Free Republic

This actually falls under the "you won't believe this" section, but I felt it was worth sharing.

In a surprise move, the Republican-led Senate quickly passed the "No Tax on Tips Act" on Tuesday, giving its official stamp of approval to an idea that has gained traction since President Donald Trump campaigned on it in 2024. The legislation would create a new tax deduction worth up to $25,000 for tips, limited to cash tips that that workers report to employers for withholding purposes on payroll taxes. The tax break is also restricted to employees who earn earn $160,000 or less in 2025, an amount that will rise with inflation in upcoming years. The bill now goes to...

House Republicans are planning to include several of President Trump’s campaign promises in the first draft of the bill, which they hope to release soon.It was easy to miss, but last weekend President Trump floated a fundamental rewrite of the American tax code. In a social media post, and again in remarks to reporters, Mr. Trump suggested the United States could stop taxing income under $200,000 and instead rely on revenue from his extensive tariffs. “It’ll take a little while before we do that, but we’re going to be cutting taxes, and it’s possible we’ll do a complete tax cut,”...

President Donald Trump's goal is to eliminate taxes for people earning less than $150,000 per year, Commerce Secretary Howard Lutnick has said. "I know what his goal is — no tax for anybody making under $150,000 a year. That's what I'm working for," Lutnick told CBS News on Wednesday. He said that major tax cuts could be implemented without causing spiraling national debt through tackling overseas tax fraud. Why It Matters The proposal to remove taxes for people earning less than $150,000 per year would impact the vast majority of Americans. In 2022, around 93 percent of Americans aged 15...

Trump and Commerce Secretary Howard Lutnick told reporters Tuesday that the administration plans to offer a “gold card” that would confer legal residency to foreigners at a cost of about $5 million. They said it would replace an existing U.S. visa program for overseas investors that’s long been mired in controversy. The president and Lutnick outlined a program that would also allow corporations to purchase U.S. residency, commonly known as a “green card,” for high-skilled or highly educated employees, suggesting it might replace some kinds of work visa. “ It’s going to be giving you green card privileges plus,” Trump...

President Trump has once again demonstrated his unwavering commitment to making America great again by proposing a return to the economic policies that once made the United States the wealthiest and most powerful nation in the world, namely ending the federal income tax. In a speech Monday evening, Trump outlined his vision for reviving America's economic golden age through a strategic use of tariffs, a policy that has historically proven to be immensely beneficial for the country. Trump began by emphasizing the potential for rapid economic growth, stating, "America is going to be very rich again and it's going to...

Elon Musk asked social media users Wednesday if the Internal Revenue Service should be “deleted” — a day after a top Biden-Harris administration official urged Congress to give the federal agency $20 billion. “The IRS just said it wants $20B more money,” Musk, who will co-lead informal Department of Government Efficiency under President-elect Donald Trump, wrote on X. ... Only 3.9% said the federal agency’s budget should remain the same, 5.6% felt it deserved more money and 29.9% said the IRS budget should be decreased. ... The Tesla CEO’s tweet follows Treasury Department Deputy Secretary Wally Adeyemo making a desperate...

Harris and this article state that the rich don't pay their fair share? Really? First, who determines what a fair share is? Fact is, there is no objective measure of fair share. Perhaps the fairest measure is that everyone pays the same rate as a percentage of income. Friedman suggested 17%, so if you make $100000/yr, you pay $17,000. If you make a million dollars a year, you pay $170,000. But, that's not how it works.The top 1 percent paid a greater share of individual income taxes (38.8 percent) than the bottom 90 percent combined (29.2 percent).The top 50 percent...

At the start of the summer, when former President Donald J. Trump visited Republicans on Capitol Hill, he hinted at a vision for a vastly different tax system than what the United States has employed for decades. Rather than taxing Americans on the money they earn at their jobs and on their investments, Mr. Trump instead suggested imposing a broad tax on the goods that Americans buy from abroad. In his view, such tariffs could replace income taxes as the main source of federal revenue. The idea, briefly floated behind closed doors, seemed to fizzle, and Mr. Trump did not...

A lot has been made of Tesla CEO Elon Musk’s stock sales, but Microsoft CEO Satya Nadella recently sold a chunk of stock that is a much larger portion of his total holdings. Nadella sold about half his stake in Microsoft (ticker: MSFT), according to recent filings with the Securities and Exchange Commission. The CEO unloaded 838,584 shares on Nov. 22 and 23, netting him about $285 million. He has about 831,000 Microsoft shares left, worth roughly $280 million. It isn’t clear why he sold. Microsoft didn’t immediately respond to a request for comment on the sales or to make...

Colorado's Democratic Gov. Jared Polis is under fire after a new trove of documents revealed he used loopholes to avoid paying federal income taxes for years. Driving the news: A ProPublica report published Thursday found Polis, a tech entrepreneur and former congressman, used donations and financial arrangements to get out of paying federal income taxes in 2013, 2014 and 2015.

Let’s see if you can find a common theme of what the Colorado State legislature thinks of you and the will of the voters. Voters soundly rejected Prop 112 which would have created large setbacks for oil and gas operations, enough to chase the industry out of Colorado. The legislature’s and governor’s retort was to pass Senate Bill 181, which was even more brutal to Colorado’s oil and gas industry. And yes, the industry is leaving. It’s one of the reasons Colorado’s unemployment is worse than most all other states. Just last November voters passed Prop 117 to end the...

The White House conceded on Monday that Senate Democrats such as Sen. Joe Manchin (D-WV) opposed President Joe Biden’s plan to raise corporate tax rates to pay for his massive $2.5 trillion infrastructure plan but failed to specifically address his concerns. Manchin said during a radio interview Monday he could support raising corporate taxes from 21 percent to 25 percent but not President Biden’s proposed 28 percent.

As the war on the rich continues to escalate on both coasts, it's the middle-class residents of blue states that will be stuck with the tab.The war on the rich is escalating on both coasts. While Democrats argue they’re righteously demanding the wealthy pay their fair share, it’s the middle class who will pay the biggest price. Legislation labeled a “wealth tax” targets the wealthy. In Washington state, billionaires would be hit with a 1 percent tax on intangible assets. New York’s legislation includes tax hikes on income, capital gains, inheritance, and even stock trades. Seattle state Rep. Noel Frame...

A virtual rally in support of a proposed constitutional amendment to change Illinois' income tax system to a graduated-rate tax was sidetracked by Cook County President Toni Preckwinkle delivering a lengthy pitch for State’s Attorney Kim Foxx’s reelection. The rally of high-profile Democrats, hosted by the proposed amendment’s chief supporter, Gov. J.B. Pritzker, also featured Lt. Gov. Juliana Stratton alleging amendment opponents were billionaires fighting against “communities of color and women and working-class families all across the state.” But pro-amendment discussion, dubbed the “fair tax” by supporters, gave way when Preckwinkle, the Cook County Democratic Party chair and a strong...

Karl Williams from Brooklyn, N.Y., believes that Black people have “nothing to win” in this year’s presidential race with either President Trump or former Vice President Joe Biden. “There’s no policy platform being presented that’s going to address any needs of Black men,” Williams, an investor who trades options, said in a video interview with Yahoo News. Despite this conviction, Williams plans to vote for Trump for a second time on Nov. 3. “I support Trump,” said Williams, 34, who describes his reasoning as based solely on the prospect of personal financial gain, since he invests in the stock market....

The answer should be obvious: you shouldn’t. Not in a million years. I know people who are still trying to decide whether or not to vote for Democrats in this election. As shocking as that might seem, it’s true. And as with any important decision that must be made, an important question to answer before deciding to do it is “Why?” While I know some people simply vote for personalities, let’s assume for sake of argument that some undecided voters are actually thinking people who want to wrestle with what is at stake in this election for them, their families,...

CHARLOTTE, N.C. (FOX 46 CHARLOTTE)- Charlotte could be facing a big blow to the banking industry. Wells Fargo is expected to announce major layoffs across the board on Tuesday. Thousands across the entire company could get the pink slip and bank insiders tell WJZY that many of those cuts will happen in the Queen City. More than 27,000 people in the Charlotte area work for Wells Fargo. It’s the city’s second largest employer. In July, the bank’s chief executive said it may need to cut expenses by more than $10 billion as it restructures away from a retail bank.

Lil Pump has become the latest rapper to endorse President Trump, telling fans in a foul-mouthed video that he does not want to pay 'an extra 33 percent in taxes' and saying: 'f*** sleepy Joe'. The rapper took to Instagram live on Sunday night, telling his 17million followers : 'Trump 2020! F--- I look like paying an extra 33 in taxes for Biden?' He went on 'f*** sleepy Joe!' before singing off. Later, he shared a photo-shopped image of himself shaking hands with Trump in the Oval Office.

President Donald Trump said during a stop on the campaign trail Monday that he will double down on his pro-American domestic policy if he is reelected to a second term in office in November’s election, delivering a promise to “cut middle class taxes even further.” The President’s remarks came during a campaign rally in Martinsburg, Pennsylvania, the latest in a series of rallies across the Commonwealth, which is widely viewed as a key battleground state. “And in my second term I will cut middle class taxes even further,” President Trump stated, eliciting uproarious applause from the crowd.