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Keyword: taxes

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  • Democrats weaponized justice system to punish Trump in business case

    02/19/2024 5:41:25 PM PST · by george76 · 10 replies
    New York Post ^ | Feb. 19, 2024 | Jonathan Turley
    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...
  • Opinion | The Never-Ending Wealth-Tax Campaign

    02/18/2024 5:12:41 AM PST · by where's_the_Outrage? · 44 replies
    WSJ via MSN ^ | Feb 17, 2024 | The Editorial Board
    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...
  • America's tax refund shock: Average worker to receive 29% LESS this year from the IRS - so how much should you expect?

    02/15/2024 11:54:17 PM PST · by Libloather · 12 replies
    Daily Mail ^ | 2/16/24 | Dolores Chang
    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...
  • 4 red flags for an IRS tax audit — and how to avoid the ‘audit lottery,’ according to tax pros

    02/15/2024 7:47:09 AM PST · by Red Badger · 60 replies
    CNBC ^ | FEB 13 20241:49 PM EST | Kate Dore
    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,...
  • It’s Time to Make Colleges Pay Property Tax. Voluntary alternative arrangements are no longer getting the job done.

    02/15/2024 3:46:33 AM PST · by karpov · 24 replies
    James G. Martin Center for Academic Renewal ^ | January 31, 2024 | Walt Gardner
    Although the Ivies and other elite colleges and universities in the U.S. are financial titans, they are registered with the Internal Revenue Service as 501(c)(3) charitable nonprofit organizations. As a result, their vast property holdings are exempt from taxation in all 50 states. The rationale for this status is that higher education is an inherent public good. At least that has been the assumption under which this country has long operated. But this argument has increasingly been called into question by events over the last few years, culminating in the headline-making responses by university presidents to a recent congressional panel....
  • Tax refunds are almost 29% smaller this year, early IRS data shows

    02/14/2024 7:12:52 PM PST · by george76 · 15 replies
    Yahoo ^ | Feb 14, 2024 | Ronda Lee
    The average refund so far this tax season is ringing in at $1,395 compared to $1,963 last year... Tax refunds so far this year are markedly smaller than the same time a year ago, according to the earliest tax season data from the Internal Revenue Service. The average refund amount was $1,395 as of Feb. 2, down 28.9% from $1,963 for the same period last year, the IRS reported. That’s based on nearly 2.6 million refunds disbursed so far versus 7.9 million refunds disbursed by this point last year. The statistics for this year are based on five days of...
  • This 70-Year-Old Woman Might Lose Her $377,000 Home Over a Small Tax Debt

    02/13/2024 1:48:35 PM PST · by nickcarraway · 62 replies
    Reason ^ | 2.13.2024 | Grady J. Block
    The Supreme Court supposedly put an end to “home equity theft” last year. But some state and local governments have found a loophole.In Arizona, citizens can still lose their houses over minuscule tax bills, despite a unanimous 2023 Supreme Court ruling that was supposed to paralyze the practice nationwide. A disturbing chasm is growing between the letter of the law and the spirit of justice. Christine Searle, a 70-year-old retiree, faces the loss of her home—valued at hundreds of thousands of dollars—over a mere $1,607.68 in back taxes. Sadly, her story is not uncommon in Arizona. For nearly two decades,...
  • Denver mayor announces reduction in DMV and Parks & Rec. to offset migrant costs ("shared sacrifice')

    02/12/2024 7:23:22 PM PST · by yesthatjallen · 37 replies
    Denver7 ^ | 02 09 2024 | Katie Parkins
    Denver Mayor Mike Johnston announced a reduction in DMV and Parks & Recreation services Friday to help the city deal with the influx of migrants after the failure of a bipartisan immigration bill in Congress. "This is a plan for shared sacrifice. This is what good people do in hard situations as you try to manage your way to serve all of your values. Our values are we want to continue to be a city that does not have women and children out on the street in tents in 20 degree weather," Johnston said in a Friday morning news conference....
  • Mayor Adams eyes NYC property tax breaks as co-ops, condos face crunch from ‘green’ mandate

    02/11/2024 4:24:55 PM PST · by ChicagoConservative27 · 14 replies
    Nypost ^ | 02/11/2024 | CARL CAMPANILE
    Mayor Eric Adams said he’d consider property tax breaks for middle-class co-op and condo owners who have to pay for pricey building upgrades when a new “green” mandate icks in. Hizzoner said he was open to tax abatements as anxious residents brace for the costs of Local Law 97, which covers 800,000 co-op and condo apartments. “My second apartment was a co-op,” Adams said during testimoney in Albany on the state budget last week.
  • Greater-than-expected investment in EVs, wind, solar swells cost of Inflation Reduction Act: CBO

    02/09/2024 1:40:07 PM PST · by ChicagoConservative27 · 38 replies
    The Hill ^ | 02/09/2024 | RACHEL FRAZIN
    The cost of the Inflation Reduction Act’s energy and climate provisions is now expected to be significantly higher than previously projected, at least partially because of greater-than-anticipated investment in climate-friendly technology. The Congressional Budget Office (CBO) revised its projections this week, greatly increasing how much it believes the law’s energy tax credit-related provisions will cost. “The costs of energy-related tax provisions are much higher than the staff of the Joint Committee on Taxation originally projected,” CBO Director Phillip Swagel said. One of the factors the agency cited is a greater number of people expected to claim tax credits for electric...
  • Ohio Republicans Push to Eliminate State Income Tax

    02/06/2024 5:21:38 PM PST · by nickcarraway · 18 replies
    A new bill making its way through the legislature in Columbus could change how much you bring home on payday. And lawmakers are hopeful it could bring a new frontier to Ohio. The proposed bill would slowly cut state income tax before completely getting rid of it in 2030. The lawmakers who introduced the bill told Dayton 24/7 Now reporter Malena Brown it's worked in many other states and can work in the Buckeye State. Those states include Texas, Florida, Nevada and Tennessee. The Volunteer State axed its income tax three years ago. Poll reveals dissatisfaction and mistrust in government...
  • IRS To Boost Enforcement Workforce By 40% By Year-End 2024

    02/05/2024 9:13:01 PM PST · by SeekAndFind · 37 replies
    Epoch Times ^ | 02/05/2024 | Naveen Arthappully
    The Internal Revenue Service (IRS) intends to raise its enforcement personnel by 40 percent by the end of this fiscal year, with revenue agents seeing the largest workforce increase.For fiscal year 2024, the IRS plans to boost enforcement staff by a net 5,462 employees, according to a Jan. 29 report by IRS watchdog Treasury Inspector General for Tax Administration (TIGTA). This would take the total number of enforcement personnel at the tax agency to 18,960 by the end of fiscal 2024, which is 40 percent higher than the staffing at the beginning of October 2023.Out of the 5,462 net additions,...
  • Colorado Democrat Lawmaker Introduces Bill To Establish Tax On All ‘Pet Animals’

    02/04/2024 12:55:34 PM PST · by Hojczyk · 88 replies
    100percent fed up ^ | February 4,2024 | Danielle
    The bill also requires a pet animal owner to designate a caregiver for the owner’s pet animal. The caregiver is responsible for the care and safekeeping of the pet animal during an emergency that incapacitates the pet animal owner. First responders will use the system to identify the designated caregiver of the pet animal and notify the caregiver of the incapacitation of the pet animal’s owner. A caregiver must agree to be responsible for the pet animal. If a caregiver later refuses to take custody of the pet animal or cannot be located, a first responder will place the pet...
  • Dem Gov. Lamont: We Grew Our State and Balanced Budget by Cutting Taxes, Avoiding Lockdowns

    02/03/2024 4:20:19 PM PST · by ChicagoConservative27 · 12 replies
    Breitbart ^ | 02/03/2024 | Ian hatchett
    On Friday, Connecticut Gov. Ned Lamont (D) said that the fact that they cut taxes and “kept things open during COVID” has helped the state grow its population and the state has managed to balance its budget because it has attracted more people to the state. On CNBC’s “Squawk Box,” Lamont stated, “We inherited a $2 billion deficit. The first thing thing I wanted to do five years ago was make sure we didn’t raise taxes. That’s what the five previous governors had done. Now, it’s five years later, we’ve got our budget balanced. We’re making investments. And we’re able...
  • Property Tax Anger is Growing Across America

    01/29/2024 10:30:57 PM PST · by where's_the_Outrage? · 97 replies
    Newsweak ^ | Jan 29, 2024 | Aliss Higham
    Americans are growing increasingly frustrated at property tax levels, a new poll has shown. According to a new UChicago Harris/AP-NORC poll, around two thirds of Americans surveyed believe their property tax rate is too high. The poll was conducted in 2023, between December 14 to 18, with 1,024 participants across all 50 states and the District of Columbia. The survey found 69 percent of adults in the U.S. believe their property tax rates were "unfair", with 27 percent saying they were "about right", and 3 percent claiming they are taxed too little. Across the country, property taxes, also known as...
  • Most in new poll say they pay too much in taxes

    01/29/2024 7:25:12 AM PST · by ChicagoConservative27 · 57 replies
    The Hill ^ | 01/29/2024 | LAUREN SFORZA
    Most Americans say they feel they pay too much in taxes, and many believe they receive little value in return, a new poll found. About two-thirds of taxpayers said they believe their federal income taxes, state sales taxes and local property taxes are too high, according to the poll conducted by the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. The poll found that about one-third of taxpayers say the value they receive from paying taxes is poor, with less than than 25 percent of respondents saying they receive good value...
  • Special monitor suggests Trump falsified disclosures over $48 million loan in what could be tax evasion, report says

    01/28/2024 2:53:23 PM PST · by lowbridge · 59 replies
    businessinsider com ^ | January 28, 2024 | Katherine Tangalakis-Lippert
    Tucked into a footnote in a letter written by former federal judge Barbara Jones, the court-appointed special monitor overseeing Donald Trump's New York business fraud case is a bombshell that appears to indicate the former president may have engaged in massive tax evasion, according to a new report released by The Daily Beast. The letter, first reported by The Messenger, was delivered Friday to update Manhattan Supreme Court Justice Arthur Engoron on Jones' findings while reviewing the former president's business dealings through his company, the Trump Organization. In it, Jones writes that the financial information filed to her by Trump's...
  • 6 of the Worst Assets to Inherit

    01/26/2024 6:28:09 PM PST · by SeekAndFind · 47 replies
    Kiplinger ^ | 01/25/2024 | David Rodeck
    The total value of an inheritance is not just a dollar figure; what’s actually in an estate can matter significantly. Trillions of dollars will transfer from one generation to the next in the decades ahead, but not everyone will see their inheritance as a help; for some, it may actually be a headache.The fact is, some assets are better than others to leave behind. Others can cause arguments between family members, or may have hidden costs. Sometimes, let’s face it, your kids just don’t want your stuff.You can prevent issues from happening though with thoughtful estate planning. “A lot of...
  • Where is the best (and worst) state to retire in 2024? Fascinating study looks not just at health care and taxes but quality of golf courses too

    01/24/2024 12:18:25 PM PST · by george76 · 49 replies
    DAILY MAIL ^ | 24 January 2024 | TILLY ARMSTRONG
    Florida earned its reputation as the retirement capital of the US.. A fixed income in retirement can go a lot further in some states than others .. ... To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees, if you have the resources to. You should also consider factors like the quality of the state's healthcare system and the abundance of activities that you enjoy.' Colorado, which ranked second for the best state to retire in 2024, offers similarly taxpayer-friendly conditions, with no estate...
  • Here’s Why The Biden Admin’s Multi-Billion Dollar EV Charging Program Has Short-Circuited

    01/21/2024 7:09:27 PM PST · by qaz123 · 10 replies
    The Daily Caller ^ | 21Jan | Kessler
    The Biden administration has designated billions of taxpayer dollars to build electric vehicle (EV) chargers, but lagging market demand and government red tape are getting in the way, according to experts who spoke with the Daily Caller News Foundation. The Federal Highway Administration (FHWA) announced Thursday that it was awarding $150 million to upgrade existing public EV chargers, just one week after announcing another $623 million in subsidies to states to bolster EV charger construction