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Keyword: taxes

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  • How much could Chicago pension payments jack up your property tax bill? Try 30 percent

    07/05/2015 6:49:36 AM PDT · by george76 · 21 replies
    Crain's Chicago Business ^ | July 04, 2015 | Thomas A. Corfman
    Even as Mayor Rahm Emanuel warns about a property tax hike of up to $250 million for the cash-strapped Chicago Public Schools, another big wave of increases likely is coming to rescue the pensions of police officers and firefighters. A massive payment due to those retirement plans next year could drive up Chicago property taxes by more than 30 percent, according to a Crain's analysis. And if the current logjam in Springfield continues, it could be a lot worse. Taxes on a $250,000 home would jump $224, assuming the city continues its current practice of using property taxes to fund...
  • Chicago extends taxing power to online movies, music, more (only 9%)

    07/05/2015 5:02:31 AM PDT · by Libloather · 19 replies
    Chicago Tribune ^ | 7/02/15 | John Byrne and Amina Elahi
    Chicagoans who pay to stream movies and music from services like Netflix and Spotify will now need to fork over an additional 9 percent for the privilege, as will Chicago businesses that pay to use everything from real estate to court databases online, under a decision the city quietly made recently to expand its taxing power.. The added costs are the result of a ruling by the city Finance Department that extends the reach of ordinances governing two types of taxes — the city amusement tax and the city personal property lease transaction tax — to cover many products streamed...
  • Chicago imposes ‘cloud tax’: Officials aim to collect $12M from digital services

    07/04/2015 12:36:24 PM PDT · by upchuck · 19 replies
    wash times ^ | July 3, 2015 | Douglas Ernst
    Digital media companies and Chicagoans will now be slapped with a 9 percent “cloud tax” on streaming services, the Chicago Sun Times reported Wednesday. City officials aim to generate $12 million from the new tax. Collections will begin Sept. 1. “In an environment in which technologies and emerging industries evolve quickly, the city periodically issues rulings that clarify the application of existing laws to these technologies and industries,” mayoral spokeswoman Elizabeth Langsdorf said in a statement, the newspaper reported. Companies are already working to shift costs imposed by the “cloud tax” onto consumers. Entertainment website The Verge reported Wednesday that...
  • Progressive Paradise Lost

    07/04/2015 10:07:58 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The Daily Signal ^ | July 1, 2015 | Salim Furth
    It’s a progressive paradise.Public employees get 30 vacation days a year. Anyone who works over eight hours in a day gets paid time-and-a-half. Employees have strong rights.The minimum wage is high: 77 percent of the median wage.Environmental regulations are settled beyond the pressure of local economic interests. The forests and mountains are pristine destinations for ecotourism.Energy costs are kept high, pushing consumption down to a level deemed “socially beneficial”. Utilities have strong public backing and provide jobs to thousands.Union jobs in shipping are protected from outsourcing to cut-rate foreign competitors.The social safety net is buoyant and provides a solid working-class standard...
  • Netflix hit with 'cloud tax' as Chicago targets online consumers

    07/01/2015 5:26:51 PM PDT · by lowbridge · 60 replies
    fortune ^ | july 1, 2015 | jeff john roberts
    Chicago officials are taking an aggressive new tax approach. Consumers will now have to pay 9% on Netflix, Amazon Web Services and more. Chicago is marking Independence Day this year with fireworks, hot dogs – and sweeping new tax rules that require companies to collect a 9% levy every time consumers use streaming and cloud services such as Netflix or Amazon Web Services. The rules, which went into effect today, came about after city officials expanded the interpretation of existing amusement and property lease taxes to encompass cloud-based technologies. According to lawyers at ReedSmith, which flagged the new rules in a blog post,...
  • Five True Lies Republicans Should Tell In 2016

    07/01/2015 7:42:57 AM PDT · by 2ndDivisionVet · 3 replies
    It’s time to define the Democrats the way they’ve done to our people.Our readers don’t really need to see another column, post, or podcast about how the Supreme Court and the Obama administration has wrecked the America we used to know, and we’re past the time where we wallow in grief about how the country is lost. It’s not lost. The fight isn’t over until conservatives say it’s over. Are you really going to just sit there and let a bunch of high-school losers who found religion in campus cultural Marxism destroy the greatest society in world history? The Nazis,...
  • Why You Don't Want To Be In California's One Percent

    06/30/2015 4:27:47 AM PDT · by SeekAndFind · 7 replies
    Forbes ^ | 06/30/2015 | Rex Sinquefield
    Tax reform isn’t exactly something we associate with California. With the highest income-tax rate in the nation (and the third-worst overall state business tax climate, per the Tax Foundation’s most recent rankings), the Golden State offers plenty of practical lessons in how not to run an economy. However, California State Controller Betty Yee recently suggested tax reform that shows a clear understanding of the peril facing California’s economy – and offers ideas that could restore energy and momentum to a sluggish state business climate. Yee, a Democrat, wants to broaden the state tax base. California bureaucrats have grown far too...
  • Good roads shouldn’t cost more money: Current gas tax is sufficient — if the cash is not misspent

    06/29/2015 6:13:28 AM PDT · by SeekAndFind · 10 replies
    Washington Times ^ | 06/29/2015 | Stephen Moore
    It’s summertime, and that means millions of Americans cramming in their minivans and crisscrossing around the country on family vacation. But how safe are the roads, and will they be backed up for miles of gridlock? This year the highway trust fund that finances our national highway system is running out of money. The federal gas tax will raise about $34 billion this year, but that isn’t enough revenue to cover all the spending Congress wants to do. So naturally, the lobbyists in Washington — including mayors, road builders, transit operators and civil engineers — are demanding a higher gas...
  • Has SCOTUS Created a Way to Get Around the Estate Tax?

    06/28/2015 2:11:42 AM PDT · by 2ndDivisionVet · 26 replies
    American Thinker The Blog ^ | June 28, 2015 | Vel Nirtist
    Sometimes, at a most solemn moment, a most irreverent thought shoots through the mind. When I heard that the US Supreme Court legalized gay marriage, my thought was "I wonder what the estate tax lawyers will make of it?" How about advising a terminally ill widowed grandma to marry her much-beloved granddaughter at the deathbed? Won't the estate pass to the surviving spouse intact? I'm not a lawyer, but I think it will -- without IRS getting the bite out of it as would happen now. And it would be very hard to have a sound legal argument against such...
  • NCBA warns of lawsuit over Waters of the U.S.

    06/25/2015 9:18:56 AM PDT · by george76 · 13 replies
    Farm Futures ^ | Jun 23, 2015
    NCBA will engage EPA in lawsuit alleging overreach in Waters of the U.S. rule, group says. Concerns of cattlemen regarding the U.S. EPA and Army Corps of Engineers Waters of the U.S. rule released last month are coming true, National Cattlemen's Beef Association Vice President of Government Affairs Colin Woodall said Tuesday, but that's actually generating more support for repeal efforts. We just got some more feedback this last weekend that it's the determination of the EPA that any stock tank or pond that runs around in a flooding type event would be considered a 'water of the United States,'"...
  • Impact of EPA’s ‘Waters of the U.S.’ Proposed Rule on Small Businesses Could Be Significant

    05/30/2014 6:56:46 AM PDT · by george76 · 10 replies
    National Journal ^ | May 30, 2014 | U.S. House of Representatives Committee on Small Business
    The Small Business Committee, under the chairmanship of Rep. Sam Graves (R-MO), today conducted a hearing about how small businesses would be affected by the Environmental Protection Agency's (EPA) and United States Army Corps of Engineers' proposed rule to expand the Clean Water Act. Last week, Graves and Members of the Committee wrote to EPA Administrator Gina McCarthy and Assistant Secretary of the Army Jo-Ellen Darcy, who oversees the U.S. Army Corps of Engineers, to urge withdrawal of the pending rule. Among the witnesses' and Members' concerns, the EPA and Corps of Engineers did not adequately assess the impact of...
  • Hundreds attend town hall meeting to discuss BLM's plan for closures of public land ( Colorado )

    06/25/2015 6:38:33 AM PDT · by george76 · 39 replies
    KJCT ^ | Jun 24, 2015 | Daniela Pardo
    Grand Junction, COLO. It's a hot debate that's sparked a lot of controversy in Mesa County. The updating of the Resource Management Plan has been in the works for years. It was announced a few months back, but not everyone's happy about the proposal. The Mesa County Commissioners and the Bureau of Land Management took turns speaking at the town hall meeting. The public listened to what happened in a meeting with representatives from the governor's office, in regards to the Resource Management Plan, and had the chance to share their concerns and suggestions. At last week's meeting with the...
  • Top aide benefited from tax break Obama has assailed

    06/25/2015 4:53:33 AM PDT · by rellimpank · 7 replies
    Chicago Sun-Times ^ | 25 june 2015 | Chuck Neubauer and Sandy Bergo
    Valerie Jarrett, a friend of President Barack Obama who is also one of his top advisers, benefited from an income-tax loophole that the president has said unfairly helps the “wealthy and well-connected” — a tax break that Jarrett herself has tried to close. The “carried interest” benefit Jarrett received may have saved her $200,000, according to records and interviews. The term refers to the performance fee paid to real estate developers, as well as private equity and hedge fund managers for managing other people’s money when their deals or funds exceed certain profit thresholds.
  • New plan could bring tolls to VA interstates

    06/24/2015 12:57:26 PM PDT · by Ray76 · 20 replies
    There's a new push to charge tolls on Virginia's free interstates, and it's coming straight from the White House. Federal funding for Virginia highways is set to expire at the end of May. Part of President Barack Obama's solution is to open all of Virginia's interstates to tolls. Right now, tolls are flat-out banned on existing interstate lanes, but the Grow America Act 2.0, now in Congress, will change that. It's a $500 million plan, and it lifts a huge barrier if it passes. Right now, to toll an interstate, you need to build new lanes. That's how we have...
  • Chuck Schumer: Carbon tax has a chance if Clinton wins

    06/24/2015 6:28:08 AM PDT · by Oldeconomybuyer · 12 replies
    Politico ^ | June 23, 2015 | By ELANA SCHOR
    Sen. Chuck Schumer outlined a path Tuesday for Hillary Clinton to enact a carbon tax if the Democrats prevail in the 2016 elections. Schumer said that a Clinton presidency and the return of his party to the Senate majority in 2017 could pave the way for lawmakers to enact a carbon tax to help fund the government. The mere suggestion of a new fee on the emissions blamed for climate change, however, could become a political headache for Clinton and other Democrats, and it’s routinely dismissed by Republicans. Schumer also vowed that Democrats would successfully defend President Barack Obama’s landmark...
  • IMF: Greek Reforms Too Reliant On Tax Rises

    06/24/2015 5:48:52 AM PDT · by Oldeconomybuyer · 11 replies
    Sky News ^ | June 24, 2015
    The International Monetary Fund is cautious about the mix of reforms Greece has proposed, saying they rely too heavily on tax increases that can hurt the economy. The IMF’s concern is that Greece’s proposed reforms should be more related to spending cuts rather than tax rises which hit businesses. The new proposals by Athens aim to raise €8bn, mostly through new taxes on the wealthy and businesses, early retirement restrictions, VAT increases and a cut in defence spending.
  • Residents says county is falsifying road data to get more tax money ( Boulder )

    06/23/2015 8:17:39 AM PDT · by george76 · 7 replies
    Watchdog ^ | June 23, 2015 | Arthur Kane
    Boulder County is falsifying road maintenance data, and the Colorado Department of Transportation is refusing to verify the filings, some residents of the county’s subdivisions say. Chuck Wibby, chairman of the Boulder County Fairness in Road Maintenance community group, provided Watchdog.org with nearly a dozen examples of roads Boulder County rated as good in its 2012 road inventory report to CDOT – roads the county’s own contractor rated as fair to poor that year. “It’s sort of the textbook definition of fraud,” he said, adding the group sent state officials a letter with his allegations against the county. “The county...
  • Invasion of Privacy? Tax Assessors Taking Photos on Private Property

    06/23/2015 7:03:55 AM PDT · by MichCapCon · 13 replies
    Michigan Capitol Confidential ^ | 6/18/2015 | Anne Schieber
    When Jeff Stout posted a "no trespassing" sign on the mailbox outside his Cannon Township home in suburban Grand Rapids, he thought that would be enough to keep strangers off his property. Then, he saw a picture of his backyard on the township’s website, taken by township tax assessors. “These pictures are on the township website, along with pictures of the front and back of everyone’s houses, available for public viewing, possibly a privacy concern, or maybe of use to criminals,” said Stout. The pictures show parts of the property that cannot be seen from the street or in images...
  • On Taxes, Scott Walker Has Wisely Jettisoned the Supply-Side Orthodoxy

    06/22/2015 7:26:19 AM PDT · by Cincinatus' Wife · 17 replies
    National Review ^ | June 22, 2015 | Henry Olsen
    Like all the GOP presidential contenders, Scott Walker is being advised by economists and editorial writers to adopt a “cut the top rate first” tax policy. It would be a shame if he followed their advice, which would mean abandoning the approach that he has employed in Wisconsin to such political and economic success. Standard “supply side” tax policy argues that the inventions and advances of the economy’s most active participants drive most growth. Thus, tax policy’s priority should be to encourage more of that activity by lowering the marginal rate on those participants’ income. Since the most economically active...
  • Senators Rally Conservative Support for $2 Trillion Carbon Fee Bill

    06/19/2015 8:46:02 AM PDT · by Sir Napsalot · 45 replies
    PJ Media ^ | 6-18-2015 | Nicholas Ballasy
    Whitehouse: "I extend an open hand, or an olive limb, to conservatives everywhere."Sens. Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) have proposed a bill that would establish an economy-wide tax on carbon dioxide and other greenhouse gas emissions. “My bill sets the fee for a ton of carbon at $45 in 2016, the central range of the social cost of carbon as estimated by OMB, and would increase it each year at a real 2 percent. When emissions fall 80 percent below 2005 levels, the annual adjustment would fall to inflation,” Whitehouse said at the American Enterprise Institute when presenting...
  • Nevada to offer transgender health coverage starting July 1

    06/18/2015 1:45:58 PM PDT · by redreno · 30 replies
    http://www.reviewjournal.com ^ | 06/18/2015 | By SANDRA CHEREB
    CARSON CITY — State employees and covered family members will have health coverage for gender reassignment and other transgender procedures under a new insurance policy that takes effect July 1. The Public Employee Benefits Program board voted in November to remove language in the state’s self-funded and HMO plans that specifically excluded therapy for gender dysphoria. Brock Maylath, president of the advocacy group Transgender Allies Group, on Wednesday hailed the change as a “significant step” for the transgender community. Previous language in the state insurance design plan excluded treatment designed to alter physical characteristics and any other treatment related to...
  • If Hillary’s Elected President, Get Ready for Massive Obamacare Taxes

    06/18/2015 5:51:27 AM PDT · by Jess Kitting · 11 replies
    The Fiscal Times, Yahoo.com ^ | June 18, 2015 | Ed Morrissey
    The Supreme Court will soon announce its decision in King v. Burwell, a case that could have far-ranging impact on the Affordable Care Act. The system more commonly known as Obamacare pays subsidies to taxpayers below 400 percent of the poverty line to cover health-insurance premiums. The plaintiffs in King argue that the explicit language of the law forbids subsidy payments to those purchasing health insurance outside of a state exchange. States lack 'plan B' for loss of Obamacare aid CNBC Obama Readies His Veto Pen for a GOP Health Care Fix The Fiscal Times Post-King v. Burwell Advice for...
  • Agency: Staff cuts take toll on IRS tax enforcement efforts

    06/17/2015 9:36:52 PM PDT · by Olog-hai · 26 replies
    Associated Press ^ | Jun 17, 2015 3:54 PM EDT | Andrew Taylor and Stephen Ohlemacher
    Budget cuts to the IRS are hampering the agency’s efforts to uncover tax cheats, an agency watchdog said Wednesday, and more trims are on the way under legislation approved by a GOP-controlled House panel. IRS budget cuts are hurting tax collections because there are fewer agents chasing delinquent taxpayers, according to a report released Wednesday by the Treasury Inspector General for Tax Administration. The IRS budget has been cut by $1.2 billion since 2010. The House Appropriations Committee approved IRS cuts of $900 million more on Wednesday on a party-line vote. Republicans controlling Congress have targeted the much-maligned agency, particularly...
  • Hillary Spokesman: She Will Propose ‘Revenue Enhancements’ — AKA Tax Hikes

    06/17/2015 2:31:46 PM PDT · by Zakeet · 18 replies
    Daily Caller ^ | June 17, 2015 | Patrick Howley
    Hillary Clinton is going to propose “revenue enhancements,” which is a term that means tax hikes. Clinton campaign press secretary Brian Fallon said on Twitter that the campaign will propose “revenue enhancements” to raise money for various government programs including universal preschool.
  • The Dreaded T word, "Tariff" and the only way a Tariff will work. ~Vanity

    06/17/2015 11:33:17 AM PDT · by GraceG · 64 replies
    GraceG
    There has been a lot of talk lately about Tariffs and peopel wanting to implement larger Tariffs in order to boost domestic production and employment. But here is the sticking point, and that is the definition of the Word Tariff. A tariff is a tax on imports or exports IS A TAX. And like all taxes it does follow certain rules of thumb and behaviors and one of those is the "laffer curve", which means if you raise a Tariff too high it will have the opposite effect of what any other tax would have. Also if raised too high...
  • The Problem of Corporate Welfare

    06/17/2015 5:58:44 AM PDT · by MichCapCon · 1 replies
    Capitol Confidential ^ | 6/14/2015 | Jarrett Skorup
    As the Michigan Legislature has a real discussion about how much money in special tax credits and subsidies it should be handing out, supporters of the Michigan Economic Development Corporation are defending its existence. The entity has agreed to deals that return little to the state, though it argues that things have changed. It’s true that the MEDC is better than in years past. The state has eliminated the MEGA tax credit program, which created an uncertain budget situation (though Michigan will be on the hook for past deals for decades). The amount of incentives handed out is less, particularly...
  • Police Shut Down Kids’ Lemonade Stand [semi-satire]

    06/16/2015 3:28:10 PM PDT · by John Semmens · 10 replies
    Semi-News/Semi-Satire ^ | 13 June 2015 | John Semmens
    Police in Overton, Texas ordered two sisters, Zoey (aged 7) and Andria Green (aged 8) to “cease and desist” selling lemonade in their efforts to raise money to buy a Father’s Day gift for their dad. “Selling anything in Texas without a permit is illegal,” explained rousting officer Doug Stamper. “It doesn’t matter that neighborhood lemonade stands have been a time-honored way for kids to make a buck. Under the law, they need to buy a permit if they want to sell lemonade.” The cost of the required permit is $150. Few kids would have the funds to afford it....
  • High Taxes Promote Black Market Cigarettes in Bordering State

    06/16/2015 5:51:20 AM PDT · by MichCapCon · 20 replies
    Michigan Capitol Confidential ^ | 6/14/2015 | Anne Schieber
    Cigarettes are legal in the U.S., but a black market is alive and thriving, generating crime and imposing costs on residents and businesses. To witness this in action one need only cross the state's southern border and see the busy parking lots of Indiana tobacco shops filled with cars from Michigan, whose occupants are stocking up on smokes that cost a dollar less per pack. One South Bend store even offers drive-thru service. “It doesn’t matter to me, just don’t get caught,” said the clerk when asked if she could sell several cartons to a Michigan resident. “There was always...
  • Robert Reich: Americans have had it with free trade

    06/16/2015 2:17:57 AM PDT · by Cincinatus' Wife · 64 replies
    Salon ^ | June 16, 2015 | Robert Reich
    How can it be that the largest pending trade deal in history – a deal backed both by a Democratic president and Republican leaders in Congress – is nearly dead? The Trans Pacific Partnership may yet squeak through Congress but its near-death experience offers an important lesson. It’s not that labor unions have regained political power (union membership continues to dwindle and large corporations have more clout in Washington than ever) or that the President is especially weak (no president can pull off a major deal like this if the public isn’t behind him). The biggest lesson is most Americans...
  • Exit Stage Right: Welcome to the race, Jeb—now drop out. (Not what you think it is)

    06/16/2015 12:23:28 AM PDT · by 2ndDivisionVet · 9 replies
    Slate ^ | June 15, 2015 | Reihan Salam
    A s Jeb Bush formally enters the race for the 2016 Republican presidential nomination, allow me to make a humble request of the former Florida governor: Please drop out. I appreciate that my request is impertinent in the extreme. Bush is by all accounts one of the most creative, thoughtful, and disciplined minds in American politics, and if anyone has earned the right to weigh in on the future direction of the GOP, it is him. I also appreciate that my timing is awful. To drop out immediately after entering the race would seem capricious, and no one wants to...
  • Illinois GOP Rep.: Let Chicago Public Schools Go Bankrupt

    06/11/2015 12:32:20 AM PDT · by Cincinatus' Wife · 14 replies
    The DC - The Daily Caller ^ | June 10, 2015 | Eric Owens
    A member of the Illinois General Assembly has proposed a bill that would allow Chicago’s deeply troubled public school system to solve its massive projected budget deficit of $1.1 billion by declaring bankruptcy. The House member is Ron Sandack, a Republican from the pleasant Chicago suburb of Downers Grove, according to WLS-TV. “This knee jerk reaction to always say ‘let’s just raise taxes,” Sandack told the ABC affiliate. “That’s where a bankruptcy can actually be helpful.” Sandack’s matter-of-fact recommendation comes as Chicago Public Schools, the third-largest taxpayer-funded school system in the nation, faces a grave and immediate financial crisis. The...
  • RED HANDED: Jeffco Union Caught Using School Resources to Campaign for Tax Increases ( Colorado )

    06/10/2015 12:15:35 PM PDT · by george76 · 5 replies
    A couple of weeks ago, we reported that the war waged by the Jeffco teachers union against school district staff, particularly those in the communications office, was the most vitriolic in history. We couldn’t figure out why the union would be such abusive bullies to staff members – not even elected officials. And, now, the reason is clear. Documents recently uncovered show that the teachers union and other school staff were using the Jeffco Schools communications department as a de facto campaign headquarters – and had been since at least 2003 (see last picture of memo). With a contentious election...
  • County orders union boss to work, citing new law

    06/09/2015 12:05:01 PM PDT · by redreno · 21 replies
    http://www.reviewjournal.com ^ | June 8, 2015 - 3:02pmUpdated June 8, 2015 - 6:30pm | By BEN BOTKIN
    Clark County management has ordered Martin Bassick, president of the Service Employees International Union Local 1107, to report for work at a county job in a move that reflects the county’s interpretation of a new state law concerning paid leave for union representatives. The county’s human resources department notified Bassick in a letter Thursday to report at his county public works job at 8 a.m. Monday, according to correspondence obtained by the Review-Journal. The letter cites a bill that the Legislature passed this session and Gov. Brian Sandoval signed into law. An attorney for the SEIU, the county’s largest union,...
  • What's swelling the ranks of involuntary part-timers

    06/09/2015 10:56:04 AM PDT · by AT7Saluki · 19 replies
    cBS Moneywatch ^ | 6/9/15 | Mark Thomas
    During the Great Recession, involuntary part-time employment surged. So, now that the economy is recovering, shouldn't involuntary employment return to prerecession levels? Perhaps not, according to new research from the San Francisco Fed. Changes in the U.S. economy's industrial composition toward services combined with shifting demographics and changes in labor costs appear to have caused a permanent increase in the percentage of people forced to accept involuntary part-time employment.
  • McCain on the IRS

    06/09/2015 6:01:23 AM PDT · by Don Corleone · 21 replies
    Senator McCain | 6/09/15 | Senator McCain
    Thank you for contacting me with your concerns about the targeting of Conservative organizations by the Internal Revenue Service (IRS). I appreciate hearing from you on this issue. Like many Americans, I am disturbed by the idea that the IRS would target groups for their political beliefs. These actions by the IRS have caused many to lose trust in the federal government and in the agency's ability to administer our nation's tax laws. As you may know, in May 2013, the IRS Inspector General released a report stating that inappropriate criteria were used to identify 501(c)(4) status applications for review....
  • This State Created Jobs and Surpluses Through Tax Cuts

    06/08/2015 11:21:45 AM PDT · by AT7Saluki · 2 replies
    The Patriot Post ^ | 6/8/15 | Stephen Moore
    In an interview at the governor’s mansion, Gov. Pat McCrory tells me that when he took office in January 2013 he looked at the data and knew “we couldn’t stay on the course we were on. We had the highest unemployment benefits and yet at the same time businesses were routinely complaining they couldn’t find workers until benefits ran out. We heard a lot of stories of workers waiting until benefits ran out before going back to work.” In sum, the state was paying people not to work. While these measures were passing the legislature, the state capital boiled over...
  • How Much Does Paul Krugman Want to Tax LeBron James?

    06/07/2015 6:50:50 AM PDT · by Kaslin · 36 replies
    Townhall.com ^ | June 6, 2015 | John C. Goodman
    What tax rate should rich people pay? A working paper by Fabian Kindermann from the University of Bonn and Dirk Krueger from the University of Pennsylvania advocates taxing the highest 1 percent of earners at a marginal tax rate that is “somewhere between 85 and 90 percent.” As reported by Ben Walsh at the Huffington Post: Krueger described the phenomenon like this: “How much less hard would LeBron James play basketball if he were taxed at a much higher rate? The answer is not much. “James knows he only has five years,” or so of peak earning potential, Krueger said,...
  • The Hartford Way: Keep Raising Taxes In Connecticut

    06/06/2015 7:47:18 AM PDT · by Hojczyk · 17 replies
    IBD ^ | June 5,2015 | EDITORIAL
    So now several of the largest corporations in the state, including Yankee mainstays such as insurance giants Aetna and Travelers, as well as General Electric, are threatening to leave and get out of this abusive relationship. GE's CEO Jeff Immelt told his thousands of Connecticut-based employees that he has put together a team to evaluate a move to another state with "a more pro-business environment." He says the company's state taxes have increased five times since 2011 and the new hike would impose "significant and retroactive tax increases for businesses." Aetna complained that it already pays $65 million a year...
  • GE mulls moving HQ after Connecticut tax changes

    06/05/2015 5:49:53 AM PDT · by reaganaut1 · 14 replies
    CNBC ^ | June 4, 2015 | Jacob Pramuk
    General Electric is exploring a move from its Connecticut headquarters after it objected to tax aspects of the state's recently passed budget. The Connecticut legislature on Wednesday approved a $40 billion budget that would increase some business taxes. In a Thursday email provided by GE, CEO Jeff Immelt told Connecticut-based employees that he has put together a team to evaluate a move to another state with "a more pro-business environment." Immelt claims the company's state taxes have increased five times since 2011 and the new budget would impose "significant and retroactive tax increases for businesses." GE—which employs more than 5,700...
  • Pressure Rises (from Democrats) for Higher Taxes

    06/05/2015 5:15:40 AM PDT · by reaganaut1 · 25 replies
    New York Times ^ | June 4, 2015 | JOHN HARWOOD
    WASHINGTON — The Democratic presidential candidate Martin O’Malley wants to raise capital gains taxes. His rival Bernie Sanders seeks to tax stock trades and increase personal income tax rates. Indeed, Mr. Sanders’s plan harks back to the Eisenhower-era top rate of over 90 percent — more than twice today’s level. Asked whether that rate is obviously too high, Mr. Sanders responded simply, “No.” Their stances partly reflect attempts to outflank Hillary Rodham Clinton in the Democratic race for the presidential nomination. Mrs. Clinton herself is considering a friendly think tank’s advice to raise taxes on inherited wealth and close loopholes...
  • Connecticut Democrats stand by business tax changes

    06/04/2015 11:44:25 PM PDT · by Olog-hai · 16 replies
    Associated Press ^ | Jun 4, 2015 6:59 PM EDT | Susan Haigh and Pat Eaton-Robb
    Connecticut’s Democratic leaders were willing Thursday to make minor changes to the business taxes that prompted some major employers to threaten to leave the state, but said they won’t roll the taxes back and expressed doubt that any of the firms would move. […] The plan includes numerous business tax changes, including higher taxes on computer and data processing services, limits on tax credits, limits on when losses can be reported, and how business income is reported. Meanwhile, Jeffrey Immelt, CEO of General Electric Co., sent an email to employees Thursday, saying he has assembled an “exploratory team” to review...
  • Gov Says He'll Revisit Taxes: GE Tells Employees It's Looking Elsewhere

    06/04/2015 11:02:28 AM PDT · by Biggirl · 35 replies
    Hartford Courant ^ | June 4, 2015 | Gregory B. Hladky,Daniela Altimari
    HARTFORD – As Gov. Dannel P. Malloy said Thursday he was open to tweaking the tax side of a budget that has alarmed several large Connecticut employers, General Electric told employees it has assembled an exploratory team to look for "another state with a more pro-business environment."
  • Rating the 2016 GOP Contenders on Taxes

    06/03/2015 7:05:57 AM PDT · by SeekAndFind · 7 replies
    National Review ^ | 06/03/2015 | Michael Tanner
    All the 2016 candidates want to cut taxes — but which taxes, and how much? Read more at: http://www.nationalreview.com/article/419216/tax-cuts-and-gop-field-michael-tanner ‘God,” the late columnist Robert Novak used to say, “put the Republican party on earth to cut taxes.” If so, there is unlikely to be any theological crisis for Republicans anytime soon. All the GOP’s major 2016 candidates are expected to propose some reduction in taxes. But with tax cuts, perhaps even more than with other issues, the devil is in the details. What taxes do they proposed to cut and by how much? Are the cuts designed to increase economic...
  • Nevada Legislature OKs record budget, adjourns

    06/02/2015 7:53:55 AM PDT · by redreno · 2 replies
    http://www.reviewjournal.com ^ | June 2, 2015 - 1:28am | By SANDRA CHEREB and SEAN WHALEY
    CARSON CITY — The Nevada Legislature came to a halt at midnight Monday, capping a day that saw approval of a record $1.1 billion general fund tax package to fund Gov. Brian Sandoval’s aggressive education package and a dizzying day of dealmaking. When combined with $336 million directed to the state school fund, the total tax measure stretches to $1.4 billion. With two hours left in the session, the Assembly gave final approval to the last of five budget bills authorizing Sandoval’s $7.3 billion two-year general fund spending plan. Committees met on short notice and on the chamber floors throughout...
  • Exclusive: Cash for Slackers

    06/02/2015 6:11:05 AM PDT · by huldah1776 · 3 replies
    Fox Business ^ | June 1, 2015 | Elizabeth MacDonald
    First of a Three-Part Series Wouldn’t you like to have a job where you get paid to slack off, and no matter what, have a powerful authority to back you up, winning battles to preserve your salary, benefits, and your every demand if your boss tries to fire you? It’s a fact of life for many government workers. A dive into government labor fights at the Federal Labor Relations Authority (FLRA) reveals a nasty secret—the great lengths federal unions go to protect government slackers, at your expense. Cases at the FLRA, a quasi-judicial body that oversees disputes between federal agencies...
  • Assembly OKs Sandoval’s big tax package (Nevada)

    06/01/2015 11:24:35 AM PDT · by redreno · 10 replies
    http://www.reviewjournal.com ^ | Updated May 31, 2015 - 9:49pm | By SANDRA CHEREB
    CARSON CITY — The Nevada Assembly late Sunday approved Gov. Brian Sandoval’s $1.1 billion package of new and extended taxes, embracing the popular Republican governor’s ambitious education agenda and determination to position Nevada’s workforce for a high-tech economy. On a 30-10 vote, the Assembly amended Senate Bill 483, the so-called “sunset bill” that also adds a $1-per-pack increase in cigarette taxes, with provisions of Assembly Bill 464, Sandoval’s latest tax compromise that includes a business gross receipts “commerce tax” imposed on revenue of $4 million or more. Sandoval, who lobbied hard for his tax plan, praised the Assembly’s action. “I...
  • The Burgeoning Economy of the Plain-Sight Pirate Bazaars

    05/31/2015 12:19:08 PM PDT · by 2ndDivisionVet · 4 replies
    Newsweek ^ | May 31, 2015 | Warren C. Gibson
    In French, a man (or woman) who is particularly resourceful is called a débrouillard (débrouillarde). In the former French colonies of West Africa, people have used this word to form a phrase, “l’economie de la débrouillardise,” which refers to the vast network of “inventive, self-starting, entrepreneurial merchants who are doing business on their own, without registering or being regulated by the bureaucracy and, for the most part, without paying taxes.” Systeme D for short. The concept and the quote are from a nifty and fairly new book I’m reading just now, Stealth of Nations by Robert Neuwirth. He claims that...
  • IRS Defiant on Data Breach [semi-satire]

    05/31/2015 9:43:02 AM PDT · by John Semmens · 1 replies
    Semi-News/Semi-Satire ^ | 30 May 2015 | John Semmens
    This week’s revelation that hackers stole the identities of 100,000 taxpayers from the IRS was characterized as “small potatoes” by Commissioner John Koskinen. “There are over 120 million individuals who pay federal income taxes. The 100,000 who will be victimized by this data breach represent less than one-tenth of one-percent of the total.” Koskinen went on to boast that “we stop nearly 50% of the breaches we know about before any individual’s information can be used to defraud the government”–an effectiveness ratio that he contended “far outshines your typical performance for any other federal agency.” The Commissioner lamented that “while...
  • Obama to sign highway bill

    05/31/2015 2:13:47 AM PDT · by Tolerance Sucks Rocks · 10 replies
    The Hill ^ | May 29, 2015 | Jordan Fabian
    President Obama on Friday will sign a two-month extension of highway funding into law, the White House said. The measure prevents a sudden halt in infrastructure funding that was slated to begin May 31. But White House press secretary Josh Earnest criticized the stopgap bill as a punt and urged Congress to pass a long-term measure to fund road projects. “It’s the president’s view that the era of short-term patches ... must come to an end,” Earnest told reporters. Earnest noted it was the 33rd temporary fix for highway funding since 2008. The uncertainty caused by that approach has led...
  • To Fill Budget Hole, Kansas G.O.P. Considers the Unthinkable: Raising Taxes

    05/30/2015 8:28:38 PM PDT · by lowbridge · 36 replies
    nytimes.com ^ | may 29, 2015 | john eligon
    With the state facing a $400 million budget hole for the coming fiscal year, the conservatives who dominate the Legislature here say they are agonizing over the likelihood of doing something that did not seem to be in their DNA: raising taxes. Just three years ago, many of these lawmakers passed the largest tax cuts in state history, saying they would lead to economic growth. But that growth did not appear, and after repeatedly trimming spending to close shortfalls, legislators again find themselves in a prolonged budget battle with no easy answers, where both houses of the Republican-controlled Legislature are...