Tag: taxes

The Biden Tax Idea That Will Hit You. Good and Hard.

 

We haven’t seen details of President Biden’s “Made in America Tax Plan.” It’s designed to pay for his $2 trillion “infrastructure” plan. All we have is an 18-page description published by the Department of the Treasury. But it’s a good guess that we will get all the details when the White House finally sends its FY2022 budget and supporting materials to Congress, likely after he finally delivers his first State of the Union (SOTU) address before a Joint Session of Congress on April 28, right before his 100th day in Congress. That’s a popular but meaningless benchmark that journalists like to write about.

But one needs to go back to the 2020 campaign and read or hear what then-candidate Biden promised as part of his tax plan. We know that he promised to repeal the “Trump Tax Cuts” that lowered tax rates for everyone and really lowered corporate income tax rates from the world-highest 35% to 21%. Biden also promised not to raise taxes on incomes of less than $400,000 per year.

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Chevy Chase, MD, is an affluent suburb of Washington DC. Median household income is over $250K, and a significant percentage of households have incomes that are much, much higher.  The area includes many high-end stores and restaurants. PowerLine observed in 2009 that during the 2008 election season, yards in Chevy Chase were thick with Obama […]

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April showers bring…more than just May Flowers.  April is a month many people love to hate, because it brings Taxes.  I seem to remember, from the Christmas story, that Joseph and Mary had to go to Bethlehem because the Romans declared that all the world “should be taxed”, and the rule was that everyone had […]

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Tuesday’s big headline in the financial world is that the world’s richest man, Amazon founder and CEO Jeff Bezos – also the owner of the Washington Post and Whole Foods, supports higher taxes in Joe Biden’s “infrastructure” plan (although he does want bipartisanship “concessions” – on the details). Good luck with that, in the Schumer-led […]

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Jim and Greg enthusiastically welcome polling showing 75 percent of likely voters think presenting a photo ID should be required to cast a ballot. They also hammer Joe Biden for going back on his guarantee that “anybody” making less than $400,000 per year would not get a tax increase while he’s in the White House. And they blast White House Press Secretary Jen Psaki for saying there’s “no question” that President Trump calling COVID the China virus is contributing to an increase in violence on Americans of Asian descent, including the recent murders in Atlanta.

Join Jim and Greg as they marvel at some Democrats conveniently worrying about our massive debt just one day after passing a bloated COVID relief bill totaling $1.9 trillion and eyeing an even more expensive bill in a couple of months. They also discuss the sixth allegation of sexual harassment against New York Gov. Andrew Cuomo and when state Democrats will move from muttering things about resignation to an actual impeachment effort. And they discuss the mess at the southern border thanks to Biden’s deportation moratorium and stated plans of a pathway to citizenship for illegal immigrants.

Host Joe Selvaggi talks with Connecticut Business and Industry Association’s President and CEO, Chris DiPentima, about what policy makers can learn from Connecticut’s journey from the wealthiest state in the nation, to one with more than a decade of negative job growth.

Guest:

Host Joe Selvaggi talks with Stanford University Economics Professor Joshua Rauh about his research on the reaction of Californians to a tax increase, from his report, “The Behavioral Response to State Income Taxation of High Earners, Evidence from California.”  Prof. Rauh shares how his research offers tax policy makers insight into the likely effects of similar increases in their own states, including here in Massachusetts.

Guest:

Julio Gonzales, CEO of Engineered Tax Services and national tax expert who helped advise on the 2017 Tax Cuts and Jobs Act joins Carol Roth to discuss the fallout on small business and the economy from 2020 and what to expect under a Biden administration. Julio and Carol also discuss some surprise places where individuals and business owners can turn for financial assistance, and the importance of advocating for yourself with your elected officials. 

Plus, a “Now You Know” on an underused tax break.

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2020 was a bad year for California, and worse if you were a resident of the state. California initiated a lockdown due to Covid-19 on March 20, 2020. At the time, Field Marshall Gavin said “…We project that roughly 56% of our state’s population — 25.5 million people will be infected with the virus over […]

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The COVID Relief Bill Contains What?!

 

“We have to pass the bill,” she said, “so that you can find out what is in it — away from the fog of the controversy.” Nancy Pelosi on the Affordable Care Act, March 2017. Apparently, they’re still doing it, except there’s still fog and controversy.

Do you know what is in this bill?  In case anyone in government is wondering why Americans are so angry and disjointed, why our politics are so far apart, you need go no further than the latest tax-payer debacle that’s called the 2.5 Trillion Dollar Covid Relief Bill. Why are these huge spending bills always rushed through, in the dead of night, or over a holiday week? The almost 6,000-page bill was passed along for a vote that left most unable to fully read it.

Join Jim and Greg as they fume over the obscene process by which Congress shoveled a lot of wasteful spending into the combined omnibus and COVID relief spending bill that will do some good for small businesses. But while disgusted with the process, they are excited about the doubled tax deduction for three martini lunches! And they address comments from Die Hard director John McTiernan that the film is anti-capitalist, but they just might veer off into other aspects of this cinematic masterpiece.

Join Jim and Greg as they discuss confirmation that a federal prosecutor is investigating Hunter Biden on tax issues, his foreign ties, and possible money laundering. They also sigh at the revelations of China’s efforts to infiltrate the inner circles of politicians supposedly on the rise, and how easily multiple figures seem to have fallen for it.  And they react to reports that Sen. Dianne Feinstein is suffering from cognitive decline but find the timing awfully convenient for the far left.

Arizona Voters Pass Billion-Dollar Tax Hike; Lawyers Say ‘Not so Fast’

 

Arizona has been a welcoming environment for voter-led initiatives. If you produced enough signatures, you could get damn near anything on the ballot. The statehouse tightened up the requirements after 2006, which featured 19 propositions — some of which contradicted each other.

This year, there were only two: legalizing weed and hiking taxes on the wealthy for education. (This, after the state increased teacher pay by a whopping 20 percent.) Both measures passed but in Arizona, that just means the lawsuits begin.

First out of the gate is the Goldwater Institute, a limited-government nonprofit with a strong track record of holding tax-and-spenders’ feet to the fire. They’re taking on the education tax hikes … because they are utterly unconstitutional.

Arizona Voters Foolishly Choose New Taxes

 

Arizona voters have some serious ‘splaining to do about the passage of Prop. 208, which raised education funds by boosting income tax rates up to 98% for high-income filers. How could this have happened?

Arizona schools have already received over $1 billion in new sustainable monies over recent years, with more coming. More importantly, Arizona public schools, without receiving much credit, have become a remarkable success story.

Academic achievement gains for minority students are among the highest in the nation.  Arizona charter schools excel in competitive rankings.

Join Jim and Greg as they discuss Senate Democrats unloading on Minority Leader Chuck Schumer over Democrats failing to win several highly targeted seats this year. Is his job safe? They also unload on Joe Biden’s plan to tax gun owners $34 billion and ban some of the most popular rifles and magazines on the market. And they dissect New York Gov. Andrew Cuomo melting down over COVID, schools, and law enforcement officers refusing to endorse his absurd policy on Thanksgiving gatherings.

James Rickards, Editor of Strategic Intelligence, a financial newsletter and New York Times bestselling author joins Carol Roth to discuss the various reasons why different companies pay no federal income taxes, what the New York Times got wrong with the “exposé” on President Trump’s taxes and how you can reduce your own tax burden. Plus, a discussion on the Fed, the money supply and inflation. 

Plus, a “Now You Know” segment on gold. 

Join Jim and Greg as they cheer President Trump’s selection of Judge Amy Coney Barrett for the U.S. Supreme Court. They also dig into the New York Times story on Trump’s taxes and discuss what might be damaging and what’s just noise. And they discuss the spectrum of attacks Democrats and their media allies are aiming at Judge Barrett – from Obamacare scares to bashing her for being a working mom to why adopting kids from Haiti is somehow troubling.

Join Jim and Greg as they get a kick out of New York Democrat Rep. Max Rose posting a six-second ad just to bash deeply unpopular Mayor Bill de Blasio and hope it means Rep. Rose is feeling nervous. They also wade into the supposedly explosive revelations about President Trump’s coronavirus approach in Bob Woodward’s new book. And they fume as our tax dollars help pay for an event calling for an end to capitalism and even the United States itself.