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Keyword: incometaxes

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  • 41 Obama White House aides owe the IRS $831,000 in back taxes -- and they're not alone

    09/10/2010 7:26:53 AM PDT · by Qbert · 140 replies · 2+ views
    LA Times ^ | 9/10/2010 | Andrew Malcom
    Over the years a lot of suspicion has built up across the country about Washington and its population of opportunistic transients coming to see themselves as a special kind of person, somehow above average working Americans who don't work down in that former swamp. Well, finally, an end to all those undocumented doubts. Thanks to some diligent digging by the Washington Post, those suspicions can at last be put to rest. They're correct. Accurate. Dead-on. Laser-guided. On target. Bingo-bango. As clear as it's always seemed to those Americans who don't feel special entitlements and do meet their government obligations. We...
  • Abolish state income taxes (Statistics show they retard economic growth)

    07/20/2010 6:25:06 AM PDT · by SeekAndFind · 26 replies
    Washington Times ^ | 07/20/2010 | Richard W. Rahn
    Did you know there are nine states that have no state income tax? The non-income-tax states (see accompanying chart) are geographically and economically diverse, ranging from the state of Washington in the Pacific Northwest, to Texas and Florida in the South, and up to New Hampshire in the Northeast. Why is it that some of the states with the biggest fiscal problems have the highest individual state income tax rates, such as New York and California, while some of the states with the least fiscal problems have no state income tax at all? High-tax advocates will argue that the high-tax...
  • ‘If you tax them, they will leave’ (New Jersey, says Gov. Christie)

    04/17/2010 11:26:49 AM PDT · by reaganaut1 · 28 replies · 1,196+ views
    Weekly Standard ^ | April 26, 2010 | Fred Barnes
    Trenton If the citizens of New Jersey like candor, Chris Christie is the governor they’ve been waiting for. Or I should say citizens of “the failed state” of New Jersey, as he tends to call it. It’s a “broken state” and a state that’s “broke.” New Jersey was in “a shambles,” he says, when he became governor in January. It’s “a fiscal basket case,” suffering from the “madness” of tax increases and excessive government spending, a “wonderful state” that’s been brought to “the edge of bankruptcy” and faces “the ruination” of its economy and “the quality of life that we...
  • Cheer Up-Next Year's Tax Day Will Be Much Worse

    04/15/2010 8:39:44 AM PDT · by Shellybenoit · 4 replies · 241+ views
    The Lid/House GOP Conference ^ | 4/15/2010 | The Lid
    Even in the best of times Tax Day stinks, but this Tax day is worse than most. The economy remains in the pits, spending has skyrocketed, taxes have gone up, and it seems as if with each passing day the American voter's voice in how those tax dollars are being spent, diminishes. That's the good news, the bad news is that next year's tax burden will be worse. "I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax,...
  • Nearly half of US households escape fed income tax

    04/07/2010 12:48:15 PM PDT · by crusty old prospector · 78 replies · 1,857+ views
    Yahoo Finance ^ | April 7, 2010 | Stephen Ohlemacher
    WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem. About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization. Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better...
  • Absolute Proof That We Need Tax Reform

    03/26/2010 7:31:24 AM PDT · by Shellybenoit · 7 replies · 153+ views
    The Lid/Daily Caller ^ | 3/26/2010 | The Lid
    Some people are fighting for a fair tax, replacing our income tax structure with a VAT, a Value Added Tax(country wide sales tax). Others argue for a Flat tax, one tax rate on income for everybody, no deductions etc. Both sides are fighting for the same concept. Simplify the way the federal government collects taxes. America's Tax Structure is just so complicated and is getting more complicated every day. The $600 Billion plus in brand-spanking-new taxes passed as part of the Obamcare bill only serves to add to the tax code confusion. But Americans shouldn't feel bad because the general...
  • Tax Fairness Reaches A Tipping Point

    03/16/2010 5:16:23 PM PDT · by Kaslin · 26 replies · 1,200+ views
    Investors.com ^ | March 16, 2010 | INVESTORS BUSINESS DAILY Staff
    Fiscal Policy: The latest data show a record number of people with no tax obligation. We also have the highest-earning nontaxpayers ever. With more riding the wagon and fewer pulling, it should soon break down. A record number of the 142 million tax returns filed in 2008 resulted in no taxes owed, according to the Tax Foundation's analysis of the latest IRS data. About 51.6 million returns, or 36.3%, were filed by those whose deductions, exemptions and tax credits wiped out any federal income-tax obligation. These aren't people who have overpaid their taxes or had so much withheld from their...
  • Another Obama Tax Hike [Obama favors 41% marginal tax rate for middle class]

    02/04/2010 4:51:56 AM PST · by grundle · 41 replies · 2,439+ views
    Wall St. Journal ^ | February 3, 2010 | Douglas Holtz-Eakin and Alex Brill
    The Senate health-care bill would raise effective marginal tax rates on lower and middle-income singles and families up to 41%. The effective marginal tax rate is the answer to the question: "If I earn $1 more, how much less than $1 do I get to save or spend?" If you can keep that full dollar for your disposal, the effective marginal tax rate is zero. If earning another dollar does not raise your disposable income by even a penny, the effective marginal tax rate is 100 percent. Consider, then, the figure below constructed for a two-earner family with two school-age...
  • A Review of Significant State Tax Changes During 2009

    12/23/2009 10:51:55 AM PST · by reaganaut1 · 9 replies · 614+ views
    Tax Foundation ^ | December 21, 2009 | Joseph Henchman
    State Changes to Individual Income TaxesIncreasesCalifornia in May added 0.25% to each income tax bracket, retroactive to January 1, 2009 and expiring December 31, 2010. Connecticut in September added a new top bracket of 6.5% on income over $500,000, retroactive to January 1, 2009. Delaware in June added a new top rate of 6.95% on income over $60,000 retroactive to January 1, 2009. Hawaii in May added three new brackets retroactive to January 1, 2009: 9% on income over $150,000; 10% on income over $175,000; and 11% on income over $200,000. New Jersey in June added three new brackets retroactive...
  • How Many Poor People Could Receive Health Insurance If Democrats Paid Their Taxes

    09/08/2009 4:54:36 AM PDT · by William Tell 2 · 9 replies · 726+ views
    Tea Time Blog ^ | 9-8-09 | Michael P. Tremoglie
    Liberal Democrats like to say that if our government took all the money spent on the Iraq war it could pay for health insurance for all of the uinsured. Well, that may be, however, the Iraq war was a matter of national security. Regardless of what one believes, the purpose of the war was to prevent another terrorist attack. However, there is something liberal Democrats can do to help the government pay for the uninsured. This won't require changing the insurance status of the 90% of Americans who are very satisfied with the current system. Liberal Democrats just need to...
  • DEP Determines Slime Trail Was Just Governor Rendell (Humor)

    07/10/2009 11:06:00 AM PDT · by SvenWaring · 292+ views
    DotPenn.com ^ | 07-10-2009 | Sven Waring
    Pennsylvanians: We've been slimed!A strange, mucous-like slime trail that originated in Harrisburg and continued into central Pennsylvania a few days ago was caused by Governor Edward "G. Tax Me" Rendell, according to members of the Pennsylvania Department of Environmental Protection cryptozoological clean-up team.Originally, team members feared that it was the trail of a giant snail, not a gelatinous slimeball--or several of Rendell's cronies, said team leader Nick Draffenstoots."There is absolutely nothing to fear, at least from a toxicity standpoint," said Draffenstoots. "On the other hand, if you're afraid of living the rest of your days mired in a sewer pit...
  • "Silent Majority" No More

    07/03/2009 9:27:49 AM PDT · by BigKahuna · 18 replies · 834+ views
    Entitlement Syndrome ^ | 07/03/2009 | Admin
    We note a growing movement against interfering and over-instrusive government these days, and that movement is embodied by the TEA (”Taxed Enough Already”) Party phenomenon. A quick check of the national TEA Party movement’s website — and the Tea Party sites in various states — reveals that literally thousands of these parties are going to take place across the United States on July 4th, the 233rd anniversary of the country’s declaration of independence from its colonial masters, the British. We have to say that this growing movement — which at its heart seeks to rein in out-of-control government spending at...
  • Had enough yet?

    05/23/2009 8:28:11 AM PDT · by DogByte6RER · 9 replies · 1,057+ views
    The Temecula Valley News ^ | Friday, May 22nd, 2009. | Rick Reiss
    Had enough yet? Rick Reiss Friday, May 22nd, 2009. Big government proponents frequently remind us that taxes are the price we pay for a civilized society. This line is actually attributed to the former Supreme Court Justice Oliver Wendell Holmes. While true in some respects, our current tax system is anything but civilized. America now has a government riding roughshod over people and businesses with even higher taxes and more rules and regulations. It is only fitting to remember a quotation by another famous American jurist. “That the power to tax…” wrote US Supreme Court Justice John Marshall “involves the...
  • With Obama Insane Spending Taxes Will Go Back Up To Carter Era

    04/17/2009 6:55:44 AM PDT · by jveritas · 12 replies · 613+ views
    April 17 2009 | jveritas
    In his first three months in office Obama has authorized the biggest government spending in history and thus doubling the deficit and the national debt. Because of this insanely wasteful spending that count in the trillions of dollars the only way for Obama to make up for this money is to massively increase the taxes to the Carter Era levels. Here is the simple math that proves the theory above. For 2008 the most optimistic estimates for income tax revenues will be around $ 1.1 trillion which is similar to what the government collected in incomes taxes revenues in 2007....
  • Hold the Tea: Americans Glad to Pay Taxes

    04/14/2009 1:52:08 PM PDT · by reaganaut1 · 26 replies · 1,274+ views
    New York Times ^ | April 14, 2009 | Robert Mackey
    In news that will be bad for activists hoping to start another American Revolution with a series of protests modeled on the Boston Tea Party, a new Gallup Poll finds that a solid majority of American say the income tax they pay is “fair,” and that slightly more than half classify their own tax burden as either “about right” or “too low.” According to Gallup, their annual April poll on taxes found this year that 48 percent of Americans said the amount of federal income tax they pay is “about right,” 3 percent say it is “too low,” and 46...
  • Everyone Should Pay Income Taxes

    04/12/2009 9:22:47 PM PDT · by GOP_Lady · 105 replies · 4,475+ views
    The Wall Street Journal ^ | 04-12-09 | Ari Fleischer
    It's bad for our democracy to exempt half the country.If you thought Bernard Madoff's Ponzi scheme was bad, wait until you hear about the inverted pyramid scheme the federal government is working on. While Mr. Madoff preyed on people who trusted him with their money, the federal government has everyone's money, and the implications of its actions are worse. Picture an upside-down pyramid with its narrow tip at the bottom and its base on top. The only way the pyramid can stand is by spinning fast enough or by having a wide enough tip so it won't fall down. The...
  • Richly Undeserved

    04/11/2009 5:44:12 AM PDT · by reaganaut1 · 9 replies · 778+ views
    New York Times ^ | April 10, 2009 | David Leonhardt
    [Obama's] agenda is a bold one in many ways. Yet his tax code would still look more kindly on wealth than Nixon’s, Kennedy’s, Eisenhower’s or that of any other president from F.D.R. to Carter. And only part of the reason for this is widely understood. It’s well known that tax rates on top incomes used to be far higher than they are today. The top marginal rate hovered around 90 percent in the 1940s, ’50s and early ’60s. Reagan ultimately reduced it to 28 percent, and it is now 35 percent. Obama would raise it to 39.6 percent, where it...
  • The Taxin' Illini

    03/22/2009 5:45:53 AM PDT · by reaganaut1 · 17 replies · 921+ views
    Wall Street Journal ^ | March 21, 2009
    [T]his week new [Illinois] Governor announced plans to raise state income taxes by 50%. Pat Quinn [...] is proposing to raise the personal income tax rate to 4.5% from 3% and the business tax to 7.2% from 4.8%. [...] Mr. Quinn ran as Mr. Blagojevich's Lieutenant Governor on a platform of no new taxes. But now he defends his huge tax increase by saying this will only hit those who have the "ability to pay." Of course, employers and the wealthy also have the ability to leave -- which they have been doing. In the last decade 736,000 more Americans...
  • Taxes Not Seen as Making the Rich Flee New York

    03/19/2009 1:49:17 PM PDT · by reaganaut1 · 32 replies · 1,694+ views
    New York Times ^ | March 18, 2009 | Nicholas Confessore
    It is perhaps the most potent argument offered by those who oppose increasing the income tax on wealthy New Yorkers: If you raise it, they will flee. That case has been made repeatedly by Gov. David A. Paterson, who says that higher taxes should be a last resort. It has been featured in a campaign by Taxpayers for an Affordable New York, a coalition of real estate and business interests. And it has been on the mind of Mayor Michael R. Bloomberg, New York City’s richest person, who said in a radio interview, “You can’t tax too much those that...
  • State Income Taxes May Jump 50 Percent

    03/13/2009 9:37:34 AM PDT · by truthnomatterwhat · 30 replies · 1,053+ views
    The Voice magazine ^ | March 13, 2009 | Jonas Clark
    According to a report by CBS Chicago, Governor Pat Quinn of Illinois is proposing a 50 percent hike in State income taxes. “The income tax increase could bring in nearly $4 billion. The budget deficit is expected to be more than $9 billion by the summer of 2010. State lawmakers are also talking about raising gasoline taxes to pay for road and bridge construction. Fees on driver's licenses and license plate stickers may also go up. In addition, some business tax