Leave it to the federal government to turn a pandemic that shuts down businesses and drives Americans into bankruptcy into a way to make money. The government earned record "profits," (a.k.a. your tax dollars), during its most recent fiscal year (October 1, 2020 to September 30, 2021). The Wall Street Journal reports: Washington has had an excellent pandemic. If you doubt it, look no further than the Congressional Budget Office’s summary for revenues and outlays for fiscal 2021, which ended on Sept. 30. The federal government has never had it so good—literally. The budget gnomes estimate … [Read more...]
Democrats Carve Out Tax Loopholes for Friends
Democrats in Congress are writing up some of the biggest tax increases in history, but not before making sure they protect their friends with loopholes and carve-outs. If they really want to soak the rich, why isn’t taxing municipal bonds, which are the exclusive province of the wealthy, on the table? The tax rate on muni bond interest is 0%. The existing tax rate on capital gains for high-income investors is 23.4%. The Wall Street Journal examines Democrats' actions, writing: The House Ways and Means Committee section of the $3.5 trillion tax and spending bill includes myriad tax carve-outs … [Read more...]
Work Hard in NY and CA? Prepare to PAY Under Democrats’ New Tax Plan
Are you one of your state's most productive citizens? Do you already pay hundreds of thousands, or even millions in taxes to state and federal governments each year? Your hard work is appreciated by House Democrats, who are happy to relieve you of even more of your money. Democrats have released a tax plan aimed at paying for their planned $3.5 trillion spending bonanza, and it takes direct aim at high-income Americans. Here's a brief of the plan from Robert Frank of CNBC: The proposals include a 3% surtax on taxpayers earning more than $5 million a year. They would also raise the top … [Read more...]
GET OUT: The Escape from California is Accelerating
Last year, Americans in blue states and cities across the country fled the violence and disease in their cities, buying homes in places like Florida, Texas, New Hampshire, and Wyoming. The truth is, many of them had been looking for the chance to get out for years, but until remote work gave them the opportunity, they were stuck paying high taxes and suffering the high costs of living. With COVID and looting subsiding it was possible the trend would reverse, but in fact in 2021 in California, it's accelerating. A new study from Stanford reports that more businesses have already left … [Read more...]
China Prepares Wealth Redistribution and “Regulation of High Incomes”
In an attack on wealth and income that may sound familiar to Americans, China's Communist Party government has set out a plan to redistribute wealth and regulate "high incomes." Tom Mitchell and Sun Yu report fro the Financial Times: President Xi Jinping has called for stronger “regulation of high incomes” in the latest sign that a 10-month campaign targeting China’s largest technology companies is rapidly expanding to encompass broader social goals. State media reported that a meeting of the Chinese Communist party’s Central Financial and Economic Affairs Commission on Tuesday, chaired by … [Read more...]
Democrats Trying to Cut Taxes for the Wealthy?
Democrats are working hard to cut taxes for the wealthy. Yes, you read that correctly. While Democrats are normally found calling for raising taxes on the wealthy, that isn't the case for many when the wealthy taxpayers affected are also major campaign donors. The cap on the State and Local Taxes paid (the SALT cap) set in place by the 2017 Tax Reform hit wealthy people in high tax states the hardest. Wealthy residents from places like California, New York, and New Jersey saw significant tax increases. Those high tax states happen to be home to many of the Democratic Party's biggest … [Read more...]
The Real Winners of the Infrastructure Bill: It’s Not You
You know when something receives "bipartisan" support in Washington, it's going to cost taxpayers a lot of money. The only time both parties seem to agree on anything is when both their sets of donors are getting paid enough of your money. The next bipartisan spending spree appears to be the infrastructure bill that Senators have been working on. At the Cato Institute, Randal O'Toole explains that the only people likely to see the benefits of this bonanza spending are the contractors asked to perform the unnecessary work. He writes: The Senate reportedly passed an infrastructure bill last … [Read more...]
Will Businesses Even Want to Move Back to NY?
You have seen what Governor Andrew Cuomo and Mayor Bill DeBlasio have done to New York State and New York City. Cuomo's COVID response, lauded early on, was exposed as a complete debacle. And DeBlasio has allowed crime to skyrocket in the Big Apple. Despite such terrible performance from public officials, New Yorkers are asked to pay some of the nation's highest taxes. Now Governor Cuomo is asking businesses to return to the state. Fox Business reports: New York Gov. Andrew Cuomo is calling for companies to end remote work and bring staff back to the office by Labor Day in order to support … [Read more...]
Biden Administration’s Global Minimum Tax Takes Shape
The global minimum tax proposed by the Biden administration Treasury is beginning to take shape as world leaders back the idea. Paul Hannon and Kate Davidson report for The Wall Street Journal: The U.S. has won international backing for a global minimum rate of tax as part of a wider overhaul of the rules for taxing international companies, a major step toward securing a final agreement on a key element of the Biden administration’s domestic plans for revenue raising and spending. Officials from 130 countries that met virtually agreed Thursday to the broad outlines of what would be the … [Read more...]
Biden Said He’d Only Tax the Rich, but This Will Hurt Everyone
You can read here about the negative impacts of a Biden administration tax increase on dividends. In summary, a higher tax on dividends motivates companies not to pay them. My take? Stock-rich executives and the largest shareholders don’t want to fork over half the payout in taxes. Pinar Cebi Wilber writes in The Wall Street Journal: The Biden administration has released a flurry of tax proposals, including a headline-grabbing tax hike on capital gains that would apply retroactively from April. Dividends would be subject to the same treatment, according to a recently released Treasury … [Read more...]
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