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Author Topic: Tax Policy  (Read 46094 times)
Crafty_Dog
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« Reply #550 on: January 03, 2014, 10:54:55 AM »

13 Tax Hikes in 2013

Now that 2013 is history, here's a recap of some of the taxes that went up last year: Payroll tax (from 4.2% to 6.2%); payroll taxes on those earning more than $250,000 rose another 0.9% on top of the other rate increase; top marginal rate (from 35% to 39.6%); personal exemptions began phasing out for couples earning more than $300,000; ditto for itemized deductions; capital gains and dividends tax increased from 15% to 20%; the death tax on estates larger than $5 million rose from 35% to 40%; taxes on business investment increased; the ObamaCare surtax of 3.8% kicked in for those earning more than $250,000 per year; medical device manufacturers now pay 2.3% excise tax on their products; the deduction for medical expenses was reduced; the corporate deduction for Medicare Part D subsidy expenses was eliminated; and health benefits deductions for corporate executives were limited.
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Crafty_Dog
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« Reply #551 on: January 06, 2014, 10:50:24 AM »

http://www.nytimes.com/2014/01/06/opinion/abolish-the-corporate-income-tax.html?nl=todaysheadlines&emc=edit_th_20140106&_r=0
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G M
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« Reply #552 on: January 06, 2014, 10:55:53 AM »

No kidding

http://www.telegraph.co.uk/news/worldnews/francois-hollande/10546181/Francois-Hollande-concedes-taxes-too-heavy-in-admission-that-annoys-all-sides-in-France.html

"the unpopular socialist president - weakened by tax increases, rising unemployment and a shrinking economy..."

They got one too!
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ccp
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« Reply #553 on: February 15, 2014, 03:37:17 PM »

Well I was mad when I read about the Olympic medal tax.  I thought just another example of government ripping off people.   But now I am more mad @ the response.  The "notion" [using the bamster's favorite word] that suddenly Olympians should not have to pay what most everyone else has to pay is illogical, unfair and again manipulating tax codes for political gain.

And for the records.  Olympians aren't going to the Olympics to represent the US.  Maybe is was that way 100 years ago.  Now they all go to cash in.  Nothing wrong with that.  But why cannot I not make a stock gain without being ripped off.  Why do I have to pay taxes on everything?   

This whole thing wherein politicians pick and choose who pays and who doesn't and how much has got to go.

****February 13, 2014, 04:29 pm
WH: Don't tax Olympians on medals
   
 By Justin Sink

The White House said Thursday that President Obama still believes American Olympians shouldn’t have to pay income taxes on the medals they win.

“The president believes we should support efforts to ensure that we’re doing everything we can to honor and support our Olympic athletes who have volunteered to represent our nation at the Olympic Games,” White House spokesman Bobby Whithorne told Yahoo News. “We still support this effort.”

During the 2012 presidential campaign, the White House said those who medaled in the summer games should be exempt from taxes on their winnings.
“If it were to get to his desk, he would support it," White House press secretary Jay Carney said of proposed legislation.

But a bill by Sen. Marco Rubio (R-Fla.) never moved in the Senate.

"Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness," Rubio said in 2012. "Athletes representing our nation overseas in the Olympics shouldn't have to worry about an extra tax bill waiting for them back home."

U.S. athletes are paid cash prizes when they place in Olympic events: $25,000 for a gold, $15,000 for a silver and $10,000 for a bronze.

How much athletes pay back to Uncle Sam will depends largely on what other income they report for the year. But according to an analysis by the anti-tax group Americans for Tax Reform, gold-medal winners in the top tax bracket could see nearly $10,000 of their $25,000 winnings taken by the government.

Even athletes in the lowest tax bracket could fork over as much as $2,500 on a gold medal prize, $1,500 on a silver and $1,000 for a bronze.

Three Republican lawmakers — Reps. Blake Farenthold (R-Texas), Walter Jones (R-N.C.) and Pete Sessions (R-Texas) — proposed a bill similar to Rubio's before this year's games, but it has also failed to gain traction.
.

Read more: http://thehill.com/blogs/blog-briefing-room/news/198372-white-house-dont-tax-olympians-on-medals#ixzz2tQdVmVUp
Follow us: @thehill on Twitter | TheHill on Facebook
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Crafty_Dog
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« Reply #554 on: March 01, 2014, 06:07:22 PM »

http://madworldnews.com/couple-who-found-10-million-in-gold-coins-gets-another-surprise-and-its-not-a-good-one/
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DougMacG
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« Reply #555 on: March 03, 2014, 12:55:33 PM »

Camp's proposal is not exactly what I am looking for, but I respect him for stepping forward with a real plan.  John E. Sununu comments on it in the Boston Globe today.

Tax reform: Ski it if you dare
By John E. Sununu    March 03, 2014
 
When David Camp, chairman of the House Ways and Means Committee, released tax reform legislation last week, the first thing that sprang to my mind was Mount Washington’s Tuckerman Ravine. Looming just 2 miles or so from the Pinkham Notch visitor center, the greatest natural snow bowl east of the Mississippi beckons thousands of hardened skiers every year. The ravine’s 50-foot snow pack entices them with the promise of beauty and exhilaration. For those who conquer it, there’s a sense of achievement to which nothing else compares.

In Washington, the siren of tax reform calls out to devoted policy wonks in the same way. Designing a simpler tax system, like skiing the ravine, allows suitors to take on as much as they dare: corporate taxes, personal income taxes, or the entire 75,000-page code. At Tuckerman, the higher you climb, the steeper the grade. The ultimate thrill is reserved for those willing to attack the sheer face from the snowfields above.

Approaching the steep headwall from that relatively flat terrain, the slope falls away so abruptly that skiers cannot possibly see what awaits below — until they pass the point of no return. Tax seminars, hearings, and speeches are the Washington version of those snowfields. Everyone gets the opportunity to posture, talk about what could be, and pretend they know what lies over that horizon. But as Camp found out last week, talking and doing are different things. Once you crest the lip and are clinging to a 55-degree slope, the mountain becomes a lonely place.

Camp’s loneliness has nothing to do with ability. The Michigan Republican is an outstanding congressman with an effective, inclusive leadership style. But the “discussion draft” he made public contains something that makes most members of Congress uncomfortable: details. Every deduction, credit, exemption, and loophole makes the tax code more complicated, and simplification demands that they must go. Meaningful tax reform requires trade-offs. But when confronted with hard choices, most members of Congress start looking for a way to bail out.

Camp’s bill demonstrates the courage of his convictions. Rafts of deductions are capped, phased out, or eliminated altogether. The bill reduces the number of personal income tax brackets from seven to three: 10 percent, 25 percent, and an additional surcharge on income over $400,000. The corporate tax rate would drop from 35 percent today — one of the highest in the world — to 25 percent.

Wisely, Camp designed his bill to be revenue-neutral. It doesn’t attempt to raise or cut tax collections overall. Perhaps more important, it is “distributionally” neutral; he makes no effort to raise or lower taxes for the rich, the poor, or the middle class. This debate should be about how we pay, not how much — and about making the code and our entire economy more efficient, productive and fair.

Avoiding class warfare rhetoric makes for a smoother trail, but those who benefited from the code’s complexity will still be unhappy. Every wrinkle in the current tax code has its own constituency. Farmers, ranchers, teachers, caregivers, and gamblers — an endless list — are singled out within the law. Everyone loves the idea of simplicity, but getting there will require that we think of ourselves as taxpayers, not part of a special group.

To date, few in Congress have been willing to support the bill publicly. The more narrow-minded have clung to their opposition to the bill’s “bank tax,” which was designed to pay for future bailouts under the Dodd-Frank regulations passed in 2010. If that’s the biggest flaw they can find, fine. Drop that piece and get on with it. At least we’ll learn who has genuinely committed to reform and who just wants to pay lip service.

Most important, everybody needs to realize no one can possibly agree with every element in such a comprehensive bill. You need to believe that the fundamental economic fairness that comes from taking the plunge makes it worth the trouble . . . and then push over the edge.

A good friend once described his favorite Tuckerman moment, watching an enthusiastic father encourage a group of young teenagers to take on the headwall. “Come on guys!” he waved while crossing the upper lip. Catching an edge on his crucial first turn, he bounced and slid like a rag doll several hundred yards to the floor of the ravine. The young gaggle behind followed without incident, no worse for having witnessed the spectacle.

Camp’s tax reform effort is unlikely to pass, but his willingness to take the plunge with honesty and substance deserves enormous credit. Most important, if he inspires just a few to follow his courageous path, we may remember his pioneering run for a long time.

John E. Sununu, a former Republican senator from New Hampshire, writes regularly for the Globe.
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DougMacG
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« Reply #556 on: April 16, 2014, 12:05:11 PM »

https://www.facebook.com/photo.php?fbid=706895529372881&set=a.118181601577613.18975.103806706348436&type=1&theater

"I know that I do not know whether or not my tax returns are accurate."

Suggests tax simplification!
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