New York’s governor, Andrew Cuomo (D), has provided another example of the dishonesty of Progressive-Democrats as he continues to whine about his State’s excessive State and local taxes no longer being deductible above a high maximum on Federal income tax forms.
He said Trump intentionally targeted states whose populations oppose him by a majority.
And
You pay your state income tax, they then tax your state income tax payment. First time ever.
This one has the advantage of being live and current. The Progressive-Democratic Party has extended its control over the State of California. The results accumulating from the several years of Progressive-Democratic dominance (now outright control) are these. California has
Now the French have decided to add another tax on American multinationals—a 3% “digital-services” tax on companies that do “targeted advertising or run[] a digital marketplace,” a tax aimed in particularly at Alphabet’s Google and Amazon.com.
Finance Minister Bruno Le Maire:
These giants use your personal data and make a significant profit from it, without paying their fair share of tax[.]
Of course, tax the rich, but tax everyone else, too. The latest get (the) rich quick scheme, this one offered by Alan Davis, The Leonard and Sophie Davis Fund President and ex-founder and CEO of Conservatree Paper Company, though, falls into the same trap that all the other Progressive-Democrat schemes—Senator Elizabeth Warren’s (D, MA) wealth tax, Senator Bernie Sanders’ (I, VT) estate tax expansion, and Congresswoman Alexandria Ocasio-Cortez’ (D, NY) 70% marginal tax—do. What Davis is proposing is
a 10% surtax on the earnings (including both income and capital gains) of the top 0.1% of taxpayers
The Progressive-Democrats want more. It’s almost like an OPM addiction.
Now they’ve proposed the Wall Street Tax Act of 2019, which is intended to charge traders and investors a price for the privilege (apparently) of investing in economic products. Their bill would
impose a tax on the purchase of most securities—including stocks and bonds—and on transactions involving derivatives. The tax would be about 0.1% of the value of the security or 0.1% of all payments made under the terms of a derivative contract.
Because Progressive-Democrats just can’t get enough of our money.
Senator Ron Wyden (D, OR), Finance Committee Ranking Member, had this bit:
It looks like the Trump Treasury Department spent 2018, an election year, goosing people’s paychecks by under-withholding, and it should have been obvious that the bill would come due eventually[.]
Never mind that the IRS also warned taxpayers—and their employers—to carefully check their existing withholding arrangements, especially in this period of large changes to the tax code.
Senate Minority Leader Chuck Schumer (D, NY) was just as disingenuous:
Many Americans depend on their tax refund to pay bills and make ends meet….
No. No way in H E Double Toothpicks.
New York Governor Andrew Cuomo [D] visited the White House on Tuesday to urge President Donald Trump to rethink a provision in the 2017 tax overhaul that Cuomo says is prompting a sharp decline in state revenues.
The Democratic governor met with the Republican president to discuss the $10,000 cap on the federal deduction for state and local taxes—known as SALT.
Cuomo said the cap is prompting wealthy residents to flee New York and contributing to a recent drop of more than $2 billion in tax receipts.
Shades of FDR, and a betrayal from the putative right of center. Senator Marco Rubio (R, FL) wants Government to dictate to private enterprises what they must do with company profit.
The plan backed by Rubio encourages domestic investment by making full and immediate expensing permanent “as a way to discourage companies from pursuing share repurchases.”
Right move, wrong reason. Immediate expensing ought to be a permanent item in tax code reform on its own right. Delaying expensing or stringing it out is just another aspect of using our tax code for social engineering, which bastardizes our tax collections and distorts our market away from the most efficient use of our money—whether business money or personal. And that most efficient use might well include stock buybacks; that’s a business decision with which Government has no business interfering.
Progressive-Democrat strategist and pollster Doug Schoen is worried about new rumors that Amazon might pull out of its agreement to relocate a part of its HQ2 in New York City. He’s hanging his hat on the commitment from Amazon to produce 25,000 jobs at an average salary of $150,000 per year.
It would be a “disaster for the city,” he wrote in the Fox News op-ed, for Amazon to pull out.
Burdened by a shrinking tax base, crumbling infrastructure, and a lack of good-paying middle-class jobs for the future, New York City needs innovators like Amazon.
Or maybe whines.
During a Monday press conference, Mr [Andrew, D] Cuomo said wealthy individuals living in these areas were either moving or shifting their official residence to lower-tax states….
Cuomo’s whining continued:
SALT was an economic civil war. It literally restructured the economy to help red states at the cost of blue states. That’s exactly what it did. It was a diabolical, political maneuver.
Yeah—it’s really diabolical to let folks—even the Evil Rich—keep more of their money. It’s especially diabolical that those folks would want to keep their money and actually take steps to take advantage of the Federal tax reform and avail themselves, also of the benefits of living in lower-tax locales. I mean, really.