Posts Tagged ‘ taxes ’

Why we should use the word “taxpayer”

March 24, 2015
posted by

James E Miller Mises Canada
by James E Miller  

"I'll grant that [Elizabeth Stoker Bruenig] is correct about one thing: tax dollars and private dollars are different. One is the product of thievery; the other is the product of hard work and voluntary interaction. Money spent by a government differs from money spent by the individual. There are often different goals involved. But does that difference really mean politicians should stop using the word 'taxpayer?' The answer is simple to anyone who values precision in language: of course not. Taxpayer means someone who pays taxes. That's it. There is no pernicious ploy behind its use. Taxpayer has a specific meaning: individuals who pay taxes. And yes, some folks pay more in taxes than others. That's a built-in function of the current tax system in the U.S. Mrs. Bruenig resents this not because it's true, but because it gives some people the idea that 'those contributing larger shares would seem to be due greater consideration, like shareholders in a company.'" (03/23/15)

http://mises.ca/posts/blog/why-we-should-use-the-word-taxpayer/  

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The dirty dozen tax scams

March 17, 2015
posted by

Cato Institute Cato Institute
by Daniel J Mitchell  

"Tax day, April 15, is almost upon us, and our friends at the Internal Revenue Service have a relatively new tradition of providing an annual list of 12 'tax scams' that taxpayers should avoid. It's an odd collection, comprised of both recommendations that taxpayers protect themselves from fraud, as well as admonitions that taxpayers should be fully obedient to all IRS demands. Unsurprisingly, the list contains no warnings about the needless complexity and punitive nature of the tax code. Nor does the IRS say anything about how taxpayers lose the presumption of innocence if there's any sort of conflict with the tax agency. Perhaps most important, there's no acknowledgement from the IRS that many of the dirty dozen scams only exist because of bad tax policy." (03/16/15)

http://www.cato.org/publications/commentary/dirty-dozen-tax-scams  

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High top tax rates drive away inventors

March 16, 2015
posted by

Adam Smith Institute Adam Smith Institute
by Ben Southwood  

"There are plenty of reasons we might want moderately high top tax rates. If we do them cleverly (e.g. taxing consumption, not income, and definitely not capital or transactions) they can raise the revenue we may need for redistribution and goods everyone seems to believe only the government can provide, while not causing too many efficiency costs. But there are also lots of reasons we might not want tax rates to go up too high. ... today'’s top 1% most skilled people are less rooted than ever before, and seem willing to work in Hong Kong, New York, Geneva, Paris, Los Angeles or wherever things are better. This means that changes in top tax rates can have substantial impacts." (03/16/15)

http://tinyurl.com/klobyzn  

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Tax the rent-seekers

March 16, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"American steel producers, claiming entitlement to the dollars that American consumers spend on Chinese steel, seek punitive taxes on Americans who buy such steel .... if there is any economically unjustified and wrongful act here that should be discouraged with punitive taxation, it is the American steel producers' gluttonous and wasteful pleading for special privileges." (03/16/15)

http://cafehayek.com/2015/03/tax-the-rent-seekers.html  

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Rubio-Lee’s problematic tax plan and the coming reformocon class warfare

March 14, 2015
posted by

Shikha Dalmia Reason
by Shikha Dalmia  

"Republican Senators Marco Rubio and Mike Lee released a major tax reform plan last week with the aim of translating the reform conservative vision into a governing reality. It combines pro-growth tax reforms with allegedly middle class tax relief. ... However, it goes seriously wrong on the middle-class relief front, even degenerating into a bundle of contradictions." (03/13/15)

http://tinyurl.com/k3hyq5e  

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Open letter to the United States Senate: Oppose the Marketplace Fairness Act!

March 13, 2015
posted by

Competitive Enterprise Institute Competitive Enterprise Institute
by representatives of various organizations  

"On behalf of the millions of citizens represented by the undersigned organizations, we write in strong opposition to the so-called 'Marketplace Fairness Act' (MFA). Despite what some supporters claim, this legislation is bad news for conservative principles and the cause of limited government. It would dismantle proper limits on state tax collection authority while causing serious damage to electronic and interstate commerce. MFA would countenance an enormous expansion in state tax collection authority by wiping away the 'physical presence standard,' a baseline protection that shields taxpayers from harassment by out-of-state collectors." (03/12/15)

http://tinyurl.com/lqarxdl  

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Rubio-Lee isn’t great

March 9, 2015
posted by

David Henderson EconLog
by David Henderson  

"I don't agree that Rubio-Lee is great. It has many good features and Scott has listed pretty much all of them, so I won't repeat them here. It has a feature, that I'll mention shortly, that is a major negative. Also, however great or not great Rubio-Lee is, the one major addition that Scott proposes would lower the level of greatness. Scott proposes a stiff 50 percent marginal tax rate on all taxable income over $250,000 for single people and $500,000 for married people. That's a large increase from the current top rate of 43.4 percent. In fact, it's a 15 percent increase. Scott argues that Rubio-Lee essentially changes the federal income tax into a progressive consumption tax, and he's basically right. But even for a consumption tax, 50% is pretty high." (03/08/15)

http://econlog.econlib.org/archives/2015/03/rubio-lee_isnt.html  

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The problem with the bank levy and other Pigou taxes

March 3, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"No politician can see a potential revenue source without wanting to bathe in it. And that, sadly, is the problem with Pigou taxes. They're economically efficient, rational and make the world a better place. Until we come to the politicians who implement them when, over time, they will inevitably lose their original justification and simply become another method of gouging someone or other so as to bribe the electorate." (03/03/15)

http://tinyurl.com/mr896pl  

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This dodgy tax crusade is undermining freedom

February 23, 2015
posted by

spiked spiked
by Daniel Ben-Ami  

"The sanctimonious war of words against tax dodging embodies a fundamental attack on individual freedom. Although the offensive appears to be aimed mainly at wealthy individuals and multinational corporations, it threatens to undermine liberty for everyone. Economics is not the real focus of the frenzied discussion of tax in Britain right now. Rather, this is essentially about the arbitrary exercise of state power. By blurring the line between legal and illegal action, this crusade threatens to undermine fundamental freedoms in all areas of human activity. The fact that the debate is framed in terms of tax payment is, in many respects, incidental." (02/23/15)

http://tinyurl.com/k5fxc3v  

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The world’s greatest financial fraudster

February 17, 2015
posted by

Richard W. Rahn Cato Institute
by Richard W Rahn  

"The London Times headlined last week, 'HSBC helped customers to hide millions from taxman.' There are decades of stories about corporations, movie actors, artists and politicians hiding money from the taxman. Many economic studies have shown that once tax rates exceed 20 percent, most people will start thinking about and then acting in legal or illegal ways to avoid the tax bill. The reason there is so little remorse about tax avoidance and evasion is that virtually everyone knows that much of what government does is a ripoff ... Every thinking person implicitly knows that the U.S. government is the world's biggest financial fraudster. The cumulative yearly fraud by government actors is well in excess of $1 trillion and takes many forms." (02/17/15)

http://tinyurl.com/ppla3ke  

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CO: $700 million in legal marijuana sales last year, $1 billion by 2016

February 16, 2015
posted by

The Washington Post Washington Post    

"Legal marijuana was a $700 million dollar industry in Colorado last year, according to a Washington Post analysis of recently-released tax data from the state's Department of Revenue. ... With a full year of data to work with, the state has a clearer picture of what to expect from its marijuana market going forward. Total marijuana tax revenues are now expected to climb to $94 million annually by 2016, according to the latest projections. This would equate to a $1 billion dollar retail market." (02/12/15)

http://tinyurl.com/q2pdkxw  

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Republicans accuse Obama of giving immigrants “amnesty bonuses” via tax credits

February 15, 2015
posted by

New Orleans Times-Picayune    

"Millions of immigrants benefiting from President Barack Obama's executive actions could get a windfall from the IRS, a reversal of fortune after years of paying taxes to help fund government programs they were banned from receiving. Armed with new Social Security numbers, many of these immigrants who were living in the U.S. illegally will now be able to claim up to four years' worth of tax credits designed to benefit the working poor. For big families, that's a maximum of nearly $24,000, as long as they can document their earnings during those years. Some Republicans are labeling the payments 'amnesty bonuses,' one more reason they oppose Obama's program shielding millions of immigrants from deportation." (02/14/15)

http://tinyurl.com/kuxknwp  

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AZ: Silly taxpayer, politicians don’t “offset” taxes, they increase taxes

February 11, 2015
posted by

Charlotte Observer    

"An Arizona House bill that cuts income taxes if the state begins collecting sales taxes from online sales was voted down Tuesday, with several Republicans breaking ranks from the majority to oppose the measure. ... House Bill 2061 forces the state to cut income taxes by the same amount collected in the first year the state begins collecting online taxes. That could only happen if a federal proposal called the Marketplace Fairness [sic] Act becomes law and requires online sellers to collect sales taxes for states." (02/10/15)

http://tinyurl.com/poxc3z4  

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MT: Senate panel hears bill to reduce income taxes

January 30, 2015
posted by

San Francisco Chronicle San Francisco Chronicle    

"A Colstrip lawmaker proposes taking $350 million from the state's rainy day fund to reduce income taxes. Republican Sen. Duane Ankney introduced the bill in the Senate Taxation Committee Thursday. He says the money held by the state for unforeseen expenses belongs to Montana citizens. Montana Budget and Policy Center co-director Heather O'Loughlin opposes the bill, saying it's unfair to low-income workers." [editor's note: "Unfair" because it lowers taxation on the wealthy more than on the low-income folks who don't pay taxes anyway (note that this bill is to actually CUT taxes, not just shuffle them to another pocket as in New Mexico) - SAT] (01/29/15)

http://tinyurl.com/lotq8km  

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NM: State senator proposes eliminating almost all taxes

January 29, 2015
posted by

Fox News Fox News    

"Calling New Mexico’s tax system 'a mess,' a state senator proposes a plan to eliminate most levies in the Land of Enchantment. 'It’s difficult, it’s confusing, and it’s certainly not fair or simple,' State Sen. William Sharer, R-Farmington, said during a news conference Wednesday. Brandishing a copy of the state’s 1,089-page tax code, Sharer claimed New Mexico could eliminate almost every tax currently levied by reforming the way it collects the gross receipts tax. 'No personal income tax, no corporate income tax, no compensating tax, no vehicle excise tax, no insurance premium tax and about a hundred other taxes go away,' Sharer said." (01/29/15)

http://tinyurl.com/n54xk3v  

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What is an “excise?”

January 26, 2015
posted by

Rob Natelson Tenth Amendment Center
by Rob Natelson  

"At the time the Constitution was written, an excise was universally understood to be an 'inland' (domestic) tax on the consumption of commodities, specifically on manufactured goods. ... By contrast, taxes on individuals ('capitations'), property, businesses, income, and the ordinary business of life were considered 'direct.' The Constitution required them to be apportioned among the states. In 1937, the Supreme Court decided Charles C. Steward Machine Co. v. Davis, in which the Court ruled that the Social Security tax on employers was an 'excise,' and therefore did not have to be apportioned among the states. The Court cited three pre-constitutional tax statutes that were not imposed on commodities but, it said, were excises. All of the Court's citations were bogus: None of the statutes were excises. Two were head taxes. The other was a non-excise duty." (01/26/15)

http://tenthamendmentcenter.com/2015/01/26/what-is-an-excise/  

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A new idea for tax fairness online

January 26, 2015
posted by

Competitive Enterprise Institute Competitive Enterprise Institute
by Jessica Melugin  

"The misleadingly named Marketplace Fairness Act died a quiet death during the House of Representatives’ lame-duck session, but is it really the end? What does the new year and the new Congress have in store for the Internet sales tax debate? If recent experience is any guide, MFA supporters will be back to try again. Many MFA supporters correctly point out that the current system creates inequities in the way brick-and-mortar and remote sellers are treated. But their proposed cure would be worse than the disease. To understand why, let’s consider what the nation just avoided." (01/25/15)

https://cei.org/content/new-idea-tax-fairness-online  

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Note to GOP: Talking about raising taxes is a bad idea

January 26, 2015
posted by

Marita Noon Heartland Institute
by Marita Noon  

"What are the Republicans thinking? Coming right out of the gate, at the start of the new GOP-controlled Congress, they began talking about the crazy idea of increasing the gasoline tax. It has little chance of passing, yet can easily taint the party with a tax-raising reputation." (01/26/15)

http://tinyurl.com/pd8aer5  

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Obama seeks more double taxation and job-killing taxes in State of the Union address

January 25, 2015
posted by

Competitive Enterprise Institute Competitive Enterprise Institute
by Hans Bader  

"In his State of the Union Address, President Obama called for tax increases on the wealthy, such as by increasing the top tax rate on capital gains and dividends, and by imposing what is effectively double taxation on inheritances (by imposing both estate taxes and capital gains taxes on the very same asset). Obama also wants to tax the not-so-wealthy, such as taxing many college savings plans. Double taxation would also increase due to the tax increases on dividends proposed by Obama, since companies pay income taxes on their earnings before paying them out to investors as dividends." (01/22/15)

http://tinyurl.com/ll2rorc  

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Two-thirds to raise taxes

January 23, 2015
posted by

Paul Jacob Common Sense
by Paul Jacob  

"Three times voters have passed initiatives promoted by Mr. Eyman mandating a 2/3 legislative vote or a vote of the people before taxes can rise -- in 2007, 2010 and again in 2012, the last two times by a whopping 64 percent vote. But in 2013, the state supreme court ruled voters could not so limit their state legislature, short of a constitutional amendment. And -- you guessed it -- the Evergreen State lacks a statewide initiative process for voters to amend the constitution ... without the permission of their legislators. Eyman was blocked; the voters thwarted. Legislators could go back to raising taxes as usual. Not so fast!" (01/22/15)

http://thisiscommonsense.com/2015/01/22/two-thirds-to-raise-taxes/  

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Thankfully, Obama’s dumb capital gains plan is going nowhere

January 21, 2015
posted by

Chris Edwards Cato Institute
by Chris Edwards  

"President Obama's new tax proposals show that he is not interested in bipartisan tax reform. The plan to be outlined in his State of the Union address is anti-growth, anti-savings, and pro-complexity. Left-wing political consultants might like the plan, but not serious tax reformers. Obama himself has called for simplifying the tax code, but his proposals -- including the expansion of tax credits -- would make the code more complicated." (01/21/15)

http://tinyurl.com/q5lwvro  

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Report: Odds of gas tax hike growing

January 20, 2015
posted by

San Francisco Chronicle San Francisco Chronicle    

"With Washington’s most famous climate-change skeptic expressing interest in raising the federal gasoline tax, Bay Area Rep. Jared Huffman sees an opening to grab the brass ring of the environmental movement: a tax on carbon. Taxing gasoline is, after all, a form of taxing carbon -- a step environmentalists believe could reduce America’s global-warming emissions. Huffman reasons that if Oklahoma Republican Sen. James Inhofe, who once wrote a book calling climate change 'The Greatest Hoax,' can get Washington talking about raising the gas levy, it’s a good time to make the tax a little more sophisticated so it reflects the carbon content of all fuels." (01/20/15)

http://tinyurl.com/lvn6uvo  

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People have more money? Let’s tax it!

January 20, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by John P Cochran  

"A recent example; an editorial, 'Capitalize on low fuel prices by raising Colorado gas tax,' in the Denver Post emphasized that the currently low and expected-to-remain-low gasoline prices presents an excellent opportunity to painlessly raise the gasoline tax, if not at the Federal level -- due to resistance of some to raise taxes -- then at the state level. Like many who support big government, an extra dollar in a potential taxpayer's pocket is much better spent by the enlightened elite." (01/19/15)

http://mises.org/library/people-have-more-money-let%E2%80%99s-tax-it  

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IRS warns of tax refund delays

January 18, 2015
posted by

KTVQ News    

"The IRS normally issues taxpayer refunds quickly. But this year, some filers are going to have to wait. Due to budget cuts, people who file paper tax returns could wait an extra week for their refund -- 'or possibly longer,' wrote IRS Commissioner John Koskinen in a memo to employees Tuesday." [editor's note: That problem seems so easy to solve ... if a refund takes more than 24 hours from receipt of the return to issuance of the refund, the responsible employee's pay is docked by $100 and Koskinen's by $10, with the $100 going to the filer as a late refund fee and the $10 going back to the US Treasury. That should take care of it - TLK] (01/18/15)

http://www.ktvq.com/news/irs-warns-of-tax-refund-delays-221240/  

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Bait & switch: “Economic development” in the states

January 16, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Jeff Scribner  

"Businesses do not locate in any one place solely because of the tax laws. However, as tax burdens climb, the tax treatment of the business itself, and of its higher-paid employees and executives, becomes a more important consideration. Thus the incentive packages, made up primarily of special tax abatements for a set period of time, are developed and used in recruiting new businesses. It is apparent that the politicians -- politicians as diverse as Governor Pat McCrory of North Carolina and Governor Andrew Como of New York -- who try to make use of these incentives, are totally missing the point they are illustrating. If you have to bribe a company to locate in your state or bribe one not to leave, your taxes and whatever else you are using to bribe them, are too high or otherwise onerous." (01/15/15)

http://mises.org/library/bait-switch-economic-development-states  

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