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Keyword: taxes

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  • Seattle City Council Advances Big Business Tax

    07/03/2020 3:58:41 AM PDT · by Libloather · 17 replies
    Patch ^ | 7/02/20
    SEATTLE, WA - The Seattle City Council has taken a key step toward adopting a new tax on big businesses just two years after the council buckled under pressure from corporations such as Amazon and the prospect of a voter referendum and repealed a big business tax. The council voted in a budget committee meeting Wednesday to advance a proposal expected to raise more than $200 million per year, The Seattle Times reported. A final vote by the full council is set for Monday. The tax repealed weeks after it was adopted two years ago was expected to raise $47...
  • IRS, Treasury say tax filing deadline will stay at July 15

    07/01/2020 3:41:49 AM PDT · by Libloather · 3 replies
    UPI ^ | 6/30/20 | Clyde Hughes
    June 30 (UPI) -- The Treasury Department and Internal Revenue Service say the tax filing deadline won't be extended beyond July 15. The normal April 15 deadline was postponed to July to help taxpayers facing hardship due to the coronvirus pandemic. There have been some calls for another extension, and Treasury Secretary Steven Mnuchin said the agencies mulled delaying it until September. "The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers," IRS Commissioner Chuck Rettig said in a...
  • Joe Biden promises to undo most of the Trump tax cuts if elected President

    06/30/2020 2:16:04 PM PDT · by SeekAndFind · 48 replies
    Washington Examiner ^ | 06/30/2020 | by Joseph Simonson
    Joe Biden has been consistent throughout his presidential campaign: Some level of higher taxes is coming. In a donor meeting Monday evening, Biden said he was "going to to get rid of the bulk of Trump's $2 trillion tax cut." He added about President Trump's 2017 tax law, enacted with a Republican Senate and a House then under Republican control, "A lot of you may not like that, but I'm going to close loopholes like capital gains and stepped-up basis," mentioning the numerous wealthy people in attendance virtually. “Folks, this is going to be really hard work, and Donald Trump...
  • Higher Taxes, Layoffs, And Service Cuts: The State And City Budget Crisis Is Here

    06/30/2020 9:56:59 AM PDT · by 11th_VA · 21 replies
    Forbes ^ | Jun 30, 2020,11:53am EDT | Richard McGahey
    The recession is hitting state and city budgets hard in the new fiscal year that starts on July 1. They are responding by firing workers, reducing services, and even increasing taxes. Massive federal aid is the only real solution. The new fiscal year for 46 states and many cities begins on Wednesday. And a flood of red ink caused by the deep pandemic recession is forcing them to fire workers, reduce spending and services, and even raise taxes (one of the worst things you can do in a recession). Without Congress providing up to $1 trillion in federal aid, non-federal...
  • Biden's record-setting tax increases will take your money - and your job

    06/28/2020 2:23:18 PM PDT · by Libloather · 23 replies
    The Hill ^ | 6/28/20 | Lewis K. Uhler, Peter J. Ferrara
    In 2016, Hillary Clinton ran for president proposing $1 trillion in tax increases. Would President Trump’s blue-collar boom ever have gotten off the ground with such a back-breaking tax burden? But now, four years later, former vice president Joe Biden thinks he has a better idea. In his third run for the White House, Biden is proposing tax increases of nearly $4 trillion over the next 10 years. If he wins in November and these increases were to pass, they’d be the highest in American history - indeed, in world history. President Trump’s 2017 tax reform cut taxes for corporations,...
  • ‘It’s a game changer’: California budget includes tax breaks for undocumented families

    06/27/2020 4:14:09 PM PDT · by rintintin · 26 replies
    Sacramento Bee ^ | June 27 2020 | BY KIM BOJÓRQUE
    Undocumented immigrants with young children will now have a chance to get two tax breaks in the California budget now headed to Gov. Gavin Newsom for his expected signature. The tax credits will be available to eligible California workers with Individual Tax Identification Numbers and at least one child under the age of 6. Currently, the California Earned Income Tax and Young Child Tax credits are available only to eligible California workers with Social Security Numbers. Read more here: https://www.sacbee.com/news/politics-government/capitol-alert/article243742367.html#storylink=cpy
  • Violent Crime Is a Confiscatory Wealth Tax

    06/27/2020 5:37:40 AM PDT · by Kaslin · 11 replies
    Townhall.com ^ | June 27, 2020 | Michael Barone
    What gives urgency to debates about race in America today -- and what drives the reparations movement, are two basic facts," Walter Russell Mead writes in the Wall Street Journal. The first, he says, is that "The median white household has a net worth of $171,000, roughly 10 times the median net worth of black households." The second is that the gap "is essentially unchanged from the levels of 1962." The persistence of this gap advances the case, advocates say, for racial reparations. Like Mead, I find the case unpersuasive, and for reasons beyond those he mentions. For one thing,...
  • Damn, Okay, Seattle City Council Has a Lot of Progressive Revenue Options Now

    06/20/2020 4:26:52 AM PDT · by Libloather · 37 replies
    The Stranger ^ | 6/18/20 | Nathalie Graham
    Not to count our chickens before they hatch, but Seattle is poised to actually follow through on a progressive revenue option. Or three. As long as the council doesn't pull some of that 2018 head tax nonsense. There are multiple tax options that the Seattle City Council is considering: Councilmembers Kshama Sawant's and Tammy Morales' Tax Amazon package or Councilmember Teresa Mosqueda's JumpStart Seattle plan. And, it looks like Councilmember Andrew Lewis just introduced a capital gains tax proposal: Councilmember Andrew J. Lewis @CMAndrewJLewis 1/ We live in a time of enormous inequity and our regressive tax system isn't helping....
  • Trade Representative Sends Strong Signal Against Digital Taxes

    06/20/2020 5:45:55 AM PDT · by Kaslin
    Townhall.com ^ | June 20, 2020 | Andrew Wilford
    Americans should be encouraged by the United States Trade Representative’s (USTR) office’s recent announcement that it is ramping up its defense of innovative American companies from aggressive digital tax plans being cooked up in Europe. For years, foreign countries have been crafting schemes to impose digital taxes that unfairly target American companies in a naked attempt at squeezing them for more revenue. While the Trump administration has long opposed these efforts, USTR has indicated that it is reaching deeper into its toolbox to help mount a defense against these efforts.  The Trade Representative’s announcement stated that it was investigating several...
  • New Study Confirms That The Welfare State Discourages Work

    06/16/2020 8:21:30 AM PDT · by Kaslin · 27 replies
    The Federalist ^ | June 16, 2020 | Christopher Jacobs
    At a time our country faces a massive recession brought on by the coronavirus lockdowns, America’s welfare state exacerbates that stagnation. Ronald Reagan had an old adage about the nine most terrifying words in the English language: “I’m from the government and I’m here to help.” Recently, a new paper reinforced that truth and adds to the existing literature showing how America’s welfare state often traps generations in a cycle of poverty.At its core, a complicated set of welfare programs and tax breaks generate sizable incentives for many low-income Americans not to increase their incomes and improve their station in...
  • Trump's niece is publishing a tell-all book that says she leaked tax documents to help The New York Times investigate the president's finances

    06/15/2020 5:46:37 AM PDT · by blueyon · 60 replies
    businessinsider ^ | 6/15/20 | Ashley Collman
    President Donald Trump's niece Mary L. Trump is publishing a book that will reveal herself to be the primary source of a New York Times investigation into the president's finances, The Daily Beast reported. Mary Trump will say she supplied The Times with confidential family tax documents, The Daily Beast said. The Times investigation later revealed that the president wasn't a self-made man but had his father bolster his failing businesses in the 1990s with hundreds of millions of dollars. Mary Trump is the daughter of Fred Trump Jr., the president's older brother who died in 1981 at the age...
  • We need malls to reopen or property taxes are going up, mayors say to Murphy

    06/13/2020 4:08:21 PM PDT · by CheshireTheCat · 58 replies
    NJ.Com ^ | June 12, 2020 | Bill Duhart
    A date for reopening New Jersey malls has not been announced by Gov. Phil Murphy and a group of mayors is pressing him on why. The mayors of Bridgewater, Elizabeth, Paramus, Wayne and Woodbridge sent a letter to Murphy this week requesting a quicker reopening of malls in their towns. “Willowbrook Mall is the largest taxpayer in our community and having them closed for so long is hurting our economy severely,” Wayne Mayor Chris Vergano said in the letter. All of the mayors said the economic impact from the closings is substantial. “We have been unable to collect revenue associated...
  • Faltering State Budgets During Recessions Can Lead to Harmful State Tax Policy

    06/08/2020 1:41:33 PM PDT · by Kaslin · 3 replies
    Townhall.com ^ | June 8, 2020 | Andrew Wilford
    In the aftermath of the passage of the CARES Act, American taxpayers are receiving much-needed assistance from Uncle Sam. Yet even as $1,200 checks from the federal government have made their way into American pockets, they may soon find that some states feel they are in just as desperate a financial situation as the taxpayers they serve are.  Most states have either a legislative or constitutional requirement to maintain a balanced budget, and in practice each state operates as though it is bound by a balanced budget requirement. While this is a good policy to ensure that states budget responsibly,...
  • Help Request - Fact Checking Liberal Talking Points

    06/06/2020 5:21:11 PM PDT · by GraceMitchell · 53 replies
    My daughter used to be a conservative until she went to college. It has been less than a year, and she's now using liberal talking points in all her political debates with me. Yesterday she sent me an article titled "The Treason of the Ruling Class" by Chris Hedges (I can't link it here due to a FreeRepublic's restriction). I have made it my mission now to try to research and provide my daughter with facts because she doesn't get them from the websites that she's visiting. I have been reading FreeRepublic for years, but this is my first time...
  • EVs, Solar, Wind Sidelined as State Budgets Slashed

    06/06/2020 8:45:18 AM PDT · by E. Pluribus Unum · 16 replies
    The Epoch Times ^ | June 6, 2020 | ALAN MCDONNELL
    The future of many climate change and renewable energy projects across the United States is in serious doubt as states slash budgets due to the fallout from the CCP virus crisis. With fiscal black holes looming and taxation and other income having been decimated, state governors look set to cut back where they can to ensure the provision of essential services. Rebates for EVs and funding for renewables such as wind and solar are at the top of the chopping list.< A prime example is California. Gov. Gavin Newsom faces a $54 billion budget shortfall due to the CCP (Chinese...
  • Biden: 'Pure Selfishness' to Object to Higher Taxes

    06/02/2020 5:07:03 AM PDT · by kevcol · 49 replies
    CNS News ^ | June 2, 2020 | Susan Jones
    Former Vice President Joe Biden, now running for president, told a gathering of ministers and community activists on Monday that the American public is ready for institutional change, and he indicated that he'll raise taxes to accomplish that, if elected: Biden said it's "pure selfishness" to object to higher taxes that would help pay for programs benefiting the black community.
  • 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...
  • Schools nationwide brace for cuts from new financial crisis

    05/30/2020 5:51:55 AM PDT · by Oldeconomybuyer · 24 replies
    The Associated Press ^ | May 30, 2020 | By JEFF AMY
    .... The financial crisis wrought by COVID-19 has left America’s more than 13,000 school systems wrestling with the likelihood of big budget cuts. In some, it already has spoiled dreams of expanded funding and teacher pay raises. Advocates are pushing for more federal aid to schools as researchers warn budget woes could lead to massive teacher layoffs - and less learning. The cuts will add to the strain on districts like Catoosa County that never recovered fully from the 2008 recession, which led to sharp staffing declines at American public schools over a period of rising student enrollment. With cuts...
  • Exclusive: U.S. taxpayers' virus relief went to firms that avoided U.S. tax

    05/28/2020 7:03:11 AM PDT · by Oldeconomybuyer · 7 replies
    Reuters ^ | May 28, 2020 | by Tom Bergin, Lawrence Delevingne
    LONDON/BOSTON - Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a U.S. government program that has provided emergency loans to millions of businesses hit by the coronavirus. The money was part of the $660 billion Paycheck Protection Program (PPP) - a linchpin of President Donald Trump’s economic rescue package, meant to save small firms convulsed by the pandemic and help them to keep workers on the payroll. Claimants certified the loans were necessary to support their business and received an average of $115,000 as of May 26, according...
  • Biden to American Families: Don't Earn More Than $125,000 Per Year

    05/27/2020 10:37:58 AM PDT · by Kaslin · 29 replies
    Townhall.com ^ | May 27, 2020 | Terry Jeffrey
    They work hard, but they are not rich. He is a local police officer in a suburb of a midwestern city. His annual salary is $67,620 -- exactly the national average for his job, according to the Bureau of Labor Statistics. She is a registered nurse at the local Catholic hospital. Since their youngest joined his siblings in high school last fall, she has resumed working full time. Her annual salary is now $77,460 -- also exactly the national average for her job. Where does their money go? The biggest chunk goes to the government. They pay federal income taxes,...