(CNSNews.com) - April 18 will be Tax Freedom Day, the day when Americans have worked enough to pay all of their federal and state taxes for 2013 – a round total of $4.22 trillion, according to an analysis done by the Tax Foundation.
That’s five days later than in 2012.
Americans will pay more than $2.76 trillion in federal taxes and $1.45 trillion in state taxes for 2013 — for a total of $4.22 trillion [...]
A challenge filed by the Pacific Legal Foundation contends that the Affordable Care Act is unconstitutional because the bill originated in the Senate, not the House. Under the Origination Clause of the Constitution, all bills raising revenue must begin in the House.
The Supreme Court upheld most provisions of the act in June, but Chief Justice John G. Roberts Jr. took pains in the majority opinion to define Obamacare as a federal tax, [...]
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 [...]
(CNSNews.com) – New York and Connecticut collected the most in state income taxes per capita in 2010, according to figures released by the Tax Foundation.
The foundation analyzed state income tax data in the 50 states and found that New York took in $1,796 on average per person, and in Connecticut, the government took in $1,616 on average per person in state income taxes.
Behind those top two were:
3. Massachusetts, $1,549 per person in income taxes
(CNSNews.com) – New York State accounted for the biggest migration exodus of any state in the nation between 2000 and 2010, with 3.4 million residents leaving over that period, according to the Tax Foundation.
Over that decade the state gained 2.1 million, so net migration amounted to 1.3 million, representing a loss of $45.6 billion in income.
Where are they escaping to? The Tax Foundation found that more than 600,000 New York residents [...]
The central issue of this year’s Presidential campaign will likely be the crappy economy.
Specifically, the candidates will argue about how best to fix our high unemployment and massive budget deficit.
And one of the biggest points in that argument will be taxes.
Specifically, what should be done with them.
Obviously, no one likes paying higher taxes, and everyone likes paying lower taxes.
But we live in the real world, not fantasy-land. And in the real [...]
As many Americans were scrambling to get this year’s taxes done, analysts were warning about a bigger tax day — what some call a tax Armageddon, or “Taxmageddon,” to characterize its potential effect on the U.S. economy.
At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 — if Congress doesn’t act.
The potential increases include [...]
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 [...]
By L. Brent Bozell | Brent Bozell III..
The latest polls show the people are not happy with President Obama’s handling of budget matters, but Republicans look even worse. And yet, while the GOP delivers one idea after another, Obama has offered nothing, instead just attacking, attacking, attacking, blaming everyone but himself in utter denial of the reality that no man on the face of this [...]
Federal Spending in Each State Per Dollar of Federal Taxes
FY 2005 — Top 25 only (data from The Tax Foundation, www.taxfoundation.org)
State Federal Spending per Dollar of Federal Taxes Red or Blue in 2008 Presidential Election
New Mexico $2.03 Blue
Mississippi $2.02 Red
Alaska $1.84 Red
Louisiana $1.78 Red
West Virginia $1.76 Red
North Dakota $1.68 Red
Alabama $1.66 Red
South Dakota $1.53 Red
Kentucky $1.51 Red
Virginia $1.51 Blue
Montana $1.47 Red
Hawaii $1.44 Blue
Maine $1.41 Blue
Arkansas $1.41 Red
Oklahoma $1.36 Red
South Carolina [...]
The Wall Street Journal is the leading mouthpiece for cutting taxes for the rich. The Journal editorial board is fully in the service of that cause. An editorial at the start of this week (“Where the Tax Money Is,” April 18, 2011) is a vivid case in point. The Journal claims that IRS data prove the “fiscal futility of raising rates on the top 2%, or even the [...]
WASHINGTON – President Obama banked a six-figure savings when he agreed to extend the Bush-era tax cuts last year, as he hauled in $1.73 million, the first family’s tax returns show.
Obama continued to earn big bucks last year, mainly through book royalties, according to tax returns released by the White House yesterday.
“I don’t need another tax cut,” Obama said last week.
But he sure got one. According to [...]
By Larry M. Elkin, CPA, CFPÂ®
Every news outlet in the country says the big battle in the lame-duck Congress is over whether, and for whom, to permanently extend the Bush-era tax rates.
This requires us to ask: What exactly is a â€œpermanentâ€ tax rate?
A history compiled by the Tax Foundation shows that we have had 26 top rates for married couples since the modern income tax was enacted [...]
I’ve heard alot of today about how much better things are getting and how wealthy we really are. I’ve done some research via information provided by the Tax Foundation and Tax Policy Center that should be considered. It’s about our national debt, which is really a liability on each of our personal financial statements. It’s the same as personal credit card debt. Most of the numbers are exact, but a [...]