I was hoping that we would go over the fiscal cliff because taxes would go up on everyone. I think everyone should suffer the pain of paying for the government’s uncontrollable spending. Perhaps the “middle class”, whom politicians believe are clueless, would then start to think about the future of our country. Perhaps [...]
“Tax the rich, because blah blah blah and it will help the economy by yada yada yada…”
We should do a global search and replace on “tax” and replace with “punishment”. And replace all instances of “rich” with “investors and entrepreneurs”.
This will make it clear what will happen. If they incrementally raise taxes, then [...]
With all the talk about who should pay more taxes and income equality, the Wall Street Journal today had a piece by David Wessel on this very topic. It was one of the articles that comes to a point without making a point. By laying out the statistics it shows that the rich pay more [...]
There is one more important thing about yesterday’s Supreme Court ruling upholding the Patient Protection and Affordable Care Act and that is a new investment tax. There is a new 3.8% surcharge on investment income in excess of $250,000 (married couple). It will go into effect on January 1, 2013.
If you have Adjusted Gross Income in [...]
Some things are just too sacred to tax.
ROME (Reuters) – A proposal to levy a tax on cats and dogs that stunned Italy on Friday turned out to be all bark and no bite after a wave of popular anger saw it withdrawn on the same day it was made public.
Try this on your friends. Ask them if they think that Congress should eliminate subsidies to oil companies. I would guess that it would be almost unanimous that they should, at least from my experience.
But here is the trick: There are no oil subsidies.
If you define “subsidy” as “a sum of money granted [...]
Who pays income taxes and how much?
2009 is the most recent data.
The controversy over the “Buffett tax” on “millionaires” and “billionaires” continues since my post, “The Obama Plan To Increase Poverty”. The media have been full of interviews and commentary about this. The President continues to hammer away at his claim that the lack of wealth redistribution is a “drag on the economy.”
The issue is [...]
… [W]e are working hard to make sure that there are no tax loopholes between tax systems that would allow some taxpayers to gain an unfair competitive advantage over others. — Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration
In case you thought world governments were trying to [...]
The Mercatur Center’s Veronique de Rugy illustrates the need for corporate tax reform to include the adoption of a territorial type of tax system [i.e., one that doesn't tax foreign income].
As shown in the chart below, the United States has the highest corporate rate, based on the combined (central and sub-central government) statutory corporate [...]
Great infographic on the income tax from TurboTax. Hat tip to Matt H.
Go here for the full graphic →