Senator Joe Manchin (D, WV) and Senate Majority Leader Chuck Schumer (D, NY) and President Joe Biden (D) tout the just passed (I ass-u-me; I’m writing this on Sunday morning) Build Reduced Back Act as not raising taxes on Americans with incomes less than $400k per year. Senator Kyrsten Sinema (D, AZ) agrees with that by her relative silence on the matter.
This time, pressure on another nation to comply with a global minimum tax regime. The Biden administration is unhappy with Hungary for standing in the way of the EU’s agreeing a global (or at least Western World) regime that would contain a minimum tax level. That minimum level was designed to eliminate tax rate competition among nations.
On Friday the Treasury said the US is withdrawing from a 1979 bilateral tax treaty with Hungary.
Eliminating that nearly 45 year agreement actually is a boon to Hungary, though, rather than pressure, since Yellen and the Biden administration have withdrawn a tool for pressuring that nation.
And guess who gets to pick up the tab. You get three, and the first two don’t count. Here are the scofflaws:
At least four Democratic-led states with budget surpluses this year have chosen not to fully repay the federal government for money borrowed to fund unemployment benefits, a move that will impose increased charges on businesses to help make up the difference.
California, Connecticut, Illinois, and New York have directed surplus funds to social programs and taxpayer rebates, among other causes, leaving unpaid debts to the federal government ranging from tens of millions of dollars to more than $15 billion.
In his Wednesday Wall Street Journalop-ed, Travis Nix reminds us of this tidbit regarding IRS private letters that’s buried in President Joe Biden’s (D) latest budget proposal:
IRS private letter rulings—the agency’s written answers to individual taxpayers’ questions, which the IRS itself says cannot be relied on as precedent.
Here’s a small tweak: make the IRS stand by its rulings by making those rulings binding on the IRS, applicable to all taxpayers, and precedential. And require the IRS to answer the question that was asked—to issue its letter ruling—within 30 days of the question being asked, or failing to do so authorizes, as a matter of tax law, the questioner to answer the question (formally, via its tax return) in its own way.
Now consumer companies are looking to get in on the Federal climate tax credit scam, this effort centering on “clean” energy claims.
More than 40 companies, including consumer brands such as Airbnb Inc, Lyft Inc, Sierra Nevada Brewing Co, and IKEA, are calling on Congress to adopt federal energy legislation to provide additional financial incentives for clean-energy projects such as wind turbine farms and solar installations.
They called for federal tax credits for developers and suppliers of major wind, solar, nuclear, and energy-storage projects, as well as for electric vehicles and charging-station tax credits, which could benefit company-run fleets.
…must lead to Federal government tax revenue reductions. Or so Progressive-Democrats claim. Say it ain’t so, Joe. President Joe Biden (D) won’t say it, though, so I will. It ain’t so, as this table from The Wall Street Journal illustrates.
When you leave money in the hands of private economy operators—individual or corporate—they do productive things with their money. That productivity leads to more R&D, more innovation, more physical capital improvement, physical capital expansion, wage increases, more jobs (which represent the mothers of all wage increases, for many, from zero wage to an actual paycheck), the latter two leading to human capital improvement, which leads to greater private economy demand for goods and services, which leads to greater production of those goods and services, expanding the economic virtuous circle.
President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans.
… Under his proposal, taxes would rise by $2.5 trillion….
The higher taxes would largely be borne by Wall Street and the top sliver of US households, in the form of a steeper corporate rate, a modified wealth tax….
President Joe Biden’s (D) Success in the American Dream tax. That’s what he and his Progressive-Democratic Party cronies are about to propose and to try to inflict on us. A minimum tax of 20% on income, and on the increased value of non-income assets over the prior year—whether or not those assets were sold and actual income received from the sale.
Because success—making it especially big—in our nation without the “help” of Big Government is anathema to Progressive-Democrats. Such success goes against their mantra that us average Americans can’t be trusted with our own decisions; our own definitions of our needs, our wants, our charities (and how to support them); our own means of satisfying our responsibilities and living with our liberties.
Some are tiny, but useful first steps. Some are serious and useful in their own right. Georgia Republicans are proposing the latter.
The State currently has a graduated income tax with a top rate of 5.5% on income above $10,000 (except singles; they pay 5.5% on income above $7,000) and standard income tax deductions of $4,600 for single filers, $3,000 each for married filing separately, and $6,000 for married filing jointly.