If there were trillions of dollars socked away in convenient vehicles to avoid taxes and benefit the ultra-elite should we not tax them? Are they not fair game in a just system of taxation, where the little guy and the middle class have to pay up—or else?
The largest endowments, mainly universities indoctrinating students in social justice, wokeism, and class warfare, pay absolutely no taxes.
The big foundations, promoting radical left-wing activism, likewise pay no taxes.
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In the mood for a depressing statistic? A new report from the financial services firm Self concludes that the average American will pay an astounding $525,037 in taxes over their lifetime—roughly 34 percent of their lifetime earnings.
But the numbers aren’t uniform across the country; they vary wildly from state to state. Based on taxes on earnings, spending, property, and cars, here are the 10 states where residents pay the highest taxes over a lifetime.
1. New Jersey
Topping the list is New Jersey, where residents will, on average, owe an astounding $932,000 in taxes over their lifetime. That’s nearly 50 percent of their typical lifetime earnings!
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The Biden administration proposed a minimum global corporate tax rate of 15%, but said it hoped world leaders would negotiate a more “ambitious” minimum rate.
Treasury Department officials proposed the 15% minimum corporate tax rate during an Organization for Economic Cooperation and Development (OECD) meeting on taxation Thursday. The meeting marked the initial discussions over a global minimum rate between nations after the Treasury Department had previously pushed for such a tax to stop the global “race to the bottom.”
“Treasury proposed to the Steering Group that the global minimum tax rate should be at least 15%,” the department said in a statement Thursday. “Treasury underscored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher.”
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There will always be munis. Income from municipal bonds typically enjoys tax-free status at the federal level and in the issuing state. Conversely, when investors put wealth to work in a startup, private corporation, or public company, they face a capital gains tax penalty if their investment bears fruit. If a home run, that penalty becomes enormous.
Imagine that. Investors who subsidize the growth of government largely avoid taxation. But if they back an innovative corporation, or rush a distant future into the present through an intrepid investment with a visionary entrepreneur, a major IRS bill awaits.
Worse, the cost of prescient investing may soon increase. Seemingly in a bid to placate his ravenous left flank, President Biden has announced a proposal to nearly double the federal penalties on savings and investment to 43.8%.
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A Georgia lawmaker is pushing for more transparency in tax-incentive proposals for developers ahead of the upcoming legislative session.
Rep. Mary Margaret Oliver, D-Decatur, has pre-filed a legislative package that would allow local governments and school systems to be involved in the development of annexation and tax-abatement plans.
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Ever since the beginning of the pandemic, working from home is the new normal.
In 2018, just 5.4 percent of the US’s working population worked remotely. By mid-2020, it had turned into reality for 56 percent of the workforce. While not all workers forced to stay home were quick to welcome the change, many learned to enjoy it over time. With state governments beginning another round of lockdowns, it isn’t shocking to see many companies choosing to carry on with remote work.
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Federal prosecutors in Delaware are investigating Hunter Biden for potential tax crimes, he said in a statement issued Wednesday through his father’s presidential transition team.
“I learned yesterday for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs,” Biden said in the statement.
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President-elect Joe Biden in a Wednesday interview said “there’s no reason why” his administration shouldn’t raise both corporate and individual income taxes to levels maintained during former president George Bush’s administration.
Biden insisted “everybody pairs their fair share” in taxes during his presidency, and suggested a nearly 40% rate for those in the top bracket, which he said was commonplace during the Bush era, in an interview with the New York Times.
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President-elect Joe Biden’s proposed firearm tax could cost gun owners upwards of $30 billion to keep the weapons they already possess, according to The Washington Free Beacon.
Biden plans to mandate both taxation and registration of so-called “assault weapons” and high-capacity magazines under the National Firearms Act (NFA), which requires a $200 fee per item, according to the former vice president’s campaign website. Around 20 million rifles and 150 million magazines would be taxable, leading to a total cost to U.S. gun owners of over $34 billion, according to the Free Beacon.
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Democratic presidential candidate Joe Biden’s proposed tax increases of nearly $4 trillion over the next 10 years, if passed, “would be the highest in American history – indeed, in world history,” an analysis of his plan determined.
Lew Uhler, founder and chairman of the National Tax Limitation Committee and National Tax Limitation Foundation (NTLF), and Peter Ferrara a senior policy adviser to NTLF, made that conclusion in a new report published by The Hill.
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