Posts Tagged ‘ taxes ’

Tax Day: What kind of “civilization” are we paying for?

April 15, 2014
posted by

Kevin Carson Center for a Stateless Society
by Kevin Carson  

"April 15 seems to be a holiday of sorts for progressives, who inevitably trot out Oliver Wendell Holmes’s quote about taxes being 'the price we pay for civilization,' and reminding us of all the great stuff -- roads, schools, etc. -- that they pay for. But on closer examination, tax day really isn’t a very good choice for progressive holiday." (04/13/14)

http://c4ss.org/content/26351  

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April 15: Funding the empire

April 14, 2014
posted by

C4SS Center for a Stateless Society
by Grant Mincy  

"Tax day is not a day of cooperation; it is a day of disappointment. It is a day that reminds us that the state cripples human potential. It is a reminder that the state is a constant hurdle to the resurgent market. It is a day that reminds us of the horrors and costs of central planning. Libertarianism offers a solution." (04/12/14)

http://c4ss.org/content/26265  

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Don’t reduce income taxes. Repeal them.

April 14, 2014
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G. Hornberger  

"The common conception among the American people, of course, is twofold: (1) we live in a free society notwithstanding the income tax and (2) our society would cease to exist without the income tax. Both concepts are ludicrous, as libertarians have long pointed out. Income taxation and a free society are irreconcilable." (04/11/14)

http://fff.org/2014/04/11/dont-reduce-income-taxes-repeal-them/  

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Your tax returns are hacker bait

April 11, 2014
posted by

JD Tuccille Reason
by JD Tuccille  

"The IRS is a terrible guardian of information, and the tax man keeps a treasure trove of personal data about almost every American." (04/10/14)

http://reason.com/archives/2014/04/10/your-tax-returns-are-hacker-bait  

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The simple politics of tax simplification

April 6, 2014
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"George Will writes that 'tax simplification would reform politics by shrinking opportunities for transactions between private factions and the political class. This class confers favors as much with the tax code as with appropriations. 'You can drain the swamp,' says [Sen. Ron] Wyden. 'They did it in '86′' ('A tax reformer’s uphill push,' April 6). Alas, matters are more complicated." (04/05/14)

http://tinyurl.com/ljgct5m  

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Yes, of course we should abolish inheritance tax

April 6, 2014
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"This really isn't one of those difficult questions: yes, of course we shoud abolish inheritance tax. Or at the very least this is an easy one: we should abolish the inheritance tax that we actually have. The Conservative party would be better off scrapping inheritance tax altogether rather than increasing the threshold to £1m, the Institute for Fiscal Studies has suggested. Yes, quite. It's doesn't raise very much, it's wildly unpopular and distinctly distorting (as people pile into those assets that are not subject to it like farmland)." (04/06/14)

http://tinyurl.com/n5wkzsu  

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Taxable Bitcoins: Property or money?

April 3, 2014
posted by

OpenMarket.org
by Matt Powers  

"Is Bitcoin currency or property? It depends on which parts of the federal government you ask. Last week the Internal Revenue Service (IRS) announced that bitcoins are taxable and how it would implement such taxation. While the rule could have been much worse, the manner in which the IRS went about doing so brings up many more legal questions." (04/01/14)

http://tinyurl.com/kt5debx  

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IRS: Bitcoin is “property,” not “currency”

March 25, 2014
posted by

Business Week    

"The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue. Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability [sic] that wasn’t specified before. Purchasing a $2 cup of coffee with Bitcoins bought for $1 would trigger $1 in capital gains for the coffee drinker and $2 of gross income for the coffee shop." (03/25/14)

http://tinyurl.com/n5ck8vp  

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CO: $3.5 million in pot tax in first month

March 10, 2014
posted by

Agence France-Presse    

"Marijuana sales in Colorado brought in $3.5 million in tax revenues and fees in the first month retail pot outlets were allowed, the western US state said Monday. The figure included $2.9 million in taxes for recreational and medical marijuana in the month of January, and nearly $600,000 in fees, said Colorado's Department of Revenue. The Rocky Mountain state had legalized pot in 2012, but made drug history on January 1 by inaugurating retail sales of marijuana for recreational use. It levies a 15 percent excise tax and a 2.9 percent sales tax." (03/10/14)

http://tinyurl.com/m8qvc8h  

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Bitcoin: Britain to scrap 20% VAT on trading

March 3, 2014
posted by

International Business Times    

"Britain's HM Revenue & Customs has said it will not impose a 20% value-added tax (VAT) on trades in the virtual currency bitcoin. At a meeting with UK bitcoin traders, the tax collector (HMRC) said it would end VAT on bitcoin transactions, and would also not levy tax on margins, the Financial Times reported." (03/03/14)

http://tinyurl.com/n4lkovy  

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Smoking prevention: Nagging versus taxing

February 27, 2014
posted by

EconLog EconLog
by James Schneider  

"To the extent that educating, nagging, disgusting, and taxing smokers persuade them to quit, all these approaches leave would-be smokers healthier. However, most new measures will have only limited success, so it is important to consider the impact that a policy has when people persist in smoking. Taxation makes smokers worse off, but it generates revenues that make non-smokers better off. Nagging and disgusting smokers makes the smokers worse off with no corresponding benefit to non-smokers. For this reason, nagging warning labels might be less efficient than taxation." (02/27/14)

http://econlog.econlib.org/archives/2014/02/smoking_prevent.html  

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The poor don’t pay taxes? They sure do — for ObamaCare!

February 21, 2014
posted by

JD Tuccille Reason
by JD Tuccille  

"One of the few certainties of the Affordable Care Act is the tax load with which it's laden. The medical device tax, income tax surcharge on high-earners, tax on investment income, and others have all fueled complaints and, possibly, even killed some jobs. But these are all supposedly taxes on businesses and relatively prosperous families and individuals -- the sort of people who make for unsympathetic victims when politicians are playing to the crowd. But, according to Christopher J. Conover of the Center for Health Policy & Inequalities Research at Duke University, low-income Americans shouldn't get too comfortable, because they're in for a soaking, too, as taxes on medical goods and services get passed along to them." (02/20/14)

http://tinyurl.com/jw3r6d8  

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Simulating the elimination of the US corporate income tax

January 6, 2014
posted by

National Center for Policy Analysis
by Laurence J. Kotlikoff, Ashwin Kambhampati, Sabine Jokisch, Hans Fehr  

"We simulate corporate tax reform in a single good, five-region (U.S., Europe, Japan, China, India) model, featuring skilled and unskilled labor, detailed region-specific demographics and fiscal policies. Eliminating the model’s U.S. corporate income tax produces rapid and dramatic increases in the model’s level of U.S. investment, output, and real wages, making the tax cut self-financing to a significant extent. Somewhat smaller gains arise from revenue-neutral base broadening, specifically cutting the corporate tax rate to 9 percent and eliminating tax loop-holes." [summary -- full article available as PDF download] (01/06/14)

http://tinyurl.com/o68nuyo  

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Obama offers new “grand bargain” of corporate tax cuts and jobs

July 31, 2013
posted by

Los Angeles Times    

"President Obama on Tuesday offered what he billed as a new 'grand bargain' proposal that would combine a cut in corporate tax rates sought by many Republicans with a jobs-creating program that would spend more money on roads and bridges around the country. ... Republican leaders scoffed at the idea immediately, saying it offered them no concession at all. The GOP position has been that money generated by tax reform should be rolled back into the system to further lower tax rates. They have opposed any reform plan that would add to spending." (07/30/13)

http://tinyurl.com/k5qatfv  

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Thursday is Tax Freedom Day

April 18, 2013
posted by

Doug Bandow Cato Institute
by Doug Bandow  

"Most of us think of April 15 as 'tax day,' but, of course, that doesn’t end our tax agony. Tax Freedom Day comes three days later, when the average American has stopped working to pay his taxes and starts working for himself and his family. Even that isn’t the end for many." (04/17/13)

http://www.cato.org/publications/commentary/thursday-tax-freedom-day  

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FOIA revelation: IRS may conduct warrantless email searches

April 10, 2013
posted by

Venture Beat    

"The Internal Revenue Service could be reading your emails without obtaining a warrant, according to a new document uncovered by a Freedom of Information Act request. In it, the IRS reveals that it still doesn’t believe people have a reasonable expectation of privacy in their emails. Technically, emails are not yet protected by law under the Fourth Amendment, though a recent court case, U.S. v. Warshak, states differently. In this case, judges ruled that Warshak 'enjoyed a reasonable expectation of privacy in his emails,' citing the Katz v. U.S. case that helped define what a search and seizure is under U.S. law." (04/10/13)

http://venturebeat.com/2013/04/10/irs-email-warrants/  

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Extortionist kidnappers release Snipes

April 7, 2013
posted by

CNN    

"Actor Wesley Snipes has been released from a federal prison where he was serving a three-year sentence after being convicted on tax charges in February 2010. ... A jury convicted him of willfully failing to file tax returns for 1999, 2000 and 2001." (04/05/13)

http://www.cnn.com/2013/04/05/showbiz/wesley-snipes-released/  

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NY: Court upholds pols’ interstate Internet extortion racket

March 28, 2013
posted by

Chicago Tribune    

"Amazon and other out-of-state online retailers must collect state tax on New York State customers, the state's highest court ruled Thursday, a decision at odds with other courts that could set the stage for a showdown in the U.S. Supreme Court. The case, combining two brought by Amazon.com Inc. and Overstock.com Inc., was decided 4-1 by the New York State Court of Appeals. ... Eight other states have passed legislation similar to New York's, which requires out-of-state retailers to collect sales tax even when they do not have a physical presence in the state, but do have affiliates in the state." (03/28/13)

http://tinyurl.com/ctz89et  

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Cyprus: Parliament rejects theft of bank deposits

March 19, 2013
posted by

USA Today    

"Lawmakers in Cyprus have rejected a bill that would have taxed bank deposits to help pay for an international financial bailout. The bill, which was amended Tuesday to shield small depositors from the tax, was rejected with 36 votes against, 19 abstentions and zero votes in favor. One deputy was absent. Hundreds of protesters outside Parliament cheered and sang the national anthem when they heard the bill had not passed. Cyprus will now have to come up with an alternative plan to raise money." (03/19/13)

http://tinyurl.com/cxrwntc  

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Don’t tax the Internet

March 19, 2013
posted by

The American Spectator
by Andrew Moylan  

"Senate Republicans will face a fork in the road this week when Sen. Dick Durbin, D-Ill., forces a vote on a measure paving the way for expanded state sales tax collection for online purchases. The route Durbin would have them take would eventually lead to passage of the so-called 'Marketplace Fairness Act,' a bill that dramatically expands state and local tax authority in order to help bail out states like his native Illinois. The other avenue would protect taxpayers from perhaps the scariest Internet predator: government. A vote on Internet sales taxes during this week’s budget process will tell us which path conservatives will choose." (03/19/13)

http://spectator.org/archives/2013/03/19/dont-tax-the-internet  

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International companies stand between us and tax tyranny

February 20, 2013
posted by

Eamonn Butler Adam Smith Institute
by Dr. Eamonn Butler  

"The OECD is very worried about the erosion of different countries' tax base, they say. The acronym (everything needs a catchphrase these days) is BEPS -- Fiscal Base Erosion and Profit Shifting. I guess the full acronym, FBEAPS, just wasn't so trip-off-the-tongue. The target, of course, is international companies who choose to base themselves in low-tax countries even as they operate in high tax countries." (02/20/13)

http://tinyurl.com/a3v2643  

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Obama’s misguided vision of tax reform

February 20, 2013
posted by

Jacob Sullum Reason
by Jacob Sullum  

"Reform should make the law simpler, not more complicated." (02/20/13)

http://reason.com/archives/2013/02/20/cracking-the-tax-code  

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Republicans begin rolling out latest tax betrayal

July 15, 2012
posted by

Wall Street Journal    

"Republican governors, eager for new revenue to ease budget strains, are dropping their longtime opposition to imposing sales taxes on online purchases, a significant political shift that could soon bring an end to tax-free sales on the Internet. Conservative governors, joining their Democratic counterparts, have been making deals with online retail giant Amazon.com to collect state sales taxes. ... The newfound support among Republicans is a dramatic change from just a few months ago." (07/15/12)

http://on.wsj.com/Sx69Pr  

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US states forecast highest tax revenue in five years

June 12, 2012
posted by

USA Today    

"States expect to collect higher tax revenue in the coming budget year that combined would top pre-recession levels, according to a survey released Tuesday. The increase could reduce pressure on states to cut budgets and lay off workers." (06/12/12)

http://usat.ly/LyMfAU  

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Hill says she didn’t fill out extortionists’ paperwork because she was “underground”

June 10, 2012
posted by

ABC News    

"Former Fugees singer Lauren Hill says she didn't cheat on her taxes; she went 'underground.' A day after federal prosecutors in New Jersey charged Hill, 37, with three counts of 'knowingly and willfully fail(ing) to make an income tax return to the IRS,' according court documents, Hill took to Tumblr to share her side of the story. Hill said she withdrew to heal and grow away from the forces that had oppressed and manipulated her in the past." (06/09/12)

http://abcn.ws/Mwg56e  

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