Posts Tagged ‘ taxes ’

Implementing pro-growth tax policy requires rigorous analysis

December 25, 2010
posted by

Show-Me Institute Show-Me Institute
by Audrey Spalding  

"When the legislature reconvenes in January, the contentious issue of whether Missouri should repeal the state income tax will surely arise. At stake is not lost tax revenue, because proposals for repealing the state income tax also entail increasing the state sales tax in order to keep state tax revenues at the same level. Rather, the issue at hand is whether Missouri would be more prosperous with a more broadly based sales tax instead of the combination of state sales and income taxes that we have today." (12/24/10)

http://showmeinstitute.org/publications/commentary/taxes/164-implementing-pro-growth-tax-policy-requires-rigorous-analysis.html  

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Striking correlations between income taxes and congressional reapportionment

December 23, 2010
posted by

Show-Me Institute Show-Me Institute
by David Stokes  

"Only seven states levy absolutely no income tax. According to the U.S. Census data released today, only eight states will see increased congressional representation, which means they have been growing faster than the national average. Four states (Texas, Florida, Washington, and Nevada) are included in both of those lists. ... All 10 states that lost representation have a state income tax." (12/22/10)

http://www.showmedaily.org/2010/12/striking-correlations-between.html  

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Deutsche Bank to pay $554 million in US DoJ/IRS extortion racket

December 22, 2010
posted by

Bloomberg    

"Deutsche Bank AG, Germany’s largest bank, admitted [sic] criminal wrongdoing and agreed to pay $553.6 million to avoid prosecution in the U.S. over fraudulent [sic] tax shelters that generated $29 billion in 'bogus' tax losses [sic]. The U.S. Justice Department, under an agreement yesterday, won’t prosecute the Frankfurt-based bank for fraud [sic] or tax evasion for enabling wealthy U.S. citizens to avoid $5.9 billion in taxes, after the bank admitted criminal wrongdoing [sic]." [editor's note: This post makes me sic - TLK] (12/21/10)

http://bit.ly/gVi1Or  

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Paying for tax cuts: Whose money is it?

December 20, 2010
posted by

Ron Paul Freedom's Phoenix
by US Rep. Ron Paul (R-TX)  

"Far too many Americans truly believe that tax cuts represent a government giveaway, indistinguishable from an outright subsidy or entitlement payment. To combat this mindset we need to be clear with our language. A subsidy, properly understood, occurs when government takes tax dollars and gives them to favored individuals, companies or industry. A tax cut by contrast simply means government takes less from an individual, company or industry. When government takes less from you, it has not given you anything." (12/20/10)

http://bit.ly/fB740U  

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Income taxes decrease economic growth, prosperity

December 20, 2010
posted by

Show-Me Institute Show-Me Institute
by John Payne  

"Long-term economic growth rates are affected not only by the rate of taxation, but also by the form of taxation. Show-Me Institute Chief Economist and University of Missouri–Columbia professor Joseph Haslag, along with Washington University economics doctoral student Grant Casteel, argue in a new essay that replacing Missouri’s income tax with a sales tax will lead to a higher growth rate and therefore higher lifetime consumption than we would have under the current system." (12/20/10)

http://www.showmeinstitute.org/publications/commentary/taxes/167-income-taxes-decrease-economic-growth-prosperity.html?qh=YTo5OntpOjA7czo2OiJpbmNvbWUiO2k6MTtzOjc6ImluY29tZXMiO2k6MjtzOjg6ImluY29taW5nIjtpOjM7czo1OiJ0YXhlcyI7aTo0O3M6MzoidGF4IjtpOjU7czo2OiJ0YXhpbmciO2k6NjtzOjU6InRheGVkIjtpOjc7czo2OiJncm93dGgiO2k6ODtzOjEyOiJpbmNvbWUgdGF4ZXMiO30%3D  

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Tax deduction for mortgage interest could be on the chopping block

December 20, 2010
posted by

Los Angeles Times    

"Perhaps the most sacred of all the sacred cows in the tax code, the home mortgage deduction has long been seen as crucial to a major element of the American dream — owning your own home. It has also been a boon to home builders, construction workers, the financial services industry and local governments that benefited from fatter real estate tax revenue. But nearly a century after coming into existence, the mortgage deduction may face a day of reckoning." (12/19/10)

http://lat.ms/eABOml  

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The invisible elephant: The payroll tax cut

December 19, 2010
posted by

Ideas
by David Friedman  

"Most discussions of the tax bill that finally passed treat it as a compromise in which Obama, in order to get the bill through the Senate, had to make it more favorable to rich people than his original proposal. In fact, it may well be the opposite. ... guess is that what actually passed made the tax system, on net, more progressive than what was originally proposed, that high income tax payers will end up paying a larger fraction of federal taxes than they would have if the bill had simply extended the Bush tax cuts for lower and middle income taxpayers." (12/19/10)

http://tinyurl.com/2a77n7f  

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A boost for the managed economy

December 19, 2010
posted by

Foundation for Economic Education Foundation for Economic Education
by Sheldon Richman  

"Nowhere is it easier to miss the forest for the trees than in discussions of government policy. For the past week the media have been saturated with debates over the 'compromise' tax package agreed to by Barack Obama and congressional Republicans. The package passed by the House and Senate includes a two-year extension of the Bush-era tax-rate cuts, a two-point reduction in the employee’s share of the Social Security and Medicare payroll tax, and a 35 percent estate tax beginning at $5 million for an individual and $10 million for a couple (up from the current zero rate and heading off the scheduled 55 percent beginning at $1 million)." (12/17/10)

http://tinyurl.com/2cv3og3  

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The Tea Party Era has begun

December 19, 2010
posted by

Our Future Blog
by Digby  

"[T]he nation is under a great deal of economic stress, yet the Republicans just stuck a gun to the hands [sic] of people in distress and said 'give us our tax cuts or the country gets it.' It's unjust and infuriating. And ultimately depressing because it's clear that Democrats were either complicit in the goal or too strategically clueless to address it before the clock had almost run out. The GOP immediately put out press release saying it stopped Obama-Pelosi-Reid tax hike by passing the tax cut package. Huzzah. And the games really began." (12/17/10)

http://tinyurl.com/22up3qf  

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