So, the $14,758.11 that the average American consumer unit paid for food, clothing and health care was $3,859.82 less than the $18,617.93 it paid in federal, state and local income taxes, property taxes, Social Security taxes and “other taxes.”
State prosecutors in Manhattan have subpoenaed President Trump’s accounting firm to demand eight years of his personal and corporate tax returns, according to several people with knowledge of the matter.
Speaking to House Republicans in Maryland on Sept. 12, Trump promised to make further changes to the country, including additional tax cuts.
“We are working on a tax cut for the middle-income people,” Trump said. “We’ll be announcing it some time in the next year but it’ll be a very, very substantial tax cut for middle-income folks who work so hard.”
While some people have received some surprise tax bills when filing their returns, corporations continue to avoid paying tax — thanks to a cocktail of tax credits, loopholes, and exemptions.
According to a report from the Institute on Taxation and Economic Policy (ITEP), Amazon (AMZN) will pay nothing in federal income taxes for the second year in a row.
Besides spending tens of billions of dollars on fraud-infested programs to feed the poor, the U.S. government wastes an additional $907 million to give recipients useless “nutrition education” courses with rates of effectiveness that cannot be assessed. It marks the latest scandal to rock the government’s famously bloated and corrupt food stamp program as well as a multi-billion-dollar sister project that feeds millions of low-income women and their children.
Writing on Twitter, Trump wrote: “Baltimore’s numbers are the worst in the United States on Crime and the Economy. Billions of dollars have been pumped in over the years, but to no avail. The money was stolen or wasted.”
“Ask Elijah Cummings where it went. He should investigate himself with his Oversight Committee!”
President Trump will be ineligible for California’s primary ballot next year unless he discloses his tax returns under a state law that took effect immediately Tuesday, an unprecedented mandate that is almost certain to spark a high-profile court fight and might encourage other states to adopt their own unconventional rules for presidential candidates.
When Governor Pritzker announced a $41.5 billion capital spending plan a couple weeks ago we thought it was surely just a pie-in-the-sky first offer – that economic realities and unpopular tax hikes needed to fund so massive a plan would chop it down to something reasonable.
Silly us. The plan has now increased to $45 billion.
To get a sense of the enormity of that number, consider that it’s over twice the state’s combined annual revenue from personal and corporate income taxes. It dwarfs all recent capital spending programs. The Illinois Jobs Now capital plan under Governor Pat Quinn was for $18.0 billion in new projects and $11 billion of reappropriations from previous years. Governor George Ryan’s Illinois FIRST was for $12 billion. The Build Illinois program under Governor Jim Thompson was $2.3 billion.
It took just seven minutes for Illinois state senators on Wednesday to advance major legislation that would revamp how personal income is taxed since the state income tax was enacted 50 years ago.
The 40-19 vote in the Democrat-controlled Senate approved a proposed amendment to the state constitution to eliminate the flat tax requirement and paved the way for a graduated-rate income tax, which would charge higher rates on higher incomes, the Chicago Sun-Times reported. The plan is a top legislative priority of Democratic Gov. J.B. Pritzker.
When a powerful chairman of a committee of the House of Representatives has a wife that is bringing in money from entities with interests before his Committee and she is not providing the transparency mandated by the IRS, there’s a serious problem. The potential for corruption in this situation is simply off the charts and can’t be understated. We hope Chairman Cummings works with his wife to end the stonewalling and provide the public with what’s legally mandated all charities provide.