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Taxes Tag

Posted by Mary Chastain on March 26, 2017 2 Comments
Now that the GOP healthcare bill is dead, the administration will more than likely set its eyes on tax reform. However, this could very well end like the healthcare bill. House Speaker Paul Ryan (R-WI) insisted that the party has "more agreement" when it comes to tax reform while Treasury Secretary Steven Mnuchin explained that the "plan to overhaul the U.S. tax code would face smoother sailing" than healthcare. Oh really?

Posted by Mary Chastain on March 10, 2017 9 Comments
Tax reform has been at the forefront of GOP policy issues in Washington. Under the Trump administration, tax reform includes a proposed border adjustment tax or tariff. Treasury Secretary Steven Mnuchin and the White House want tax reform legislation in the works by August, but Senate Majority Leader Mitch McConnell (R-KY) said an August timeframe is unlikely:
"I think finishing on tax reform will take longer. But we do have to finish the health-care debate, up or down, win or lose, before we go to taxes," McConnell told Politico.

Posted by Mary Chastain on February 21, 2017 41 Comments
With higher construction costs and low revenue from low pump sales, a few states have considered raising the gasoline tax in an effort to raise funds for infrastructure. President Donald Trump has promised to put forth $1 trillion to fix infrastructure across the country, but state officials have realized they need to do something for themselves. Tennesse Governor Bill Haslam (R) believes a higher tax would raise $278 million for his state.

Posted by Mary Chastain on February 18, 2017 40 Comments
House Republicans desperately want to reform taxes, but so far the only plan they have developed has gained no leverage. That's because border adjustment makes up a majority of the plan, which few, including top retailers, want anything to do with. The border adjustment is a tariff. It adds a tax on imports, which will inevitably raise prices on consumers. Common sense economics: A business must make a profit in order to supply goods and services. It cannot do that without money. In order to make money when a tax is added or raised, the business must raise the price on its goods in order to make that profit.

Posted by Leslie Eastman on February 11, 2017 26 Comments
I recently blogged that a whistleblower revealed startling evidence that the National Oceanic and Atmospheric Agency rushed to release a widely-cited paper that exaggerated global warming and was timed to influence the Paris Agreement on climate change. Despite the clear evidence of science fraud, big government bureaucrats are still promoting climate change policy. In fact, a group of long-time Republicans who have held high-level government positions are now promoting a "carbon tax" to address changes in global weather patterns.

Posted by Mary Chastain on February 08, 2017 30 Comments
The Republicans in the House have suggested to overhaul the tax code with a "border-adjustment" proposal, but it has caused a massive split with companies before anyone has even drafted legislation. I brought up this proposal when President Donald Trump explained that he would make Mexico pay for a border wall by placing a 20% tax on imports because it mirrors the House GOP's plan. I also mentioned how these plans will screw the consumer and businesses have started speaking out against it:
Some retailers and other big importers doubt the dollar would rise that much. They warn of tax bills that would exceed profits, forcing them to pass costs to consumers. Some are in the early stages of working on an alternative plan they can present to lawmakers, says a person familiar with those plans.

Posted by Mary Chastain on November 16, 2016 26 Comments
Rep. Kevin Brady (R-TX) said the House Republicans hope to change the tax code without raising the deficits:
“We designed our blueprint to break even within the budget, considering that economic growth,” Rep. Kevin Brady (R., Texas), chairman of the House Ways and Means Committee, said at The Wall Street Journal’s CEO Council. If there are some deficits, he said he would accept them if the result was stronger growth.
They started working on a plan earlier this year and will make a tax overhaul a priority in 2017.

Posted by Mary Chastain on October 24, 2016 3 Comments
The Chamber of Commerce has endorsed a bill that would stop President Barack Obama's administration's new estate tax rules, which they insist would keep those mean wealthy people from reducing value on their assets. GOP senators proposed legislation to stop these rules because they believe it will harm small and family owned businesses because the owners would not be able to easily transfer the business to future generations. This is what the administration proposed:

Posted by Mary Chastain on August 30, 2016 26 Comments
The EU alleges that Ireland gave Apple, an American company, sweet deals in order to bring jobs to the island. On Tuesday morning, the EU antitrust enforcer ordered Apple to pay 13 billion euros ($14.6 billion) in unpaid taxes in the biggest tax ruling in EU history.

Posted by Mike LaChance on August 14, 2016 17 Comments
It turns out the Clintons have been very charitable in their giving. The ironic part is that their own foundation was the greatest beneficiary of their philanthropy. CNBC reports:
Clintons made $10.6 million in 2015, paid federal rate of 34% Hillary and Bill Clinton released their 2015 tax returns on Friday, showing they paid $3.6 million in taxes on adjusted gross income of $10.6 million.

Posted by Mike LaChance on June 17, 2016 26 Comments
The left is celebrating the passage of a new tax on soda and sugary drinks in Philadelphia. It's the second tax of its kind, the first was in Berkeley, California. This victory will only embolden proponents. CNN reports:
Philadelphia passes a soda tax In a final vote of 13-4, the Philadelphia City Council on Thursday passed a 1.5-cents-per-ounce tax on sugar-added and artificially sweetened soft drinks. That would add 18 cents to the cost of a can of soda, $1.08 for a six-pack or $1.02 for a two-liter bottle.

Posted by Fuzzy Slippers on June 11, 2016 13 Comments
The House has voted to condemn a carbon tax as "detrimental to American families and businesses." The Hill reports:
The House voted Friday to condemn a potential carbon tax, closing the door on a climate change policy popular in some conservative circles. Lawmakers passed, by a 237-163 vote, a GOP-backed resolution listing pitfalls from a tax on carbon dioxide emissions and concluding that such a policy “would be detrimental to American families and businesses, and is not in the best interest of the United States.” Six Democrats voted with the GOP for the resolution. No Republicans dissented. The non-binding resolution is first and foremost a defensive measure, to get lawmakers on the record against a carbon tax, in case it’s part of a future proposal, perhaps part of a comprehensive tax reform package or in return for repealing certain regulations. President Obama has not proposed a carbon tax, and while many Democrats support the idea, it has not taken hold as a serious legislative proposal in years.
Obama has, in fact, proposed carbon taxes, the most recent being the $10 per barrel tax on oil; a fact noted in this Hill article: "The House also voted 253-144 to condemn Obama’s proposal from earlier this year to impose a $10.25 tax on each barrel of oil, an idea that never got much support in Congress."

Posted by Mike LaChance on April 17, 2016 26 Comments
Do you trust the federal government to prepare your taxes for you? Elizabeth Warren thinks so. Should the Tea Party activists and others who have been harassed by the IRS for political reasons in recent years be expected to trust the agency with preparing their returns? Isn't it bad enough that the IRS can use its power of audit? Boston.com reported:
Elizabeth Warren thinks the IRS should fill out your tax returns With Monday’s tax filing deadline looming over many Americans’ weekends, Sen. Elizabeth Warren’s new bill may seem like a godsend. The Massachusetts Democrat introduced legislation Wednesday that would allow U.S. taxpayers to have the government do their taxes for them—for free.

Posted by Kemberlee Kaye on March 31, 2016 12 Comments
Tipped off by an anonymous whistleblower in 2014, the Office of the Inspector General dug into the Drug Enforcement Administration's aviation operations with the Department of Defense in Afghanistan. They found an $86 million plane that doesn't fly. Worse still, the DEA's Afghanistan mission ended in July. According to the DEA's website, the aviation unit employs approximately 125 Special Agent Pilots:
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