So much for that tax cut we’ve all been hoping for—it looks like the swamp in Washington is alive and well. If this is a tax-cut for the rich, imagine what a tax increase would look like. Don’t get me started. And for all those saying this is a tax cut for the rich, well, the last time I checked you need “money” to get a tax cut—too many Americans have no skin in the game. Americans who I work with—the successful Americans like you—are either still working and saving for retirement, or are already retired and could use a break. Couples in their 50s saving for retirement? Ha! Finally, … [Read more...]
How to Attract Amazon’s HQ2
If you’re a small business owner, then you probably can’t relate to the full court press from what seems like all of New England—and the rest of America for that matter—hoping to lure Amazon CEO Jeff Bezos to choose their city or state for its second headquarters. You might be saying to yourself “no one put on a press conference to have me move to start a business.” Which is why I like the approach New Hampshire is taking. Yes, it wants Bezos. But it doesn’t have to fund HQ2 with tax breaks residents end up paying. “Everyone else is still trying to play catchup to this tax incentive we … [Read more...]
Amazon and Corp Tax Reform
Tax avoidance by multinationals such as Amazon continues to get more expensive. “Brussels will hit Amazon today with a bill for Luxembourg back taxes worth several hundred million euros,” reports the Financial Times. More reason to pass U.S. corporate tax reform and bring that money home. Brussels will hit Amazon on Wednesday with a bill for Luxembourg back taxes worth several hundred million euros in the latest fallout from the EU crackdown on tax avoidance by big multinationals. The European Commission’s move, confirmed by several people familiar with the case, comes on the heels of … [Read more...]
Who Wins from a Corporate Tax Cut?
Writing for the Cato Institute where he holds the R. Evan Scharf Chair for the Public Understanding of Economics, Ryan Bourne explains that there will be many winners if corporate tax rates are cut. Shareholders, employees and consumers will share the spoils, but the proportion of the benefit each group receives is harder to predict. He writes: Cutting the corporate income-tax rate seems a rare area of consensus for Republican lawmakers considering tax reform, which is good news for working Americans. Despite opponents’ attempts to suggest otherwise, there is reason to be confident that … [Read more...]
New Tax Reform May Impact Where You Choose to Live
With tax reform working its way through the meat grinder, it appears that where you live will continue to impact your financial situation. It’s yet another indication that blue states, havens of liberal largesse, will leave their taxpayers footing the bill. As with any tax reform, politicians tell us there will be “tough” decisions. The individual deduction for state and local taxes is on the chopping block. If this is true, it will become increasingly more painful for residents of high tax states such as Rhode Island, Connecticut, New Jersey, New York, Illinois, and California to name a … [Read more...]
Did Sweden Just Drive Out its Biggest Bank?
With hard new regulations coming and more freedom only a short way away, Nordea Bank has decided to leave Sweden for nearby Finland. This is an example of the tax competition that states and countries should take into consideration before enacting punitive taxation on the most productive corporations and individuals in their jurisdictions. Max Colchester reports: Nordea Bank NRBAY -0.11% AB, the Nordics’ biggest lender, said Wednesday it would move its headquarters from Sweden to Finland, which is inside the eurozone’s banking union, saving as much as €1 billion. Nordea said it would make the … [Read more...]
Class Warfare is Holding America Back
As the Senate and Congress ready themselves for a debate over tax reform, Dan Mitchell, a senior fellow at the Cato Institute, writes that the policymakers should ignore the shouting of class warriors and, like Reagan, focus on the entire economy. Faster economic growth is the best solution to the problems of everyone in the economy. Mitchell writes: Reagan’s tax policy (especially the Economic Recovery Tax Act of 1981) was good because the President and his team ignored the class-warfare crowd. They didn’t care whether all income groups got the same degree of tax relief. They didn’t care … [Read more...]
What Can We Learn from Denmark?
Under the heading of "even a blind squirrel finds a nut," Denmark targets deep tax cuts. What are we waiting for? Peter Levring writes at Bloomberg: By encouraging more people to work, the government expects to generate more revenue via sources such as value-added tax, Jensen said during a press conference in Copenhagen. "There’s still room for growth in public spending, and room to prioritize, as this government does, welfare for Danes," Jensen said. He said critics of the government’s plan were guilty of a "simplification" of economic principles. "This is not a zero-sum game" between … [Read more...]
America Can Fix This Lousy Deal for Workers
Writing at International Liberty, Dan Mitchell a senior fellow at the Cato Institute, says that Social Security isn't only basically bankrupt, it's also a "lousy deal for workers." He writes: The part of the crisis that generally is overlooked is that the program is a lousy deal for workers. They pay record amounts of tax into the system in exchange for a shaky promise of a modest monthly check. For all intents and purposes, they are being charged for a steak, but they’re getting a hamburger (with Medicare, by contrast, people are charged for a hamburger and they receive a hamburger … [Read more...]
Can the Trump Administration Keep its Tax Cut Promises After All?
After getting embroiled in scandals that involve Russians and white supremacists, and after the failure of the GOP's Obamacare reform package, Americans are asking if the President can keep his promise to pass tax reform this year. Despite the distractions Gary Cohn, the head of the White House national economic council, has told the Financial Times that a speech by President Trump coming on Wednesday will outline the case for tax cuts. The speech will be the first in a series to present the plan to the American people. The FT reports: “Starting next week, the president’s agenda and calendar … [Read more...]
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