RALEIGH — A far-reaching plan proposed by Republicans in the state Senate would slow government spending and affect the wallet of every North Carolinian as it slashes income tax rates and raises the cost of food, prescription drugs and more than 100 tax-exempt services.
Senate leader Phil Berger outlined the forthcoming legislation Tuesday, calling it a $1 billion tax cut that is the largest in state history.
“This is a huge change in [...]
$275 billion worth of economic drag is already in the pipeline for 2013 without even Obamaquester
President Obama has been so busy proactively blaming Republicans for the allegedly dire consequences of the March 1 sequester that he has failed to notice something far more damaging to the American economy. The tax increases already enacted on Jan. 1 by Congress and the president, coupled with the “tax” of higher fuel prices, altogether mean that about $275 [...]
Washington may be a tax reform wasteland, but out in the states the action is hot and heavy. Nine states—including such fast-growing places as Florida, Tennessee and Texas—currently have no income tax, and the race is on to see which will be the tenth, and perhaps the 11th and 12th.
Oklahoma and Kansas have lowered their income-tax rates in the last two years with an aim toward eliminating the tax altogether. [...]
The fiscal cliff deal contains more bad news than it does good news. Yes, the tax increases on the middle class could have been much worse, and we should be thankful that Congress at least did something for the middle class. Unfortunately, they didn’t do enough. Every American worker is going to pay higher taxes next year as a result of this deal. The fiscal cliff deal represents the biggest [...]
With a cocky President Obama no doubt grinning from ear-to-ear, federal lawmakers yesterday gave their blessing to legislation that boosts income tax rates and government spending while kicking many of the “fiscal cliff” issues down the road for several weeks.
The $1.2 trillion in scheduled spending cuts –falling largely on the Pentagon– have now been officially postponed for two months.
The next manufactured crisis comes March 1, the day the cuts will [...]
(CNSNews.com) – With the federal government approaching the so-called “fiscal cliff,” when federal income tax rates will increase across-the-board back to the level they were under President Bill Clinton, President Barack Obama’s disapproval has climbed 5 points in the Gallup poll since Christmas.
Speaker John Boehner and President Barack Obama met for 50 minutes at the White House Thursday evening, seeking to revive stalled negotiations between Congressional Republicans and the White House over expiring income tax rates and spending cuts.
White House aides said the meeting — which was held in the Oval Office — was “frank.” Treasury Secretary Timothy Geithner and White House Capitol Hill liaison Rob Nabors were present, as were Boehner’s chief of staff, Mike [...]
The White House and the nation’s most prominent charities are embroiled in a tense behind-the-scenes debate over President Obama’s push to scale back the nearly century-old tax deduction on donations that the charities say is crucial for their financial health.
In a series of recent meetings and calls, top White House aides have pressed nonprofit groups to line up behind the president’s plan for reducing the federal deficit and averting the [...]
Outgoing Senator Jim DeMint (R-S.C.) said Thursday that he believes Republicans will cave to the White House’s demand that Congress raise federal income tax rates on the top 2 percent of earners.
“The President campaigned on raising taxes and getting rid of the Bush-era tax cuts — he’s going to get his wish,” DeMint said in an interview with CBS This Morning. “I believe we’re going to be raising taxes not just on the top earners. Everyone’s [...]
Every year average Americans pay dozens of different types of taxes, and yet many of our politicians are very open about the fact that they want to raise rates even higher and invent even more ways to bleed us all dry. Someday historians will look back and be absolutely amazed at how stupid we were. We have the most complicated tax code in all of human history and at [...]
In an attempt to break the now ubiquitous narrative that “its all about income tax rates”, and to challenge the ridiculous new support for QEternity; ‘The Bears’ that brought you ‘The Bernank’ are back. In this cartoon, they explain how the bailouts made people like Warren Buffett far wealthier than they should be and exposes who actually benefits from all this QE. The Bears, The Buff-ate, and The Bernank – simply perfect.
Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2013:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and [...]
An expansion in the reach of the alternative minimum tax is the element of the U.S. fiscal cliff with the largest immediate effect on taxpayers and the most bipartisan appetite for a solution, creating the possibility that lawmakers could use it to propel Congress toward a deal.
If Congress doesn’t act to prevent the $92 billion tax increase, the number of households facing the alternative tax would increase to 32.9 [...]
Wolf Richter www.testosteronepit.com
“While Eastern Europe is largely implementing the necessary reforms, Southern Europe does almost nothing—except complain,” said Bulgarian Finance Minister Simeon Djankov in an interview, a withering blast aimed at neighboring Greece.
And in Greece, “The risk of bankruptcy is still existent,” said Fotis Kouvelis, the leader of Democratic Left, smallest of the three parties in the coalition government. His way of reminding the bailout Troika—the EU, the European Central Bank (ECB), and the [...]
SINGAPORE—Facebook FB 0.00% co-founder Eduardo Saverin’s recent decision to give up his U.S. citizenship in favor of long-term residence in Singapore has drawn fresh attention to the appeal of residing and investing in the wealthy city-state and other parts of Asia, where tax burdens are significantly lighter than in many Western countries.
Although the number of Americans throwing away their passports remains small, the trend has accelerated over the past two years—especially in Asian [...]
From Carpe Diem:
This post has become an annual tradition at CD around April 15.
Page 1 of the original IRS 1040 income tax form from 1913 appears above. There were only four pages in the original 1040 form, including two pages of worksheets, the actual 1040 form above, and only one page of instructions, view all four pages here.
In contrast, just the current 1040 instructions, without any forms, runs 189 pages.
PALM BEACH, Fla.—Mitt Romney, speaking at a private fundraising event on Sunday, offered the first details of deductions he would eliminate or limit in order to offset the income tax cut he has proposed for all taxpayers.
Mr. Romney, the presumptive Republican nominee for president, said he would eliminate or limit for high-earners the mortgage interest deduction for second homes, and likely would do the same for the state income [...]
One of America’s most powerful labor leaders, teachers union president Randi Weingarten, has quietly moved out of New York City, a decision that saved her from paying more than $30,000 in city income taxes that she would have owed if she had stayed.
Discussion of people fleeing New York City in part because of high income tax rates has mostly focused on high-powered conservative commentators and billionaire hedge-fund managers. Glenn Beck [...]
President Obama released his FY 2013 budget [Monday] morning. By his own numbers, his budget raises net taxes over the next decade by $1.56 trillion (Table S-9, page 225). As a percentage of the economy, tax revenues would rise all the way to 20.1% of GDP in 2022, far higher than the historical tax revenue average of 18.3% of GDP (Table S-1, page 205).
Here are some of the tax lowlights:
Obama: Not Raising Taxes is a Form of Government Spending By Fred Lucas February 13, 2012
(CNSNews.com) – Announcing his budget plans for fiscal year 2013 in an address at Northern Virginia Community College in Annandale, Va., President Barack Obama characterized the current income tax rates–signed into law by President Bush a decade ago–as a form of government spending.
Essentially, the president said that the federal government “spends” when it does not [...]
From The Reformed Broker:
Regular readers know I’m post-political, I find both parties to be equally useless and distasteful and Obama in particular to be well-meaning but misguided.
So don’t take this as a partisan shot, just take it as frustration with something that I think could be a mess for the equity markets.
The President released his fiscal year 2013 budget this morning, he’s looking to raise tax revenue as a percentage [...]
President Barack Obama, House Minority Leader Nancy Pelosi and Senate Majority Leader Harry Reid. (AP Photo/J. Scott Applewhite)
(CNSNews.com) – The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlookpublished today by the CBO.
At the same time, according to CBO, the economy will remain sluggish, partly because of higher [...]
Proposed 2012 Tax Rates & Tax Brackets
Married Filing Joint
Head of Household
Up to $8,600
Up to $17,200
Up to $12,250
$8,601 – $34,900
$17,201 – $69,800
$12,251 – $46,750
$34,901 – $84,500
$69,801 – $140,850
$46,751 – $120,700
$84,501 – $195,950
$140,851 – $237,700
$120,701 – $216,800
$195,951 – $383,350
$237,701 – $383,350
$216,801 – $383,350
Married Filing Separate was not included in the release. I’ll update the 2012 federal tax tables for all filing statuses as soon as the information is available.
2012 Tax [...]
Gov. Martin O’Malley’s notorious but temporary “millionaire tax”
Even without the millionaire surcharge that began in 2008 and expired in 2010, Maryland’s income tax is sufficiently high to repel some of the wealthy. Add in this state’s higher estate taxes, and we don’t need another reason to push plutocrats into Virginia.
Should the 1 percent at the top of the pole pay much more in personal income tax to help rescue the [...]
Tthe Wall Street Journal’s Steve Moore, who helped design Herman Cain’s 9-9-9 tax plan, is having second thoughts about the political viability of the national sales tax aspect of the plan and has recommended a 9 percent payroll tax to replace it.
In an interview with National Review Online, Moore explains that he has “come to the conclusion that a national sales tax is just a nonstarter,” politically. While [...]
By Lori Montgomery, Wednesday, October 12, 12:17 PM
A quarter of millionaires in the United States pay a smaller share of their income in federal taxes than many middle-class families, according to a new congressional analysis that offers fresh support for President Obama’s push to raise taxes on the nation’s wealthiest households.
The report, by the nonpartisan Congressional Research Service, found that when all federal taxes are taken [...]
By STEPHEN MOORE
If you really want to light the fuse of a liberal Democrat, compare Barack Obama’s economic performance after 30 months in office with that of Ronald Reagan. It’s not at all flattering for Mr. Obama.
The two presidents have a lot in common. Both inherited an American economy in collapse. And both applied daring, expensive remedies. Mr. Reagan passed the biggest tax cut ever, [...]
In the United States today, we are being taxed into oblivion, yet it is being done so stealthily that most Americans don’t even realize what is happening. Most people are fixated on federal income tax rates, but the federal income tax is only one of the dozens of different taxes that each of us pay each year. The politicians have learned that people get really [...]
Democrats Can Lose Debt Fight, Win on Bush Tax Cuts: Ezra Klein
By Ezra Klein Jul 27, 2011 8:00 PM ET
Democrats are going to lose this one. Whatever deal emerges to raise the debt ceiling, we can be pretty sure it won’t include revenue, it won’t include stimulus, and it will let Republicans pocket a trillion dollars or more in cuts without offering anything to Democrats in return.
Article features a graph showing a very noticeable parabolic rise of US debt:
Republican House Speaker John Boehner has walked away from crunch debt ceiling talks at the White House with US President Barack Obama.
Mr Obama said Mr Boehner had rejected an “extraordinarily fair deal” that would have included $650bn (£400bn) of cuts to entitlement programmes.
The president said he had been willing to take “a lot [...]
The White House announced today that it is seeking to raise $600 billion in revenue through new taxes and the elimination of corporate subsidies as part of a deal to lower the deficit and raise the debt ceiling.
President Barack Obama is trying to ensure that any spending cuts agreed to are also offset by tax increases — something Republicans have said they will oppose at [...]