Tag Archives: Taxes

Gov. Cuomo’s proposed budget takes first steps towards closing egregious loophole.

For the first time ever, closing the carried interest loophole has been added to a state budget. Governor Cuomo of New York revealed this egregious aspect of the tax code is on the chopping block in his Tuesday, January 16 address. The carried interest loophole is “a federal tax that allows some hedge fund managers to pay a lower tax rate on revenue from investments,” … Continue reading Gov. Cuomo’s proposed budget takes first steps towards closing egregious loophole. »

Republicans passed a $1.5 trillion payoff to their donors.

After weeks of late night revisions and rushed votes, congressional Republicans have passed the final version of the Tax Cuts and Jobs Act. Here are a few of the most egregious aspects of the bill that made the final cut: The #CorkerKickback. This provision would allow income on real estate LLCs to be taxed at a lower rate. It was added during the reconciliation process, and … Continue reading Republicans passed a $1.5 trillion payoff to their donors. »

What’s the #CorkerKickback and why does it matter?

Since the final version of the congressional Republicans’ tax bill was released last Friday, Sen. Bob Corker (R-TN) has been the focus of conversations. This is because the fiscal hawk would personally benefit from a last minute provision to the bill, and having recently backtracked on his decision to vote ‘no’, the timing is curious. The new provision would lower taxes on income from real-estate … Continue reading What’s the #CorkerKickback and why does it matter? »

Patriotic Millionaires– Not Morons– Pay Estate Taxes

It looks like the tax plan moving through Congress will not abolish the estate tax but instead double the wealth exempted by the tax. This is a victory for our Defend the Estate Tax campaign. But it is still ridiculous that Congress is putting a priority on doubling the wealth exempted by the estate tax from $11 million for a couple to $22 million. The … Continue reading Patriotic Millionaires– Not Morons– Pay Estate Taxes »

Republicans want to make all of the states more like Kansas.

While the Republicans reconcile the two versions of the tax bill that passed each chamber, it’s important to remember exactly what about each was so contemptible. Surely removal of the SALT (state and local taxes) deduction is at the top of the list. On the surface, removing the tax deduction that chiefly benefits high tax states makes some sense. Why, after all, should the federal … Continue reading Republicans want to make all of the states more like Kansas. »

The #GradStudentTax is the end of equal opportunity.

In a bill full of boondoggles to the 1%, few other amendments are as egregious as the graduate student tax. The aforementioned tax has been championed as a way to increase tax revenue in the wake of mounting special interest pressure to remove the estate tax. Thus, it is simply a shifting of the fiscal burden onto hard-working, less privileged citizens in order for the … Continue reading The #GradStudentTax is the end of equal opportunity. »

Pearls of Wisdom: Does Gary Cohn Even Understand the Estate Tax

Gary Cohn, the director of the National Economic Council was just on CNBC talking about the necessity of repealing the estate tax. Mr. Cohn said: Well, look, we want that farmer to go out and buy the next piece of land, and the next piece of land, and the next piece of land, and create the economies of scale and be able to compete in … Continue reading Pearls of Wisdom: Does Gary Cohn Even Understand the Estate Tax »

My Tax Philosophy

When we discuss economics there are, very broadly, two types of people: First, there are regular people. They mostly need to work, and a lot of them try to save enough so that they can retire someday. Some of them succeed, but increasingly, many do not. Being a regular person means spending most of your income. Some live very well, and some live very poorly. … Continue reading My Tax Philosophy »