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Keyword: tax

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  • Trump has faced a decade-long tax audit — here’s how long IRS audits usually take and which taxpayers are most likely to get audited

    10/23/2020 11:40:44 AM PDT · by SeekAndFind · 16 replies
    Market Watch ^ | 10/23/2020 | Jacob Passy
    Thousands of Americans see their tax returns audited every year — but it’s safe to say none have seen an audit go on as long as President Donald Trump’s. Since he first launched a run for the White House in 2016, Trump has declined to release his tax returns. One reason he commonly cites as to why he can’t — including during last week’s town hall event on NBC and Thursday night’s presidential debate — is that he is undergoing audit. During the debate, Trump again said that he will release his returns when the audit is finalized. “We made...
  • Pritzker donates to stop graduated income tax proposal

    10/14/2020 7:50:42 AM PDT · by AT7Saluki · 4 replies
    Chicago Sun Times ^ | 10/13/20 | Rachel Hinton
    Billionaire Jennifer Pritzker may have abandoned President Donald Trump for the Democrats, but she’s still siding with the Republicans on her cousin’s coveted graduated income tax proposal. The retired Army National Guard colonel on Tuesday contributed $500,000 to the Coalition to Stop the Proposed Tax Hike Amendment, a group opposed to what Democratic Gov. J.B. Pritzker and his supporters prefer to call the “Fair Tax.” -- Her governor cousin has contributed $56.5 million of his personal fortune to back his signature ballot initiative, the constitutional amendment to allow a graduated income tax.
  • France ups the ante by increasing penalty tax on carbon emissions by cars

    10/12/2020 5:55:16 PM PDT · by RomanSoldier19 · 29 replies
    https://www.industryleadersmagazine.com ^ | OCTOBER 10, 2020 | ANNA DOMANSKA
    France introduces a new carbon emission tax plan that will make buyers of gas-guzzlers like Porsche and Ferrari to reconsider their purchasing decision. EU has set a target of reducing its carbon emissions from cars by 2030 and France, which already has the highest pollution tax, has decided to double it. France is drafting a law that will force buyers of big luxury gas-guzzling cars to reconsider their purchasing decision. Europe’s second-largest auto market is planning to double its levy of “malus”- or penalty tax based on the carbon emission of a car. It is set to go up to...
  • U.S. could adopt carbon tax under a Biden presidency -ex-Fed Chair Yellen

    10/08/2020 5:21:43 AM PDT · by Theoria · 23 replies
    Reuters ^ | 08 Oct 2020 | Valerie Volcovici and Matthew Green
    Former Federal Reserve chair Janet Yellen said bipartisan concern over climate change could see the United States adopt a tax on carbon emissions, with the proceeds shared with households, if Democrat Joe Biden is elected President in November. Yellen, who served as Fed chair from 2014-2018, said the combination of social injustices exposed by the coronavirus pandemic and Black Lives Matter protests, and wildfires in California, could boost support for the proposal. “There really is a new kind of recognition that you’ve got a society where capitalism is beginning to run amok and needs to be readjusted in order to...
  • COURT OPENS UP BIG PROP 13 LOOPHOLE FOR FRANCHISE FEES

    10/02/2020 8:05:10 AM PDT · by WLusvardi · 8 replies
    California Globe ^ | October 2, 2020 | Wayne Lusvardi
    Two recent court cases have created a contested loophole in property-tax related Propositions 13, 26 and 218 which would cause a legal and actual tax earthquake in California. Cities like San Diego are starting to bid-out franchise fees to the highest bidder for use of its public streets by public utilities. This may be construed as tax farming, which was used in ancient societies to bring in unlimited taxes, which is the opposite intent of tax-limiting Propositions 13, 26 and 218. San Diego has set a minimum reserve price of $62 million per year for 20 years for electric and...
  • What is the Difference Between a Tax Break and a Subsidy? Exposing economic confusion on the left and right

    09/30/2020 8:50:46 PM PDT · by SeekAndFind · 6 replies
    Reason ^ | A. Barton Hinkle
    Should American taxpayers stop subsidizing big oil companies? How about abortions? There seems to be a lot of confusion on the issue. In part, that's because there's a lot of confusion about what a subsidy really is. To hear liberals talk, it's scandalous that Americans are forking over their hard-earned tax dollars to prop up Big Oil. Former Virginia Gov. and DNC chairman Tim Kaine, now running for Jim Webb's Senate seat, last week called on his opponents to join him in opposing "government giveaways for big oil companies," as he put it. "Rep. Tim Scott (R-SC) Defends Fairness of...
  • Presidential Debate #1: Biden Doubles Down on Promise to Raise Taxes on Middle-Class Earners

    09/29/2020 8:53:02 PM PDT · by SeekAndFind · 7 replies
    Townhall ^ | 09/29/2020 | Reagan McCarthy
    During Tuesday’s first presidential debate between President Trump and former Vice President Joe Biden, the Democrats’ nominee vowed to raise taxes on average Americans. The former vice president said, as he previously has, that in the first days of a Biden administration, he would undo the landmark taxes cuts signed into law by President Trump in 2017. The Tax Cuts and Jobs Act, crafted by Republicans in Congress, cut taxes for every bracket, and overwhelmingly for the middle class. Joe Biden: “I’m going to eliminate the Trump tax cuts” Joe Biden’s tax plan shows he is completely out of touch...
  • Dick Morris: Trump Did Not Avoid Taxes, He Prepaid Them

    09/29/2020 7:52:54 AM PDT · by Blogger · 28 replies
    Western Journal ^ | September 28, 2020 | Dick Morris
    Contrary to the false impression in the New York Times story, Donald Trump did not avoid taxes. He prepaid them. In 2016 and 2017, he requested and got an extension to file his returns. As required, he made an estimated tax payment of $1 million in 2016 and $4.2 million in 2017. Then, it turned out that he did not owe that much in taxes, but rather than demand the money back, he let the IRS keep it and apply it to any future tax he owed.
  • Why are liberals angry at Trump for using a tax loophole that was signed into law by Obama?

    09/28/2020 4:51:41 AM PDT · by grundle · 26 replies
    wordpress ^ | September 28, 2020 | Dan from Squirrel Hill
    Why are liberals angry at Trump for using a tax loophole that was signed into law by Obama? As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.And now, liberals are angry at Trump for using a tax loophole that was...
  • Lawmakers will be forced to consider 20% tax hike if voters nix graduated tax amendment

    09/25/2020 4:35:14 AM PDT · by AT7Saluki · 38 replies
    The Center Square ^ | 9/24/20 | Cole Lauterbach
    Illinois taxpayers, who already have one of the nation’s highest total tax burdens, could see a 20% income tax hike if voters don’t approve of Gov. J.B. Pritzker’s “fair tax” constitutional amendment in November. Lt. Gov. Juliana Stratton said on a conference call Thursday that the state would have to raise income taxes by $4 billion, more than the income tax amendment would have brought in before the Pritzker administration’s shutdown orders ground the state’s economy to a crawl amid the pandemic. “To adequately address the budget crisis under our current tax system, lawmakers will be forced to consider raising...
  • Murphy ‘Very Seriously’ Mulls N.J. Tax on High-Volume Trades (2)

    09/02/2020 6:26:58 AM PDT · by ChicagoConservative27 · 32 replies
    bloombergtax ^ | 08/31/2020 | n/a
    New Jersey Governor Phil Murphy said he is “very seriously” considering a tax on high-volume electronic trading in the state, home to Wall Street’s massive server farms. “The notion is something we like a lot,” Murphy, a Democrat and retired Goldman Sachs Group Inc. senior director, said Monday, warning litigation would be a near-certainty. Though the nation’s top banks and money managers are traditionally in New York, such a tax would have huge implications for the industry, with northern New Jersey effectively serving as modern Wall Street’s digital trading floor.
  • Trump should give payroll tax cut to 150 million workers and let Pelosi unleash her outrage

    08/09/2020 6:04:54 AM PDT · by DEPcom · 96 replies
    Fox Business ^ | 8-7-2020 | Stephen Moore
    Polls typically show that Americans support a payroll tax cut over the idea of a bailout for cities and states. Every worker would get a 7.5% boost in their paychecks starting as early as next week. This incentivizes work and it puts more money back on Main Street USA. At the Committee to Unleash Prosperity, which I co-founded, we estimate 2.7 million jobs would be created from this tax cut.
  • Sen. Bernie Sanders proposes one-time tax that would cost Jeff Bezos $42.8 billion, Elon Musk $27.5 billion

    08/07/2020 6:49:15 PM PDT · by SeekAndFind · 89 replies
    CNBC via MSN ^ | 08/07/2020 | Lauren Feiner
    Top tech leaders and other billionaires would be forced to hand over billions of dollars in wealth they've gained during the coronavirus pandemic under a new bill introduced by Sens. Bernie Sanders, I-Vt., Ed Markey, D-Mass., and Kirsten Gillibrand, D-N.Y. The "Make Billionaires Pay Act" would impose a one-time 60% tax on wealth gains made by billionaires between March 18, 2020, and Jan. 1, 2021. The funds would be used to pay for out-of-pocket health-care expenses for all Americans for a year. As of Aug. 5, the bill would tax $731 billion in wealth accumulated by 467 billionaires since March...
  • WashPost: Joe Biden’s Gun Control ‘Terrible for Working Class Firearm Owners’ (200$ tax on AR-15's/AK-47's)

    07/17/2020 10:51:38 AM PDT · by knighthawk · 36 replies
    Breitbart ^ | July 17 2020 | AWR HAWKINS
    An op-ed published by the Washington Post explains Democrat presidential hopeful Joe Biden’s proposed gun controls would be “terrible for working class firearm owners.” The Post op-ed, written by Kim Kelly, notes Biden is pushing numerous gun controls, one of which would require owners of “assault weapons” to register those firearms with the government, while paying a $200 tax on each. The tax that would be administered is the outworking of the National Firearms Act (1934). That Act currently governs the sale of machine guns, suppressors, short barrel rifles, and other Class III weapons only.
  • IRS Used Cellphone Location Data to Try to Find Suspects

    06/22/2020 6:08:49 PM PDT · by RandFan · 4 replies
    Boing Boing ^ | June 20th | Byron Tau
    The IRS Criminal Investigation unit, or IRS CI, had a subscription to access the data in 2017 and 2018, and the way it used the data was revealed last week in a briefing by IRS CI officials to Sen. Ron Wyden’s (D., Ore.) office. The briefing was described to The Wall Street Journal by an aide to the senator. IRS CI officials told Mr. Wyden’s office that their lawyers had given verbal approval for the use of the database, which is sold by a Virginia-based government contractor called Venntel Inc. Venntel obtains anonymized location data from the marketing industry and...
  • Biden, Democrats Planning for Trillions in Tax Increases

    06/01/2020 4:37:16 AM PDT · by LibWhacker · 12 replies
    Newsmax ^ | 6/1/20 | Eric Mack
    Striking a contrast to the Trump administration, Democrats behind Joe Biden's campaign believe higher taxes on the wealthy and corporations will not slow economic recovery, planning "significant income redistribution" as soon as 2021, The Wall Street Journal reported. Democrats want to store the taxes on the wealthy and corporations in order to bring more revenue for government spending in the wake of coronavirus impact payments and bailouts, per the report. "It's all the more important to protect the retirement and security of working [people] and make sure the wealthy pay their fair share," Sen. Ron Wyden, D-Ore., who would become...
  • Sales tax revenues are WAY down everywhere - What next?

    05/16/2020 2:32:03 PM PDT · by MeneMeneTekelUpharsin · 45 replies
    Local News | 16 May 2020 | Mene Mene Tekel Upharsin
    Another major crisis is arising. Cities and towns across the United States have seen a MAJOR drop in sales tax revenue. This is going to lead to extreme financial duress for these municipalities. What happens next?
  • Dori: Is Inslee crashing regional economy to get state income tax?

    04/30/2020 2:43:50 PM PDT · by Libloather · 12 replies
    My Northwest ^ | 4/29/20 | Door Monson
    I’ve said it a million times: I support mitigation, and I support our stay-at-home order. But I cannot make any sense of how Governor Jay Inslee has been enforcing these policies. This week, Inslee emphasized that the state will resume public day-use of state parks, but with no overnight camping. Uh, Jay … walk five minutes in any direction from your Olympia office. You’ll see hundreds of people overnight camping with no social distancing. We also have those campers in Seattle, Tacoma, Everett, Bremerton, and all other cities in the region. **SNIP** Tuesday’s Seattle Times had a story about how...
  • Bloomberg's transaction tax sets stage for clash with Wall Street clients

    02/19/2020 11:35:25 AM PST · by Oldeconomybuyer · 14 replies
    Reuters ^ | February 19, 2020 | by Michelle Price, Pete Schroeder
    WASHINGTON - Presidential candidate Michael Bloomberg’s decision to back a tax on trades marks a blow for Wall Street lobbyists which had seen the moderate Democrat as a potential ally, said analysts and lobbyists. On Tuesday, the former New York mayor and Wall Street investment banker, who made his $60 billion fortune in finance, proposed imposing a 0.1% tax on trading stocks, bonds and derivatives as part of a broader financial services agenda. Bloomberg’s decision to back the tax is likely to bring him into conflict with Wall Street firms that are fighting the policy, many of which are the...
  • Trump's defiance of Congress on EU auto tariffs is 'just plain illegal,' economist Paul Krugman says

    01/28/2020 9:42:33 AM PST · by central_va · 42 replies
    business insider via yahoo ^ | 1/23/20 | Theron Mohamed
    Paul Krugman slammed President Trump for threatening 25% tariffs on European vehicles and auto parts as they posed potential risks to national security. The Nobel Prize-winning economist and New York Times columnist also criticized Trump's refusal to turn over to Congress a report about an investigation into the national-security risks. "Pretty sure that's just plain illegal," Krugman tweeted. "Congress ... didn't make him a dictator free to set tariffs wherever he likes without even offering an explanation."