Free Republic

One of the most under-discussed drivers of illegal immigration is the explosion of remittances, which has created a major economic incentive for foreign nationals to pour into the U.S.Immigrants of both the legal and illegal variety are coming to the U.S., earning money, and sending it back home instead of putting it into the U.S. economy. Take for example, Nicaragua, which received a record $462.4 million in remittances during the month of May, with $385.9 million coming from the U.S., according to a report cited by Breitbart News. As Breitbart points out, not only is this money not going into...

One of the most damaging impacts of Illinois’ people loss to other states is the destruction of Illinois’ tax base. When people leave in a given year, they take their incomes (adjusted gross incomes, or AGI) with them, and that means the state’s tax base suffers. A smaller tax base, everything else equal, means less tax revenues for safety, education, road repair and every other core government service – or, as is typically the case in Illinois, more debts and more tax hikes.Unfortunately, Illinois’ out-migration problem is much bigger than just a one year loss: the state has lost people...

America is experiencing a 13-year high in corporate bankruptcies, with more companies going under than during the lockdown era of the pandemic. Companies are rushing to friendshoring opportunities to avoid the tax that comes with the Made in America label. Businesses are reluctant to hire even low-wage workers. America lost China as its top trading partner and is experiencing supply chain issues. Instead of implementing meaningful legislation to promote American businesses, Kamala Harris plans to increase taxes. Kamala Harris believes that the corporate income tax rate should rise from 21% to an astounding 35%. Even Joe Biden’s plan sought to...

When Joe Biden finally leaves the White House, he is set to get a pay raise. Because of his nearly 50 years in federal office, first as a senator, then vice president, and now .. his pension will be at least $13,000 higher than his current salary of $400,000, according to a National Taxpayers Union Foundation report. “Joe Biden represents a unique situation. With his long tenure in Congress and subsequent years as vice president and president, Joe Biden stands to benefit significantly from both systems, potentially receiving a combined payout starting at around $413,000,” said NTUF’s Demian Brady, vice...

Higher Taxes: Labour plans to raise taxes on North Sea oil and gas producers. Specifically, they intend to increase the existing windfall taxes from the current 75% to 78%. This move aims to fund their ‘green prosperity plan’, which includes investments in renewables through a state-owned vehicle called Great British Energy. Ban on New Licenses: Labour has pledged not to award any new North Sea oil and gas licenses if they come into power. This policy directly impacts potential developments like the Buchan oilfield, which contains approximately 100 million barrels of oil and was scheduled to produce its first oil...

Delaware lawmakers voted last week to require private insurance companies and Medicaid to fund abortion in the state. The measure passed by a party-line vote of 15-6. HB 110 covers a maximum benefit of $750 annually — a sum lawmakers say will cover the cost of a chemical abortion, more commonly known as the abortion pill. Legislative analysts used data from the Delaware Division of Medicaid and Medical Assistance to estimate that nearly 85% of the state’s abortions are committed via the abortion pill. The bill also mandates that insurance providers cannot charge any co-pays, impose deductibles, or require any...

Homeowner received a tax bill, on a $180k home, over $34,000

FIRST ON THE DAILY SIGNAL — Rep. Bob Good introduced the Life Act on Thursday, legislation that outlaws abortions of unborn babies “to the fullest extent at the federal level” by prohibiting federal dollars from being used for abortions. The Virginia Republican’s bill, which builds on a consensus from House Republicans to provide stronger enforcement mechanisms for pro-life laws, bans federally regulated health care programs from using funds to pay for abortions and federally regulated health plans from covering abortions. The bill protects mothers whose lives are in danger but does not make exceptions for rape or incest and would...

Republican Sen. Ted Cruz of Texas is not waiting until after the presidential election to launch a bid to put one of former President Donald Trump’s ideas into effect. Cruz has introduced the No Tax on Tips Act that would keep the Internal Revenue Service from taking a slice of the income service workers gain through tips, according to a news release on Cruz’s website. During a recent rally in Las Vegas, Trump indicated he opposes taxes on tips, according to The Hill. “For those hotel workers and people that get tips, you’re going to be very happy. Because when...

A political action committee supporting former President Donald Trump is giving out free stickers for supporters to stick on restaurant receipts to tell workers about Trump’s promise to get rid of taxes on tips. The super PAC, Make America Great Again Inc., announced the sticker initiative on Tuesday, telling supporters on a new website to “join the no tip tax campaign today” and “get your stickers free.” “Trump won’t tax your tips!” the stickers read. “Vote Trump.”

Capital gains changes have Canadians rushing to get ‘affairs in order’ Canadians are scrambling to get their “affairs in order” as controversial changes to how capital gains are taxed are set to go into effect on Tuesday, accountants say. The changes, which have received pushback from business groups and doctors, will increase the inclusion rate for taxable capital gains from 50 to 67 per cent for individuals realizing more than $250,000 in capital gains annually. Even though the proposal was first introduced in Budget 2024 in April, more details on the changes only became clear on June 10 when the...

The Planned Parenthood abortion business has revealed a $40 million commitment for the 2024 election cycle, intending to bolster its lucrative abortion business and endorse President Joe Biden along with prominent congressional Democrats. This announcement follows the U.S. Supreme Court’s reversal of Roe v. Wade two years ago, which ended the made-up “right” to abortion. Planned Parenthood’s initiative seeks to support candidates nationwide who advocate for abortion rights. The heavy election investment comes after the abortion giant got hundreds of millions of tax dollars. Planned Parenthood made use of $699 million in United States taxpayer funds to perform over 390,000...

Democrats want a massive tax hike on everybody — including you, dear reader — if they can't get an even more massive tax hike on "the rich" and "corporations" when Donald Trump's 2017 tax cuts expire next year. Advertisement “The main goal here is this can’t just be a debate about the 2017 tax cuts,” Sen. Mark Warner (D-Va.) said, completely unshy about the threat. He told Bloomberg last week, "This is going to be Tax Armageddon." Prepare for the end of the world. Federal income tax revenues jumped nearly $100 billion in the first year after Trump's signature tax...

The Supreme Court ruled Thursday that a part of President Trump's 2017 'Tax Cuts and Jobs Act' that levied a tax on capital appreciation is constitutional. Justice Brett Kavanaugh wrote the majority opinion. Justices Clarence Thomas and Neil Gorsuch dissented. The court ruled 7-2 that the mandatory repatriation tax, or MRT, is constitutional under the taxation regimes defined in Article I and the 16th Amendment. In short, the MRT imposed a one-time requirement for US citizens and companies to repatriate money held overseas.In 2005, Charles and Kathleen Moore invested $40,000 in an Indian business named KisanKraft, which marketed power tools...

President Trump has focused his 2024 campaign on a number of issues that one would expect, but he shook up the game this summer by issuing a new policy proposal: “No Tax On Tips.”While his campaign hasn’t released the usual detailed policy papers on it yet, the president made it clear what he means: “restaurant workers, hospitality workers, and anybody else who gets tips.”The Left responded immediately with what they see as the downside: by reducing federal taxes on tips, federal revenues would drop by a huge amount of money, or at least, by an amount of money that sounds...

California is beyond saving ... California Supreme Court .. block an anti-tax initiative from appearing on the ballot. This initiative, known as the Taxpayer Protection and Government Accountability Act, was backed by the business community and sought to make it more difficult to increase taxes in California. Among other things, it would have required the legislature to obtain voter approval for any new or increased state taxes. There's nothing groundbreaking about it, as voters in other states have used the ballot box to approve or deny tax initiatives before. But Gavin Newsom and the Democrat-controlled legislature were having none of...

A business-sponsored initiative that would have required voter approval for any increase in state or local taxes or fees must be removed from the November ballot because it is so far-reaching that it would be a “revision” of the state Constitution, the California Supreme Court ruled unanimously Thursday. “The measure would fundamentally restructure the most basic of governmental powers,” the power of state and local lawmakers to raise taxes to fund the government, Justice Goodwin Liu wrote in the 7-0 ruling. The court granted a request by Gov. Gavin Newsom and Democratic legislators to remove the measure from the ballot....

Donald Trump rocked Washington last week with his proposal to fund the federal government solely from tariffs. Until roughly a century ago, tariffs composed the vast majority of national revenue, but today income and business taxes make up the lion’s share. Can Uncle Sam go back? Taxing imports to pay Washington’s bills has a certain political appeal. Domestic taxes, often progressive in nature, are unpopular. Better to tax foreigners if we can. The problem with this thinking, however, is that non-Americans largely don’t pay for tariffs in the end; U.S. households and businesses do, in the form of higher prices...

The U.S. Supreme Court on Thursday ruled against a couple who challenged the constitutionality of a Trump-era tax provision, handing the government a victory in a case that had huge potential consequences for the federal budget. At issue was a tax enacted in 2017 to pay for President Trump’s massive corporate tax cut and to prevent off-shore tax dodges. It was challenged by Charles And Kathleen Moore, who were required to pay a one-time $15,000 tax on an investment in India that grew in value from $40,000 to over a half million dollars. Backed by conservative anti-regulatory groups, the couple...

LONDON — A record number of millionaires is expected to leave the United Kingdom this year, according to new research, with this year’s general election expected to further exacerbate the exodus. The Henley Private Wealth Migration Report indicates that Britain will experience a net loss of 9,500 high-net-worth individuals in 2024 — more than double last year’s figure of 4,200 (which in itself was a record-high figure). The U.K. came second to only China in Henley’s ranking, with the eastern Asian giant expected to see net outflows of 15,200 millionaires in 2024. The projections mark a stark turnaround for Britain,...