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Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts

Repeal the Income Tax?

Tuesday, September 30, 2008 by Unknown

Another gem from Cato@Liberty:

The New York Times takes note of the brewing tax revolt in Massachusetts, where a grassroots group has put an initiative on the ballot to repeal the state income tax. The Times headline (on paper) reads, “On Massachusetts Ballot, a Tax Repeal That Worries Leaders.” Why does a newspaper that purports to be a check on government so often present questions from the government’s point of view? Did they once publish headlines like “On Washington Mall, a Peace March That Worries Leaders” or “In Massachusetts, a Civil Rights Crusade That Worries Leaders”? I doubt it.

And I should in fact congratulate reporter Pam Belluck for writing

It would save the average taxpayer about $3,600 a year. Annual revenue from the tax is about $12.5 billion, roughly 45 percent of the state’s budget of about $28 billion.

Too often, as we’ve noted before here on Cato@Liberty, the mainstream media use the formulation “the proposed cut would cost the government millions of dollars.” At least this time Belluck started with the taxpayer.

Read more here and here.

Why are U.S. Taxpayers Coming Down with the Bailout Blues?

Friday, September 12, 2008 by Unknown

The really funny, and more to the point, honest answer is here.

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I'm Going to Pump Your Taxes Up!

Thursday, August 28, 2008 by Unknown

It seems to me that some people still haven't realized that people will move away from higher tax hellholes, moving out to the suburbs or even, in some instances, out of the State completely.

From TaxProf Blog:

A California activist is trying to gather the 694,354 signatures needed to place a tax initiative on the ballot that would:

  • Impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate) -- 17.5% (on all of the taxpayer's income) when income exceeds $150,000 (single)/$250,000 (joint), and an additional 17.5% (again, on all of the taxpayer's income) when income exceeds $350,000 (single)/$500,000 (joint).
  • Impose a one-time 55% wealth tax on assets exceeding $20 million held by a California resident or held in California by nonresident.
  • Impose an exit tax of between 36.5% to 54.3% on both income and unrealized appreciation in asset values over $5 million when a resident dies or leaves California