U.S. wireless consumers pay an average 17.18% in taxes and fees on their cell phone bill, including 11.36% in state and local charges, according to a newly released study that identifies and calculates wireless taxes and fees.
In Nebraska, the combined federal-state-local average rate is 24.49%, and in six other states (Washington, New York, Florida, Illinois, Rhode Island, and Missouri) it exceeds 20%. Twenty-six states have average state-local wireless taxes and [...]
Many Chicago-area homeowners, commuters and even gun buyers will feel the pain of a bigger government financial bite this year because of a host of new and higher taxes, fees, fines and fares.
In Chicago, water bills will rise significantly, property taxes will go up, parking meter rates will jump yet again and speed cameras will start fining lead-footed drivers near schools and parks. Across Cook County, smokers, gun buyers and [...]
Over two million people will stop receiving jobless benefits immediately if Congress doesn’t make a #fiscalcliff deal:
WASHINGTON (KGO) — Millions of unemployed Americans have another reason to worry about “fiscal cliff” budget talks that seek to avoid looming tax increases and dire spending cuts come January.
About 2.1 million people will stop receiving jobless benefits immediately if Congress doesn’t reauthorize federal unemployment insurance programs by year’s end. Another 1 million [...]
$5 Trillion Price Tag for Public Pensions (U.S.News & World Report)
“As strapped state and local governments scramble for ways to balance their budgets, it’s become very clear that it will be impossible for many to honor their pension promises to new employees and even current retirees. According to a recent economic study, the cost to fully fund these promises would cost taxpayers $5 trillion over a 30-year period, or nearly $1,400 [...]
In 2009, the United States ranked 26th out of 28 OECD countries in total federal, state, and local taxes as a percent of GDP. Only Chile and Mexico had lower tax rates.
According to the Center on Budget and Policy Priorities, “federal taxes on middle-income Americans are near historic lows.” For taxpayers in the top 1%, the tax burden has fallen dramatically in recent years.
At very high income levels, beginning at about the million dollar range, [...]
From Economic Policy Journal:
On Tax Freedom Day, Ron Paul issued a statement, which said in part:
Knowing that every penny the average American has earned from January 1st until today has gone to pay federal, state, or local taxes is a frightening reminder of how much liberty modern Americans have lost.
Unfortunately, even after Tax Freedom Day, Americans will still suffer from the Federal Reserve’s regressive and hidden inflation tax, which erodes [...]
The chairman and CEO of Starbucks, has controversially admitted that the best way to make a cup of coffee – is not his brand’s way.
Howard Schultz says he uses a Bodum French press – a coffee presser brand – which results in ‘the best cup of coffee known to mankind.’
This means if Mr Schultz uses a 1lb bag of Starbucks coffee beans, it works out roughly 46 cents, compared to the [...]
Just two weeks ago, in what amounted to his opening speech of the general election campaign, Mitt Romney claimed that President Obama has big second term plans that he’s afraid to tell voters about.
“He does not want to share his real plans before the election, either with the public or with the press,” Romney said on April 4. “By flexibility, he means that what the American public doesn’t know won’t hurt him. [...]
by The Economic Collapse
1 - The U.S. tax code is now 3.8 million words long. If you took all of William Shakespeare’s works and collected them together, the entire collection would only be about 900,000 words long.
2 - According to the National Taxpayers Union, U.S. taxpayers spend more than 7.6 billion hours complying with federal tax requirements. Imagine what our society would look like if all that time was spent on more economically profitable activities.
3 - 75 years [...]
NEW YORK (CNNMoney) — More than three months of your hard-earned wages are going straight to your tax bill this year.
Americans will spend an average of 29% of their income on federal, state and local taxes in 2012, the Tax Foundation announced Monday. That’s more than the average family spends on food, clothing and housing combined, the organization said.
And it means that most Americans are going to need to work [...]
JAN 20, 2012 AT 06:30 PM PST
Majority of Americans okay with the taxes they pay, want wealthy to pay more
(Pew Research Center)
Anti-tax crusader Grover Norquist might rule Republicans, but he’s way off base.
Americans feel pretty good about their tax bills. You wouldn’t know it from all the talk in Washington and on the campaign trail about overhauling the tax code, slashing rates on personal income, or creating a flatter [...]
NEW YORK (CNNMoney) — Billionaire investor Warren Buffett this week showed a little more leg in his campaign to get Congress to raise taxes on the uber-rich.
In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.
Buffett also said his federal income [...]
To believe otherwise, is to overlook the obvious:
- Bank balance sheets are full of toxic assets, which the banks have great leeway in valuing since FASB caved to political pressure and gutted the fair value accounting rules. The real situation of the financial system is much more dire than it would appear.
- The value of $6 trillion dollars of MBS is in question now because of the [...]
According to the National Bureau of Economic Research, the U.S. economy stopped falling in June of 2009. This implies that business conditions bottomed out some 15 months ago and have been improving ever since. See full story on NBER.
Hello? The real world would beg to differ with this call. If what we have experienced since June 2009 is a recovery, many would shudder to [...]
GDP = private consumption + gross investment + government spending + (exports – imports), or C+Inv+G+(X-I)
http://bea.gov/national/xls/gdplev.xls -2010 GDP will be about $14.5 Trillion (seasonally adjusted number.)
2009 GDP was $14.119 Trillion
2010 Federal revenue from taxes will be approximately $2.38 Trillion.
2010 Federal deficit will be approx. 2010 totals $3.55 trillion according to Obama.
2010 Federal deficit is approx. $1.17 Trillion
Total Federal debt $13.258 Trillion (Not including off balance sheet debts such as FANNIE [...]
I thought I had to share considering the housing numbers being miserable. I live in West Texas, small town…getting shafted by local taxes on the increase and no sense of reality city council who keeps waving the flag “We are not in a recession”. Wells Fargo is the loan processor for my FHA mortgage, I was behind on the mortgage from July and August. I paid it by phone Friday [...]
U.S. House & Senate have voted themselves $4,700 and $5,300 raises.
1. They voted to not give you a S.S. Cost of living raise in 2010 and 2011.
2. Your Medicaid premiums will go up $285.60 for the 2-years and
You will not get the 3% COLA: $660/yr. Your total 2-yr loss and cost is
-$1,600 or -$3,200 for husband and wife.
3. Over 2-yrs they each get $10,000
4. Do you feel SCREWED?
5. Will they [...]
I was out running errands and stopped at Shipley’s to buy donuts. I have been going there for years. I made my purchase, which was $3.00 and handed the girl my debit card, only to be advised that they now only accepted credit/debit cards for $5.00 or more (She pointed to a piece of paper posted on a far counter!). The girl knew me, was embarrassed, and tried hard to [...]