February 29, 2016 |
New Jersey lawmakers are considering several changes to tax policy that could affect residents across the income spectrum. The five-year plan Gov. Christie implemented in 2011 to fund the state's roads, bridges, and rail expires when the fiscal year ends June 30. With the Transportation Trust Fund set to run out of money then, lawmakers widely expect to raise New Jersey's 14.5-cent-per-gallon tax on gasoline, which is the second lowest in the...
December 13, 2012
If you have worked hard for five decades, made pots of money, and now want to squander it all in Las Vegas on wine, women, and baccarat, go ahead. If, however, you harbor the antisocial desire - stigmatized as such by America's judgmental tax code - to bequeath your wealth to your children, this would be an excellent month to die. Absent a congressional fix before Jan. 1, the death tax, which is 35 percent on estates above $5 million, reverts to 55...
November 5, 2012
Benjamin Franklin is credited with saying: "In this world, nothing can be said to be certain except death and taxes. " That might be true, but few people like to pay taxes, so we do everything possible to escape them. Tax reform might be the hottest political issue, and it will heat up even more after Tuesday's election. Most of us cannot afford the best tax lawyers to scour every nook and cranny of the tax code to ensure we pay the least amount possible, so we demand tax breaks through the ballot box. That raises the question: "What taxes should be cut?"
October 25, 2012
"I think it can now be said without equivocation - without equivocation - that this man [President Obama] hates this country. " - Rush Limbaugh "I was told by an extremely credible source that [Mitt] Romney has not paid taxes for 10 years. " - Sen. Harry Reid By Steve Young Clearly, Romney is a flip-flopping, tax-dodging, woman-hating, dog-roofing, severely conservative moderate running against a Kenyan, Muslim, America-hating, socialist wealth redistributor. And yet none of these accusatory labels seems likely to keep either one from being elected.
April 13, 2012 |
President Obama recently laid out his case for the "Buffett Rule," a plan to raise taxes on successful Americans and small businesses. The core of his argument: The rich aren't paying their fair share. It makes for great populist rhetoric but terrible policy. Worse, it's a distraction from the big issues facing the nation, such as the deficit, the economy, jobs, gas prices, and health care. Will the president's tax hike at least tackle our fiscal problems? No. According to a recent analysis by the congressional Joint Committee on Taxation, the Buffett Rule would raise a mere $47 billion over 10 years, or 0.5 percent of the president's new spending.
October 27, 2011 |
WASHINGTON - The Republican Party is catching flat-tax fever, setting up an election-year fight with Democrats over whether wealthier Americans should pay more taxes or get tax cuts. Republican presidential candidate Mitt Romney became the latest to punch the tax button Wednesday, telling a Virginia audience that he will soon update his economic proposal to spell out how to flatten the tax code. A day earlier, rival Rick Perry proposed an optional flat 20 percent tax on income.
January 2, 2011 |
Get used to hearing the term road map in 2011. Not the Mideast version, with two opposing sides and no room for compromise. This is a Washington road map with ... OK, bad example. The D.C. road map comes courtesy of Rep. Paul Ryan of Wisconsin, one of the GOP's best and brightest in matters of fiscal discipline and pro-growth economic policies. With his comprehensive Road Map for America's Future, Ryan aims to eliminate the short-term deficits and pay off long-term debts, make entitlements and health care both affordable and sustainable, and promote taxes and budgets that encourage economic expansion.
December 9, 2010
A bad tax deal in so many ways President Obama sold his birthright for a mess of pottage ("President faces anger from party," Wednesday). Not only would these concessions to GOP fat cats increase our national debt, but they also would further increase the immense chasm between the wealthiest and poorest citizens. Consider: Extending the Bush tax rates for two years is not a fair trade for extending unemployment insurance for millions. A much better "deal" would be to extend upper-level tax rates for one year, during which Congress would make the tax code fairer and plug loopholes that drain needed revenue.
September 2, 2010 |
Talk about timing. Billionaire George Steinbrenner, the late owner of the New York Yankees, couldn't have timed his death more conveniently for his heirs. The inheritance tax this year is zero. When a Republican Congress passed tax-cutting legislation early in President George W. Bush's first term, it left that loophole, abolishing the tax for a single year, 2010. Unfortunately - or fortunately, depending on your point of view - Congress never got around to closing it. So the inheritance tax doesn't resume at the old rate of 55 percent until Jan. 1. That means that George Steinbrenner's heirs will get a nice bonanza of about half a billion dollars on an estimated $1.1 billion inheritance without having to work a day for it. The Republicans still want to get rid of the inheritance tax. They also say that people should take responsibility for themselves - that they ought to work for what they get, and if they don't work, they don't get. Am I missing something, or is there a contradiction here?