The Wall Street Journal's editorial board explains the Connecticut strategy succinctly when it writes "Thus we have Connecticut’s business model: Raise costs for everyone and then leverage taxpayers to provide discounts for a politically favored few." By raising taxes on all corporations and individuals, Connecticut makes owning a small business very difficult. If a major corporation can lobby for better tax treatment, small businesses are even less capable of competing. Small businesses are the powerhouses of the American economy, putting them at a disadvantage to big corporate interests … [Read more...]

If you own real estate, you know that property taxes seem to rise continuously. Undoubtedly you have questioned if yours could be reduced. Fidelity has posted a guide that could help you lower yours. Sandra Block writes: Home values have risen across the country, which means many homeowners' property taxes are going up, too. The average annual property tax for owner-occupied single family homes nationwide in 2017 was $3,399, an effective tax rate of 1.17%, according to Attom Data Solutions. Nine counties impose average annual property taxes of $10,000 or more. In Westchester County, New … [Read more...]

Illinois politicians, led now by Governor J.D. Pritzker, are aiming to end constitutional protections of taxpayers in Illinois, and to raise taxes on the wealthiest in the state. Naively, those politicians pushing for the increase in taxes presume that the move will prevent future deficits. Raising taxes hasn't seemed to do that in the past, so it is hard to imagine why that would work now. It seems more likely the tax increases will lead to a faster flight of Illinois' remaining wealthy citizens. Bloomberg's Elizabeth Campbell and Amanda Albright report: Illinois lawmakers paved the way for … [Read more...]

It's April 16th, and yesterday Americans' income taxes were due to the IRS. Coincidentally, today is Tax Freedom Day, and until today, the average American has been working to pay off his taxes for 2019. According to the Tax Foundation, "Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay its total tax bill for the year." The Tax Foundation breaks down exactly how much time Americans spent paying off the different types of taxes in 2019, writing "This year, Americans will work the longest to pay federal, state, and local individual income taxes (42 days). … [Read more...]

Your ability to act and stand-up against higher education (as in higher cost), federal, state and local taxes and the politicians that enact them has never been more necessary or crucial to your family’s long-term survival and prosperity. It’s preposterous to believe those living in ivory towers and the politicians controlling your tax dollars know better than you. They don’t. You are the best caretaker for your family and for your money. That’s why it concerns me when blue states, in particular, come after your hard-earned money due to their misappropriating taxpayer dollars for … [Read more...]

In response to reports of the sagging luxury real estate market in Manhattan, blaming the capping of the State and Local Tax deduction for the drop in demand, Senator Rick Scott of Florida has written an op-ed in the Wall Street Journal explaining exactly why New Yorkers are fleeing to low tax Florida. He writes: A recent article in a Beltway publication warned about a potential recession and considered how it might affect President Trump’s chances at re-election. The story began—no joke: “The luxury real estate market in Manhattan is sagging.” It goes on to argue that softening in the … [Read more...]

In a new post, my friend Chris Edwards of the Cato Institute lays out why billionaires, despite being constantly bashed, are actually benefiting America. He writes: Are rich people idle “rentiers,” as economist Thomas Piketty calls them, who inherit wealth and add no social value? In supporting Sen. Bernie Sanders’ plan for higher estate taxes, former Labor Secretary Robert Reich claimed that “America is creating a new aristocracy of the non-working super rich.” And in plugging Sen. Elizabeth Warren’s wealth tax, Paul Krugman said “we seem to be heading toward a society dominated by vast, … [Read more...]

If you don't live in the Northeast, it's likely that it could be worse. According to a Tax Foundation analysis, the 6 states with the highest property tax collections per capita are in the northeast, with those ranked eighth and tenth joining them there. The region is property tax hell. Outside New Jersey (1st), New York (4th),  and the New England states (NH 2nd, CT 3rd, VT 5th, RI 6th, MA 8th and ME 10th), only Wyoming (7th) and Illinois (9th) crack the top ten. Though the non-state of Washington D.C. has the highest rates of all at $3,535 collected per citizen. Property taxes are an … [Read more...]