Taxes

Fuse Lit on the Pension Time Bomb, and the Next Tax Revolt?

Featured image One thing conspicuously missing from both party conventions is any talk of government debt and deficits. Even Democrats usually acknowledge grudgingly that our deficits are a time bomb waiting to go off, though this is usually in service of their Great White Whale obsession, which is to raise taxes on Great White Males. So it is with considerable interest that I note the increasing visibility of the real-time collapse of »

All Those Years, Prince Was Working for the Government

Featured image Prince probably never thought of himself as a public employee, but it turns out that the main beneficiary of his decades of hard work will be the government. The Heritage Foundation’s Rachel Greszler explains: Although Prince has one full sister and five half-siblings, Prince’s family members will not be his biggest heirs. Both the federal government and Minnesota’s state government will assess so-called “death taxes” or estate taxes on Prince’s »

Liberalism for dummies

Featured image William Voegeli seems to understand modern left-liberalism from the inside. In Never Enough: America’s Limitless Welfare State (2010, foreword by Steve Hayward), Voegeli explains why contemporary liberals can never tell you when you have paid your “fair share” of taxes. It’s a mystery that had always troubled me. Well, they want it all. I wrote about the book in “An old argument revisited” and elsewhere. Bill’s preface to the paperback »

Does Tax Policy Matter?

Featured image The think tank that I run, Center of the American Experiment, released a paper today titled “Minnesotans on the Move to Lower Tax States 2016.” We held a press conference at Minnesota’s Capitol building to announce the report’s release, and it has garnered considerable coverage on television, radio and in newspapers across Minnesota. The report, based entirely on Internal Revenue Service data, found that in 2014 Minnesota lost a net »

Should Conservatives Abandon the Supply Side?

Featured image The iconic moment for conservatives of my generation was the Reagan tax cuts of the early 1980s. Those supply-side cuts fueled a boom whose ripples are still felt today, and refuted liberal economic theories once and for all. Much has happened since then; taxes have gone up and down. But a common denominator is that whenever federal income taxes have been cut, they have also been made more progressive. The »

Trump outbids rivals with tax plan

Featured image Give Donald Trump credit. His tax plan, which calls for big cuts in rates, may not be consistent with his previously articulated vision of taxation, but it is fully in line with his vision of marketing. For him, bigger is better. Trump’s plan would cut the top income tax rate from 39.6 to 25 percent (there would be only four rates, the other three being 20, 10, and 0) and »

Could Gay Marriage Lead to . . . Tax Reform?

Featured image Morningafterwise, we didn’t have to wait long for conjectures like this from Time: Now’s the Time to End Tax Exemptions for Religious Institutions . . .  Rather than try to rescue tax-exempt status for organizations that dissent from settled public policy on matters of race or sexuality, we need to take a more radical step. It’s time to abolish, or greatly diminish, their tax-exempt statuses. Or the New York Times »

Civics lessons from MSNBC

Featured image If gross hypocrisy were a crime, MNSBC anchors would be doing time. National Review’s Jilian Kay Melchior has led the way exposing how MSNBC luminaries including Al Sharpton, Melissa Harris-Perry, Touré Neblett and Joy-Ann Reid have had plenty to say about taxes and “how we’re all in it together,” in spite of their own histories of owing the IRS thousands of dollars. The Free Beacon’s David Rutz explains: MSNBC, the »

What Is It With MSNBC and Taxes?

Featured image Add Toure Neblett to the growing list of MSNBC personalities who don’t pay their taxes: Touré Neblett, co-host of MSNBC’s The Cycle, owes more than $59,000 in taxes, according to public records…. In September 2013, New York issued a state tax warrant to Neblett and his wife, Rita Nakouzi, for $46,862.68. Six months later, the state issued an additional warrant to the couple for $12,849.87. … Last month, New York »

Happy Tax Day, from Remy

Featured image You knew this was coming—Remy on tax day travails (less than 2 minutes long—enough time to fill out one line on your Schedule A): »

Who Pays Federal Income Taxes?

Featured image Today’s Wall Street Journal has an estimate of who paid 2014 federal income taxes. The estimate is from the Tax Policy Center, as official IRS data won’t be available for a couple of years. The Journal headlines, “Top 20% of Earners Pay 84% of Income Tax,” but that actually understates how skewed the tax burden is. This chart shows shares of income and income taxes by quintile. Note that the »

The Mask Slips on the Climate Scam

Featured image Forget the scientific argument over climate change for the moment, or for that matter, assume that climate catastrophe is a certainty for purposes of discussion.  From the beginning the climatistas and their media cheerleaders have confined all policy discussion to one single track: suppress fossil fuels, even though no affordable, scalable substitutes for hydrocarbon energy are in sight. The practical ideas for the suppression of hydrocarbon energy have taken two »

Civil War on the Right (Part 1?)

Featured image I’ve got an old clip from the Wall Street Journal that quotes a Michigan legislator some years ago saying, “Some of our friends wanted it in the bill, some of our friends wanted it out, and Jerry and I are going to stick with our friends.” That’s how I feel about a Wall Street Journal story this morning that lifts the lid on a growing split among conservatives that I’ve »

Lame Duck Obama Gets Old-time Left-Wing Religion

Featured image White House officials have leaked a preview of President Obama’s State of the Union speech. ABC News described the centerpiece of the president’s wish list: “Obama to Propose Capital Gains Tax Hikes to to Benefit Middle Class.” Specifically, Obama will propose raising the top capital gains rate from 20% to 28%. This would be paired with increasing inheritance taxes and imposing new taxes on banks. How will all of this »

I’ll See Your Reagan, and Raise You a Clinton

Featured image A handful of House Democrats, led by the egregious Oregon Rep. Earl Blumenauer, have conducted a stunt of bringing a cardboard cutout of Ronald Reagan to the House floor to bolster their case for raising the federal gasoline tax, because falling gasoline prices are simply unbearable if you’re a liberal. “All it takes is a little leadership and courage, like Ronald Reagan and [House Speaker] Tip O’Neill did 32 years »

Who’s Obstructionist?

Featured image We hear a lot about Republican obstructionism, which isn’t necessarily a bad thing–the Obama administration wants to do lots of things that ought to be obstructed. Still, it is odd how seldom we hear about Democrats being obstructionist. That is starting to change, perhaps, following the mid-term elections. But think about the last six years: the Republicans wanted to obstruct Obamacare and the “stimulus” boondoggle, but they didn’t have the »

Inversion Therapy for Liberals

Featured image As we note here frequently—like yesterday, on the minimum wage—when it comes to economics liberals suffer from a severe case of cranial-rectal inversion. Liberalism’s latest trip to a tight dark place is over the issue of —irony alert— “inversions,” whereby American corporations buy foreign companies and “relocate” their headquarters to a foreign nation to lower their corporate income taxes.  Kind of like what rich northeasterners do when they retire and »