Free Republic

Finance expert John Williams has recently analyzed California's new tax policies, which include the introduction of a wealth tax targeting affluent residents and an exit tax for those relocating out of the state.

Voters in Chicago have voted against a proposed tax increase that many believe was a backdoor effort to raise money in order to support the city's growing migrant crisis. During Tuesday's primary election, voters were asked whether they would support increasing levies on high-valued real estate sales to address the problem of homelessness. The vote appears to have failed by a margin of 54 to 46 percent. The city's far-left Democratic Mayor, Brandon Johnson, had claimed that the money would be used to tackle the issue of homelessness. However, opponents pointed out that the Chicago City Council maintained the right...

A group of progressive lawmakers is renewing its push to increase taxes on the country’s wealthiest people. The proposal, reintroduced Tuesday, would create a 2 percent tax on households that are worth more than $50 million and a 3 percent tax on households worth more than $1 billion. It would affect the wealthiest 100,000 households in the country, according to the bill’s sponsor, Sen. Elizabeth Warren (D-Mass.), USA Today first reported. “Today I’m re-introducing my Ultra-Millionaires Tax so that when someone makes it really big—earning over $50 million—they have to chip in 2 cents on the next dollar,” Warren said...

In their annual one-house budget resolutions, Democratic majorities in the state Assembly and Senate laid out their negotiating position for this year’s budget deal with Gov. Hochul. They’ve decided to spend more — $13 billion more than the governor’s already-record $233 billion executive budget. And tax high earners and corporations more too, despite Hochul’s opposition.

Department of Health and Human Services Secretary Xavier Becerra refused to explain Thursday why “hardworking Americans should pay” for foreign lawbreakers’ healthcare when grilled by Wyoming Sen. John Barrasso. Barrasso detailed how cities are being overwhelmed by illegal immigrants draining their resources and putting a massive strain on health funds and infrastructure, noting Denver Health saw more than 20,000 illegally present foreigners seeking medical care in 2023. Denver Health is “at a critical, critical point” as costs pile up, CEO Donna Lynne said, according to Becker’s Hospital Review. “Can you please explain why it is the responsibility of hard-working American...

Vladimir Putin could raise taxes after the presidential election this month to keep the money flowing to pay for the country's war in Ukraine. Bloomberg reported on Monday that the Kremlin is considering dipping into the pockets of high-earning Russians and corporations, as the government plans to hike taxes by as much as 4 trillion rubles ($44 billion). Sources said that the hikes could be finalized this summer. Under the plan, the government would raise personal income tax from 15% to 20% for those earning over 5 million rubles (roughly $55k USD) and from 13% to 15% for those making...

The Chicago Bears revealed a plan for their new stadium Monday on the lakefront of the Windy City. A source close to the stadium project tells FOX 32 that the team is investing over $2 billion in private money into a "publicly owned domed stadium and park space."

There’s a highly organized, concerted effort underway here in NH to get outrageous amounts funded for NH schools and education agendas. I smell a racket in the making. This organization seems suspect and needs more looking into – which leftist/globalist entities are supporting and pushing this: The New Hampshire School Funding Fairness Project.

On Friday’s broadcast of the Fox News Channel’s “Your World,” Transportation Secretary Pete Buttigieg said that there is more work to be done on deficit reduction, President Joe Biden will continue to work on reducing the deficit, and that’s why the President has put out a proposal to raise taxes. After Buttigieg [relevant exchange begins around 2:20] said that Biden will “continue down the path of deficit reduction that he has achieved in his presidency,” host Neil Cavuto said, “We have more debt than we did when he assumed office. Debt has grown under this President. By the way, it’s...

On Friday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers member Heather Boushey responded to a question on whether the higher corporate taxes pushed by President Joe Biden will harm hiring by saying that “We need to make sure that the federal government has the resources that it needs to be able to do the things that it needs to do.” And that”businesses have a lot of resources, we’ve also given them a lot of subsidies and supports to go out there and invest.” Co-host Joe Mathieu asked, [relevant exchange begins around 7:15] “[H]e talked about...

President Joe Biden plans to launch a raid on the super rich, hiking taxes for corporations and billionaires like Elon Musk and Jeff Bezos. White House officials said the steps were part of a proposed 2025 budget to be released next week, and aimed at reducing the federal deficit by $3 trillion over 10 years. The tax plans are expected to form a core part of Biden's re-election campaign, contrasting markedly with presumptive Republican nominee Donald Trump, whose 2017 'Tax Cuts and Jobs Act' slashed taxes on companies and the wealthy.

People and businesses are moving out of Illinois, New York and California because of their far-left policies. These high-tax states are running out of things to tax to support their big spending policies. So they resort to lawsuits to get more money since they can't print it. Lawyers are some of the biggest Democrat supporters. Chicago is now suing oil companies for their supposed damage to the climate. Mayor Johnson, City Of Chicago Sues Oil And Gas Companies For Climate DeceptionTaxpayer protection, climate justice at heart of complaint.These lawsuits have been going on for a while. Six years ago New...

Take it from someone who has a hoard of legal accordion files stashed away in a hope chest: It’s a good idea to keep your tax records. However, if you’re going through a phase of trying to get rid of everything, the IRS is (sort of) clear on how many years to keep the paper trail. How Long To Keep Your Tax Records Let’s go in descending order: Forever: If you never filed a return, or if you filed a fraudulent return (neither of which is recommended) 7 years: If you file a claim for a loss from worthless securities...

Academy Award-nominated actor Terrence Howard has been ordered by a federal judge to pay nearly $1 million in back taxes, including interest and penalties, after saying that it was “immoral for the United States government to charge taxes to the descendants of slaves.” The judgment comes after the IRS spent a year trying to collect $578,000 in income taxes that Howard, 54, had not paid between 2010 and 2019, according to the Philadelphia Inquirer. The Justice Department sued the “Empire” star in 2022 over the issue, but the actor’s only response appears to have been an angry voicemail he left...

Actor Terrence Howard reportedly said it is "immoral for the United States government to charge taxes to the descendants of slaves" after being ordered to pay nearly $1 million in back taxes. According to a report from the Philadelphia Inquirer on Thursday, a federal judge in Philadelphia ordered the Academy Award-nominated actor to pay $903,115 in back taxes, penalties and interest. "For more than a year, the 54-year-old star of the TV hit ‘Empire,’ whose last listed address was in Plymouth Meeting, rebuffed IRS efforts to collect $578,000 in income taxes it says he failed to pay between 2010 and...

DARLINGTON, Penn.—Kim Nalesnik was shocked to receive a 1099-MISC tax form from Norfolk Southern railroad. She never worked there, but her household received $2,500 from the company in 2023. A Norfolk Southern train derailed in neighboring East Palestine, Ohio, in February last year, spilling 1.1 million pounds of toxic vinyl chloride. Adding to the disaster, officials started a controlled release and burn from overturned rail cars days later, creating a fireball and large plume of black smoke filled with chemicals that could be seen for miles. Locals say the smoke dropped poisons into their land and water and that they...

Oscar Wilde wrote that “moderation is a fatal thing. Nothing succeeds like excess.” Justice Arthur Engoron took that line to heart with his absurd imposition of $455 million in fines and interest against Donald Trump and his corporation. ... Engoron then combined that unprecedented application with an equally extraordinary penalty, which is greater than the gross national product of some countries. He disgorged hundreds of millions in a case where not one dollar was lost by anyone. Indeed, the “victims” wanted to get more business from Trump and are now being prevented from doing so by Engoron. ... Nothing succeeds...

Wealth taxes are like a specter in search of a host, and an already overtaxed New England state may be the first to succumb. Vermont lawmakers want to tax residents’ unrealized gains, hoping to finally break the barrier that’s kept them from draining asset values year after year. The state’s top tax legislator has spent recent weeks pushing bills that would dial up taxes on high earners. The biggest reach is a proposal to tax the paper gains from assets above $10 million. The plan would slap Vermont’s 8.75% top income-tax rate on half of those gains. That means a...

Millions of Americans awaiting their refund checks could be disappointed, as early data shows that average workers are receiving 29 percent less in tax refunds from the Internal Revenue Service (IRS) this year. The average refund check through February 2 is worth $1,395, according to statistics published by the IRS on Thursday. This amount is significantly less compared to the $1,963 received on average last year. Despite the noticeable reduction in the average refund issued this year so far, the IRS does not appear alarmed, noting that the average refund amount is likely to change in the coming months. The...

As Americans file returns this season, some worry about IRS audits amid agency efforts to ramp up service, technology and enforcement. Recent IRS enforcement has targeted high-income individuals, large corporations and complex partnerships. But everyday filers could still face an audit — and certain issues are more prone to IRS scrutiny, experts say. You don’t want to face the “audit lottery,” warned Ryan Losi, a certified public accountant and executive vice president of CPA firm Piascik. Audit rates of individual income tax returns decreased for all income levels from tax years 2010 to 2019, largely due to lower IRS funding,...