Free Republic

Warren Buffett, the billionaire Oracle of Omaha, says that Washington will likely "take a larger percentage of what we own ... Joe Biden .. won't push to extend the Trump tax cuts next year ... if Congress fails to extend the Trump-era tax cuts, it means an average American family of four making $75,000 will get hit with a $1,500 tax increase. “Main Street businesses will face a 43.4 percent tax rate” and “working parents will suffer from a Child Tax Credit slashed in half” along with the standard deduction every taxpayer is due. Remember Biden's promise not to raise...

As a seasoned restaurant consultant deeply entrenched in the industry, I've got my finger on the pulse of what's happening. Running a restaurant has always been a tough gig. Everyone seems to think their family recipe will turn into a gold mine, but sadly, it's not just about the quality of Grandma's lasagna. There are myriad challenges to navigate in this business. From securing the right location and talent to nailing down a winning concept, dealing with everything from theft to insurance, not to mention the endless stream of fees, licenses, and paperwork, the restaurant industry can nickel and dime...

I doubt if Biden really understands what he is saying. He simply reads (badly) off a teleprompter. Biden has repeatedly claimed that no new taxes on anyone making less than $400,000. Remember, he has repeatedly said “You have my word as a Biden.” Which is worthless, by the way. There are TWO taxes that are hitting people making under $400,000 per year. First, the INFLATION tax coming from Biden’s/Congresses spending binge, The Fed printing gobs of money, and insane regulations. Biden and his mouthpieces like Karine Jean Pierre (KJP) claim that Biden inherited inflation from Trump. FALSE. Inflation was only...

Move over California and New York, a new state is in contention for the 'most dysfunctional' in America. Illinois is grappling with a string of issues which have triggered a rise in residents departing the state. The state has struggled to add jobs and its public pension debt has ballooned to nearly $150 billion. Meanwhile, its population has declined, hurting tax income.

If Joe Biden is successful in passing his massive capital gains tax rate hike, Americans in 11 states will next year be paying over 50 percent of some of the profits when they sell off their assets to the government. The president's 2025 budget proposal includes increasing the top marginal rate on long-term capital gains dividends to 44.6 percent mark, which is the highest ever since the tax was implemented a century ago. The current rate sits below 25 percent - so the increase represents a significant hike.

The Biden administration’s analysis of its revenue proposals for fiscal year 2025 argues targeted tax hikes that disproportionately affect white people would ease racial wealth inequality. Increasing taxes on capital gains and income-based wealth would reduce racial wealth inequality for black and Hispanic families, the Treasury Department outlined in the analysis published in mid-March. The Treasury points out that white families disproportionately hold assets subject to capital gains tax or are in a higher tax bracket, meaning a hike in those taxes would benefit black and Hispanic families. (RELATED: US Economic Growth Slows Down Massively, Well Below Expectations) The Biden...

White House Council of Economic Advisers Chair Jared Bernstein dismissed concerns that the economy is under-performing, saying "I can't get myself worked up over mere statistics in the GDP or CPI. Folks don't eat the GDP. The CPI includes volatile components like food, energy, and housing. If we exclude the price spikes in these areas inflation doesn't look so bad." "A key strength that our Republican critics overlook is that government spending remains robust," Bernstein added. "Under Bidenomics we're not at the mercy of private sector investments for economic growth. Their anti-social quest for increased profits is supplanted by a...

Biden is again on a tax-raising rampage. He proposes to increase income taxes by nearly $5 trillion for corporations. Increasing the corporate income tax rate to 28% (from 21%) will be a great driver of negative effects on the U.S. economy, reducing long-run GDP by 0.9%, the capital stock by 1.7%, wages by 0.8%, and full-time jobs by 192,000. Additionally, Biden's new tax proposals include increasing the recently enacted corporate alternative minimum tax rate from 15% to 21% and denying business deductions for employee compensation above $1 million.Biden proposes an increase of the corporate income tax that's a higher tax...

Finland’s Institute for Health and Welfare (THL) is questioning a government proposal to raise the VAT value-added tax on sweets and chocolate. The THL, a Finnish research and development institute which is attached to the Ministry of Social Affairs and Health, announced that it did not agree with the decision to raise the tax from 14 to 25.5 percent. Talking to STT, the Finnish news agency, a senior THL investigator Heli Kuusipalo explained that the institute would prefer to see a sugar taxation system that was health-based rather than a direct VAT hike. The higher the sugar content in any...

In a recent interview with MSNBC, Galloway discussed the current challenges facing young adults, remarking, “For the first time in our nation's history, a 30-year-old man or woman isn't doing as well as his or her parents were at 30, that is the social compact breaking down.” According to a 2016 study from Harvard-based research initiative Opportunity Insights, over 90% of children born in the 1940s grew up to earn more than their parents at age 30. However, for children born in the 1980s, only half managed to outearn their parents. Galloway, said the economy is "purposely" transferring money to...

resident Biden's latest proposal to hike the top capital gains tax rate to its highest level in more than a century is facing heavy criticism from experts who warn such an action could significantly harm the U.S. economy. According to a report issued by the Treasury Department, led by Secretary Janet Yellen, the president's proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to a staggering 44.6%. A capital gains tax hike of that magnitude would take the rate to its highest level since it was first introduced in the early...

The concept of tolling drivers entering the state of Massachusetts has angered some Americans - including local politicians. New Hampshire Gov. Chris Sununu, 49, was among those to speak out, after the idea was floated last week by Bay State Transportation Secretary Monica Tibbits-Nutt. The Republican slammed the prospective guidance as ' yet another way to unnecessarily take [citizens'] money,' this time by taxing them at the state border.

resident Biden vowed Friday that former President Donald Trump’s 2017 tax cuts would lapse next year if he’s re-elected and “stay expired” — meaning higher taxes for middle class and low-income Americans — prompting a hasty walk-back by aides. Biden, 81, lambasted Trump’s Tax Cuts and Jobs Act (TCJA), which permanently lowered corporate taxes from 35% to 21% and temporarily lowered personal income tax rates through 2025, as a giveaway to the rich in a speech to electrical union members in Washington. “[Trump] was proud, very proud of his $2 trillion tax cut when he was president that overwhelmingly benefited...

In 1797, a year after revolutionary France abolished paper money following a disastrous inflationary experiment, U.S. President John Adams delivered a warning on government debt. “The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own,” Adams told Congress.

As President Joe Biden visited Scranton, Pennsylvania, on Tuesday, he called for an increase in taxes on the rich. “When I look at the economy, I don’t look at it through the eyes of Mar-a-Lago,” Biden said during his speech. “I look at it through the eyes of Scranton.” Biden explained that he wanted to make the tax code fair, in order to allow regular American citizens to keep more money in their pockets. In an attempt to make the tax code fairer, Biden suggested a 25% minimum tax rate for billionaires, while slamming former President Donald Trump for being...

Donald Trump has outlined his plans for federal taxation should he be elected. "I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024. Trump made the direction clear. Lower. But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase. Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income...

An equation to understand the current confusion: National debt = issuance of Treasury bonds = printing dollars (Q.E.), and increasing the supply of money = federal spending. Therefore, national debt = federal spending. It’s the principle of equivalency. All those who work for a living, and who make their own way, pay this debt. The recipients of this spending, like welfare and entitlement beneficiaries and federal subsidies like E.V. credits, ride on the effort of those who work. Corporations don’t pay debt; they increase the price of their products and pass it along to buyers. Bottom line: Every citizen bears...

Illegal immigration weighs heavily on the wallets of hardworking American taxpayers - to the tune of hundreds of billions of dollars annually.Still, the Biden administration turns a blind eye to these fiscal strains, neglecting the toll on our economy, the structural integrity of our nation, and the safety of our citizens.Estimates suggest that illegal immigrants cost each household about $1,000, adding up to more than $120 billion a year.Sources such as Newsweek hint that the true cost may be even higher, possibly reaching $150 billion annually, an amount shared by both federal and state governments. In all actuality, the financial...

New Jersey residents will pay the most in lifetime taxes, and people in West Virginia will pay the least, according to a Self Financial study. Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden, measured as the proportion of total personal income that residents pay toward state and local taxes. Another study released this week, from credit-building platform Self Financial, analyzed the lifetime cost of tax in the U.S. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime. According...

About 2 1/2 years ago I wrote a post titled "California plans to kill the residential solar industry." At the time, I had just had solar panels installed on my roof to save money and within months California announced a new plan (Net Metering 3.0) that would have taxed me and anyone else who owned a rooftop solar system for owning the panels. I predicted that if this plan passed, California's rooftop solar industry would fall off a cliff.The result of Net Metering 3.0 is likely going to be the end of the residential solar industry in California. I have...