This is right up there with “those filthy rednecks down South in trailer parks.”
This is right up there with “those filthy rednecks down South in trailer parks.”
The “severe” tax cut bill that Jay Nixon vetoed today?
It would have cut the top income tax rate down from 6% to 5.5% starting in 2017. Remember that that rate starts at $9,000 a year, so that would have applied to a lot of people.
There’s another thing. Missouri’s income tax brackets, which were in six increments a thousand bucks apiece and a percent apiece starting at $1,000 a year and topping off at $6,000 a year, (until it was changed a few years ago to have nine brackets of a thousand apiece and a half percent apiece topping out at $9,000 a year), were implemented when Missouri first started its income tax, when $1,000 a year of income wasn’t just chump change. What I wish they’d do before anything else is gradually widen out the brackets to reflect for the dollar inflation that has happened since 1931. If, for example, we indexed the brackets to inflation back in 1931, and still had six brackets, the brackets today would be $15,000 apiece, meaning that 6% wouldn’t start until $90,000.
Or just cut the crap and make 6% the flat rate.
Usually, attempts to override the Governor’s veto on major legislation is usually held back until the September special session. But the Senate late yesterday and the House just a short time ago today have already overridden the veto. I was hearing yesterday that the legislature would move quickly on an override, but I thought that was more bluster than reality.
Who’s the snarky blogmeister who’s been saying that governments are going to get so hard up financially that they’re simply going to refuse to mail out tax refund checks, and therefore the thing to do is engineer your withholding so that you slightly owe rather than get a big refund?
Turns out I was slightly wrong. It’s not that they’re willy nilly refusing to mail out the checks, they’re passing and latching onto flimsy laws and flimsy legal excuses to requisition refund checks.
A tax reform plan that heavily benefits married couples with children. Reading between the lines, white working and middle class families would disproportionately benefit, with the biggest benefit going to high TFR demographics, like, say, Mormons.
Gee, you don’t think Mike Lee is a Steve Sailer reader, do you? You don’t think someone in the Republican Party is finally taking the hint and looking into this whole affordable family formation thing, do you?
Yeah, like I would really trust a firm with an Ebonics name with my personal financial well being.
Now it’s time for some YT fun.
Yes, gay America. It was all a diabolical trick on our part to get you to pay more taxes.
This part is interesting, though:
Shulman was appointed by President George W. Bush, a Republican. His 6-year term ended in November. Obama has yet to nominate a successor. The agency is now run by an acting commissioner, Steven Miller.
This is the hook that Obama flunkies are using to (five, six, seven, eight…) BLAME BUSH.
OTOH, it wouldn’t surprise me in the least. RINO/Establishment Republicans aren’t exactly fond of the Tea Party Movement, either. Could the Obamaites and the RINOs have joined forces to use the IRS to put the screws on the TPM? Short answer: Yes.
Newark, New Jersey
Sorry, dear. That card will ordinarily get you very far in B.R.A., but taxes are the only things for which the Yankee government does not have an affirmative action program.
Don’t fall for costly tax-refund anticipation loans, Illinois AG warns
The Illinois attorney general’s office is warning the public to be on the lookout for the high cost of tax-refund anticipation products.
Attorney General Lisa Madigan says her office is watching closely after a recently-enacted state law prohibiting so-called “junk fees” for refund products.
She says that with the deadline for filing annual tax returns, it’s important not to be fooled.
Correct. If you’re an Illinois income tax filer whose return shows that you’re going to get a refund, DO NOT, and I repeat, DO NOT take out a costly refund anticipation loan.
Because you’re never going to get your refund.
It’s important not to be fooled.
H/T Steve Sailer
They say “liking” accountants is a trait of the well organized.
Believe me, there are plenty of scatter brained neurotic accountants out there with messy domiciles.
Second, if accountants are that well organized, how could the Enron/Arthur Andersen scandal happen at all? If accountants are well organized, why is income tax law so fucked up and confoosling? (Calm down, peanut gallery. I’m asking that question rhetorically. I already know the answer to it.) An upper middle income individual with a complex personal financial situation could take his big box of receipts and paperwork to 50 different CPAs on February 1, and on April 14, he’ll get back 50 different bottom lines.
And I’m not just being glib. I don’t know if this still happens, but some association or foundation once ran a yearly contest for CPAs, income tax lawyers and other interested parties. They would “start” with the right numerical answer in terms of what the hypothetical person’s income tax rebate or deficit would be, then build a complicated personal tax situation around it. Then they would open up the contest. What they found out is that only a small percentage of entrants per year ever got the right answer, and furthermore, next to nobody who entered this competition more than once was ever right more than once, i.e. next to nobody was ever consistently correct year in and year out. And yes, I once entered this competition…and got it wrong.
This makes me wonder: Why hasn’t the Federal judiciary knocked out the whole income tax code for substantive due process?
And also…only your ever lovin’ blogmeister could do a blog post that’s categorized as BOTH “Society and Sociology” AND “Taxes.”
Oh wow. Twenty-five cents. Wow. I hope it doesn’t break the bastards.
Meanwhile, in Crook County, there was recently enacted a twenty-five dollar tax per handgun sales tax (actually, a second one, because one already existed). Not that anyone will pay it, as all the gun stores will soon close in Crook County.
Four Metro East residents have been indicted for filing false tax returns, federal prosecutors said Thursday.
Anaya Bluiett, 25, of Brooklyn; Terri M. Boatman, 45, of Belleville; Demetrius L. Combs, 21, of East St. Louis; and Gemarian Douglas, 37, of Alorton, were each indicted on at least one count of making and subscribing a false federal income tax return. Bluiett was indicted on three counts and Boatman on two counts.
The only possible non-black here is Terri Boatman. If she’s white, then she’s probably the bookkeeper/accountant brains behind this scam.
My favorite golfer is a bit lacking in the common sense department.
California will soon do to its ex-residents what New York State has been doing to many of its ex-residents for years, Rush Limbaugh most famous among them. And you won’t have to be an ex-Californian with hundreds of millions in the bank, either. They’re going to hustle and extort as many relatively middle class defenseless refugees as possible, until they give up and pay up.
I saw this coming. As early as just after the fall 2008 financial crisis, I predicted exactly this in the comment section of AR.
As part of the latest “fiscal cliff” deal, Warren Buffett pays not a dime in new taxes, while his secretary will.
Maybe he will, or least he should legally speaking. See the comments below.
I don’t think SCOTUS would let an actual emigrant tax fly for interstate commerce/restraint of trade/substantive due process concerns.
But as Rush said today when talking about this story, New York is already doing this in sorts: Their state taxing authority audits him all the time just to catch him “working” in New York, which he hasn’t done since 1997. Yeah, Rush can afford to be audited, but what if California tries this trick against middle class white people who fled for Arizona and Idaho? They’ll pay the extortion because they can’t afford lawyers.
If that doesn’t happen, then all these death spiral cities and states will ask Barack Claus for Kwanzaa gifts, and he’ll be more than happy to give, because John Boehner will be too busy negotiating with himself on how big the bailout should be to say no to Obama.
There shouldn’t be as much as one Democrat worried about “going over the fiscal cliff.” All it would mostly mean is re-instituting what were the marginal income tax rates during the Clinton years. And they keep telling us that those and those alone were solely responsible for the “prosperity” of the 1990s. (*)
(*) – Never mind the low gas prices, the glut of VC flooding SV and every dot com flash in the pan idea of 20-year olds, a reasonable level of Federal spending as a percentage of GDP due to pre-9/11 and pre-Afghanistan/Iraq and pre-Medicare Part D and pre-Baby Boomer retirement pressure on Social Security and Medicare and pre-TARP and pre-ARRA, a Republican Congress that, while far from perfect, was loath to adopt the kind of big government Clinton really wanted, and at least until the very latter part of the 1990s, fairly affordable family formation prospects due to the housing bubble not yet manifesting. Needless to say, the “prosperity” that existed during the Presidency of B.J. Clinton was due to a combination of factors which will probably never present ever again.
Your Blogmeister’s Desk
But then…some deductions.
I FEEL LIKE: $1,000,000.00
S.I.T.: $ 59,006.02
L.I.T.: $ 10,000.00
FICA: $ 76,500.00
Right Wing Sin Tax: $ 66,666.66
B.R.A. Fee: $105,000.00
DREAM Amnesty Fee (*): $ 465.00
Total Deductions: $985,624.15
So I only really feel like $14,375.85 today.
(*) – You didn’t really think they’d be paying that $465 fee, did you?
Like I told you a year and a half ago, political candidate pledges of any sort are stupid, even if I happen to agree with the content of the pledge. I wouldn’t sign a one.
For his part, Norquist is defending himself by noting that Bush 41 lost his bid for re-election after he violate his “read my lips no new taxes” promise, which was a quasi-pledge. Yes, that tells me something, but it doesn’t tell me anything good for Norquist’s cause and the cause of the pledge-industrial complex. Once politicians run off half cocked during a campaign and sign all these dorky pledges and/or make quasi-pledge spoken or written promises, they leave themselves no room to maneuver or pivot or wiggle. One very hard and bitter lesson that I learned from being part of the Todd Akin campaign is that as much as I’ve always been attracted to Todd precisely because he was so black-and-white (“A thing that is 99% right is by definition 100% wrong”), and that he was in politics for the Hallmark Card/Lifetime Movie/Civics 101 “right” reasons all along, the engineer’s ethos about 99% right = 100% wrong doesn’t much hurt you when you live your political life in safe red (or safe blue) gerrymanders, but once you go statewide or nationwide, you have to learn how to pivot and maneuver and yes, sometimes compromise and learn how to govern against your instincts or base morality, simply because the whole state or country has red voters, pink voters, blue voters, purple voters, slate blank voters, drone voters and low information voters.
The fallout here is that politicians will be very loath to sign these kinds of pledges in the future.
Another factor is that I don’t buy into the conventional and too-easy wisdom that Bush backsliding on “read my lips” was the singular cause of him losing in 1992. It’s conventional wisdom that the Grover Norquists of the world and the pledge-industrial complex want you to believe, because the net consequence of people believing it is that they are more empowered and their egos are whetted. The main component of the 1990 budget deal that Bush signed was that the top marginal income tax rate was bumped up from 28 to 31 percent for relatively high income earners. The main part of the deal which most people felt was a five cent per gallon bump up in the Federal retail automobile petroleum tax, and back in those days when gas prices were $1.0x, it was a bit of a hit, even though five cents wouldn’t seem like it by today’s standards. But was a 3% marginal increase on higher income people grounds enough for the average person to turn out the President who signed that into law? I remember hearing this conversation around a lot of kitchen tables in the Fall of 1992: “Schucks, Mabel, someone making more than $120,000 this year has to pay 3% more on the amount over $120,000 that he made. That bastard Bush. That does it, we’re votin’ for the Arkansas hillbilly.” (Note the sarcasm) No, the real reason Bush didn’t win was because the economy overall in 1992 was worse than it was in 1988.
While there was a 91% top marginal personal income tax rate between WWII and the JFK Presidency, virtually no dollars were ever exposed to that tax rate, because the income threshold for that rate was so extremely high, plus deductions, and the existence of trust funds. In fact, there were many tax FIT tax brackets, compared to the two that existed from about 1985 to 1990, three from 1990 to 1993 and five from 1993 to the present. The reason nobody cared is because almost all income earners were in lower brackets. But, since the bracket thresholds weren’t automagically indexed to inflation, (doing that only started in 1985), as post-1964 inflation kicked in, household incomes kept experiencing bracket creep, and taxed at rates that almost nobody’s income was taxed at in the 1950s.
I think the best solution going forward is a single rate FIT with the only deductions being personal, spousal and dependent, with a relatively manageable rate, and extending FICA rates to all income. Tax-free trust funds and most non-profit organizations…gone. There should also be a 50% rule, in that no person should be made to pay more than half his income in total taxes to all levels of government, which means that if someone’s total tax remittances, FIT + FICA + State (if applicable) + Local (if applicable) + documented sales taxes paid + The personal property and real estate taxes on at most one residence and at most two automobiles (we don’t need to subsidize Jay Leno’s car collection) is more than half of his or her income, the Feds will send them a rebate for the delta amount that is over 50%.
I’m not for a VAT. If we’re going to have Federal sales taxes, they should be on the retail end only, because a 10% VAT means exactly the same end-user retail cost increase as would a 10% retail end-user sales tax, only a VAT is a bureaucratic nightmare and more of a lead anchor on the economy than a regular sales tax.
Toni Prickwinkle drops the bullet tax, but wants a twenty-five clam per unit tax on firearms sales.
Suggestion for those of you who live in a Chicago-area collar county: Either start a gun store or speculate on commercial-zoned real estate, either one near the Cook County line.
Most of the rest of the article goes on to detail how guns misbehave so badly in many parts of Cook County, but mysteriously, hardly anywhere else.
Hempstead, New York
If just taking us black to the Clinton-era marginal income tax rates will lead to Clinton-era prosperity, then why won’t rolling back Federal spending levels to Clinton-era budget levels do the same thing?
While we’re at it, can we have our Clinton-era gas prices back? As low as 67.9 cents a gallon at one station in St. Louis in November 1998.
It’s as if they think the world ends at the boundaries of Cook County, and that if you try to leave, you’ll fall off the Earth.
The King of the Klingons might have been saying this just to say it, so I don’t know any specifics of his plan, if he even has a plan.
But it’s a good idea.
Federal income tax data consistently show that people aren’t paying their fair share. Upper income earners pay a higher share of the FIT burden than their percentile share’s percentage of the national income. Meanwhile, the lower 47% pay nothing in spite of having a positive even if miniscule percentage of the national income. In fact, a lot of the non-payers are net recipients because of the EITC, which used to be for single parent households with children of relatively low income, but the EITC net has been widened so far (thank you Bush) that I might even qualify for it.
Except the people who make those states rank so highly aren’t Republican voters. Which in turn is a reason why those states are red.
Confoosled? I’m not.
It’s as if someone found the craziest 24,000 people in America and sent them to Charlotte to be Democrat delegates
I guess these people don’t know that corporate profits are taxed to become government revenue, especially in the United States, which has the highest corporate income tax rate among advanced economies.
Use your common sense: If there was even one year in the past ten where a man of his income would have had zero liability, even considering the more than ten percent of his income he gives away to charity, (and that doesn’t reduce your tax liability as much as some think it does), he would be in Federal prison right now.
His 2010 return. Line 60 is his total liability. Some time soon, he will release his 2011 return, which he does not have to file until October 15 instead of this past April 15 because he filed for an extension. It will probably be much the same, lather rise repeat for the eight years before 2010.
Harry Reid: Bain Investor Told Me That Mitt Romney ‘Didn’t Pay Any Taxes For 10 Years’
WASHINGTON — Senate Majority Leader Harry Reid (D-Nev.) has what he says is an informed explanation for why Mitt Romney refuses to release additional tax returns. According a Bain investor, Reid charged, Romney didn’t pay any taxes for 10 years.
FAIL, for two reasons: One, PwC does Romney’s returns, so this unnamed “Bain investor” wouldn’t know. Two, Romney did release his returns for TY 2010, and he did have a tad over $3m in total liability.
Maine Governor LePage apologizes for “Gestapo” comment
Maine Governor Paul LePage apologized on Monday for calling the U.S. Internal Revenue Service the “Gestapo” during criticism of President Barack Obama’s healthcare law.
The Republican governor compared the tax agency to Nazi secret police during a weekend radio address on healthcare. “You must buy health insurance or pay the new Gestapo — the IRS,” he said, according to local media reports.
He wasn’t lying, he was telling the delayed truth.
You think the IRS is bad now? Wait until ObamaCare gives them permission to stick the probe way up your ass to see if you’re complying with that monstrosity. No wonder they’re hiring thousands of new parasites agents.
And all this is okay according to John Roberts.
We will finally hear from SCOTUS tomorrow on ObamaCare. They have to decide tomorrow, for it’s the last day of the term.
If the individual mandate is declared unconstitutional and it being so intertwined with the rest of the bill takes down most or all of ObamaCare, then the Democrats won’t have anyone to blame but themselves. They tried to argue in court that the individual mandate wasn’t a mandate, but was nothing more than a per capita tax on people who had at least a certain income level and didn’t have a qualifying health insurance plan. The problem with that argument is that the White House wanted to keep the fact that they argued that as far under the vest as possible, because that would have broken his “no new taxes for people who make under x a year” promise. And, as a matter of fact, the tax isn’t a tax, it is clearly stated as a fine as a punishment for a “criminal offense” of not directly or indirectly purchasing or earning something.
I don’t even know if per capita fixed dollar amount taxes are even constitutional, even under Art 1 Sec 9 Clause 4 and the 16th Amendment combined. What might make it constitutional is that, pretending the fine for violating the individual mandate is a tax, those liable for the tax must have a certain income, so the Federal judiciary might be convinced that this is nothing more than an unusual income tax.