Syracuse ^ | 1/10/20 | Don Cazentre
    ALBANY, NY -- It may be one of the few taxes in which New York state’s bite doesn’t rank among the nation’s highest. Now, some New York City lawmakers want to more than double the state’s beer excise tax to provide more money for the State University of New York system. The excise tax, paid by beer distributors, is currently 14 cents per gallon. Bills introduced ahead of the upcoming State Legislature session would raise that to 30 cents per gallon (that matches the state’s current excise tax on wine). The Assembly sponsor of the bill, Brooklyn Democrat Harvey Epstein,...
  • WSJ: IRS Personal Income-Tax Audits Drop to Lowest Level in Decades

    01/09/2020 2:31:19 PM PST · by SeekAndFind · 19 replies
    NewsMax ^ | 01/09/2020
    Tax enforcement by the Internal Revenue Service has reportedly tumbled to the lowest level in at least four decades. Just 0.45% of individuals were audited in 2019, down from 0.59% in 2018 and marking the eighth straight year of decline, following years of budget cuts, the Wall Street Journal recently reported. That figure is down more than half from when the IRS audited 1.1% of tax returns in 2010. In other words, roughly 1 out of every 220 taxpayers were audited last year. A decade ago, those odds were closer to 1 in 90, CNBC explained. The IRS said it...
  • Bill Gates Rejects Donating to U.S. Treasury After Calling for Higher Taxes on Rich

    01/04/2020 8:27:49 PM PST · by SeekAndFind · 63 replies
    PJ Media ^ | 01/04/2020 | Nicholas Ballasy
    Microsoft co-founder Bill Gates rejected the idea of voluntarily donating to the U.S. Treasury after calling for the U.S. government to raise taxes on the wealthy. "When I say the government needs to raise more money, some people ask why Melinda and I don’t voluntarily pay more in taxes than the law requires," Gates, the second-richest person in the world, wrote in a recent blog post. "The answer is that simply leaving it up to people to give more than the government asks for is not a scalable solution. People pay taxes as an obligation of law and citizenship, not...
  • City lawmakers want to impose gentrification tax

    12/26/2019 6:53:46 AM PST · by ChicagoConservative27 · 33 replies
    nypost ^ | 12/25/2019 | Julia Marsh
    Here’s one thing that unites local pols across the political divide — a gentrification tax. A bipartisan group of city lawmakers is pushing Albany to approve tweaks to the state tax laws that would allow them to hit new homebuyers with tax bills based on the actual market prices of their properties. The coalition of 13 Republican and Democratic city council members says that taxes would not go up for existing owners. New York’s famously opaque property tax system offers big breaks to new homebuyers by taxing them at assessed values that are often millions of dollars less than the...
  • One cheer for Romney's tax cut for the 47%

    12/23/2019 8:31:01 AM PST · by ChicagoConservative27 · 8 replies
    washingtonexaminer ^ | 12/23/2019 | Washington Examiner
    Mitt Romney caught the notice of many folks in Washington when he signed onto a bill with his Democratic Senate colleague, Michael Bennet. Bennet is a serious lawmaker, and we’ve found some of his proposals appealing in the past, such as a lifetime ban on lobbying by former congressmen. Romney has a long history of bipartisanship, too. He was, after all, the governor of Massachusetts. But the latest Bennet-Romney proposal was startling because it represented almost a full reversal of where Romney stood in 2012, when he was the Republican nominee for president. Romney famously disparaged (or at least, that's...
  • Virginia Tax Lobbyist Sentenced to Prison for Filing a False Tax Return (2010-2014)

    12/14/2019 1:15:45 PM PST · by ransomnote · 7 replies
    justice.gov ^ | December 13, 2019 | DOJ
    Concealed More than $2.2 Million in Income An Alexandria, Virginia, tax lobbyist was sentenced to one year in prison today for willfully filing a false tax return, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney G. Zachary Terwilliger for the Eastern District of Virginia.According to court documents, attorney James F. Miller, 67, underreported his gross income on his 2010 through 2014 tax returns by more than $2.2 million. Miller, a tax policy lobbyist and former employee of the Justice Department’s Tax Division, filed multiple false tax returns with the...
  • Don't Believe Her Lies: Elizabeth Warren wants to tax your retirement (So Does Bernie Sanders)

    11/28/2019 7:39:38 PM PST · by SeekAndFind · 37 replies
    Washington Examiner ^ | 11/27/2019 | Bruce Thompson
    Presidential candidate Elizabeth Warren has said that none of her tax-increase plans would hit average people, pledging not to "raise taxes on the middle class by one penny." Yet Warren and several other presidential candidates, including Bernie Sanders, are pushing a financial transactions tax that would cost everyday people saving for the future. This plan is a retirement tax that would affect millions of middle-class people. Proponents of the financial transactions tax argue it is "tiny tax" that would only hit rich Wall Street speculators. Nothing could be farther from the truth. A financial transactions tax would hit every single...
  • Democrat Tax Hike Plans Would Hit Millions of Americans, Not Just The Ultra-Wealthy

    11/21/2019 6:09:11 AM PST · by ChicagoConservative27 · 13 replies
    Breitbart ^ | 11/20/2019 | John Carney
    The proposals by Democratic presidential hopefuls to tax the wealth of billionaires have received a lot of attention. But it is their plans to hike payroll taxes that would have the biggest impact on voters. Elizabeth Warren and other leading Democrats have said that they would impose a stiff payroll tax hike on higher-income families. In Warren’s proposal, she would impose a 14.8 percent payroll tax on workers with incomes above $250,000.
  • Editorial: Illinois’ corruption scandals complicate the Democrats’ tax push

    11/20/2019 9:13:01 AM PST · by ChicagoConservative27 · 19 replies
    chicagotribune ^ | 11/15/2019 | Editorial Board
    Fifty weeks before voters say yea or nay to Democrats’ plan for a graduated income tax that would rake in new dollars by the billions, here’s what the people of Illinois see: · Citizens see federal agents ripping at the innards of Illinois governance and politics. From clout artists at Chicago’s City Hall to lobbyists for a big utility to one state legislator who allegedly tried to bribe another, the feds are exploring how bills pass, how favors flow and how politicians scam their fellow citizens. These are individual cases, for now. But the intensifying percussion of warrants, raids and...
  • Drill Down on Federal Tax Court Appointments

    11/20/2019 6:19:00 AM PST · by JayGalt · 21 replies
    Free Republic ^ | 11/19/19 | Presidential Actions
    Alina I. Marshall, of Virginia, to be a Judge of the United States Tax Court for a term of fifteen years, vice L. Paige Marvel, term expiring. Christian N. Weiler, of Louisiana, to be a Judge of the United States Tax Court for a term of fifteen years, vice Albert G. Lauber, term expiring.
  • Some Would Be Taxed Over 100% Under Elizabeth Warren's Plan

    11/17/2019 3:45:01 PM PST · by Enlightened1 · 24 replies
    PJ Media ^ | 11/15/19 | MATT MARGOLIS
    Elizabeth Warren's crusade against rich people is even worse than we thought. According to Richard Rubin of the Wall Street Journal, some millionaires and billionaires would experience tax rates of over 100 percent on investments under Warren's proposals. Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the...
  • BILLIONAIRES REALLY DO NOT WANT TO BE TAXED

    11/13/2019 4:39:45 PM PST · by 7thson · 42 replies
    Just wanted to throw this out there. Over the past several years, we have heard from various billionaires that yes, they should pay more in taxes. Now we have socialist idiots out there - Elizabeth Warren and others - that have now called their bluff. They are saying, okay we'll just take 100 million from you and now, all of a sudden, they are balking at the idea of their wealth being stripped from them. We always knew it was bull but now the hypocrisy is out in the open.
  • Emails show sales tax revenue going toward projects that are ‘not what most voters have in mind’

    11/05/2019 8:18:38 AM PST · by george76 · 26 replies
    The Center Square ^ | Nov 1, 2019 | Derek Draplin
    Taxpayer watchdog group: Emails show sales tax revenue going toward projects that are ‘not what most voters have in mind’..[ full title] ... A Colorado Springs tax watchdog group obtained communications between city employees that show discussion of using sales tax revenue for traffic reduction and bike lane infrastructure while other city officials have denied that’s where funds would be directed. City voters approved a road improvement ballot measure called 2C in 2015, which is up for renewal in the Nov. 5 election. 2C is a 0.62 percent sales tax increase that is supposed to be dedicated to road maintenance...
  • Impeachment Is About Putting Down the Peasants’ Revolt

    10/03/2019 12:33:44 PM PDT · by bitt · 44 replies
    spectator.org ^ | 10/3/2019 | david catron
    Trump must be publicly drawn-and-quartered because he is the leader of the uprising. It should by now be obvious to the meanest intelligence that the Democrats are determined to impeach President Trump with or without credible evidence that he has committed any act resembling “high crimes and misdemeanors.” The “whistleblower complaint” that Nancy Pelosi used as the pretext for launching her ersatz impeachment inquiry contains little but hearsay and fabrication, while her claim that it proves Trump has “violated the Constitution” fails the laugh test. In the end, however, impeachment is less about offenses committed by the president than the...