Doug Powers of Michelle Malkin’s blog writes that actor Will Smith supports President Obamaâs call for Americaâs top earners to pay more taxes but thinks France’s 75% top tax rate is too high: Hereâs a brief transcript from an interview with Smith that ran on French television. Video via Real Clear Politics: Will Smith: I [...]
Tax Policy Blog reports that the Maryland legislature is considering whether to pass a law that would raise tax rates on wealthy individuals. And what is considered wealthy in Maryland? $100,000.00 of annual income: Maryland’s tax special session began today; expect more analysis on it from us tomorrow. However, we just obtained detail on S.B. [...]
Roger Russell of WebCPA reports that Eduardo Saverin, a co-founder of Facebook, has renounced his U.S. citizenship prior to the company going public in a move apparently designed to limit his U.S tax liabilities: The Brazilian-born resident of Singapore took the action last year, and his name appears on an IRS list of people who [...]
A few days ago the Senate failed to pass Senate bill S. 2343, the âStop the Student Loan Interest Rate Hike Act of 2012 which would have limited the ability of S corporation shareholders to classify payments made to them by their corporations as distributions thereby avoiding self employment tax. Tony Nitti has the story: The bill would have [...]
Kevin Duncan of The Tax Foundation writes in Americans Paying More in Taxes than for Food, Clothing, and Shelter: In 2012, Americans will pay approximately $4.041 trillion in taxes, which is $152 billion, or 3.9%, more than they will spend on housing, food, and clothing. … Between 1929 and the early 1980s, aggregate tax collections [...]
The tax-the-rich left finally has the conclusive proof it has been seeking that it is absolutely, unequivocally the right thing to do for the United States to increase taxes on the rich: France is doing it. Charles Riley of CNNMoney says that “raising taxes on the rich isn’t just an election year issue in the United States — it’s [...]
David Rosenberg On Taxation-Shock-Syndrome: While nothing is more certain than death and taxes (and central bank largesse), David Rosenberg of Gluskin Sheff uncovers The Unlucky seven major tax-related uncertainties facing households and businesses that will likely lead to multiple compression in markets (rather than the much-heralded multiple expansion ‘story’ which appears to have topped the [...]
Paul Caron reports that the United States tax system is more progressive than France, Germany, Belgium and the UK. No doubt my friends on the left, tax bloggers Linda Beale and James Maule, and those of their ilk, will find a way to recast the study and the charts below as evidence of a right wing [...]
Taxing Medical Progress to Death by Michelle Malkin: Two years ago this month, as public debate over Obamacare raged, former President Bill Clinton rushed to the hospital because of a heart condition. He immediately underwent a procedure to place two stents in one of his coronary arteries. It was a timely reminder about the dangers [...]
By way of Paul Caron, Liz Peek of Fiscal Times explains why the Buffett Rule is pile of propagandistic nonsense (emphasis added): Fiscal Times, Obamaâs âBuffett Ruleâ Fails the Tax Reform Test, by Liz Peek: President Obama has a new favorite possession â the âBuffett Rule.â Like a poodle with a new chew-toy, Mr. Obama canât [...]
Last month in American Tax Compliance Rates Highest in Civilized World Despite What David Cay Johnston Says I refuted David Cay Johnston’s absurd claim that America’s low tax rates are the cause of it’s alleged rampant tax evasion: Johnston claims that there is ârampant evasion in the U.S.â even though the very study he cites shows that there [...]
By way of Paul Caron, the WSJ reports that the Buffett Rule, if enacted, won’t apply to its namesake: Wall Street Journal, Will Buffett Avoid the Buffett Rule? The Sage of Omaha Is Already Positioned to Shield Most of His Rising Wealth From Such a Tax, by James Freeman: Billionaire Berkshire Hathaway CEO Warren Buffett [...]
Please bear with me on this one. If Warren Buffett really does pay taxes at a lower rate than his secretary does, it is a fairer result than if he paid taxes at a higher rate.¹ Here’s why: Warren Buffett employs his secretary. Debbie Bosanek employs no one Warren Buffett, directly and indirectly, employs hundreds of thousands of workers. Debbie [...]
In his post Lying About Tax Myths Professor Maule responds point by point to my recent post More Lies About Tax Lies. I have published Maule’s entire post below. After each of his assertions, I give my rebuttal. 1. Maule’s Assertion: Peter Pappas is at it again. My Rebuttal: I agree, I am at it again. “It” being the [...]
Professor James Maule has, once again, lied about who tells tax lies. He lists five myths – he really means lies – which he says the right tells about taxes. In this post I will discuss and hopefully refute the first three of them. Maule’s First Myth The first myth, that â47% of Americans do not [...]
“When you’re rich they think you really know.” – Fiddler on the Roof – The left thinks we should listen to this guy on tax issues: Bookmark & Share:
In a 2007 blog post appearing in The American Stephen Moore reported that the top one percent of American income earners pay 37% of the federal income tax: The latest data show that a big portion of the federal income tax burden is shoulÂdered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 [...]
Self-declared undertaxed billionaire Warren Buffett says he’ll contribute money to the Treasury if self-declared overtaxed Republicans do the same. You read that right. Let me illustrate Buffet’s crazy reasoning with a bit of imaginary dialogue straight from the theater of the absurd: Warren Buffett: All rich people should pay more taxes because I don’t think I don’t pay [...]
In today’s WSJ, Stanford economics professor Ronald McKinnon makes what he calls a “conservative” case for a wealth tax (the emphasis is mine): In order to have a fairer tax system, we should implement a new federal wealth tax in addition to the federal income tax. Unlike the current income tax, the wealth tax would not rely on how [...]
Chris Moody of The Ticket reports that : Republican presidential candidate Newt Gingrich has added a new item to his repertoire of attacks against Mitt Romney since his decision to turn up the heat on the former governor, telling a local Republican group on Friday that Romney raised taxes on the blind. “Governor Romney … [...]