Tag: Taxes

Pence to Obama: Economy Booming Because Trump Administration Rolling Back Failed Obama Policies

Vice President Mike Pence had a message for former President Barack Obama at the Values Voter Summit Saturday: the American economy is booming because the Trump administration is rolling back Obama administration policies. “It’s been two years of promises made and promises kept, and we’re just getting started,” Pence told the conference audience in Washington, […]

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Some DC taxes are going up: A pack of cigarettes will cost a lot more

WASHINGTON — Several D.C. tax rates change effective Oct. 1, coinciding with the start of the District’s 2019 fiscal year. Here’s a list of D.C. taxes going up: The general sales tax will go from 5.75 percent to 6 percent. The off-premises alcohol tax (for beer, wine and liquor bought at stores) will go from […]

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Blue State Blues: Nancy Pelosi’s Agenda — Impeach Trump, Raise Taxes, Bail Out Obamacare

Former Speaker of the House Nancy Pelosi (D-CA) is set to take the gavel again, polls and pundits suggest. The House Minority Leader managed to survive leading her party to one of the worst defeats in congressional history in 2010, after she ballooned the deficit and pushed Obamacare through passage. In most democracies, defeated party […]

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Betsy DeVos’s multimillion yachts fly foreign flags because paying taxes isn’t ‘America first’

Remember a couple of weeks ago, when one of Betsy DeVos’s $40 million yachts was untied from a dock in Ohio? DeVos’s SeaQuest Yacht, docked in Huron was left unmoored overnight. Conservatives everywhere freaked out that communists were attacking American patriots and poor Betsy DeVos might have to pay to have some painting touchups done to the […]

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New 20% tax break for rich people is up for grabs, and Treasury is making sure Trump benefits

Donald Trump and Steven Mnuchin One of the big giveaways the Republican tax scam offered to rich people came in the form of a 20 percent deduction for pass-through businesses. And as the Treasury Department decides what businesses will qualify as pass-throughs for that tax break, lo and behold, in the middle of a rule that will […]

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Amazon halved its UK corporation tax bill despite tripling profits

Image: LOIC VENANCE/AFP/Getty Images By Rachel Thompson2018-08-03 10:26:34 UTC Amazon Services profits tripled in the UK last year. But, despite this, it has managed to halve its UK corporation tax bill.  Per figures posted publicly on Companies House, Amazon’s corporation tax bill was £4.5m last year, down from £7.4m the previous year. Its profits, meanwhile, […]

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Trump’s Eyeing Another Huge Tax Cut for the Rich and It’s Probably Illegal

Left Image: Photo by Cheriss May/NurPhoto via Getty Images. Right Image: Photo by Andrew Harrer/Bloomberg via Getty Images Since 2016, even as much of the country has been consumed by all things Donald Trump—his personal life, his administration, his alleged crimes financial, sexual, and political—rich people have been quietly having a great time. Corporate profits […]

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Trump tax plan was a lie. Corporate tax revenue at 75-year low; 2019 deficit looks like $1 trillion

Corporate tax receipts—what the U.S. collects from corporations—have plummeted to a level not seen since the World War II. The Times analysis cited that as the primary factor driving the deficit through the roof. And why, pray tell, are corporations paying so little in taxes suddenly? “The reason is President Trump’s tax cuts.” As the adjacent […]

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Taxcast: A Firewall to Protect EU Citizens from the Big Four Accountancy Firms and the Tax Avoidance Lobby

Originally published at the Tax Justice Network In the July 2918 Taxcast: we look at a proposal for a firewall to protect EU citizens from the Big Four accountancy firms and the tax avoidance lobby: we look at a new report from the Corporate Europe Observatory we discuss UN Special Rapporteur on Extreme Poverty and […]

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The Missing Profits of Nations

Lambert here: “Close to 40% of multinational profits were artificially shifted to tax havens in 2015.” Holy moly! By Thomas Tørsløv, PhD student, University of Copenhagen and Ministry of Taxation, Denmark, Ludvig Wier, PhD candidate, University of Copenhagen, and Gabriel Zucman, Gabriel Zucman. Originally published at VoxEU Between 1985 and 2018, the global average statutory […]

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Trump Says He’s ‘Ready’ to Impose More Tariffs on China to ‘Level the Playing Field’

During an interview with CNBC’s Joe Kernan, President Donald Trump said he was “ready” to impose more tariffs on China so he can “level the playing field.” “We are being taken advantage of and I don’t like it,” Trump said in the interview that aired on “Squawk Box.” “We’re down a tremendous amount. I raised […]

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Explain Me: The Case for Taxing The Hell Out of Peter Brant

n this episode of Explain Me William Powhida and Paddy Johnson discuss the horrific business practices of Peter Brant and Interview Magazine, a fundraising campaign at University of North Carolina so misguided that firing is in order, and the latest headscratching Creative Time project. To help us discuss all of this, and how the new […]

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Devin Nunes Thinks LeBron James Doesn’t Know Californians Pay Taxes

Fox News gleefully reports that alleged servant of the people Devin Nunes is trolling LeBron James: California Rep. Devin Nunes jabbed the California Democratic Party after it sent a “welcome” message to NBA star LeBron James, who just signed a sizable contract with the Los Angeles Lakers. Nunes, the chairman of the House Intelligence Committee, […]

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The budget reform America needs most? Government rate-setting for health care

Federal spending on health care as a share of the economy will double in three decades. As the chart above suggests, it is the exploding cost of health care (and the concomitant growth in interest payments on the national debt) that will unleash America’s future hemorrhage of red ink. Alongside raising tax revenue, dramatically slowing […]

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Taxcast: How Accountants Broke Capitalism

Originally published at the Tax Justice Network We’ve had leak after leak, whistleblower after whistleblower. But no matter what the scandal is, when it comes to financial secrecy and tax dodging, the so-called big four accountancy firms are key players. We interview investigative journalist and former tax inspector Richard Brooks of the Private Eye on […]

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Trump Predicts ‘Billions’ Flowing to U.S. Treasury Under Tax Cut Law

President Donald Trump touted the benefits of the Tax Cuts and Jobs law and welcomed American beneficiaries of it to share their personal stories during a Friday celebration of the law’s six month anniversary. Trump was welcomed by a White House East Room packed with supporters. They gave him a loud and prolonged standing ovation […]

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Trump’s top economic adviser: The deficit is ‘coming down rapidly.’ Reality: No, it’s not.

Larry Kudlow Former CNBC host and top Trump economic adviser Larry Kudlow went Trump-sized with his deficit lies on Fox News Business on Friday morning, claiming that the deficit is going down. “The deficit — which was one of the other criticisms [of the GOP tax law] — is coming down, and it’s coming down rapidly,” […]

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Tesla And GM Close To Capping Out On Electric Vehicle Tax Incentives

By Jon LeSage, a California-based journalist covering clean vehicles, alternative energy, and economic and regulatory trends shaping the automotive, transportation, and mobility sectors. Originally published at OilPrice Tesla and General Motors are seeing the beginning of the end for crucial U.S. federal tax incentives needed to transition interested car shoppers into electric vehicle owners. The […]

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GOP Holocaust analogists furious over Nazi border policy comparisons

Ben Shapiro might want to talk to these players on this team. And among the things Republicans hate is the Mueller investigation and the growing legal problems for Donald Trump’s longtime lawyer, Michael Cohen. After the FBI raided Cohen’s homes and office in April, former House Speaker turned Fox News regular Newt Gingrich conjured up […]

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Supreme Court closes online sales tax loophole

The Supreme Court just handed down a decision in South Dakota v Wayfair, Inc. that states can force online retailers to collect sales taxes from purchases. This overturns a decision from 1992 that mandated that states could levy taxes on businesses only if they had a brick-and-mortar presence within that state’s borders. While this ruling […]

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