Category: Taxes

Bloomberg touts taxing the poor: ‘Do you want to pander to those people?’

Former New York Mayor Michael R. Bloomberg, the latest entry in the Democratic presidential race, has argued in favor of taxing the poor.
As recently as last year, the billionaire media mogul made the case that higher taxes on the poor can force them to make better and healthier life choices.

Feds paid $1 Billion in Social Security benefits to individuals without Social Security numbers

The agency’s inspector general found errors in the government’s documentation for representative payees, otherwise known as individuals who receive retirement or disability payments on behalf of another person who is incapable of managing the benefits themselves.

The audit released Friday found thousands of cases where there was no SSN on file.

Study: 2020 Dem plans could eliminate 413,000 jobs

The tax hikes endorsed by many Democratic presidential candidates will eliminate up to 413,000 jobs, according to a new analysis.

Former vice president Joe Biden, Sen. Elizabeth Warren (D., Mass.), and other 2020 Democratic hopefuls have pledged to reverse President Donald Trump’s 2017 tax cuts and hike corporate tax rates to as high as 35 percent to fund expensive government programs.

Minnesota town forced to raise property taxes in wake of massive immigration overwhelming local schools

Taxpayers in the small town of Worthington, Minnesota hiked taxes to fund an expansion of their school district, since mass immigration has overwhelmed teachers, resources, and classrooms.

This week, Worthington taxpayers voted to approve an additional nearly $34 million in funds to expand the local school district, which has ballooned in class enrollment due to a massive influx of unchecked migration.

California conservatives leaving the state for ‘redder pastures’

Just over half of California’s registered voters have considered leaving the state, according to a UC Berkeley Institute of Governmental Studies poll conducted for the Los Angeles Times. Republicans were nearly three times as likely as their Democratic counterparts to seriously have considered moving — 40% compared with 14%, the poll found. Conservatives mentioned taxes and California’s political culture as a reason for leaving more frequently than they cited the state’s soaring housing costs.

Warren admits Medicare For All could lead to massive job losses

Fast forward to several weeks later, during an interview with New Hampshire Public Radio (NHPR), when Warren admitted her proposal could lead to job losses for Americans. NHPR’s Casey McDermott asked Warren about where the money will come from to fund her proposal, to which Warren said she does not have details yet “but I’ll have a plan on it soon.”

Americans spent more on taxes in 2018 than food, clothing, and healthcare combined

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.”

Trump says he is planning a ‘very substantial’ middle class tax cut before end of 2020

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.”

Amazon will pay $0 in taxes on $11.2 billion in profit for 2018

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.