Tag Archive: Taxes


Which Taxpayers Experience The Greatest Tax Burden—And Who Pays The Most In Taxes?

 

 

top10-percent-income-earners-6005

 

 

 

” As Americans navigated the labyrinthine tax code ahead of tax day, many felt the sting of the President’s myriad tax increases.

  Despite calls for more taxes on the rich, the Heritage chart shown above reveals that the recent tax increases disproportionately affect the working wealthy. The top 10 percent of all income earners paid 71 percent of federal income taxes in 2010, yet they earned 45 percent of all federal income. Compare that to the bottom 50 percent of earners, who earn 12 percent of income yet pay only 2 percent of federal income taxes.

  So when Obama and advocates of higher federal taxes opine that the rich do not pay their “fair share,” they are correct—affluent income-earners pay a whole lot more than they would pay if we had a proportional tax code instead of the highly progressive one we have today.”

 

Read more at The Foundry

 

 

 

 

 

 

 

 

 

About these ads

Do You Know Where Your 2014 Taxes Will Go? Well, Here’s An Amazing Infographic Which Breaks It Out Beautifully

 

 

Death and Taxes 2014: US Federal Budget
Click To Enlarge

By jess. Explore more visuals like this one on the web’s largest information design community – Visually.

HT/Against Crony Capitalism

Stop The American Hustle

 

 

 

” In 2012, the people of North Carolina paid Marvel Studios $20 million to shoot Robert Downey Jr.’s latest comic-book sequel, “Iron Man 3,” in their state. It was just one of many movies and television shows taxpayers subsidized in North Carolina that year. Among them were season 8 of“The Bachelorette” and Jennifer Aniston’s “We’re the Millers” — a film that The Fresno Bee said “aims for mediocrity and hits it with a dull thud.”

  Subsidies like these for the entertainment industry exist all over the country, in Florida and Michigan and Ohio. Georgia taxpayers in 2012 funded “Tyler Perry’s Aunt Bam’s Place,” “Tyler Perry’s I Don’t Want to Do Wrong” and the latest Vince Vaughn–Luke Wilson buddy flick, “The Internship.”

  With so much public money going toward these ventures, it’s reasonable to question whether they bring the public any actual benefit — and there are plenty of reasons to be skeptical. In 2010 in Michigan, the state Senate authored a report on film industry incentives and found that, in one year, the state had spent $100 million to create only $60 million in economic activity. Of the spending stimulated — by the production of such gems as “A Very Harold and Kumar Christmas”— the report found that almost half occurred out of state. Such doubts were compounded by a November report from the office of New York Gov. Andrew Cuomo, which could not find “sufficient justification for the size of the film credits.” The amount of public money spent on a production company, it said, was the equivalent of paying a factory 40 times what it owed in taxes.

  The film industry, now under scrutiny for engaging in these practices, is just one example of a much larger problem. Tax credits for businesses, in theory, are meant to be a means of using public money to stimulate private-sector growth and create jobs. Yet many subsidies don’t pay off in the form of public benefits, and few come with any measures for accountability, preventing the public from ever knowing if it’s getting its money’s worth. Walmart, for instance, has used “more than $1.2 billion in tax breaks, free land, infrastructure assistance, low-cost financing and outright grants from state and local governments around the country,” according to Good Jobs First’s Wal-Mart Subsidy Watch website. Sports franchises frequently approach cities and suburban regions with proposals for new stadiums funded by public dollars, touting them as job creators.”

 

 

 

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America’s Dwindling Economic Freedom

 

 

” World economic freedom has reached record levels, according to the 2014 Index of Economic Freedom, released Tuesday by the Heritage Foundation and The Wall Street Journal. But after seven straight years of decline, the U.S. has dropped out of the top 10 most economically free countries.

  For 20 years, the index has measured a nation’s commitment to free enterprise on a scale of 0 to 100 by evaluating 10 categories, including fiscal soundness, government size and property rights. These commitments have powerful effects: Countries achieving higher levels of economic freedom consistently and measurably outperform others in economic growth, long-term prosperity and social progress. Botswana, for example, has made gains through low tax rates and political stability.”

 

   Heck of a job Barack . Now the “Land Of Liberty” needs to take lessons in freedom from Mauritius ? More on this story at the WSJ  and you can view the rankings with methodology and percentages of change year over year at Heritage.org

 

 

Economic Freedom Index 2014

 

 

The “One” promised change and that’s what we’ve got . No one ever said the change would be good .

 

 

 

 

 

 

 

 

Libertarian Businessman Says Goodbye To California With The New Year

 

 

 

” Libertarian businessman and park privatization advocate Warren Meyer is celebrating the new year by getting the heck out of California, like so many other businesses. He posted the many reasons why it’s so hard to do business in the Golden State, particularly in Ventura County, on his blog. Here’s a sampling of some of the reasons:

  • It took years in Ventura County to make even the simplest modifications to the campground we ran.  For example, it took 7 separate permits from the County (each requiring a substantial payment) just to remove a wooden deck that the County inspector had condemned.  In order to allow us to temporarily park a small concession trailer in the parking lot, we had to (among other steps) take a soil sample of the dirt under the asphalt of the parking lot.   It took 3 years to permit a simple 500 gallon fuel tank with CARB and the County equivalent.   The entire campground desperately needed a major renovation but the smallest change would have triggered millions of dollars of new facility requirements from the County that we simply could not afford.”

 

Reason has more

 

Illustration by A F Branco

 

 

 

 

 

 

Veterans for Capitalism and The Constitution

 

 The 10 Most Troubled City Systems

unfunded liabilities

 

” More and more cities, counties, and even some states will face the harsh reality of having to fix their pension systems or deal with a Detroit-style bankruptcy.

“This is happening in too many cities and towns across America, where social services, because they can be cut, are cut. Because pensions and bonds constitutionally cannot be cut, they’re the protected class,” Wall Street financial analyst Meredith Whitney told CNBC.

“I think you’re going to see a real issue of neighbor against neighbor on these very issues,” said Whitney, who recently co-founded Kenbelle Capital LP, a New York hedge fund.”

 

That’s the bad news . Here is the worse news .

 

“But here’s the real rub: experts are warning that many pension systems, those claiming they are well funded and those who say they aren’t, have all been using rosy projections about future investment returns.

In a recent editorial in Barron’s, Thomas Donlan writes that pension funds have “hidden the results with dubious financial reporting.”

Detroit, he says, was using the standard 8 percent return on assets, widely used by other funds. Donlan argues that is foolhardy to claim an 8 percent rate of return.

Consider that since January 1, 2001, the Dow Jones has appreciated, on average, a paltry 2.2 percent, with the S&P growing just 1.36 percent.”

    Municipal governments throughout the nation have been hiding their unfunded liabilities with parlor games and dubious economic assumptions that guarantee that no matter how bleak things seem today , they will be orders of magnitude worse in the very near future . 

 

 

 

 

 

 

 

 

Why The French Are Bailing On France

 

 

 

” A poll on the front page of last Tuesday’s Le Monde, that bible of the French Left-leaning Establishment (think a simultaneously boring and hectoring Guardian), translated into stark figures the winter of François Hollande’s discontent.

More than 70 per cent of the French feel taxes are “excessive”, and 80 per cent believe the president’s economic policy is “misguided” and “inefficient”. This goes far beyond the tax exiles such as Gérard Depardieu, members of the Peugeot family or Chanel’s owners. Worse, after decades of living in one of the most redistributive systems in western Europe, 54 per cent of the French believe that taxes – of which there have been 84 new ones in the past two years, rising from 42 per cent of GDP in 2009 to 46.3 per cent this year – now widen social inequalities instead of reducing them.

“It’s not only that people don’t like to be treated like criminals just because they’re successful,” says a French banker friend who has recently moved to London. “But this uncertainty in every aspect of the tax system means it is impossible to do business: you don’t know what your future costs are, or your customer’s. You can’t buy, you can’t sell, you can’t hire, you can’t fire.” “

 

 

 

 

 

 

 

Truckers Ride for the Constitution Plan A Massive Slowdown

 

 

 

” Not only is the government (partially) shut down, but now a caravan of truck drivers is looking to shut down traffic around Washington — as part of a bizarre protest against things that are “destroying America.” 

The group, Truckers Ride for the Constitution, is trying to attract participants for a demonstration on the Capital Beltway starting this Friday. 

“Truck drivers will not haul freight! … Truckers will lead the path to saving our country if every American rides with them!” the group’s Facebook page, which had more than 57,000 “likes” as of Tuesday morning, declares. 

The truckers reportedly plan to clog the Beltway by driving “three lanes deep” for three days.   

So just what do they want? 

Their list of grievances is apparently quite long. 

According to a report in The Hill, the drivers are complaining about wages, gas prices and federal regulations on their industry. They’re also not too chuffed about the debt or the National Security Agency’s surveillance practices. “

 

 

 

 

 

 

 

 

 

Republican Governed States Crush Democrats in Economic Competitiveness Rankings

 

Republican Governed States Crush Democrats in Economic Competitiveness Rankings

 

” Think it doesn’t make a difference if you’re in a blue or red state? On the contrary, my friend. Check this out from the Daily Caller:

Thirteen of the top 14 best states for business and economic competitiveness are led by Republican governors, according to the 2013 edition of an annual study by CNBC.”

 

 

Here are the top ten 

 

  1. South Dakota (R/R)
  2. Texas (R/R)
  3. North Dakota (R/R)
  4. Nebraska (R/-)
  5. Utah (R/R)
  6. Virginia (R/R)
  7. Colorado (D/D)
  8. Georgia (R/R)
  9. Wyoming (R/R)
  10. Idaho (R/R)

 

Click the link to see the rest

 

 

 

 

 

 

 

Gun Control Backfires? Rick Perry Lures Connecticut Gunmakers To Texas

 

 

 

 

” The shootings at Sandy Hook Elementary School in Newtown, Conn., have brought into high relief one of the anachronisms of the American economy: Some of the biggest and most influential makers of firearms in the United States are located in some of its bluest – and most antigun – states.

That is a fact that Gov. Rick Perry (R) of Texas hopes to turn to his advantage this week.

He is scheduled to visit Colt’s Manufacturing, which has been in Connecticut since 1847, and Mossberg & Sons of North Haven, Conn., the largest maker of shotguns in the US, among other manufacturers and suppliers in Connecticut and New York.”

 

Good for Governor Perry . Here’s wishing him much success . 

 

 

 

 

 

 

 

 

 

Jay Leno On Powerball Winner Taxes & IRS!!!

 

 

Cast Your Ballot Now

 

 

The median wealth of a House member is $765,010… For a senator it’s $2.38 million. Yet, incredibly, they still enjoy all of this:

 

  • $174,000 salary
  • Free company car
  • Free gas
  • Free parking (even at airports)
  • Free flights almost anywhere in the world
  • Per diem travel allowance… up to $3,000 a trip
  • A month’s paid vacation
  • 3-day work-weeks
  • Free membership to a top-flight gym
  • Pension plan and 401K plan
  • Full retirement benefits (including up to 44% of their six figure salaries) at age 62
  • Free top of the line health insurance with 10 plans to choose from
  • Fully covered – even with pre-existing condition

” Being a member of Congress is the most lucrative “Public Service” job in the world. Are our representatives officially out of touch with the real America? Should Congress live like the rest of us?

Vote now to make your voice heard and receive a stunning report that shows the full scope of congressional abuse of power. You won’t believe how well members of Congress live – all at our expense.”

 

The Money Morning Pledge

” This poll is being conducted by Money Morning, the nation’s fastest growing source for independent financial news, research and advice. We’re on a mission to keep our readers’ money safe and growing. When you submit your vote, you’ll receive a full report on congressional abuse, up-to-the minute poll results, as well as daily strategies for building wealth and taking control of your finances. Make your voice heard by voting above and passing this important vote to a friend. “

 

 

 

 

 

 

New App Lets You Track Government Spending On Your Phone

 

 

” Adam Andrezejewski, who ran as the Republican candidate for governor of Illinois in 2010, believes passionately that American taxpayers should know how government spends their money.  Andrewzejewski and a team of designers have now realized that dream by creating Open the Books, a free app that creates a searchable database allowing America’s shareholders (i.e., taxpayers) to see how the federal government is spending their money. The app works on both Apple and Droid platforms. If you don’t have a smart phone, the same information can be viewed at http://www.openthebooks.com. All you need to do to find out about local spending is to enter your zip code.

In a Wall Street Journal article alerting Americans to this oversight program, Andrewzejewski details just three of the unpleasant surprises about federal spending he was able to find using Open the Books:

• The brother of a former state director of agriculture under former Illinois Governor Rod Blagojevich has received nine federally guaranteed loans totaling $1.67 million since 2006. He has also received hundreds of thousands in direct payments and subsidies from the federal government, all based on his ownership of a single hog farm in Teutopolis, Ill.”

 

 

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Life Liberty and the Pursuit of Happiness

 

 

 

 

 

 

 

 

 

Cost Of Illegal Immigration At The State Level

 

 

” Wondering how illegal immigration is affecting your pocket book? While the fiscal burden of illegal immigration on the United States taxpayerswas estimated at $113 billion in 2010, below you will find links to cost summaries for each separate state so that you can see specifically how this is impacting your state.”

 

 

FAIR

 

 

 

 

 

Gallup: Only 4% Of Americans Think Gun Control Is An Important Problem

 

 

 

” Only 4 percent of Americans think guns and gun control are an important problem facing the country, according to Gallup, and far more Americans are concerned about the economy, unemployment and the federal debt.”

 

 

 

” Respondents answered in the following order:

 

Economy in general                                      24%

Unemployment/Jobs                                     18%

Dissatisfaction with Government                16%

Federal budget deficit/Federal debt             11%

Healthcare                                                     6%

Ethical/Moral/Family decline                            5%

Immigration/Illegal aliens                                4%

Education                                                       4%

Guns/Gun control                                            4%

Situation with North Korea                              4%

Lack of Money                                                  3%

Welfare                                                            2%

Lack of respect for each other                         2%

Poverty/Hunger/Homelessness                        2%

Foreign aid/Focus overseas                              2%

Taxes                                                                 2%”

 

 

 

 

 

 

The Party of Surrender

 

 

 

 

” From RNC honcho Reince Priebus, from the senator from Swing-State Central Rob Portman, and even from the great Charles Murray, the same mournful dirge echoes through the cavernous emptiness of the Republican big tent: Give it up, losers — give it up on illegal immigration, gay marriage, abortion, and maybe Americans under 30, 50, whatever, will consider voting for you, or at any rate consider finding you marginally less repellent.

Maybe. But I’m a wee bit skeptical. As the New York Post’s film critic Kyle Smith tweeted: “Just a wild guess, but if we go all-out for gay marriage, I’m thinking the liberals will come up with another reason to hate us.”

Undoubtedly. As recently as 2000, when Vermont became the first state to legalize same-sex “civil unions,” that was the enlightened, progressive position. A mere 13 years later, to support “civil unions” is to be a “homophobe” and a “hater.” Where will received wisdom be in another 13 years?”

 

 

 

 

 

 

 

 

12 Incredible Examples of Government Waste This Year

 

 

 

 

#1 Moroccan Pottery Classes: $27 Million

A “key part” of a four-year, $27 million plan by the U.S. Agency for International Development (USAID) to improve the economic competitiveness of Morocco involved training Moroccans to design and make pottery for sale both locally and in international markets, Cobrun’s report says. But the translator hired was not fluent in English and some of the materials used in the sessions were not regularly available in Morocco. The agency’s Inspector General concluded the training was “ineffective and poorly implemented.”

 

 

 

 

 

ObamaCare is About to Make Five Guys’ Burgers Cost More

 

 

 

” Liberals’ response to this will be: Well, Five Guys are just doing it wrong. That’s always their response. The government is always benevolent and doing it right (even when it imposes laws that the majority did not want); the private sector is doing it wrong. Just because, so there. That’s what arguing with liberals over ObamaCare amounts to.

The fight over Obamacare, so far held at the 30,000-foot level, is about to hit home. The latest impact hot off the grill: prices of burgers and hot dogs at Five Guys, the national chain that started in Washington, are going to rise to cover the president’s mandated insurance coverage.”

 

 

Obama Goes Around GOP Leaders, Calls Rank-And-File Republicans For Dinner Meeting

 

 

“The President greatly enjoyed the dinner and had a good exchange of ideas with the Senators,” a senior administration official said.

The guest list included Republican Sens. John McCain of Arizona, Lindsey Graham of South Carolina, Kelly Ayotte of New Hampshire, Pat Toomey of Pennsylvania, Bob Corker of Tennessee, Ron Johnson of Wisconsin, Dan Coats of Indiana, Tom Coburn of Oklahoma, Richard Burr of North Carolina, Mike Johanns of Nebraska, John Hoeven of North Dakota and Saxby Chambliss of Georgia.

Republicans have since accused the administration of trying to amplify the impact by taking steps like releasing illegal immigrants from Southwestern jails. But they’ve also ripped the administration for its apparent overstatements — such as a claim, later shown to be exaggerated, by Education Secretary Arne Duncan that teachers were receiving “pink slips.” One district in West Virginia later revealed that its teachers had been sent transfer notices, but it had nothing to do with the sequester.”

 

 

INTERNAL GOVERNMENT EMAIL: MAKE SEQUESTER CUTS AS PAINFUL AS POSSIBLE

 

 

” Lawmakers say the email is further evidence that the Obama Administration is seeking to inflict maximum pain for the minimal $85 billion in cuts.

“This email confirms what many Americans have suspected: The Obama administration is doing everything they can to make sure their worst predictions come true and to maximize the pain of the Sequester cuts for political gain,” said Rep. Tim Griffin (R-AK).”

 

 

 

 

 

 

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 Change You Can Believe In

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