Free Republic

The Supreme Court has agreed to hear one of the most important tax cases in history, which could either greenlight the constitutionality of an economically disastrous wealth tax, or destroy critical parts of the U.S. tax system. Unless the justices take a middle road and define the 16th Amendment according to the history and traditions of the U.S. tax system, the case will result in bad law and worse outcomes. The case (Moore v. United States) concerns the constitutionality of the 2017 Tax Cut and Jobs Act (TCJA). The act imposed a mandatory repatriation tax on pre-2018 profits that companies...

Mike Gibbons, the millionaire investment banker running for the United States Senate in Ohio’s Republican primary, says middle class Americans are “not really paying any kind of a fair share” in federal income taxes, a newly surfaced video reveals.

President Biden and congressional Democrats' Build Back Better (BBB) Act is now in the hands of the Senate. That legislative body's 50-50 partisan split will undoubtedly make the bill's passage difficult. In order for BBB to become law, Democratic Senate leadership will need to convince moderates such as Sens. Kyrsten Sinema (D-Ariz.) and Joe Manchin (D-W.Va.) that the legislation's $2.4 trillion price tag can be offset by expanding the IRS and its enforcement efforts while imposing substantial tax reform measures. Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on...

President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus package. Unidentified sources told Bloomberg that the increases will reflect the promises Biden made during his 2020 campaign. The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for...

78-year-old Joe Biden on Friday mumbled through a 20 minute speech from the Rose Garden on the American Rescue Plan. The nearly $2 trillion Covid relief bill Joe Biden signed into law this week has nothing to do with Covid. Joe Biden on Friday falsely claimed that the $1400 stimulus payments are “what he promised.” Then he attacked wealthy, hardworking Americans. "We don’t have anything against wealthy people. You got out and make millions of dollars, that’s fine. I have no problem with that. But guess what? You gotta pay your fair share–you gotta pay somethin,'” said Biden. Biden said...

So I'm hearing from various news sources, President Trump would like a Tax Holiday for payroll taxes, but RATs likely won't go along. Now it's being suggested he delay collecting taxes (due April 15) and delay it til later in the year; AND not charge a penalty if you don't pay all your 2019 taxes by April 15th either. Kinda puts a twist on choosing what laws to enforce !!! PS - All this is to help stimulate the economy

President Donald Trump proposed eliminating federal payroll taxes altogether for the rest of the year, according to a report from CNBC Tuesday. The proposal would include eliminating both the employer and employee payroll taxes on Social Security and Medicare, according to the report. “There was also discussion of making the payroll tax rollback permanent,” CNBC reported.

Kristalina Georgieva, the new managing director of the International Monetary Fund, applauded the Trump administration's "bravery to use a tax reform to spur more growth" in an exclusive interview with "Axios on HBO." Why it matters: Georgieva vowed that she would be able to persuade the U.S. to commit more money to the fund during the course of her five-year term. "I will get my quota increase," she said — in the face of reported U.S. opposition and a U.S. veto over any changes. Georgieva comes to the IMF from the World Bank, where she was CEO and where she...

The time is right for a payroll tax cut. The Trump administration has reportedly considered implementing a temporary cut to payroll taxes in an effort to push economic growth higher and ward off fears of a recession. This would reduce or eliminate the 6.2 percent tax American workers pay into the Social Security system, immediately raising take-home pay by reducing withholding. It is likely that such a tax break would significantly boost consumer spending, particularly if implemented as we head into the holiday season. This kind of fiscal stimulus would be more effective in the near term than a Federal...

Thanks in large part to the Trump-GOP tax reform law passed in December 2017, residents of high-tax states like New York, New Jersey, and California are leaving in high numbers — and the exodus is only just beginning, say experts. “It took a few months for taxpayers to realize the dollar implications – until they actually filed their tax returns this year,” Alan Goldenberg, a principal at Friedman LLP, told Fox Business. “It quantified the impact of the loss of the SALT deduction when people saw it in front of their eyes on their tax return.”

One sure sign the Democratic primary race is getting more heated: Those 23 wannabe presidents are promising to take more of American workers’ income in taxes to pay for some of the free stuff they’re offering simultaneously. Such a deal!We’re sure to hear more about their vast spending hopes next week during the first pair of Democratic debates. They’ll play down the tax angle, except to claim falsely Trump’s tax cuts were really tax hikes. Fact Checker to Aisle 3 please!Bernie Sanders, a socialist who owns three homes, isn’t a Democrat. But he plays one every four years before...

The Tax Cuts and Jobs Act (TCJA) that was passed in December 2017 saw the majority of Americans get a tax break. The law was widely criticized as a boon for the wealthy and large businesses which saw their corporate tax rate drop from 35% to 21% last year. According to analysis from the Tax Policy Center, 65% of Americans received a tax cut. Roughly 6% paid more.

Democrat presidential candidate Joe Biden threatened to raise taxes during a speech in Colombia, South Carolina this past Saturday....“First thing I’d do is repeal those Trump tax cuts,” said Biden. Biden also repeated a lie he made during his campaign kickoff speech, claiming only high-income households received a tax cut. The Washington Post gave this claim four Pinocchios, noting it was “clearly false.” The Post also stated: “Most Americans received a tax cut.” “Joe Biden is not Methuselah. He is Walter Mondale part deux,” said Grover Norquist, president of Americans for Tax Reform. In 1984 Mondale famously promised to raise...

If you’re an American taxpayer, you probably got a tax cut last year. And there’s a good chance you don’t believe it. Ever since President Trump signed the Republican-sponsored tax bill in December 2017, independent analyses have consistently found that a large majority of Americans would owe less because of the law. Preliminary data based on tax filings has shown the same. Yet as the first tax filing season under the new law wraps up on Monday, taxpayers are skeptical. A survey conducted in early April for The New York Times by the online research platform SurveyMonkey found that just...

Gov. Andrew Cuomo recently complained that the cap on the SALT (state and local tax) deduction is causing people to flee New York. That’s like a recent college graduate complaining that his parents’ decision to cut off his monthly allowance has forced him to get a job and face a budget. It’s not the new SALT cap causing New Yorkers to flee. Even before the Tax Cuts and Jobs Act limited the SALT deduction to $10,000, New York’s population fell by 1.9 million from 2005 to 2016. Rather, if anything, it would be the state’s high taxes. At $6,993 per...

Thursday on MSNBC’s “The Last Word,” left-wing documentary filmmaker Michael Moore said the Republicans 2017 tax cut was an act of “terror.” Moore said, “All the Republicans in that photo you showed standing there on the steps with him a year ago today all looking so slap happy and ah, remember it’s not just Trump, all of the Republicans, all of them, nobody has had the courage to stand up and say this is wrong, this is un-American. This hurts this country. This is— this tax cut in a sense an act of terror because it’s going to make the...

Republicans are losing their hold on upper-middle-class suburbs, and the tax reform bill may be to blame. Although a number of races are still too close to call, Democrats have taken 30 seats so far — more than the 23 GOP districts they needed to seize control of the House of Representatives. In swing districts across the country, new Democratic challengers vowed to defy the Trump administration while Republican incumbents touted the benefits of tax reform and a booming economy. But the GOP’s tax reform bill may have disenfranchised fiscal conservatives in higher-income areas, since the Trump tax cuts capped...

The White House and Republican members of the House committee responsible for tax policy promised Wednesday to work on a 10 percent middle-class tax cut in the next Congress. “We are not done yet,” the Trump administration and the House Ways and Means Committee Republicans said in an unusual joint statement. “We are committed to delivering an additional 10 percent tax cut to middle-class workers across the country. And we intend to take swift action on this legislation at the start of the 116th Congress.” The joint statement follows previous middle-class tax cut promises from President Trump that took his...

President Trump announced Monday that he will introduce a new tax cut for middle-class Americans in November. “We’re giving a middle-income tax reduction of about 10 percent – we’re doing it now for middle-income people,” he told reporters. The president described the proposed tax cuts again Monday night while speaking at a Ted Cruz rally in Texas, saying, “We’re going to be putting in a 10 percent tax cut for middle-income families. It’s going to be put in next year. In addition to the big tax cuts you’ve already gotten.” He added that Congress would vote on the proposal after...

A majority of Americans want President Trump's tax plan to be made permanent or left alone and allowed to expire, according to a new American Barometer survey. The poll, a joint project of Hill.TV and the HarrisX polling company found that 27 percent of respondents wanted the plan to remain permanent, while 29 percent said it should be left alone and allowed to expire. Forty-four percent of respondents said the plan should be rolled back. The poll comes one day after Trump said on Monday that he will push for a second round of tax cuts during Congress' lame duck...