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Keyword: taxes

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  • The Senate bill and Biden’s pledge to not raise taxes on people making less than $400,000

    08/09/2022 4:24:06 AM PDT · by where's_the_Outrage? · 18 replies
    Washington Post via MSN ^ | Aug 9, 2022 | Glenn Kessler
    “The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000.” — Sen. Mike Crapo (R-Idaho), senior Republican on the Senate Finance Committee, in a news release, July 30 We have long found that complex tax and budget issues are ripe for spin that confuses ordinary readers. Crapo’s comment above is illustrative of a GOP onslaught against the massive bill that was approved in the Senate over the weekend and is up for a vote in the House this...
  • The Inflation Reduction Act Unleashes A Tougher IRS

    08/08/2022 4:08:19 PM PDT · by nickcarraway · 20 replies
    Forbes ^ | Aug 8, 2022, | Robert W. Wood
    The Schumer-Manchin tax bill known as the Inflation Reduction Act, which passed the Senate on Sunday, raises taxes and will give the IRS billions to go into what the Wall Street Journal called “beast mode.” In all, the meant-to-be-inflation buster bill will dole out about $80 billion to the IRS for increase enforcement, operational improvements, customer service, and systems modernization. Think big, really big. That $80 billion is more than six times the current annual IRS budget of $12.6 billion. How can the IRS spend all of that? You guessed it, the bill says a whopping $45.6 billion will be...
  • ATR: Taxes on Fuel, Business, Medicines, and More in ‘Inflation Reduction Act’

    08/08/2022 9:36:32 AM PDT · by qaz123 · 24 replies
    Breitbart ^ | 08Aug | Pollack
    Americans for Tax Reform (ATR) has listed several taxes in in the so-called “Inflation Reduction Act” that passed the Senate on Sunday — which Democrats now hail as a “climate” bill, since the Congressional Budget Offices says it will hardly reduce inflation. These taxes include taxes on fossil fuel, which will raise energy costs for working-class families, still struggling with high gas prices; taxes on businesses that will affect consumers and entrepreneurs; taxes on medicines; and taxes that affect pensions.
  • Sen. Coons: 'We May Not See Huge Impacts on Inflation in the First or Second Year'

    08/08/2022 6:55:55 AM PDT · by Oldeconomybuyer · 61 replies
    CNS News ^ | August 8, 2022 | By Susan Jones
    (CNSNews.com) - Senate Democrats passed their so-called Inflation Adjustment Act on Sunday, but as one of those Democrats said, "we may not see huge impacts on inflation in the first or second year." Sen. Chris Coons (D-Del.) told ABC's "This Week" that "this important, even landmark piece of legislation...will reduce prescription drug prices, reduce healthcare costs, reduce the deficit and make a big down payment on combatting climate change. According to Republican Sen. Marco Rubio, "There isn’t a single thing in this bill that helps working people lower the prices of groceries, or the price of gasoline, or the price...
  • Democrats’ ‘Inflation Reduction’ Bill To Make The IRS Larger Than FBI, Border Patrol, Pentagon, And State Department Combined

    08/07/2022 7:03:24 PM PDT · by Macho MAGA Man · 55 replies
    The Gateway Pundit ^ | August 7, 2022 | Alicia Powe
    The Senate on Sunday passed the Democrats’ sweeping economic package that would allocate billions of taxpayer dollars to facilitate the expansion of the Internal Revenue Service’s workforce. The IRS would receive $80 billion if H.R. 5376, the $750 billion “Inflation Reduction Act” passes the House and lands on Biden’s desk. The funding would mark a 600 percent increase from 2021 when the bureau received $12.6 billion. The reconciliation package would also double the current IRS workforce by hiring an additional 87,000 employees to the bureau’s staff of 78,661 employees, a move that would make the IRS larger than the Pentagon,...
  • Senate Democrats pass budget package, a victory for Biden

    08/07/2022 5:22:05 PM PDT · by Oldeconomybuyer · 74 replies
    The Associated Press ^ | August 7, 2022 | By ALAN FRAM and LISA MASCARO
    WASHINGTON (AP) — Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations. Nonpartisan analysts have said the 755-page “Inflation Reduction Act” would have a minor effect on surging consumer prices.
  • Increased Benefits Come With Social Security Expansion Act

    08/07/2022 4:53:44 PM PDT · by george76 · 156 replies
    The New American Magazine ^ | August 7, 2022 | David Kelly
    Inflation has been taking its toll on retirees, especially those who rely solely on Social Security. But have no fear, Senator Bernie Sanders (I-Vt.) and seven Democratic cosponsors recently introduced S. 4365, the Social Security Expansion Act, a bill to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. If this bill passes, retirees 62 and over would start to receive an additional $200 a month in benefits beginning in January 2023. Most retirees rely heavily on Social Security benefits, and for some it’s their only source of income. Currently, Americans will stop receiving their...
  • Democrats Advance ‘Inflation Reduction’ Bill in 51–50 Vote: Kamala Harris uses tie-breaking vote

    08/06/2022 10:40:47 PM PDT · by SeekAndFind · 58 replies
    Senate Democrats on Aug. 6 advanced a mammoth spending bill on climate and energy, health care, and taxes, after overcoming unanimous Republican opposition in the evenly divided chamber.The procedural vote to advance the Democratic bill—which authorizes over $400 billion in new spending—was 51–50 after Vice President Kamala Harris arrived at the Capitol to cast a vote, breaking the deadlock in the Senate over the measure that Democrats say would reform the tax code, lower the cost of prescription drugs, invest in energy and climate change programs, all while lowering the federal deficit.The vote means that senators will have 20 hours...
  • Automakers say 70% of EV models don't qualify for tax credit under Senate bill

    08/06/2022 3:38:53 AM PDT · by Libloather · 44 replies
    Fox Business ^ | 8/06/22 | Ken Martin
    Buyers of a majority of electric-vehicle models would not qualify for a $7,500 tax credit under a Democratic proposal in the U.S. Senate. That's according to a group of major automakers. Automakers have been privately concerned about the proposal's requirements for vehicles' batteries and critical-mineral contents to be sourced from the United States. The July 27 proposal by Senators Chuck Schumer and Joe Manchin would make 70% of U.S. electric, plug-in hybrid and fuel-cell EVs ineligible upon passage, according to John Bozzella, heads of the Alliance for Automotive Innovation. The group represents General Motors, Toyota Motor, and Ford Motor among...
  • Vulnerable House Dem Penalized for Late Property Tax Payments. ( Pennsylvania - Cartwright )

    08/05/2022 5:31:44 AM PDT · by george76 · 13 replies
    Washington Free Beacon ^ | August 4, 2022 | Alana Goodman •
    Rep. Matthew Cartwright has a history of tax delinquency.. Rep. Matthew Cartwright (D., Pa.) was hit with tax penalties for late condo payments in 2021, just three years after facing media scrutiny for repeated tax delinquency. Cartwright last year owed $436.63 in penalties and interest, stemming from the late property tax payments on his Washington, D.C., condo he shares with his wife, according to D.C. Office of Tax and Revenue records reviewed by the Washington Free Beacon. The news could be a problem for the congressman, who is locked in a competitive race against Republican challenger Jim Bognet. Cartwright on...
  • As IRS prepares to double in size, it isn't the billionaires who should be worried

    08/03/2022 4:40:58 PM PDT · by Libloather · 53 replies
    Washington Examiner via MSN ^ | 8/03/22 | Jake Leahy
    The Inflation Reduction Act of 2022 appears to have a good shot at being signed into law. If Senate Democrats can get Sen. Kyrsten Sinema (D-AZ) to join Sen. Joe Manchin (D-WV), the bill will have the necessary 50 votes to pass through the reconciliation process. Let's hope that never happens. The plan would hurt working-class taxpayers and small-business owners across America. The act will introduce a "corporate alternative minimum tax," which will compel a 15% tax on corporate income. It will increase the taxes imposed on certain high-income earners. Finally, it will step up enforcement mechanisms within the IRS....
  • Sinema raises concerns about proposed tax in Democrats’ bill as lobbying intensifies for her vote

    08/03/2022 4:28:04 PM PDT · by Libloather · 16 replies
    CNN ^ | 8/03/22 | Alex Rogers, Manu Raju
    CNN - Republican senators and the business community are mounting a full-court press on Sen. Kyrsten Sinema to sink – or substantially change – the Democrats’ economic package, arguing in private conversations that the new tax increases would hurt companies in her home state of Arizona. And in a private call with business groups on Tuesday, Sinema asked a question about the bill’s proposed 15% minimum tax on corporations that gave them some hope for optimism. “Is this written in a way that’s bad?” Sinema asked, according to Danny Seiden, president of the Arizona Chamber of Commerce, who relayed the...
  • BIDEN RECESSION TAX INCREASE A DISASTER!!

    08/02/2022 4:27:20 AM PDT · by CptnObvious · 32 replies
    Vanity | 8/2/2022 | Self
    THE BIDEN RECESSION TAX INCREASE IS A DISASTER!!Just in time for the Mid Term elections. Biden signs an increase in corporate taxes by up to 18%. What does he think large corporations are going to do, HIRE MASSIVELY??AH, NO. In order to survive, they are going to cut to the bone. They are going to send divisions overseas and they are going to layoff workers en mass. Now, pay attention folks. A recession is two quarters of negative growth whatever the Democrats and their foul minions in the press may say. We are in a Recession and Biden just disobeyed...
  • Rand Paul Says More Than 8 Million Small Businesses at Risk of Tax Hike

    07/31/2022 7:26:14 AM PDT · by RicocheT · 32 replies
    Small Business News ^ | July 30, 2022 | Samson Haileyesus
    According to the Republican senator from Kentucky, Small businesses organized as S-Corps or Partnerships could face a tax increase and hurt job creation. The NIIT is a 3.8% surtax on passive income (capital gains, interest, rental and royalty income, and dividends). However, the proposal suggests expanding the tax to apply to active income over $400,000 individually or $500,000 jointly. The proposed expansion of NIIT is expected to raise some $183.6 billion in tax revenues over the next decade, according to the Tax Foundation. The bill proposes to expand the taxation to include all business income, whether or not the taxpayer...
  • Germany set to impose gas levy on consumers to support ailing importers

    07/30/2022 7:23:27 AM PDT · by dynachrome · 17 replies
    Reuters ^ | 7-28-22 | Markus Wacket and Riham Alkousaa
    Germany is set to impose a levy on all gas consumers from Oct. 1 aimed at helping suppliers struggling with soaring gas import prices, a draft law showed on Thursday. The levy aims to share the additional costs for replacing gas from Russia among all users, and prevent insolvencies among gas traders. Households and industrial consumers with long-term contracts will be hit by the charge, which will be valid until the end of September 2024, the document showed. Gas importers will have to bear rising costs by themselves until the levy kicks in.
  • How Arizona Senator Kyrsten Sinema Responded to Senate Dems' Tax Hike Plan

    07/29/2022 7:40:38 AM PDT · by SeekAndFind · 46 replies
    Townhall ^ | 07/28/2022 | Matt Vespa
    Sen. Joe Manchin (D-WV) called a last-minute audible and struck a deal with Chuck Schumer on a new spending bill. The legislation's core will raise taxes as the nation braces for an economic recession. It's a compromise bill. It's shaky. Manchin could back out if the energy and climate change provisions are too insane (via Associated Press):In a startling turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced Wednesday they had reached an expansive agreement that had eluded them for months on health care, energy and climate issues, taxes on higher earners and corporations and federal debt reduction.The...
  • Spanish prosecutors will ask for an 8-year prison sentence for Shakira for tax evasion

    07/29/2022 6:43:42 AM PDT · by Ebenezer · 15 replies
    ElVocero.com (Spanish-language article) ^ | July 29, 2022 | Associated Press
    (Translation) MADRID - Spanish prosecutors said on Friday that they will ask a court to sentence Colombian pop star Shakira to 8 years and 2 months in prison if found guilty in the upcoming trial for alleged tax evasion. Shakira, whose full name is Shakira Isabel Mebarak Ripoll, is accused of not paying the Spanish government 14.5 million euros (15 million dollars) in taxes between 2012 and 2014. The prosecutors said that they will also ask for a 24 million euro (24 million dollar) fine. The accusation details six charges against Shakira. This week, the singer rejected an agreement the...
  • Norway Is Running Out of Gas-Guzzling Cars to Tax

    07/28/2022 12:41:00 PM PDT · by algore · 17 replies
    When it comes to sales of electric cars, Norway is in a league of its own. In September, battery-powered electric vehicles accounted for 77.5 percent of all new cars sold. That figure makes Norway a world leader by a long way—leapfrogging over the UK, where 15 percent of new car sales were electric as of October, and the US, where that number is just 2.6 percent. Norway’s electric dream has been credited to a series of tax breaks and other financial carrots that mean brands like Tesla can compete on price with combustion engines. But these incentives—and their success—have created...
  • VIDEO: Morning Joe Admits Manchin Deal RAISES Taxes

    07/28/2022 7:01:49 AM PDT · by PJ-Comix · 10 replies
    YouTube ^ | July 28, 2022 | DUmmie FUnnies
    VIDEOSince we are now OFFICIALLY (although some in the liberal media won't admit it) in a recession the last thing needed is a tax increase. Yet a series of tax increases is what is in Joe Manchin's revived Build Back Broke bill as admitted by Morning Joe acting host Willie Geist and his guest Jake Sherman, the co-founder of Punchbowl News.
  • Manchin's latest shocker: A $700B deal

    07/27/2022 6:30:04 PM PDT · by Beave Meister · 47 replies
    Politico.com ^ | 7/27/2022 | BURGESS EVERETT and MARIANNE LEVINE
    Joe Manchin and Chuck Schumer looked at loggerheads after their talks on a sweeping climate, tax and health care bill ran aground nearly two weeks ago. In fact, they were working on Washington’s best-kept secret. On July 18, four days after Manchin and Schumer’s talks seemed to fizzle out with only a limited health care deal, Manchin reached out to Schumer to see if he was amenable to picking things back up. By Wednesday afternoon, they had a deal on a bill that includes energy and tax policy, a turnaround after the two deadlocked on Democrats’ marquee party-line agenda.