Posts Tagged ‘ taxes ’

Against the idea of a 100% inheritance tax

May 21, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"There are arguments in favour of a 100% inheritance tax. For example, we could look to John Rawls and the argument from behind the veil of ignorance. If we didn't know where we would arrive in that lucky sperm club lottery wouldn't we prefer a society in which starting points were equal? So, tax inheritances at 100% and then distribute that wealth as a starting grant perhaps. However, the idea does seem to fail on two points." (05/21/15)

http://tinyurl.com/mgwyxta  

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Report: Islamic State rakes in $1 million per day in extortion

May 20, 2015
posted by

Times of India [India]    

"The Islamic State rakes in over $1 million per day in extortion and taxation [sic -- redundant!] and the dreaded terror group has enough assets to cover its expenses despite falling oil prices, according to a media report. The group minimizes costs by looting military equipment, appropriating land and infrastructure and paying relatively low salaries, a report in the New York Times said citing analysts at the RAND Corporation, a nonprofit organization that researches public policy." [editor's note: For the sake of comparison, the US regime takes in about 10,000 times as much -- $10.x billion -- per day, part of it directly extorted, part of it borrowed against promises of future extortion - TLK] (05/20/15)

http://tinyurl.com/mjb353f  

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A consumption tax is a wealth tax

May 20, 2015
posted by

Scott Sumner EconLog
by Scott Sumner  

"When I advocate a (progressive) consumption tax to replace our current income tax system, some commenters reply that wealth provides benefits beyond consumption, such as peace of mind and security. I think that's true, but to me it seems to be an argument for making the consumption tax progressive, not switching to a tax on capital income or wealth." (05/19/15)

http://econlog.econlib.org/archives/2015/05/a_consumption_t.html  

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Free Thoughts Podcast, 05/18/15

May 18, 2015
posted by

Libertarianism.org Libertarianism.org
by  

"Grover Norquist joins us to tell us about his Taxpayer Protection Pledge and his plan to eliminate the IRS as we know it." [Flash video or MP3] (05/18/15)

http://www.libertarianism.org/media/free-thoughts/end-irs-it-ends-us  

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Finance without taxation possible

May 4, 2015
posted by

Kent McManigal Clovis News Journal
by Kent McManigal  

"I am amazed when otherwise intelligent people believe they couldn't find a way to provide necessary infrastructure and services without committing taxation against their neighbors. It makes me wonder how many abolitionists were accused of hating farms and cotton by those who couldn't imagine how fields could be worked in the absence of slaves." (04/30/15)

http://tinyurl.com/l6orhuh  

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Junk-food tax will feed Puerto Rico’s black market

April 29, 2015
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"Drug dealers and criminal organizations in Puerto Rico will soon have a whole host of new products to sell: junk food. In an ongoing attempt to avoid fiscal reality and skirt spending cuts, the administration of Governor Alejandro Garcia Padilla is quietly trying to pass a new tax on food it deems 'bad for you.'" (04/28/15)
"

http://tinyurl.com/lr6rkkl  

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Taxation, even of the rich, is theft

April 27, 2015
posted by

Kent McManigal Clovis News Journal
by Kent McManigal  

"Many people want 'the rich' punished through taxation. They are seeking to use government to steal from the rich on their behalf -- knowing it would be wrong to take it in person. Two of their favorite weapons are 'estate taxes' and taxing 'big business' more. Perhaps they mistake the tax collector for Robin Hood. The irony is lost on them. Robin Hood didn't rob from the rich and give to the poor, as the socialist agenda has perverted the narrative. He reclaimed money from the thieves -- the tax collectors -- and returned it to its rightful owners." (04/23/15)

http://tinyurl.com/ouhvgqu  

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Tax Freedom Day, 2015

April 26, 2015
posted by

Independent Institute Independent Institute
by William Shughart  

"The Tax Foundation announces 'Tax Freedom Day' every year to mark the date on which the average U.S. taxpayer has earned enough income to pay in full all federal, state and local taxes owed. The date this year is today, Friday, April 24, 2015." (04/24/15)

http://blog.independent.org/2015/04/24/tax-freedom-day-2015/  

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Tax myths conservatives believe

April 23, 2015
posted by

Reformed Libertarian
by Brian Jacobson  

"I think there are many times on this site when we are just preaching to the choir or yelling down an echo chamber. I am hoping, or at least guessing, that (at least) some people may be surprised by some of this, especially since these are usually part of the conservative schtick. Here are three conservative myths about taxes ..." (04/22/15)

http://reformedlibertarian.com/blog/tax-myths-conservatives-believe/  

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Why don’t Americans want to tax the rich? Oh wait, they do

April 22, 2015
posted by

In These Times In These Times    

"The New York Times has a post by Neil Irwin headlined 'Why Americans Don’t Want to Soak the Rich.' Irwin suggests a couple of different answers to this question, depending on your ideological point of view: 'If you’re conservative, a compelling answer might be this: Americans are seeking less redistribution because they have come to their senses. If you’re a liberal, the answer might be more like this: Americans have been hoodwinked by conservative politicians and media outlets, and have come to view redistribution as a dirty word because they don’t recognize the ways it benefits them.' I would suggest a third answer, though: Americans do want to 'soak the rich.' There’s something of a sleight-of-hand here, as Irwin asserts." (04/21/15)

http://inthesetimes.com/article/17869/public_opinion_tax_the_rich  

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There is no such thing as tax avoidance

April 21, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"You don't have to go far through the public prints to find all sorts of blood curdling tales about how the Treasury is being ripped off by varied forms of tax avoidance and even aggressive tax avoidance. And yet the truth is that as a thing tax avoidance doesn't actually exist. So it isn't as we're told in the Telegraph, that tax avoidance is actually a good thing, it's that it just doesn't happen ..." (04/19/15)

http://tinyurl.com/n3hmhee  

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Identity theft is taking a toll on tax refunds

April 18, 2015
posted by

National Center for Policy Analysis National Center for Policy Analysis
by Jeff Lerner  

"The first tax deadline has now passed, and many individuals still needing extra time will file extensions. But some who have electronically filed their returns are surprised to receive notice that a tax return for them has already been submitted -- by somebody who is not the taxpayer. This tax-related identity theft is a real and growing problem for the Internal Revenue Service (IRS) and for hundreds of thousands of taxpayers." (04/17/15)

http://www.ncpa.org/sub/dpd/index.php?Article_ID=25570  

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Loco parentis

April 17, 2015
posted by

Liberty Unbound Liberty Unbound
by SH Chambers  

Cartoon. (04/15/15)

http://libertyunbound.com/node/1401  

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Income tax withholding: Involuntary servitude and self incrimination

April 16, 2015
posted by

Reformed Libertarian
by Brian Jacobson  

"The income tax system with its refund is really brilliant the way it makes people think they made money. However big your tax return is (aside from deductions) it only means you loaned money to the government at 0.00% interest by overpaying your taxes. Either way there is a good chance you spent a great deal of unwanted time filling out forms, finding tax services, searching for lost receipts and papers, and generally just staring confusedly at government forms. According to the IRS itself the average person who fills out a 1040 tax form (68% of us) spent 13-22 hours trying to comply with, file, and pay taxes." (04/15/15)

http://tinyurl.com/n6ssugb  

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Busy week in Congress on a number of tax bills

April 16, 2015
posted by

Pamela Villarreal National Center for Policy Analysis
by Pamela Villareal  

"Even the most ardent supporters of taxing the rich are starting to realize that the estate tax is more bother than its worth. For one thing, it doesn't really target the very wealthy as much as it does those who are less wealthy but have planned their estates in order to pay as little of it as possible. ... As for H.R. 622, making permanent the state and local sales tax deduction, it is a good policy on the surface since it would give state and local sales taxes the same permanent status as the state income tax deduction. However, neither state income tax nor state sales tax deductions are good fiscal policy." (04/15/15)

http://tinyurl.com/q4alaep  

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Multinational taxes: What do politicians know?

April 16, 2015
posted by

Adam Smith Institute Adam Smith Institute
by Tim Ambler  

"This election has ratcheted up the calls for Starbucks and other multinationals to pay more taxes on their British revenues. Politicians give no indication of how they will achieve that; one suspects their silence is based on ignorance. This blog is a brief explanation of why multinationals are fully entitled, under present laws, to push profits into lower tax regimes. If the UK wants to change, it may need multinational legislation." (04/16/15)

http://tinyurl.com/mvybqyz  

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Nation’s citizens boycott IRS, refuse to file taxes

April 15, 2015
posted by

Students For Liberty Students For Liberty
by Suzanne Schaefer  

"In what has become the largest collective boycott ever recorded in the United States, and indeed, in the history of all of mankind, every one of the approximately 120 million American taxpayers nationwide has decided to boycott the IRS by refusing to file their taxes, sources confirmed Monday. 'We all just kind of decided not to do them this year,' explained Sara Freeman of Fishers, Ind., 'I mean, what's the point? It's not like we get a say in where it goes. Plus, I'd really like to finish my basement.'" [satire -- unfortunately] (04/15/15)

http://tinyurl.com/ltbqvwo  

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Starve the beast: The Federal Tax Funds Act

April 15, 2015
posted by

10th Amendment Center Tenth Amendment Center
by Michael Boldin  

"One such way that the IRS can be effectively neutered is by a number of states passing legislation that blocks their ability to collect. Called the 'Federal Tax Escrow Account' or the 'State Authority and Federal Tax Funds Act,' such laws would require that all federal taxes come first to the state's Department of Revenue, an act of state interposition vis-a-vis the IRS. A panel of legislators would assay the Constitutional appropriateness of the Federal Budget, and then forward to the federal government a percentage of the federal tax dollars that are delineated as legal and Constitutionally justified." (04/15/15)

http://tinyurl.com/mzxhb37  

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Slavery and the income tax

April 15, 2015
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Not surprisingly, the New York Times has an op-ed today entitled 'Shaming Those Who Skip Out on Taxes,' which calls on the federal government to publicly shame tax delinquents as part of its efforts to increase tax collections. I've got a better idea: How about people in the private sector publicly shaming everyone who favors the continuation of the federal income tax?" (04/15/15)

http://fff.org/2015/04/15/slavery-income-tax/  

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The online sales tax cash grab

April 15, 2015
posted by

Veronique de Rugy Reason
by Veronique de Rugy  

"In 2014, U.S. sales on the Internet amounted to an estimated $305 billion. While still small in comparison to the $4.7 trillion in overall domestic sales, the online component grew 15 percent over the previous year, sending terror into the hearts not only of brick-and-mortar competitors, but of state legislators desperate to get their hands on sales-tax revenue. Now the two groups are lobbying Congress to let state governments require businesses to collect sales taxes on out-of-state purchases made online. But they should be careful what they wish for: A bill on the subject is making headway on Capitol Hill, and it's not quite what the two lobbies wanted." (for publication 05/15)

http://reason.com/archives/2015/04/14/online-sales-tax-cash-grab  

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The problem with inheritance tax

April 15, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"We're told, as with Rawls and the veil of ignorance, that it's simply wrong for the members of the lucky sperm club to inherit gazillions. Further, that inheritance tax doesn't actually have any effects upon incentives: it cannot, as the people who face the incentives are by definition dead at this point. The argument then becomes, in some quarters, only about how much to tax inheritances. Should it be at 100% or should the kiddies get some pocket money perhaps? We exaggerate, but only a little. There really is a consensus that inheritance taxes are not distorting and thus are 'good taxes' in a manner that income and or capital taxes are not. And we're really not sure about that." (04/14/15)

http://tinyurl.com/kezulu9  

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More “tax freedom” requires adherence to the “let-alone” principle

April 15, 2015
posted by

Richard M. Ebeling The Daily Bell
by Richard M Ebeling  

"April 15th is the day that every American is expected to have filed their federal income tax form. Some of us may have done it long before the deadline, some of us will wait until just before the stroke of midnight on April 15th and some of us may be filing for extensions to defer the actual submission of the full set of income tax-related documents. But whichever it may be, it is a day that reminds all of us just how much the government has siphoned off from each of us during the preceding calendar year." (04/14/15)

http://tinyurl.com/qhu5us6  

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France: Nina Ricci heir convicted of trying to avoid paying extortionists

April 13, 2015
posted by

Sacramento Bee    

"The heiress of the fashion and perfume house Nina Ricci was sentenced Monday to a year in prison and ordered to pay heavy fines and back taxes for having hidden millions of euros in HSBC bank accounts in Switzerland. The ruling was the first involving a famous name in the so-called Swissleaks scandal, in which a former HSBC employee gave authorities thousands of names of suspected tax evaders. Other trials are expected to follow. A Paris court convicted Arlette Ricci, 73, granddaughter of designer Nina Ricci, of tax evasion and money laundering and sentenced her to three years in prison, with two of them suspended. The court ordered a 1 million euro ($1.1 million) fine and the confiscation of two properties worth 4 million euros." (04/13/15)

http://www.sacbee.com/news/business/article18386945.html  

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Switzerland: HSBC Swiss unit faces probe from French extortionists

April 9, 2015
posted by

The Local [Switzerland]    

"British banking giant HSBC said Thursday it is facing a French criminal probe over its Swiss private banking arm, weeks after 'SwissLeaks' allegations it had helped clients hide billions from the taxman. HSBC said in a statement that 'it has been placed under formal criminal investigation by the French magistrates in connection with the conduct of its Swiss HSBC Private Bank in 2006 and 2007 for alleged tax-related offences.' The probe is in addition to one launched by French authorities last year into the Geneva-based subsidiary." [editor's note: I'm not much for capital punishment, but I wouldn't shed any tears for Herve Falciani if he turned up dead - TLK] (04/09/15)

http://tinyurl.com/ood33bx  

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Abolishing non-doms; welcome to the Laffer Curve

April 9, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"It’s election season so, yes, obviously, all sorts of things are going to be promised. Which gives us Ed Miliband’s idea that Labour, if elected, will abandon non-domicile as a tax option. This is an interesting example of where reality meets the Laffer Curve ..." (04/09/15)

http://tinyurl.com/oofkwk7  

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