TAX POLITIX
The Politics of Taxes
Bastiat on Legal Plunder
"But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime." ~ Bastiat's "The Law"
Democrats Want to Now Save You From an Obamacare Penalty
How Loretta Lynch Loves Civil Asset Forfeiture
Though the confirmation process for the next Attorney General has been delayed for the next two weeks amid lack of Republican support for nominee Loretta Lynch, it is particularly troubling that the media coverage has failed to discuss Lynch’s position on civil asset forfeiture during this time. Civil asset forfeiture is a particularly egregious abuse of power, allowing the government to seize property and cash if it merely suspects wrongdoing, even with no evidence of or charges with a crime....
Connecticut Monitors The Wealthy For Their Fair Share of Taxes
The recent article highlighting Connecticut’s “super rich” citizens and their effect on Connecticut’s income tax revenue was unwittingly a great example of how the state of Connecticut is unfairly grubbing more than its fair share of taxes -- despite the author’s attempt to disparage the wealthy. The AP writer, Stephen Singer, attempted to suggest how “the super-rich taxpayers in Connecticut and elsewhere shielded their income through charitable donations or other means to avoid a tax hit...
The Obamacare Penalty Fee For Your 2014 Tax Filing
Obama’s Budget Contains a Federal Student Loan Bailout
A few days ago, Politico revealed a little gem hidden in the Obama budget: "In obscure data tables buried deep in its 2016 budget proposal, the Obama administration revealed this week that its student loan program had a $21.8 billion shortfall last year, apparently the largest ever recorded for any government credit program." That's a nearly $22 billion loss -- for one program, for one year. Politico described how that the amount is greater than the budgets of the EPA and Interior Department...
Albert Einstein on the Income Tax
He's a pretty smart guy....
Fuzzy Math: How Obama’s Budget Plays With Numbers to Claim Higher Deficit Reduction
Obama's budget for FY2016 claimed $1.8 trillion in deficit savings over a ten year period, 2016-2025. He used PAYGO (pay-as-you-go) rules to determine this figure, which basically means paring tax increases and spending reductions on one side to pay for new spending programs and tax credits on the other side, with anything left over going to the deficit. However, his numbers for overall deficit reduction appear to be overstated, according to an analysis by the Committee For a Responsible...
Obama’s $4 Trillion Budget, with $2 Trillion in Tax Hikes
Obama proposed his FY2016 budget on Monday. The budget is filled tax hikes -- more than 20 -- which are expected to fund more spending schemes cooked up by the President. The tax hikes total about $2 trillion in additional revenue over the next decade. "The administration contends that various spending cuts and tax increases would trim the deficits by about $1.8 trillion over the next decade, leaving the red ink at manageable levels." So, just like his yearly spending, so to with his decade...
FLASHBACK: the 1913 Tax Return
As we begin tax season, here's something to ponder. 1n 1913, the 16th Amendment was ratified which granted Congress the ability to levy a personal income tax. Below is a scan of the tax form from 100 years ago: That is the first page of the 1913 1040. It is FOUR pages in its entirety -- 3 pages of calculations and 1 page of instructions. The rest of the pages are at the end. The income tax for that year was a 1% tax on net income greater than $3,000. It also included a 6% surtax on incomes of...
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