Keyword: taxhike
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It’s a matter of debate as to whether or not the future of democracy is at stake in this year’s presidential election. But the future of your tax bill certainly is. And the differences for successful business owners could be dramatic depending on who wins. Although Democrat nominee and current vice president Kamala Harris has offered few new tax policy specifics, she did roll out a grab bag of expensive tax credits, including $25,000 grants for first-time homebuyers. In addition, The Wall Street Journal reports that she’s expected to hew closely to Joe Biden’s tax philosophy. And she did re-emphasize...
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The new leftist Labour Party government in Britain announced plans to slash winter energy benefits for around 10 million pensioners while preparing massive tax hikes to fund soaring spending driven largely by mass migration. ... Rachel Reeves — the head of the Treasury Department — claimed that she “did not want to have to do this” but asserted that the previous Conservative government of Rishi Sunak had left a £22 billion “black hole” in Britain’s finances... This deficit was exacerbated by illegal immigration and the asylum system, the overspend on which rose to £6.4 billion this year alone. The chancellor...
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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...
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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...
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FRESNO, CA (KMJ) When Governor Gavin Newsom suddenly pulled the plug on Monday’s annual State of the State speech with no explanation, insiders and analysts were quick to assume the reason may be due to the extremely close vote on Proposition 1.More than two weeks after the primary election, the race is still too close to call. As of today, Prop 1, Newsom’s $6.4 billion plan to help California’s homeless and addicts leads by 17,000 votes with 200,000 yet to be counted. The tight race reportedly has Newsom’s group scrambling to find more “yes” votes to push it over the...
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Restaurants, recalls and resistance are giving California Gov. Gavin Newsom one of the worst months of his political career. California held its presidential primary election on Super Tuesday, March 5, but it was far from super for the state’s ambitious governor. Voters showed more than a little resistance to passing the ballot measure Newsom had branded with his name and image in TV ads for which he had raised $20 million. Given the razor-close outcome, what was really shocking was the amount spent to oppose the governor’s effort: nothing at all.
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Kudlow calls out Biden's economic agenda Congratulations to President Joe Biden, who continues to believe that he can tax the country into prosperity. I say "congrats, Joe" because the entire history of tax hikes shows the revenue increases never pan out. The economy is depressed. Investment falters and, if that weren't enough, you would be emulating western Europe which has been taxing itself into recession for many decades including now. If it's not exactly big government socialism, it sure comes close, doesn't it? Proud of you, Mr. President! You never miss a progressive beat. By the way, I don't want...
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In addition to the off-year elections to be decided this November in Virginia, Kentucky, Louisiana, and Mississippi, a number of ballot initiatives will be voted on in other states. Perhaps the most consequential measure appearing on the November 2023 ballot, at least when it comes to fiscal policy, is found in Colorado, where voters will be asked whether they want to weaken the nation’s strongest tax and expenditure limit in exchange for property tax relief. Proposition HH, which was referred to the November ballot by Colorado lawmakers with the support of Governor Jared Polis (D), would weaken the state’s Taxpayer’s...
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A group of New York Democrats are calling for a tax hike on the wealthy to help pay for New York’s migrant crisis. The group of 20 New York Democrats, including Representative Alexandria Ocasio-Cortez (D-NY), released a statement on Monday blasting the government’s response to the migrant crisis and pitching a litany of measures that the city, state, and federal government can take to help. Several of the lawmakers self-identify as Democratic socialists. One proposal the group put forth is to increase state taxes on the top 5% of New Yorkers and have that money go towards homeless and migrant...
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President Joe Biden on Thursday proposed raising the corporate tax rate from 21 percent to 28 percent, a scheme that will likely burden both large and small businesses. While the term “corporation” is widely used to depict large companies such as Microsoft, Walmart, and McDonald’s, C-corporations are both small and large businesses, the most prevalent of corporations. Individual shareholders of C-corporations already have profits taxed both on a corporate and personal level (double taxation). In addition, small businesses account for 65.1 percent of net new jobs created from 2000 to 2019 and comprise 99.7 percent of firms with paid employees,...
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Wes Moore, the incoming Democratic governor of Maryland, said he is “confident” he can reach his economic goals without raising taxes in the state. Moore said on CNN’s “State of the Union” that economics will be his priority, and he is going to work to create pathways for “work, wages and wealth.” He said too many people are working in their jobs and still living below the poverty line, and he wants to make sure people own more than they owe.
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Joe Manchin and Kyrsten Sinema are known as the moderates of the Senate Democratic Caucus. There are problems with that designation, of course, such as the fact that Manchin's and Sinema's lifetime ACU ratings are 27% and 15%, respectively - not exactly the definition of "moderation." But the universe of Democratic Party officeholders has moved so far left that they now officially regard Josef Stalin as "squishy," so the definition of "moderate" has had to be softened a bit as well, in recent years. Since the Democrats usurped complete control of both the national executive and legislative branches in 2020,...
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Joe Biden wants to know how much money is coming in and out of your bank accounts. His plan is to require banks report all transactions of more than $600 whether coming in or going out. It was billed as a way to fight tax evasion, which is ironic since Biden himself was accused of evading his own taxes last week. But the truth is the regime wants to keep tabs on everyone’s money to make sure nobody has any the government can’t get their grimy fingers on.According to Katabella Roberts from our premium news partners at The Epoch Times:Democrats...
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President Joe Biden joked about once being thought of as a moderate, in an Oval Office meeting with leftist Democrats at the White House last week. “I used to be called a moderate,” he said, according to The Atlantic. The president signaled support with the fight led by Rep. Pramila Jayapal (D-WA) and other leftists to get a $3.5 trillion spending bill through the House of Representatives, even as moderates are trying to block it or even cut the spending levels.
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SNIPThe audit from the state of Arizona was supposed to end all the questions about the 2020 election in the state, but neither side is giving in and questions continue to be raised.The media and Democrats insist that the audit confirms that Joe Biden won the state fair and square but there are still some Republicans who do not believe that, and who believe there were shenanigans in the election.Now, Arizona State Sen. Wendy Rogers has announced that 41 state legislators from multiple states are calling for a forensic audit of all 50 states and decertification where warranted, she announced...
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Infrastructuremas hasn’t been canceled … at least not yet. The prospects for the bipartisan infrastructure bill don’t exactly look cheery, however, as Nancy Pelosi caved at least in part to the progressive House caucus. Instead of the vote scheduled today for the $1.2 trillion bipartisan bill, Pelosi has pushed it off to Thursday — the same day that Congress has to act to forestall a government shutdown:
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Following days of deadly protests across Colombia against a planned nationwide tax increase, President Iván Duque has withdrawn the proposal that he insisted was needed to fix the country's pandemic-battered economy. Protests that began last week have led to multiple deaths, and they continued over the weekend despite a promise by Duque on Friday to remove some of the bill's most controversial provisions. On Sunday, he announced the proposed overhaul would be shelved and replaced. "I am asking Congress to withdraw the law proposed by the finance ministry and urgently process a new law that is the fruit of consensus,...
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In a Thursday interview on MSNBC’s “Stephanie Ruhle Reports,” Secretary of Transportation Pete Buttigieg discussed President Joe Biden’s $2 trillion infrastructure plan. Host Stephanie Ruhle asked Buttigieg if he is “prepared” for Republicans to run against the tax hike being necessary to pay for the massive plan.
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President Joe Biden said in an interview broadcast Wednesday that he plans to raise taxes on Americans making more than $400,000 a year as his post-stimulus legislative plans come into focus."Anybody making more than $400,000 will see a small to a significant tax increase," he told ABC News. "If you make less than $400,000, you won't see one single penny in additional federal tax."Speaking with NBC News, two administration officials earlier confirmed that Biden and his top aides are discussing the framework to increase taxes on Americans making more than $400,000 and on large corporations.The officials stressed that the full...
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You can’t spend $1.9 trillion you do not have. So, now the administration is apparently giving weight to the likes of populist socialists like Senator Elizabeth Warren, and considering a wealth tax. When asked about the idea on ABC’s “This Week with George Stephanopoulos” Treasury Secretary Janet Yellen admitted that, “that is something we haven’t decided yet and we can look at.” She did note that President Biden campaigned on his intention to raise taxes for individuals and corporations as well as capital gains and dividend taxes. A group of progressive lawmakers led by Senator Warren recently introduced legislation that...
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