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Keyword: taxandspend

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  • California Has Become America's Cannibal State

    04/11/2019 4:19:03 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | April 11, 2019 | Victor Davis Hanson
    For over six years, California has had a top marginal income tax rate of 13.3 percent, the highest in the nation. About 150,000 households in a state of 40 million people now pay nearly half of the total annual state income tax. The state legislature sold that confiscatory tax rate on the idea that it was a temporary fix and would eventually be phased out. No one believed that. California voters, about 40 percent of whom pay no state income taxes, naturally approved the extension of the high rate by an overwhelming margin. California recently raised gas taxes by 40...
  • Top Democrat (Wyden) Proposes Annual Tax on Unrealized Capital Gains

    04/02/2019 10:52:34 AM PDT · by reaganaut1 · 131 replies
    Wall Street Journal ^ | April 2, 2019 | Gabriel T. Rubin
    WASHINGTON—The top Democrat on the Senate’s tax-writing committee wants to tax long-term investments like other types of income, raising rates and requiring the wealthiest people to pay taxes on their unrealized gains each year. The plan from Sen. Ron Wyden of Oregon is the latest proposal from Democrats in Congress and on the presidential-campaign trail to boost taxes on the wealthy in a bid to address what they view as the problems of economic inequality and provide a funding stream to pay for new programs. While the specific proposal has little chance to become law anytime soon, such ideas could...
  • Businesses, Residents Plan to Leave New York

    03/25/2019 5:28:09 AM PDT · by Mount Athos · 76 replies
    free beacon ^ | March 24, 2019 | Mary Lou Lang
    A new poll shows a third of New York residents plan to move because they can't afford to stay. Businesses that are closing cited "economic" reasons for their decision. They represent a wide array of industries including a biotech company, investment bank, internet services, commercial printer, and a Walmart online ordering processor. New York governor Andrew Cuomo (D.), who is still reeling from the loss of Amazon, told CBS local news on Wednesday he was "sick to my stomach" and it was the "greatest tragedy I have seen since I've been in government." Amazon's deal would have provided $27 billion...
  • New Minnesota Democrat Budget Will Cost An Average Family $300 More A Year In Gas Taxes Alone

    03/02/2019 11:06:39 AM PST · by Tolerance Sucks Rocks · 31 replies
    Alpha News ^ | February 21, 2019 | Alpha News Staff
    Since his election, Governor Walz has promised to increase the gas tax in Minnesota. Walz delivered on that promise in his just-released budget proposal. In the budget proposal released this week, Walz is proposing to increase the gas tax by 70% which will collect an estimated $1.3 Billion from taxpayers. The average family which drives two cards can expect to pay up to an additional $300 at the gas pump annually. This tax increase will now give Minnesota the 4th highest gas tax in the nation. The budget will have to get passed by the Minnesota Senate which is currently...
  • The New 2018 tax law only gives high-tax states what they deserve

    02/11/2019 8:45:59 AM PST · by SeekAndFind · 18 replies
    New York Post ^ | 02/11/2019 | By Rachel Greszler
    Gov. Andrew Cuomo recently complained that the cap on the SALT (state and local tax) deduction is causing people to flee New York. That’s like a recent college graduate complaining that his parents’ decision to cut off his monthly allowance has forced him to get a job and face a budget. It’s not the new SALT cap causing New Yorkers to flee. Even before the Tax Cuts and Jobs Act limited the SALT deduction to $10,000, New York’s population fell by 1.9 million from 2005 to 2016. Rather, if anything, it would be the state’s high taxes. At $6,993 per...
  • Elizabeth Warren to propose 'wealth tax' on Americans with more than $50 million in assets [trunc]

    01/24/2019 11:10:12 AM PST · by DCBryan1 · 162 replies
    CNBC ^ | 24 JAN 19 | Kevin Breuninger | Tucker Higgins
    Sen. Elizabeth Warren, D-Mass., is planning to propose a "wealth tax" on some of the richest Americans, an economist who advises her told CNBC on Thursday. The new tax from Warren, who recently announced her bid to challenge President Donald Trump in 2020, would only apply to Americans with more than $50 million in assets. The Washington Post first reported the development. Warren's proposal comes alongside other Democratic lawmakers' plans to raise taxes on the wealthiest Americans to pay for ambitious policy goals, including a "green new deal."
  • Poll: A majority of Americans support raising the top tax rate to 70 percent

    01/22/2019 11:09:47 AM PST · by Buckeye McFrog · 92 replies
    The Hill ^ | 1/15/2019 | Matthew Sheffield
    Rep. Alexandria Ocasio-Cortez(D-N.Y.) and her Republican critics have both called her proposal to dramatically increase America's highest tax rate "radical" but a new poll released Tuesday indicates that a majority of Americans agrees with the idea. In the latest The Hill-HarrisX survey — conducted Jan. 12 and 13 after the newly elected congresswoman called for the U.S. to raise its highest tax rate to 70 percent — a sizable majority of registered voters, 59 percent, supports the concept. Ocasio-Cortez has not introduced any legislation to enact the concept but the survey shows a broad cross-section of Americans supports it, at...
  • Germans happiest to pay taxes to fund infrastructure

    01/04/2019 6:18:48 PM PST · by Olog-hai · 18 replies
    Deutsche Welle ^ | 01.03.2019 | Alexander Pearson
    People in Germany believe their fellow citizens are happier to pay taxes for public spending than people in many other countries, a United Nations-backed study has found. The news comes as lawmakers call on the German government to increase public investment or cut taxes amid a budget surplus. […] Strong economic growth and low unemployment helped Germany record a €48.1 billion budget surplus in the first six months of 2018. That favorable position has split political opinion on what the government should do with the extra cash. Lawmakers from the Greens and the Left Party want more investment, while center-right...
  • Durbin Urges Trump to Reduce ‘Shootings and Homicides’ in Chicago by Increasing Federal Spending

    12/27/2018 6:19:00 PM PST · by Olog-hai · 72 replies
    Cybercast News Service ^ | December 27, 2018 | 4:05 PM EST | CNSNews.com Staff
    Senate Democratic Whip Dick Durbin (D.-Ill.) is urging President Donald Trump to help reduce “shootings and homicides” in Chicago by increasing federal investment in housing, economic development, job training, education, public health and “community policing.” “As you prepare your Fiscal Year 2020 Budget Request, I urge you to use this budget framework as an opportunity to support efforts to help reduce gun violence in Chicago, rather than scapegoating the city’s challenges to promote ideological political agendas,” Durbin told Trump in a letter sent on Dec. 13. “I urge you to prioritize federal support and resources that will help Chicago reduce...
  • California voters reject repeal of state gas tax and vehicle fee increase

    11/07/2018 11:09:03 AM PST · by C19fan · 52 replies
    LA Times ^ | November 7, 2018 | Patrick McGreeby
    Proposition 6, which would have repealed an increase in California’s gas tax, failed to win the majority vote needed for passage on Tuesday after Gov. Jerry Brown warned it would halt urgent repairs to the state’s crumbling roads and bridges. Brown, who leaves office in January, said after the first vote tallies were announced that it was important that the initiative be defeated for the future of the state. “This is one of the most significant votes in America tonight, because where else have people voted to tax themselves to pay for what they need?” Brown said to cheers at...
  • New York Towns Gearing Up to Fight IRS Ruling on Local Taxes

    09/30/2018 12:08:21 PM PDT · by Hojczyk · 48 replies
    The Wall Street Journal ^ | September 30,2018 | By Jimmy Vielkind
    An emerging coalition of New York municipalities is preparing to challenge proposed Internal Revenue Service regulations that clouded the ability of cities and towns to set up funds that allow residents to pay their local taxes as charitable contributions. The group of municipalities—which includes Westchester County—will file public comments with the IRS and is considering a lawsuit, according to Assemblywoman Amy Paulin, a Democrat who lives in Scarsdale. The new federal tax code signed into law by President Trump in December put a $10,000 cap on state and local tax deductions, a change that has hurt some residents in New...
  • Bill Would Grant New Yorkers 3 Months Paid Bereavement Leave To Mourn Loss Of Loved Ones

    08/04/2018 4:14:49 PM PDT · by Sub-Driver · 57 replies
    Bill Would Grant New Yorkers 3 Months Paid Bereavement Leave To Mourn Loss Of Loved Ones August 2, 2018 at 7:59 pm NEW YORK (CBSNewYork) – Lawmakers want every worker in New York to get three months paid bereavement leave to mourn the loss of a loved one. But many business owners say it could be crippling. Will Gov. Andrew Cuomo sign it into law? The bill is sponsored by Sen. Richard Funke, of upstate Batavia, whose son died. “I’ve experienced the pain of losing a child. The grief can be unpredictable and overwhelming,” he said in a statement. “No...
  • Borrowing billions to lower Chicago's pension debt? Emanuel's finance team is considering it

    08/04/2018 10:01:48 AM PDT · by Libloather · 75 replies
    Chicago Tribune ^ | 8/03/18 | Hal Dardick
    Mayor Rahm Emanuel’s financial team is considering borrowing billions of dollars to pour into Chicago’s ailing pension funds — a move they contend could save future taxpayers hundreds of millions of dollars but experts say comes with risk. The idea is to issue bonds at relatively low interest rates and use the money to reduce the city’s $28 billion in pension debt. The pension funds would invest the bond proceeds and ideally earn returns that outpace the interest the city would have to pay on the bond debt. Issuing so-called pension obligation bonds would be a first for Chicago, which...
  • Drowning In Debt: These States Are Approaching A Point Of No Return (FLEE!)

    08/02/2018 7:51:54 AM PDT · by SeekAndFind · 57 replies
    Townhall ^ | 08/02/2018 | Matt Vespa
    Having grown up in New Jersey, you understand that Democrats are a tax and spend party and even liberals in the state understand it. The Garden State is a case study in mass exodus; it’s just too expensive to live there anymore. Are there signs that the Democrats get it? Maybe—the heavily Democratic legislature in Trenton had to tell Governor Phil Murphy that his tax increase agenda was more or less not going to happen. Taxes still went up, but it was not the insane proposal the governor’s office had pushed. Still, I doubt Demorats in these states will find...
  • Taxpayers in these BLUE states are about to be destroyed thanks to massive debt

    07/29/2018 11:08:09 AM PDT · by SleeperCatcher · 40 replies
    The National Sentinel ^ | 7/29/18 | USA Features
    Other People’s Money: The Left-wing establishment press has found a new Democratic darling — avowed socialist Alexandria Ocasio-Cortez, whose running for Congress in New York City — but to be honest, the party has been trending that way for years. The evidence can be found in the way blue states have been run — into the ground, financially speaking. Several of them are facing massive debt thanks to mostly over-promised pensions approved by Democrats that have drained state bank accounts and are set to saddle taxpayers living in them with hundreds of billions of dollars in new taxes.
  • Millionaires Flee California After Tax Hike

    07/06/2018 2:11:38 PM PDT · by EdnaMode · 47 replies
    Forbes ^ | July 6, 2018 | Patrick Gleason
    According to new research released by Charles Varner, associate director of the Stanford Center on Poverty and Inequality, California lost an estimated 138 high-income individuals following passage of the Proposition 30 income tax increase championed by Gov. Jerry Brown (D) and approved by Golden State voters in 2012. This new research by Varner updates a previous paper released six years ago that looked at domestic migration to and from California following a 2004 income tax hike. “One reason we wanted to update our previous paper is that this tax change in 2012 is the largest state tax change that we...
  • Religious leaders hit GOP tax law after it imposes new tax

    06/26/2018 6:50:45 AM PDT · by GIdget2004 · 20 replies
    The Hill ^ | 06/26/2018 | Jacqueline Thomsen
    Religious leaders are slamming the new GOP tax law after the measure required them to start paying a tax on some of the fringe benefits religious institutions offer to employees. Politico reported Tuesday that the new tax law requires the groups to start paying a 21 percent tax on some of the benefits, including those for transportation, meals and potentially gym memberships. Republicans eliminated tax breaks for employees' fringe benefits in the law to cover the cost of tax cuts for corporations and individuals. Because nonprofits don’t pay income taxes, lawmakers implemented a tax on the organization's fringe benefits. Religious...
  • Seattle may pull ‘head tax’ after Amazon, Starbucks cry foul

    06/12/2018 8:28:19 AM PDT · by NohSpinZone · 24 replies
    Fox Business ^ | 6/11/18 | By Thomas Barrabi
    Seattle Mayor Jenny Durkan and city council members on Monday said they would consider legislation to repeal a “head tax” on the city’s large businesses, just weeks after the measure’s passage drew public criticism from Amazon, Starbucks and others. [SNIP] Amazon vice president and spokesman Drew Herdener said last month that the bill’s passage forced the company “to question our growth” in Seattle. "The city does not have a revenue problem – it has a spending efficiency problem. We are highly uncertain whether the city council’s anti-business positions or its spending inefficiency will change for the better," Herdener said at...
  • Amazon, Starbucks pledge money to repeal Seattle head tax

    05/25/2018 8:03:11 AM PDT · by gattaca · 37 replies
    Fox News ^ | May 25, 2018 | AP
    SEATTLE – Amazon, Starbucks, Vulcan and other companies have pledged a total of more than $350,000 toward an effort to repeal Seattle's newly passed tax on large employers intended to combat homelessness. Just days after the Seattle City Council approved the levy, the No Tax On Jobs campaign, a coalition of businesses, announced it would gather signatures to
  • How Seattle’s New Tax to Fight Homelessness Could Ruin its Economy

    05/18/2018 7:03:46 AM PDT · by SeekAndFind · 39 replies
    Fortune ^ | 05/18/2018 | Travish Brown
    In a shortsighted effort to fight homelessness, Seattle’s city council has approved a new employee “head tax” on companies based in the city. The policy pits growth and progress against each other in a zero-sum game that will do far more harm than good. The head tax is exactly what it sounds like: a straight levy of $0.14 per hour per employee—about $275 a year for a full-time worker—targeting every business in Seattle with revenues of $20 million or more. The proposal’s backers aim to raise around $48 million per year to fund various affordable housing initiatives in order to...