Imagine owning a mutual fund with big losses and then being forced to pay capital gains on that mutual fund because of sales in the fund. Suzanne Woolley reports how just that is happening to some investors. She writes: Owning a mutual fund that’s down 20% or 30% is bad enough. Now, holders of many money-losing investments will be asked to pay capital gains taxes too. The gains come from managers buying and selling securities inside the portfolio over the past year. If they sold a stock they’d owned for a long time, they may have a big gain on it — even if that stock, and the broader fund, … [Read more...]
Which European Countries Have the Best Tax Systems?
Whether you're looking for new international investment opportunities or simply wondering where the government will get the least of your vacation dollars, it's handy to take a look at foreign countries' tax structures. Your Survival Guy has been spending more time in Europe again now that COVID regulations have subsided a bit, and it's important to pay attention to what you're up against when you travel. The best place to look for clarity on European tax structures is the Tax Foundation, which releases an annual International Tax Competitiveness Index explaining the differences in OECD … [Read more...]
Make These States Competitive Again
States are supposed to be the laboratories of democracy, but the "scientists" running the labs in places like New York, New Jersey, Illinois, and California have been failing for years. One reason for that is their tax policies don't consider the long-term competitiveness of their states, and instead focus on raising money to pay for politicians' dream projects. The Wall Street Journal's Editorial Board explains that "the real economic benefits come from making a state more competitive for the long haul." They rank the 10 best states for tax climate in 2023: Wyoming South Dakota … [Read more...]
REJECT DEBT ON THE BALLOT: Force Legislators to Own Their Spending
When legislators or city administrators want to spend too much and rack up debt, they put some of the spending measures on the ballot. Usually, they put things on the ballot that are hard for voters to say no to. Measures like school funding and money for parks. Rarely will you see welfare payments or state pension funding increases up for a referendum vote. At Cato Institute, Chris Edwards explains some bonds on the ballot in 2022, and why those bonds should be voted against, and the spending measures rolled in budgets that legislators can be held accountable for. He writes: Aside from … [Read more...]
Why Your State Doesn’t Need an Income Tax
Your Survival Guy’s been the beneficiary of meeting Chris Edwards at various Cato events. He’s hitting it out of the park. Here’s yet another outstanding piece: State and local governments raised $1.9 trillion in taxes in 2020. The main sources were sales taxes (35 percent), property taxes (32 percent), and individual income taxes (23 percent). But nine states do not impose an individual income tax. How do they run their governments without it? The nine states without an individual income tax are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and … [Read more...]
FOLLOW THE MONEY: Wealthy Americans Fleeing High Tax States Faster than Others
Treasury bond yields are rising. You can sink your teeth into these yields. The interest on treasuries is generally exempt from taxation at state and local levels. That could come in handy if you're living in one of the high-tax states mentioned below. If you live in a high-tax state what are you waiting for? If you want to know what’s going on in the world then follow the money, or, in this case, the moving vans. I’m always interested in the work Chris Edwards does at the Cato Institute, and this is no exception. Edwards writes: My new op‐ed in the Examiner looks at the interstate … [Read more...]
Are You Getting One of These Surprise Inflation Tax Cuts?
Inflation has devastated many Americans' buying power, forcing them to make choices between necessities like food and gasoline. Some Americans though will receive a tax cut thanks to the high levels of inflation. It's counterintuitive, but it may happen to you. Ashlea Ebeling reports on who will be getting a tax cut next year and why in The Wall Street Journal, writing: One ripple effect of the high inflation eating into Americans’ spending power may be lower tax bills. Many workers will get bigger paychecks in January and be able to stash more money in their retirement accounts when the … [Read more...]
PUNISHING SUCCESS: Europe Sets Windfall Taxes on Banks
Bank profits have been rising in Europe, so of course, politicians want a cut. Patricia Kowsmann reports on European governments' new taxation plans in The Wall Street Journal, writing: European banks have started to reap higher profits from rising interest rates—and governments are already starting to clamp down on them. In Spain, the government has laid out plans to tax lenders on their rising income and use the money to alleviate higher living costs for the population. Hungary has imposed a similar measure, and the Czech Republic, where inflation is above 17%, is also considering such a … [Read more...]
American Manufacturers ALARMED by Schumer-Manchin Tax Hike Plan
The National Association of Manufacturers (NAM) is sounding the alarm over the recently unveiled Schumer-Manchin tax plan that would disproportionately burden their operations. NAM reports: The proposed “book tax” in the Senate’s reconciliation bill “would overwhelmingly hit U.S. manufacturers,” according to a new analysis by the Joint Committee on Taxation, Congress’s non-partisan tax scorekeeper. What’s going on: The reconciliation bill, the outline of which was released Wednesday by Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WVA), proposes a 15% minimum … [Read more...]
SCHUMER-MANCHIN: An “Inflation” Bill that Doesn’t Fight Inflation
While millions of Americans are suffering from the effects of inflation, it's disingenuous and a bit insulting to call a run-of-the-mill tax and spending bill out of Washington, D.C. the "Inflation Reduction Act of 2022." It has almost no chance of reducing inflation and has much more potential of making it worse. But, leave it the Senate Majority Leader Chuck Schumer and Sen. Joe Manchin (D-WV) to do just that. It's the classic D.C. tactic of putting lipstick on a pig. The Wall Street Journal's editorial board writes: Talk about bad timing. As the economy slouches near recession, Majority … [Read more...]
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