Tag: income tax

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I need a mental break from preparing my taxes and the usual dread of having to wade through what seems like hundreds of little problems involving old papers filed away somewhere, lost passwords, and kluge software. Partly as an escape and partly out of concern that the whole system is out of control, I have […]

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Jim Geraghty of National Review and Greg Corombos of Radio America discuss rapidly dropping rates in illegal immigration across the southern border. They also reproach Illinois state representatives – especially Republicans –  for agreeing to tax hikes instead of dealing with major fiscal problems. And they question CNN’s decision to intimidate an anonymous Reddit user over the controversial GIF President Trump re-tweeted on Sunday. To finish off the day, they criticize the History Channel for concluding what happened to Amelia Earhart based largely on one photograph.

Richard Epstein examines the principles that should guide efforts to reform America’s tax system.

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From WikiPedia: “The Sixteenth Amendment (Amendment XVI) to the United States Constitution allows the Congress to levy an income tax without apportioning it among the states or basing it on the United States Census. This amendment exempted income taxes from the constitutional requirements regarding direct taxes, after income taxes on rents, dividends, and interest were […]

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The Libertarian Podcast, with Richard Epstein: “On Trump and Taxes”

 

Are members of the hedge fund crowd really just getting lucky by pushing paper around? Is the tax treatment of carried interest a national scandal? Is there a principled case for taxing capital gains at a different rate than ordinary income? And what’s the right approach to take towards comprehensive tax reform? Those are some of the questions I explore with Professor Epstein this week as we examine Donald Trump’s criticisms of financial elites. Listen in below or subscribe to The Libertarian podcast via iTunes.

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Technology changes culture. Increasing support for abortion took a downward turn in the 90s, and ultrasounds usually get the credit. The fetus was seen as a person because, for the first time, it could be seen. I worry an analogous (but not virtuous!) effect will be caused by income tax filing software. What if the […]

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Do Liberals Really Think An 80% Tax Rate Wouldn’t Hurt the U.S. Economy? — James Pethokoukis

 

Federal income taxes went up last year, a financial reality becoming ever clearer to many higher-earning Americans as tax day looms. But how much higher can Washington clip wealthier Americans before rising tax rates really weigh on US economic growth?

041414taxesQuite a bit, some would argue. Despite those tax hikes, the American economy actually grew faster in 2013 than in 2012. Real GDP — measured fourth quarter over fourth quarter — accelerated to 2.6% from 2.0%. Another point: while the current top tax rate of 39.6% is the highest since the 1990s, the economy has done just fine with top rates double that level. Real GDP grew by 3.6% annually in the 1950s even with a 91% top rate. Going forward, progressive economist and inequality researcher Thomas Piketty recommends a top rate of 80% in his new book Capital in the Twenty-First Century, a work much praised on the left. Clearly, then, tax rates could go a lot higher both to reduce income inequality and raise more dough for government spending programs, right?

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Have I found a legal loophole to end the oppressive seizure of income by those states that tax income?  SCOTUS in Pollock V. Farmer’s Loan & Trust, declared income tax illegal.  In a fit of bad planning the States then amended the constitution,  the 16th amendment making income tax legal.   It states very clearly […]

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