If Mr. Biden takes office with a Republican-controlled Senate, the most damage he can do will come via the regulatory channel. Regulatory overreach has a big impact on economic growth. Obama proved that. But the biggest threat to your personal wealth is from the legislative side. A Democrat-controlled house, Senate, and White House would give Biden a much better chance of passing his growth-smothering tax program plan. The Democrats will control both the House and White House (assuming Biden wins). The Senate is still undecided pending two runoffs in Georgia that take place early next year. If … [Read more...]
New Jersey Chases Away Business with Biden-Like Policies
In the past, former Vice President Joe Biden has expressed his support for a financial transactions tax. Now, New Jersey is trying to implement one of its own to bolster its broken budget. The move's effect could be the opposite of that intended. The NYSE, the world's largest stock exchange by market capitalization, said it plans to leave New Jersey if the state implements the tax. Bloomberg's Elize Young reports: The New York Stock Exchange told New Jersey lawmakers that it’s prepared to move operations out of state should they impose a new tax on electronic trades via data servers. In … [Read more...]
Biden’s Triple Threat to American Wealth and Prosperity
You might think that after a massive regulatory rollback and tax reform drove unemployment to the lowest level in a generation and helped low and moderate-income Americans most, it would sink in on the left that incentives really do matter for economic prosperity. Well, you probably didn’t think that, but you might have hoped common sense would prevail. It hasn’t. Biden’s economic plan looks like a disaster for America’s economy. Biden wants to hike, corporate, personal, and investment taxes. A President Biden would hike the corporate tax rate to 28% from today’s 21%. He would … [Read more...]
Kudlow: This is No Time for Joe Biden’s $4 Trillion Tax Hike
I always love Larry Kudlow’s enthusiasm and can-do attitude. It’s the spirit for what our economy is built upon. Kudlow knows there's a fine line between success and failure, and that it's freedom that makes the difference. Before the unpredictable China virus hit American shores, Larry Kudlow had helped Donald Trump craft an economic policy that had driven unemployment levels to near record lows (see my chart below). In a speech to the Republican National Convention last night, Kudlow promised more tax cuts and regulatory rollback in Trump's second term. He specified: Payroll … [Read more...]
The Genesis of Biden’s Capital Gains Tax Proposal
A President Biden would double the tax rate on capital gains. The highest marginal rate on capital gains would rise from 20% to 39.6%. Add on the Obamacare surtax of 3.8% and you are looking at a 43.4% tax rate on capital gains. Why does Biden want to increase the capital gains tax rate? Do higher capital gains rates lead to more tax revenue? It’s not even close. Lower, not higher, capital gains rates generate more capital gains tax revenue. So why the focus on capital gains tax rate? For Biden and the progressive Left it’s about closing the wealth gap. Will higher capital gains … [Read more...]
The Wealthy Escaped the City: Politicians Beg them to Come Back and Pay Taxes
You might not believe how lopsided New York City's tax system is, but here you can read it in the words of the governor of New York State, "A single per cent of New York’s population pays half of the state’s taxes and they’re the most mobile people on the globe." Gov. Andrew Cuomo is begging wealthy New York City residents to return to their city homes so they can be taxed by the city's income tax surcharge. To fight the pending deficit the city is facing, many city politicians want to tax those who remain even more, but Cuomo knows this is a bad idea. The Daily Mail reports: It is … [Read more...]
It’s Possible Californians Have Had Enough of Taxes and Debt
For over a century, if you were looking for a better America, California was where you headed. From the Gold Rush days of 1849, to the post-World War II boom of California's suburban crowd, the state's beauty, resources, climate, and wildness attracted droves of Americans. Now though, Americans are fleeing California. The reason for their departure is that California's government makes living hard in the Golden State. Mismanagement in the state has led to increased risk of wildfire, the erosion of workers' rights, dystopian streets full of homeless Americans, frequent power outages, and … [Read more...]
Bigger is Not Better According to Europe’s High Court
On Tuesday, the European High Court gave a green light to tax laws that discriminate against big business. In Europe, that will have a disproportionate impact on the foreign Tech businesses, many of them American, which dominate the continent. Bloomberg Tax reports: Opponents of European digital services taxes may have lost one avenue of attack after Europe’s highest court ruled that progressive revenue taxes aren’t discriminatory. The Court of Justice of the European Union ruled Tuesday in two cases—involving Hungarian subsidiaries of Vodafone Group Plc and Tesco Plc—that … [Read more...]
Here Comes the Tax Man for Amazon’s Third Party Sellers
Amazon sellers are being hit with tax bills for merchandise they may have sold over a decade ago. Tripp Baltz reports for Bloomberg: Steve Jenson of Logan, Utah, thought he had a good business selling books through Amazon.com Inc.—then he got hit with a $200,000 tax bill from the state of Washington, alleging he had failed to collect and remit sales taxes from customers dating back to 2011. It was a rude awakening for Jenson, who, like many other Amazon sellers, says he wasn’t even aware that he was supposed to collect the tax in the first place. He is now paying off the bill at a rate of … [Read more...]
Here’s Why Most Americans Don’t Even Know They Got a Tax Cut
In every income category surveyed recently by the New York Times collaborating with the Tax Policy Center, a majority of Americans thought they had not received a tax cut from the Tax Cuts and Jobs Act of 2017. The reality is, the majority of Americans in nearly every category received a tax cut. Bill Bischoff at MarketWatch explains why so many Americans haven't noticed their tax cuts. He writes: An online survey conducted for The New York Times and published in April of 2019 (after most returns for the 2018 tax year had been filed) found that only 40% of Americans believed they had received … [Read more...]
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