Posts Tagged ‘ taxes ’

The economic effects of the Clinton tax proposal

August 23, 2016
posted by

National Center for Policy Analysis National Center for Policy Analysis
by Paul Bachman, Keshab Bhattarai, Frank Conte, Jonathan Haughton, & David G Tuerck  

"Compared with other presidential election year cycles, the 2016 campaign takes place in a period of perplexingly slow economic growth. Secretary Hillary Clinton''s tax proposal, the center of her campaign's fiscal policy, stresses fairness. To reach "broadly shared prosperity," in this slow-growth environment, the Clinton tax proposals seek to promote growth and equity by shifting the tax burden to high-income taxpayers. The proposals are clearly predicated on a normative objective to diminish income inequality and to bring greater equity to the tax code. In this report, we focus on the efficiency effects of the Clinton tax proposal, leaving the debate over equity for a separate analysis of distributional effects (Haughton et al. 2016)." [summary -- full paper available as PDF download] (08/23/16)

http://www.ncpa.org/sub/dpd/index.php?Article_ID=26597  

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Hillary Clinton’s tax plan under the NCPA’s model of the US economy

August 22, 2016
posted by

Pamela Villarreal National Center for Policy Analysis
by Pamela Villareal  

"Presidential candidate Hillary Clinton's tax plan would increase public sector jobs by 49,000 in 2017, but they would come at a cost of 207,000 private sector jobs, according to an analysis by the National Center for Policy Analysis. In 2026, the public sector would gain 54,000 jobs, but 265,000 private sector jobs would be lost. In essence, every government job created by Hillary would eventually cost nearly 5 private sector jobs. Her plan would have other recessionary effects ..." [summary -- full paper available as PDF download] (08/22/16)

http://www.ncpa.org/sub/dpd/index.php?Article_ID=26596  

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Hillary Clinton’s terrible tax plan

August 18, 2016
posted by

Veronique de Rugy Reason
by Veronique de Rugy  

"Hillary Clinton recently laid out her plan for the economy, which boils down to more government, more spending, more taxes, more regulations, and more red tape. It translates into more debt and less growth. Some of the most outrageous provisions of her plan are those that target U.S. corporations abroad. To be fair, Clinton's policies are very similar to those of President Barack Obama. They both want to prevent U.S. companies from leaving the country through a process called inversion. They both also fundamentally misunderstand the reasons behind inversions and try to fix the perceived problem by treating the symptoms rather than the causes." (08/18/16)

http://reason.com/archives/2016/08/18/hillary-clintons-terrible-tax-plan  

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State governments eye ways to extort cash from fantasy sports

August 10, 2016
posted by

The Hill The Hill    

"State legislators across the country are preparing for a nationwide battle over the booming and largely unregulated daily fantasy sports industry. The high-stakes fight pits established gambling interests against a nascent industry that counts about 1 in 6 Americans as players. More than half of the nation's state legislatures are set to debate measures to codify the existence of daily and weekly fantasy sports sites, which could provide a lucrative new revenue stream for cash-strapped governments." (08/10/16)

http://thehill.com/policy/technology/290870-state-governments-eye-cash-from-fantasy-sports  

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Taxing carried interest

August 9, 2016
posted by

National Center for Policy Analysis National Center for Policy Analysis
by John White  

"Over the past several years, there has been much debate about how to tax the compensation of the managers of private equity, venture capital and hedge funds. The issue is important because these funds provide capital for businesses at various stages of development or seek to minimize risks for investors, and raising taxes on these funds would reduce the rate of return to fund investors, writes NCPA Research Associate John White." [summary -- full paper available as PDF download] (08/09/16)

http://www.ncpa.org/sub/dpd/index.php?Article_ID=26587  

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Help the poor by abolishing the income tax

July 21, 2016
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"The standard leftist position on helping the poor is: Increase income taxes on the rich and give the money to the poor in the form of welfare. The idea is that it's just not fair that someone has more money when someone has less money. By equalizing people's financial conditions, through the force of a progressive income tax and a welfare state, the financial plight of the poor will be improved. The left, however, is wrong. As our American ancestors, who lived without income taxation for more than a century, learned, the best way to help the poor would be by abolishing the income tax (and the IRS)." (07/21/16)

http://fff.org/2016/07/21/help-poor-abolishing-income-tax/  

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New grassroots project supports bottom-up tax cut plan

July 1, 2016
posted by

PRLog    

"Liberals and progressives hate regressive taxes. Conservatives and libertarians, well, they just hate taxes in general. Common ground from which well-sowed seeds might bring forth a bountiful political harvest? Activists behind the Mobilization for Incremental Tax Exemption, aka the MITE, think that's possible. The ad hoc, trans-partisan project backs two proposals: Passage of legislation mandating an annual, regularized increase in the personal exemption to the federal income tax ... and passage of legislation creating a 'FICA floor' -- an exemption to the personal/employee/self-employed share of FICA taxes ..." [press release] (07/01/16)

https://www.prlog.org/12569817-election-2016-time-for-trans-partisan-tax-cuts.html  

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Only two countries do this appalling thing — and the US is one of them

June 12, 2016
posted by

LewRockwell.com
by Nick Giambruno  

"Nearly every country in the world bases its tax system on residency rather than citizenship. If you're an Italian citizen, and you leave Italy to live and work in Dubai, you don't have to pay taxes on the income you earn abroad to the Italian government. But Eritrea levies a 2% flat tax on its citizens who live abroad. If you're an Eritrean citizen, you have to pay taxes to the Eritrean government, no matter where you live and work. The media has condemned this as 'extortion' and a 'repressive' measure by an 'authoritarian' government. ... the UN Security Council condemned Eritrea for 'using extortion, threats of violence, fraud and other illicit means to collect taxes outside of Eritrea from its nationals.' You might be wondering, 'What's the controversy? Eritrea is getting criticized, and rightly so.' That brings us to the only other country on the planet with a similar tax system ... the United States."

https://www.lewrockwell.com/2016/06/nick-giambruno/two-countries-appalling-thing/  

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Should courts get to define religion?

May 3, 2016
posted by

The Atlantic The Atlantic
by Michael O'Loughlin  

"Property-tax battles are rarely sexy. But a case now in front of the Massachusetts Supreme Judicial Court, about whether the 21 religious brothers and sisters who run the Shrine of Our Lady of LaSalette in Attleboro should have to pay taxes, could have huge repercussions. The Court's decision will be an important part of the ongoing debate in America about who defines religious practice -- believers or bureaucrats -- and whether religion itself should be afforded a special place under the law." (05/03/16)

http://www.theatlantic.com/politics/archive/2016/05/how-do-the-courts-define-religion/480903/  

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Asset forfeiture and the income tax

May 3, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Tate Fegley  

"While you are likely still recovering from Tax Day, don't be lulled into thinking that the pain is over. Your property is never fully safe from government confiscation. One of the few areas of innovation in which the state excels is how to extract ever more wealth from the productive class, and one of the fastest growing sources of revenue for insatiable governments is civil asset forfeiture (CAF)." (05/03/16)

https://mises.org/blog/asset-forfeiture-and-income-tax  

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Monopoly and empire: Ancient China’s Debate on Salt and Iron

May 2, 2016
posted by

Libertarianism.org Libertarianism.org
by Anthony Comegna  

"Responding to popular calls for lower taxes, Han rulers gradually lowered duties and in their place erected a series of state commodities monopolies. The architects of the new monopoly system erected dozens of iron foundries and salt mines outfitted with the latest technological wonders. Emperors later expanded the system to monopolize copper, bronze, all money production, and elements of the liquor trade. Prices soared alongside government revenues, prompting popular outrage and reformist desires to abolish the monopolies. In 81BC, sixty Confucian 'learned men' convened to debate the Court faction over the wisdom of standing policy. The subsequently-published Debate on Salt and Iron contains valuable ancient commentaries on the hidden costs of Empire, including the health of popular ethics ..." (05/02/16)

http://www.libertarianism.org/columns/monopoly-empire-ancient-chinas-debate-salt-iron  

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Tax Freedom Day

April 25, 2016
posted by

William F Shughart II Independent Institute
by William Shughart  

"According to the Tax Foundation, 'Tax Freedom Day' this year falls on April 24th -- six days after 2015's personal income tax returns were due (on the 18th if you forgot to file). April 24 marks the day on which the average American will have earned enough income to pay his or her total local, state and federal tax bill, which includes payroll taxes, sales taxes, excise taxes, property taxes, corporate income taxes and and taxes on individual incomes. The total bill amounts to $4.9 trillion, of which $3.6 trillion goes to Uncle Sam. Since Americans now spend a bit more than $4 trillion on food, clothing and shelter every year, local, state and federal taxes represent the single largest drain on the typical family's budget." (04/24/16)

http://blog.independent.org/2016/04/24/tax-freedom-day-2016/  

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April 15: A discomforting reminder of the past

April 18, 2016
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"When the American people called the federal government into existence, they were fully aware of income taxation as a way to fund it. They rejected it. They did not want this way of life for America -- that is, a way of life in which people would be scrambling to pay their taxes and file their file income tax returns every year, especially out of fear of a[n] agency like the Internal Revenue Service, a tyrannical agency that actually wields and exercises the power to destroy people. In the minds of our ancestors, that way of life wasn't consistent with the fundamental principles of a free society." (04/18/16)

http://fff.org/2016/04/18/april-15-discomforting-reminder-past/  

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“The price we pay for a civilized society,” 2016 edition

April 18, 2016
posted by

Thomas L. Knapp William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"Taxation is not, as Oliver Wendell Holmes, Jr. put it, 'the price we pay for a civilized society.' Taxation is theft, pure and simple. It's no different in principle than any other embezzlement scheme or protection racket. If there's a difference at all, it's a difference of manners. Muggers and extortionists are morally superior to government in that at least they don't pretend they're doing this stuff to you for your own good." (04/16/16)

http://thegarrisoncenter.org/archives/5611  

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Theft by any other name still theft

April 17, 2016
posted by

Kent McManigal Clovis News Journal
by Kent McManigal  

"What do you call the act of taking property under threat of doing something unpleasant to any victim who refuses to comply? Obviously it is theft. What do most people call an identical act when committed by government employees? Taxation. Why the hypocrisy? Giving an act a new name doesn't change its nature. Taxation is theft."

http://www.cnjonline.com/2016/04/14/mcmanigal-theft-by-any-other-name-still-theft/  

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Here’s why we’re so in favor of a carbon tax

April 14, 2016
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"Because there's sufficient head of steam up that our government, global governments, governments globally, are going to adopt some policy or other over climate change. Even proof perfect that every thermometer on the planet was being steeped in a nice cup of hot tea before being read would not and will not change that. It's thus necessary to argue for the least bad alternatives out there of what that policy is going to be. And that's the carbon tax." (04/14/16)

http://www.adamsmith.org/blog/heres-why-were-so-in-favour-of-a-carbon-tax  

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Withheld taxation is theft, even if it doesn’t feel like it

April 11, 2016
posted by

Jeffrey Tucker Foundation for Economic Education
by Jeffrey A Tucker  

"A friend of mine, who has filed income taxes for the past 15 years, faced an unusual situation this year. Instead of getting a refund like 4 out of 5 taxpayers, she suddenly found herself among the 20% who have to pay more. She had to write a check. Money that might otherwise have gone toward fixing her car, repairing her home, or getting a new smartphone, she is forced to send to the federal government. To be sure, her check only made up a fraction of what she paid in taxes last year. That she was forced to do it at all was the issue." (04/10/16)

https://fee.org/articles/withheld-taxation-is-theft-even-if-it-doesn-t-feel-like-it/  

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Latest US Treasury money grab throws $160 billion merger into doubt

April 5, 2016
posted by

KRDO News    

"Allergan shares are on track to open sharply lower Tuesday after the U.S. Treasury announced new policies that threaten Pfizer's takeover of the Ireland-based Botox maker. The pending $160 billion merger between Pfizer and Allergan is the second-biggest takeover deal of all time, according to Dealogic. The massive deal, announced in November, would see New York-based Pfizer shift its headquarters to Ireland, a move that could reduce its tax bill. The structure is emblematic of the 'tax inversion' deals that have become popular in recent years. Treasury rules announced Monday will clamp down on companies that try to reduce their tax bills by merging with foreign firms." (04/05/16)

http://www.krdo.com/news/economy-tracker/treasury-rules-throw-160-billion-merger-into-doubt/38871832  

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Wal-Mart wins suit against Puerto Rico; tax declared invalid

March 29, 2016
posted by

ABC News ABC News    

"Retail giant Walmart won a legal victory Monday in a fight over taxation by Puerto Rico's government. A federal judge in the U.S. island territory ruled that a modified tangible-property tax is invalid. The ruling was issued as Puerto Rico's government rushes to find new sources of revenue and a debt restructuring mechanism from the U.S. Congress while struggling through a decade-long economic crisis." (03/28/16)

http://abcnews.go.com/International/wireStory/walmart-wins-suit-puerto-rico-tax-declared-invalid-37986771  

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What “taxes” are (and aren’t) under the Constitution and the implications for ObamaCare

March 28, 2016
posted by

Rob Natelson Tenth Amendment Center
by Rob Natelson  

"The Constitution imposed two limits on state financial exactions: (1) a requirement of congressional consent before a state could 'lay any Duty of Tonnage' and (2) with one exception, a like requirement before a state could 'lay any Imposts or Duties on Imports or Exports.' The Constitution also authorized Congress to impose financial exactions. The Taxation Clause empowered Congress to 'lay and collect Taxes, Duties, Imposts and Excises.' The Commerce Clause empowered Congress to 'regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes.' During the founding era, commercial regulation was understood to entail financial impositions." (03/27/16)

http://tenthamendmentcenter.com/2016/03/27/what-taxes-are-and-arent-under-the-constitution-and-the-implications-for-obamacare/  

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Yes, Virginia, taxation is theft

March 28, 2016
posted by

Darryl W Perry Free Press Publications
by Darryl W Perry  

"Even though over half of Americans do provide money to the federal government it is not accurate to say they 'pay' taxes. Certainly, you could say people pay taxes though you would also need to say that someone being mugged is paying the mugger. Some will argue that governments provide services and the taxpayers are simply paying for those services. That, too, is a flawed argument since most of the so-called services are being provided without consideration of whether or not anyone actually wants the service provided by a government. This would be akin to someone mowing your lawn and pruning your hedges, without your prior consent, and then demanding payment." [text, Flash audio or MP3] (03/27/16)

http://fpp.cc/yes-virginia-taxation-is-theft/  

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Give us more tax revenue, or else

March 24, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Matthew Doarnberger  

"The budget crisis in Louisiana is so bad that it apparently threatens the upcoming college football season. This is according to the state's new Democratic governor John Bel Edwards. The current yearly budget deficit has reached $940 million. The situation is so dire that higher education in the state faces the realistic possibility of running out of money and taking college sports with it. ... Upon closer inspection of Louisiana's state budget, one can see that a major culprit for the deficit has been corporate giveaways. Under former governor Bobby Jindal's predecessor, money given to the six largest recipients of government subsidies totaled $200 million. But under Jindal, that amount grew to $1 billion. Combine this with the state's 400 other handouts, plus the raiding of rainy day funds to cover shortfalls and you have a recipe for a budget disaster. So in order to put Louisiana's fiscal house back in order, Governor Edwards has proposed one of the largest tax increases in state history." (03/24/16)

https://mises.org/library/give-us-more-tax-revenue-or-else  

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Osborne’s disastrous sugar tax decision in the budget

March 17, 2016
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"It’s not that taxing sugar is a particularly bad thing to do. There’s other nice and desirable things that we tax like booze and insurance. Hey, got to get the revenue where you can. Rather, what worries us is the monumental mountain of lies that the campaign for this tax has been built upon. Sugar consumption has been falling in recent decades even as the country gets ever porkier. It is therefore not sugar consumption driving the fact that we’re all becoming lardbuckets. If that is so the tax won’t achieve the stated goal." (03/17/16)

http://www.adamsmith.org/blog/healthcare/osbornes-disastrous-sugar-tax-decision-in-the-budget/  

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EU antitrust parasites want more info on Apples Irish tax deal

March 17, 2016
posted by

Jakarta Globe [Indonesia]    

"European Union antitrust regulators have asked Ireland to provide further details on the country's tax deal with Apple before deciding whether this constitutes illegal state aid to the iPhone maker. The European Commission, which has been investigating the Apple deal for more than two years, said on Wednesday (16/03) that Irish authorities had not responded fully to an earlier query. ... The EU competition enforcer in 2014 accused Ireland of swerving international tax rules by letting Apple shelter profits worth tens of billions of dollars from revenue collectors in return for maintaining jobs. Apple's vice-president of its European operations, Cathy Kearney, told a European Parliament hearing on Tuesday that the company had paid every cent of its [sic] taxes in Ireland." (03/17/16)

http://jakartaglobe.beritasatu.com/international/eu-regulators-want-info-apples-irish-tax-deal/  

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Tax scams and official scams

March 16, 2016
posted by

Reformed Libertarian
by C Jay Engel  

"Watch out kids! There's a new tax scam in town. According to the MarketWatch PSA, there's some scammers out there who are –- get this -– pretending to be the Real Deal, the ones in society who have the State's permission to take our money. It's always amusing, in a twisted way, to see one set of thieving plunders warn the masses of the other. Reminds me of that sticker Ron Paul had in his Congressional Office: 'Don't steal, the government hates competition.' More seriously, it's amazing the extent to which the state has infected the minds of its victims such that all that it does is considered within the bounds of moral legitimacy." (03/15/16)

http://reformedlibertarian.com/blog/tax-scams-and-official-scams/  

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