Posts Tagged ‘ taxes ’

Don’t normalize the IRS — abolish it!

November 29, 2016
posted by

Jared Labell The Libertarian Institute
by Jared Labell  

"If you're a sensible person, then nothing can be much worse than the thought of more collusion between corporations and the State to track your financial transactions, wealth accumulation, and in essence, your every move. Normalizing the practices of the IRS isn't the answer. Making the process smoother and more efficient should not be the goal whatsoever." (11/28/16)

https://www.libertarianinstitute.org/blog/dont-normalize-irs-abolish/  

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Trump Foundation admits “self-dealing” violation

November 23, 2016
posted by

Norwich Bulletin    

"President-elect Donald Trump's charitable foundation has admitted to the IRS it violated a legal prohibition against 'self-dealing,' which bars nonprofit leaders from using their charity's money to help themselves, their businesses or their families. The admission was contained in the Donald J. Trump Foundation's IRS tax filings for 2015, which were recently posted online at the nonprofit-tracking site GuideStar. A GuideStar spokesman said the forms were uploaded by the Trump Foundation's law firm, Morgan, Lewis and Bockius. The Washington Post could not immediately confirm if the same forms had actually been sent to the IRS." (11/22/16)

http://www.norwichbulletin.com/news/20161122/trump-foundation-admits-self-dealing-violation  

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Don’t kill Colorado!

November 1, 2016
posted by

Paul Jacob Common Sense
by Paul Jacob  

"I know Colorado, fondly, as the only state with a Taxpayer Bill of Rights (TABOR), a constitutional amendment requiring state legislators who want to hike spending or taxes to first ask citizens for approval. It was passed by voters in 1992, by citizens' initiative. Imagine that! Citizens in charge. In real life. In Colorado. Unsurprisingly, TABOR has long been No. 1 on Big Government's hit list; for politicians, lobbyists, university presidents and political insiders, it's the bane of their existence. Along with the citizen initiative process, from which it came. That's why Colorado's political establishment spent a million dollars to put Amendment 71 on next Tuesday's ballot. They aim to kill both TABOR and the citizen initiative." (11/01/16)

http://thisiscommonsense.com/2016/11/01/dont-kill-colorado/  

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Oakland’s voters should stop soda tax

October 27, 2016
posted by

Independent Institute Independent Institute
by William F Shughart II, Josh T Smith  

"No one needs the government or special interests playing nanny and telling them they shouldn't have a soda -- especially when the justification is supported by strained extrapolations from flawed research. Ultimately, a soda tax will succeed only in further extending the power of the state into the personal choices of individuals and placing another regressive tax on consumers, raising revenue on the backs of low-income households." (10/26/16)

http://www.independent.org/newsroom/article.asp?id=8907  

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Taxation to what end?

October 12, 2016
posted by

Paul Jacob Common Sense
by Paul Jacob  

"Oregonians have quite a few ballot measures this year. And only one of them seems obviously nutty: Measure 97. It would raise taxes on the very biggest of companies. The richest -- that is, those with $25 million in sales. ... the practical problem? A tax hike is just a bid on a future expropriation. Tax targets can, in effect, counter-offer by moving, or threatening to move, out of taxing territory." (10/12/16)

http://thisiscommonsense.com/2016/10/12/taxation-to-what-end/  

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WHO urges regimes to raise taxes on sugary drinks

October 11, 2016
posted by

Fox News Fox News    

"The U.N. health agency on Tuesday recommended that countries use tax policy to increase the price of sugary drinks like sodas, sport drinks and even 100-percent fruit juices as a way to fight obesity, diabetes and tooth decay. The World Health Organization, in a statement timed for World Obesity Day, said that the prevalence of obesity worldwide more than doubled between 1980 and 2014, when nearly 40 percent of people globally were overweight. In a 36-page report on fiscal policy and diet, WHO also cited 'strong evidence' that subsidies to reduced prices for fresh fruits and vegetables can help improve diets. It said that tax policies that lead to a 20-percent increase in the retail prices of sugary drinks would result in a proportional reduction in consumption." (10/11/16)

http://www.foxnews.com/health/2016/10/11/who-urges-countries-to-raise-taxes-on-sugary-drinks.html  

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Will tariffs make American great again?

October 11, 2016
posted by

Laurence M. Vance Future of Freedom Foundation
by Laurence M Vance  

"Implied in the idea that tariffs are part of what made America great is that the United States has gone off course economically because it has eliminated protective tariffs and instituted free trade. A look at the U.S. 'Harmonized Tariff Schedule' says otherwise (just reading the regulations regarding, and duties imposed on, different types of cheeses imported from the various countries is mind-boggling). The trade agreements that the United States has made with other countries, although they lower or eliminate tariffs on certain goods from certain countries, are managed trade, not free trade. And that is the first problem with tariffs: they are part of government attempts to manage trade." (10/11/16)

http://www.fff.org/explore-freedom/article/will-tariffs-make-america-great/  

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NC: Former IRS officer pleads guilty to tax evasion

October 5, 2016
posted by

Greensboro News & Record    

"A former Internal Revenue Service officer from Greensboro pleaded guilty today to federal tax evasion charges. Henti Lucian Baird, 60, has filed tax returns but not paid his self-assessed taxes since 1998, according to a U.S. Department of Justice news release. Baird was an IRS revenue officer for 12 years before establishing HL Baird's Tax Consultants, which operated from 1989 to 2014." (10/04/16)

http://www.greensboro.com/news/crime/former-irs-officer-from-greensboro-pleads-guilty-to-tax-evasion/article_1b5ceb98-908d-53a8-b427-eef6e500440c.html  

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Two things that don’t really bother me about Trump, two things that do

October 4, 2016
posted by

Thomas L Knapp -- photo by Avens O'Brien William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"The US embargo on Cuba is an evil law which has helped keep the tyrannical Castro regime in power for half a century. Anyone who violates it is doing a heroic deed, striking a blow for freedom and for the Cuban people. Unfortunately, Trump is inconsistent on this point. He recently stated an intention to 'cancel' the progress US president Barack Obama has made toward opening up relations between the US and Cuba." (10/03/16)

http://thegarrisoncenter.org/archives/7857  

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Supporters defend Trump as “genius” with taxes

October 3, 2016
posted by

The Washington Post Washington Post    

"Donald Trump's campaign, reeling Sunday after a report that the business mogul may not have paid taxes for as many as 18 years after declaring a $916 million loss on his 1995 returns, mounted a vigorous defense by calling the revelation proof of the Republican presidential nominee's 'genius.' A New York Times report late Saturday showed how Trump had used byzantine tax laws to cancel out income taxes after his real estate and casino empire nearly collapsed in the early 1990s, and the Times calculated that the resulting deductions may have allowed him to pay no federal income taxes for 18 years." [editor's note: Since the tax code is written by politicians, it will always benefit members of the political class, including the politically connected wealthy; seems kind of silly to expect Trump in particular to have rejected that benefit - TLK] (10/02/16)

https://www.washingtonpost.com/politics/trump-supporters-defend-gop-nominee-as-a-genius-with-taxes/2016/10/02/dc28080a-88a5-11e6-b24f-a7f89eb68887_story.html  

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Abolish the corporate income tax

September 22, 2016
posted by

Laurence M. Vance Future of Freedom Foundation
by Laurence M Vance  

"U.S. companies are taxed on their global profits, less a credit for tax payments to foreign governments, and don't pay their American tax obligations until they bring their money back to the United States. There are two solutions to what governments see as the problem of corporations trying to pay as little in taxes as they possibly can. The first was articulated by Commissioner Vestager at a news conference in Brussels: 'The ultimate goal should of course be that all companies, big or small, pay tax where they generate their profits. We need a change in corporate philosophies and the right legislation to address loopholes and ensure transparency.' The second has been proposed by libertarians, and some conservatives, for decades: no companies, big or small, should have to pay tax on their profits. The corporate income tax should be abolished." (09/22/16)

http://www.fff.org/explore-freedom/article/abolish-corporate-income-tax/  

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Apple’s principled defense

September 1, 2016
posted by

Alberto Mingardi EconLog
by Alberto Mingardi  

"A point is worth stressing: a multinational company knows well that any state where it operates can challenge the way it is filing for taxes. But this is not the case in Apple's instance. Here the European Union is challenging both Apple and the Irish government. The tax collector and the tax payer agree that the latter has paid the right amount; employees of a supranational institution think differently. It's like your lawyer coming to your house and telling you and your wife that you must divorce because yours is not a happy marriage, when both of you are quite content staying together. Apple's Tim Cook has provided a principled defence of Apple's behaviour: that rare thing in the world of business." (09/01/16)

http://econlog.econlib.org/archives/2016/09/apples_principl.html  

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EC: Taking a bite out of Apple

August 31, 2016
posted by

spiked spiked
by Rob Lyons  

"Yesterday, the European Commission unveiled a ruling that could mean tech giant Apple is forced to pay as much as $13 billion in back taxes to the Irish government. That is just slightly more than the annual cost of Ireland's health service. If the ruling sticks, the money could be used to make a significant dent in Ireland's massive national debt. Sounds like a wonderful windfall for Ireland. So why does the Irish government want the ruling overturned?" (08/31/16)

http://www.spiked-online.com/newsite/article/european-commission-taking-a-bite-out-of-apple/  

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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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