Taxation

California: Remember the Taxes You Didn’t Owe? Surprise!

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California cannot chase business away fast enough, it seems: high taxes, cap-and-trade, voracious unions, bankrupt cities, and now retroactive taxation. Shortly before the Christmas holidays and oh so quietly, the California Franchise Tax Board (FTB) rescinded a tax break that dated back to 1993. The Qualified Small Business Stock (QSBS) exclusion allowed small businesses and investors who met certain conditions ... [click for more]

Tax-Raising Insanity

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It’s an overused expression, but the fact remains that doing the same thing over and over again while expecting different results truly is insanity. The amount of trust people put in “public servants” is one such example. Even worse is the public’s continued willingness to grant politicians and bureaucrats the means by which our own impoverishment is furthered. I’m speaking ... [click for more]

Should More People Pay Taxes?

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Should people pay more taxes or should more people pay taxes? Liberals and Democrats usually opt for the former while conservatives and Republicans generally prefer the latter. Libertarians not only don’t take sides, they reject both propositions. While campaigning for president, on September 12, 2008, in Dover, New Hampshire, Sen. Barack Obama of Illinois said in a speech, And I can ... [click for more]

Romney, Taxes, and Dependence on Government

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Mitt Romney isn’t just out of touch; he’s also out of sync with the movement to shrink government. In an interview clarifying his now-infamous speech to donors, captured on clandestine video, Romney said, “I think people would like to be paying taxes.” Come again? He also said, “The good news is if you are doing well enough financially that you ... [click for more]

Tax-Credit Hypocrisy

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There are always rallies, marches, and demonstrations taking place in the nation’s capital, but a recent event organized by the American Mustache Institute was certainly one of the most unusual to ever take place. Members of the American Mustache Institute (AMI), a tongue-in-cheek advocacy group with the mission of “protecting the rights of, and fighting discrimination against, mustached ... [click for more]

Taxing the Rich

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President Obama’s American Jobs Act of 2011 (S.1660) recently went down to defeat in the Senate. Two Democrats joined with all forty-six voting Republicans (Sen. Tom Coburn did not vote) to kill the $447 billion plan. The most egregious part of this bill was that it “amends the Internal Revenue Code to impose on individual taxpayers in taxable years ... [click for more]

O’er the Land of the 39 Percent Free

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I hope you enjoyed last weekend, because Friday didn’t mark just the end of your working week; it also marked the annual Cost of Government Day. According to Americans for Tax Reform, each U.S. resident works 224 days to pay for the cost of government, including spending and regulatory compliance, up 27 days from just three years ... [click for more]

Amazon Taxes Rely on Economic Fallacy

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The “Amazon” tax neither generates revenue nor creates a level playing field. It does eliminate profitable relationships and drive companies out-of-state, but that hasn’t stopped elected officials from plowing ahead obstinately. Concerned that people can avoid sales taxes by shopping online, seven states have passed legislation to place out-of-state retailers within their jurisdiction. Fourteen more have ... [click for more]

Tax Credits Are Not Subsidies

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Do tax credits — as well as tax deductions, tax loopholes, tax shelters, and tax exemptions — constitute subsidies? Many Republicans and conservatives think so. Senate Republicans are divided over a proposal to eliminate the Volumetric Ethanol Excise Tax Credit. An amendment to that end (S.Amdt.436) by Senator Tom Coburn (R-OK) to the Economic Development Revitalization Act of ... [click for more]

Give Me Your Money and Your Conscience

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Planned Parenthood almost closed down the U.S. government last week. A stalemate over the tax-funding of the abortion-provider almost prevented a budget deal needed to keep federal doors open. Ultimately, the Republicans tabled their demand to defund Planned Parenthood; only then did the stopgap budget move forward. That is how powerful the issue of abortion and taxes ... [click for more]

Is GE Paying Its Fair Share?

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Chances are you have used a GE appliance, turned on a GE light bulb, flown on a plane powered by a GE aircraft engine, seen a GE locomotive or wind turbine, taken out a loan from GE Capital (its lending division), or watched a program on NBC (partly owned by GE). General Electric Company (GE) is a multinational conglomerate corporation ... [click for more]
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