A New Jersey resident—resident in every sense of the term—owns a vacation home in New York where he spends a few days each year…vacationing.
A state administrative law judge ruled last month that [the resident] owed $527,000 in back New York state income tax because of his upstate home. With interest and penalties, that is more than twice the $290,000 he paid for the house in 2011.
Echoing Progressive-Democratic Party Presidential candidate and New York Mayor Bill de Blasio’s claim that there’s plenty of money, it’s just in the wrong hands, more Progressive-Democrat Presidential candidates are moving toward taxing the mere existence of that money.
For the richest Americans, Democrats want to shift toward taxing their wealth….
At the end of 2017, US households had $3.8 trillion in unrealized gains in stocks and investment funds, plus more in real estate, private businesses, and artwork[.]
Gimme that money, say the Progressive-Democrats. You didn’t earn that. And besides, whether you did or not is irrelevant. We have better uses because just shut up.
The Congressional Budget Office said Wednesday that the two-year budget deal will increase our annual deficits significantly over the next ten years. That puts a premium on Republicans regaining the majority in the House, retaining/expanding its majority in the Senate, and retaining the White House, with an emphasis on Conservative Republicans in that mix. That’s for another post, though.
What…triggered…me was this bit at the end of the article CBO Director Phillip Swagel:
The nation’s fiscal outlook is challenging. To put it on a sustainable course, lawmakers will have to make significant changes to tax and spending policies—making revenues larger than they would be under current law, reducing spending below projected accounts, or adopting some combination of those approaches.
In spades. They’re in a race to bankrupt us. Or, as The Wall Street Journalput it,
The Democratic presidential primary is turning into a bidding war.
Senator and Progressive-Democratic Party Presidential candidate Elizabeth Warren (D, MA) has broken out of the starting gate with an offer of forgiveness of $640 billion in student debt for our votes.
Senator and Progressive-Democratic Party Presidential candidate Bernie Sanders (I, VT), though, has caught her at the first turn: he’s offering $1.6 trillion (yes, that’s with a ‘t’) in canceled student debt plus tuition-free “public” colleges.
But it is intended to be a chain-link fence. It’s not intended to keep folks out, though, but like its Big Brother, it is intended to “encourage” folks to stay in.
Connecticut has expanded its mansion tax on homes. Here’s how it works. On sale, Connecticut taxmen will exact from the seller a 2.25% tax on the value of the sale that exceeds $2.5 million. This is an increase from the already existing “conveyance tax” of 1.25%, but it adds a fillip: if the seller stays in the State for a suitably long time after the sale (“suitable” being defined by the State’s politicians), he’ll get the money back as a tax credit. If he leaves Connecticut for greener and friendlier pastures too soon to suit those politicians, too bad—he loses those 2.25%.
Free Stuff, that is. Here’s the latest from Senator and Progressive-Democratic Party Presidential candidate Elizabeth Warren (D, MA). In addition to all the other free stuff she wants us to have, now she wants free child care.
[F]amilies living below the 200% poverty threshold (roughly $51,500 for a family of four) would get free access to child care and early education….
With this, Warren wants folks who, by her own definition, are not poverty-ridden to get free child care. Notice, too, she’s lumped in with child care her “early education”—that’s her tacit admission that our public schools no longer provide actual education; they’re just child care facilities.
[O]n May 1, New York’s state Senate voted to let strikers get benefits one week after walking off the job—essentially putting them on equal footing with those who are laid off.
If Governor Andrew Cuomo signs this bill, he’ll effectively be using New York’s unemployment-insurance program to subsidize union strikes, upending the balance of power between workers and management.
Union strikes are little indistinguishable from extortion, except that they’re legal. They’re used to threaten a company’s ability to function—to survive—unless they surrender to union demands. “Nice little business you got here. Be too bad if something was to happen to it.”