Within the next few weeks, the average millionaire will be done paying into Social Security for the year because the payroll tax is zero on income above $128,400. 10,000 “Baby Boomers” become eligible for Social Security benefits everyday, and if our legislators continue to insist that their social security benefits must be tied to the FICA tax, our tax system can not adequately provide for … Continue reading Another Instance of Higher Tax Rates For the Working Poor
It is important to recognize changes in the seasons. Our country is undergoing a significant metamorphosis, which is likely to last several years, but we have an opportunity to help ensure that what emerges from this turmoil is more beautiful than what preceded. While there are plenty of problems we can dwell on, at the same time there are a number of very positive changes … Continue reading Reframe the Debate
Let’s talk about the incentives in the new tax bill for employers to raise workers pay. Here is a concrete example. Say I own a small bar where people come and drink beer after work. Suppose I gross (on average) $1,000 per day in sales, the bartender gets paid $4,000 per month, I spend $10,000 per month on other fixed costs and $8,000 per month … Continue reading Does the New Tax Bill Provide More Incentives to Give Workers Raises… or Less?
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
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
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?
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
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
I was watching a video of a recent discussion between Senator Hatch and Senator Brown and I got to thinking about Senator Hatch.
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
Make no mistake, the trillion-dollar tax cuts for the wealthy proposed by Trump and his friends in Congress will create deficit dollars. Sooner of later those deficit dollars will be repaid by cutting “entitlements”, i.e. taking from working families and the poor.
I don’t need a tax break for my estate tax, and my kids don’t deserve to be pawns (or kings) in the divisive game already played by the super-rich.
The GOP tax plan is a huge gamble that, if unsuccessful, would all but bankrupt the US.
I make a lot more money each year than I need to live on, but this city, state, and especially this country need a lot more money to build our infrastructure and help our fellow citizens.
We may not be able to fix or eliminate inequality through our tax code, but let’s not make it worse.
To all my fellow American entrepreneurs, businesses owners, and investors who have been blessed to be in the upper end of the income and wealth spectrum: America needs a lot of things before we need another tax cut.
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
This cynical Republican tax plan is nothing less than a scheme to transfer public wealth into private hands.
The President’s plan to repeal the estate tax isn’t just bad tax policy, it’s un-American.
Yesterday evening, Monday August 21, Treasury Secretary Steve Mnuchin made a statement that effectively reversed Donald Trump’s campaign promise to close the carried interest loophole.