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Keyword: taxes

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  • Poll: Majority Backs AOC’s 70 Percent Top Marginal Tax Rate

    01/19/2019 12:30:00 PM PST · by BlackFemaleArmyColonel · 55 replies
    NYMAG ^ | 15 January 2019 | Eric Levitz
    Earlier this month, Alexandria Ocasio-Cortez went on national television and said that the United States should tax incomes above $10 million at a 70 percent rate. In response, some centrist pundits pronounced the Democratic Party dead by political suicide: National Journal reporter Josh Kraushaar argued that, while congresswoman Rashida Tlaib’s profane call for Trump’s impeachment was getting more attention, Ocasio-Cortez “calling for a 70 percent tax rate on the nation’s most-watched news show a whole lot more politically damaging for Ds.” There was never much evidence for this assessment. In public opinion polls, raising taxes on the rich consistently ranks...
  • How Wealthy Americans Like Jack Benny Avoided Paying a 70% Tax Rate

    01/19/2019 5:35:11 AM PST · by reaganaut1 · 84 replies
    Wall Street Journal ^ | January 18, 2019 | Laura Saunders
    It wasn’t that long ago, in 1980, that America had a top income-tax rate of 70% for individuals, nearly double the current top rate of 37%. And it wasn’t unusual. From 1940 through 1980 the top rate for the highest earners never dipped below 70%. During most of the 1950s, when the U.S. economy dominated the world, the top rate was 91%. It kicked in at $400,000 of taxable income, or roughly $3.7 million in today’s dollars. This history is relevant given New York Rep. Alexandria Ocasio-Cortez’s recent call for higher tax rates on what she called the “tippy-tops” to...
  • Governor Sisolak holds his first State of the State address

    01/16/2019 8:11:22 PM PST · by BackRoads775 · 12 replies ^ | 01/16/2019 | by staff
    Nevada Gov. Steve Sisolak says he's not proposing any new taxes but he does want to create more state government. The Democrat said in his State of the State speech that he wants to establish a number of new offices to help implement his priorities. They include an Office of Small Business Advocate under the lieutenant governor and a Patient Protection Commission to provide a comprehensive approach to health care to help protect Nevadans from such things as prescription drug price-gauging. Sisolak also wants to establish a Cannabis Compliance Board modeled after Nevada's state Gaming Commission to ensure transparent regulation...
  • California: Record Spending as Tax Revenue Collapses by $5 Billion

    01/16/2019 6:13:26 AM PST · by artichokegrower · 52 replies
    American Thinker ^ | January 16, 2019 | Chriss Street
    As California Gov. Gavin Newsom announced plans for a record $144.2 billion spending plan, the State Controller quietly reported a $4.82 billion collapse of state tax revenues.

    01/15/2019 6:03:03 PM PST · by TigerClaws · 141 replies
    Rep. Alexandria Ocasio-Cortez (D-N.Y.) and her Republican critics have both called her proposal to dramatically increase America's highest tax rate "radical" but a new poll released Tuesday indicates that a majority of Americans agrees with the idea. In the latest The Hill-HarrisX survey — conducted Jan. 12 and 13 after the newly elected congresswoman called for the U.S. to raise its highest tax rate to 70 percent — a sizable majority of registered voters, 59 percent, supports the concept. Ocasio-Cortez has not introduced any legislation to enact the concept but the survey shows a broad cross-section of Americans supports it,...
  • Cough Up, America

    01/15/2019 9:16:21 AM PST · by Kaslin · 10 replies ^ | January 15, 2019 | Cal Thomas
    When you receive your paycheck and look at the withholding for federal, state and sometimes city taxes, along with Social Security and Medicare, you probably don't think you're underpaying governments and want them to take more. New York City Mayor Bill de Blasio believes that if you have played by what used to be called "the rules" and are making a decent living, taking care of yourself and your family and not relying on government, your taxes should be increased. In his State of the City address last week, de Blasio said, "...brothers and sisters, there's plenty of money in...
  • Philadelphia’s Soda War

    01/14/2019 3:03:27 PM PST · by Politically Correct · 11 replies
    National Review ^ | January 14, 2019 | KYLE SMITH
    Philadelphia’s outlandish soda tax is what Democratic-party politics looks like when it lets its freak flag fly. So many classic elements are there: (failed) social engineering and “think of the children!” on one side, paid for with a punitive tax on poor people and destroyed businesses, which means destroyed jobs, which in turn means lives upended. What lives? Greedy capitalists with monocles, maybe? No, they’ll be fine. Think of ex-cons trying to regain their footing in society. To review this debacle, in 2017 Philadelphia, seeking to fund a universal pre-K program, slapped mammoth sin taxes on Coke and Pepsi (and...
  • California’s Gavin Newsom Proposes Tax on Drinking Water in First Budget

    01/13/2019 12:48:00 PM PST · by Trump20162020 · 82 replies
    Breitbart ^ | January 13, 2019 | Joel B. Pollak
    California Governor Gavin Newsom proposed his first budget for the state on Friday, and it includes a tax on drinking water. The budget, titled “California for All,” declares drinking water a “fundamental right,” and adds: “The Budget includes short-term measures to bring immediate relief to communities without safe drinking water and also proposes an ongoing sustainable funding source to address this problem into the future.” The San Francisco Chronicle notes: “The details of the proposed tax are unknown, but a similar proposal was abandoned by then-Governor Jerry Brown last year after failing to garner enough support in the legislature.”
  • State budget planners will count on phantom revenue streams this year

    01/12/2019 5:53:04 PM PST · by yesthatjallen · 3 replies
    The Hill ^ | 01/12/19 | Andrew Wilford, opinion contributor
    State budget planners around the country thought they would be getting a Christmas bonus six months early in 2018. When the Supreme Court ruled in South Dakota versus Wayfair that online retailers with significant sales within a state were fair game for sales tax liability, states scrambled to take advantage. Legislators quickly built rosy revenue projections from online sales taxes into their budgets, and they adjusted their planned spending accordingly. The only problem? Those revenue projections are likely too rosy, and now some states are in danger of being left in the red. Minnesota is one of the states learning...
  • Government shutdown won’t delay tax refunds: White House

    01/12/2019 10:55:23 AM PST · by Pollard · 9 replies
    NY Post - AP ^ | January 7, 2019 | 10:51pm | By Associated Press
    WASHINGTON — Taxpayers who are owed refunds will be paid on time, despite the government shutdown that has closed many federal agencies, a Trump administration official said Monday as concern mounted over the risk that the payments could be delayed. The acting director of the White House budget office, Russell Vought, said customary rules will be changed to make the payments possible. He told reporters that an “indefinite appropriation” was available for the refunds, which would go out as normal. As it dragged through a third week, the partial government shutdown could not have come at a worse time for...
  • Ocasio-Cortez sparks debate with talk of 70 percent marginal rate

    01/12/2019 10:30:38 AM PST · by yesthatjallen · 90 replies
    The Hill ^ | 01/12/19 | Naomi Jagoda and Juliegrace Brufke
    House Democrats are treading carefully when it comes to talk of a 70 percent marginal tax rate on income above $10 million, an idea floated by freshman Rep. Alexandria Ocasio-Cortez (D-N.Y.) in a recent “60 Minutes” interview. Many Democrats are supportive of the freshman phenom’s call for higher taxes on the rich, but even some progressives are stopping short of endorsing that high a marginal rate. Rep. Pramila Jayapal (D-Wash.), a co-chair of the Congressional Progressive Caucus, said she thinks “the fact that people are not paying their fair share is a problem and the millionaires and billionaires are the...
  • Gavin Newsom budget calls for drinking water tax to help poor communities

    01/11/2019 5:11:31 PM PST · by lowbridge · 71 replies ^ | January 10, 2019 | DALE KASLER, RYAN SABALOW, AND ALEXEI KOSEFF
    Tackling what promises to be a controversial issue, Gov. Gavin Newsom proposed a tax on drinking water Thursday to help disadvantaged communities clean up contaminated water systems. Newsom’s plan for a “safe and affordable drinking water fund,” included in the new governor’s first budget proposal, attempts to revive an idea that died in the Legislature last year. A McClatchy investigation last year showed that at least 360,000 Californians rely on water that does not meet state standards for toxins. McClatchy also found that 6 million Californians have water providers that have violated state standards at some point since 2012. “That is a...
  • Reality Check: AOC's 'Tax the Rich' Scheme Would Pay For...

    01/11/2019 2:33:27 PM PST · by Kaslin · 19 replies ^ | January 11, 2019 | Guy Benson
    When Rep. Alexandria Ocasio Cortez floated her idea (quasi-embraced by Sen. Kamala Harris) to raise the top marginal income tax rate to 70 percent on the richest Americans in order to pay for her "Green New Deal," I wrote that governmental confiscation of 70 cents on any dollar earned in a free society is unfair and immoral.  But would such a scheme at least make significant headway toward boosting federal revenues, commensurate with the orgy of new spending the Democratic Left is advocating?  Budget analyst Brian Riedl crunches the numbers for the Daily Beast and details the predictable answer to that...
  • 'Over 90 percent?' Liberals eyeing White House vie for title of highest tax raiser

    01/11/2019 6:57:48 AM PST · by C19fan · 26 replies
    Washington Times ^ | January 10, 2019 | Gabriella Muńoz
    Democrats eyeing bids for the White House also are competing to see who is willing to go the highest in raising taxes. Rep. Alexandria Ocasio-Cortez, a New York liberal who is too young constitutionally to become president, nevertheless set a benchmark when she suggested in a “60 Minutes” interview Sunday that rates for the wealthy could top out at up to 70 percent. Julian Castro, an Obama administration Cabinet official who has announced a testing-the-waters presidential committee, quickly jumped on the bandwagon by telling ABC News that it’s time the wealthy be tapped for their “fair share.”
  • South Korea Raised Taxes in Bid for Growth. So Far, It’s Not Working.

    01/10/2019 4:27:17 PM PST · by Theoria · 21 replies
    The New York Times ^ | 09 Jan 2019 | Michael Schuman
    In contrast to President Trump, President Moon Jae-in of South Korea has embraced a pro-labor program of higher wages and taxes. The early results have been discouraging. As President Trump leads a drive to slash taxes and pare back regulation, one major economy is taking a different approach. Under President Moon Jae-in, South Korea has raised taxes and the minimum wage in the name of economic growth. So far, it hasn’t worked out as planned. Growth has slowed, unemployment has risen and small-business owners like Moon Seung are complaining. Mr. Moon, founder of an auto parts maker called Dasung in...
  • High Tax Rates Aren’t Optimal

    01/09/2019 6:46:10 AM PST · by reaganaut1 · 12 replies
    Wall Street Journal ^ | January 8, 2019 | Holman W. Jenkins, Jr.
    ... A large and growing literature continues to support the claim that high marginal tax rates and big tax hikes are harmful to economic well-being. See the work of the Dallas Fed’s Karel Mertens and colleagues, or the Romers’ own 2010 work finding a “highly contractionary” effect from postwar tax hikes. The theoretical cases for towering “optimal” tax rates that Mr. Krugman cites always tend to trip up over political realities if nothing else. Politicians may find it politically handy to be seen dinging the rich, but they also find it useful to placate the rich by dishing out loopholes....
  • Ex-GOP Rep. Ryan Costello joins group pushing carbon tax

    01/07/2019 8:55:11 PM PST · by yesthatjallen · 30 replies
    The Hill ^ | 01/07/19 | Timothy Cama
    Former GOP Rep. Ryan Costello (Pa.) is signing on to work for a group pushing a business-backed proposal to fight climate change with a carbon tax. Costello, less than a week out of the House, announced Monday in a Wall Street Journal opinion piece that he’s the new managing director of Americans for Carbon Dividends. The group is the advocacy affiliate of the Climate Leadership Council, pushing a plan by former GOP Secretaries of State James Baker and George Shultz to tax carbon dioxide emissions and return the money to individuals and families on a quarterly basis. “I understand the...
  • Dems Eye 33% Corporate Rate Hike

    01/07/2019 9:05:04 PM PST · by Beave Meister · 76 replies
    American Tax Reform ^ | 1/7/2019 | Alex Hendrie
    House Budget Chairman John Yarmuth (D-Ky.) has announced that the forthcoming budget blueprint will call for a 33 percent corporate income tax rate by hiking the rate from 21 percent to 28 percent. This would make the U.S. a less competitive place to do business and make the U.S. statutory rate higher than many developed competitors. State corporate taxes average 6 percent across the U.S, so this planned tax hike would give the U.S. an average top corporate rate of 34 percent. The current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD) is currently...
  • The Democrats are starting to endorse confiscatory taxation of the 'rich'

    01/07/2019 7:48:12 AM PST · by SeekAndFind · 65 replies
    American Thinker ^ | 01/07/2019 | Thomas Lifson
    The left wing of the Democrats is playing with fire, advocating revenge against those who have succeeded in making a lot of money by taking almost all of it away.  Yesterday, a probable candidate for president (and a former Obama Cabinet member) one-upped even Alexandria Ocasio-Cortez, who broke the ice on public discussion of stratospheric income tax rates by suggesting a marginal 70% federal rate on incomes of ten million and up.  That would yield an effective rate over 80% for residents of New York and California, the states that produce the highest number of super-earners. Julián Castro, the former mayor of San...
  • France's Macron reeling as tough stance against 'yellow vests' backfires

    01/07/2019 6:11:26 AM PST · by yesthatjallen · 8 replies
    Reuteurs ^ | January 6, 2019 | Staff
    Emmanuel Macron intended to start the new year on the offensive against the ‘yellow vest’ protesters. Instead, the French president is reeling from more violent street demonstrations. What began as a grassroots rebellion against diesel taxes and the high cost of living has morphed into something more perilous for Macron - an assault on his presidency and French institutions. The anti-government protesters on Saturday used a forklift truck to force their way into a government ministry compound, torched cars near the Champs Elysees and in one violent skirmish on a bridge over the Seine punched and kicked riot police officers...