* * *
‘You didn’t win that‘ might as well be the U.S. government’s official congratulatory platitude to American Olympians who succeed in Rio this summer.
This year, the IRS will impose a nearly 40% “victory” tax on athletes who take home gold, silver, and bronze medals for the United States.
American Olympians earn $25,000 for gold medals, $15,000 for silver, and $10,000 for bronze, paid for by the U.S. Olympic Committee. But according to the non-profit advocacy group Americans for Tax Reform, “a gold medalist from Team USA could end up facing a tax bill of $9,900 per gold medal, $5,940 per silver medal, and $3,960 per bronze medal.”
In Greece’s ongoing collapse into utter farce, The Greek finance ministry confirmed some more details of the long-planned registration of all kinds of private wealth that will go into effect in February 2017. As KeepTalkingGreece reports, more than 8,500,000 tax payers registered in Greece will be called to declare all moveable and immovable assets, their total “wealth”, and even cash they possess even if it is below 100 euro. Furthermore, the taxpayers will have to register changes in their assets when they occur and not annually.
Tax authorities will upload on their website pre-filled data like real estate, declared income, income from rents, loans, vehicles etc – practically the pre-filled data will refer to data given by taxpayers in their income declaration.
And under the new scheme, Greeks are mandated to have registered everything they own, with taxpayers having to add moveable and immovable possessions such as paintings, antiques, jewelry, even historical weapon, etc but also the cash they have in their wallets or under the mattress.
Dog shit and sugar taxes tell you everything you need to know about the corrupt Philly politicians and people living in West Philly. A match made in 30 Blocks of Squalor heaven. There is no solution. This city is too far gone. The people of West Philly have been indoctrinated into this lifestyle over generations. It will eventually end in tears when the city goes bankrupt and the welfare money dries up. Then it will burn.
* * *
While not quite as draconian as the soda ban which former NYC billionaire mayor Michael Bloomberg tried (and failed) to pass in New York in 2014, moments ago the the Philadelphia City Council approved a 1.5-cent-per-ounce tax on sugar-sweetened and diet beverages, the first such tax imposed in a major U.S. city. The reason? The Council is looking to raise about $91 million for an expansion of early childhood education. Instead, the money will most likely be siphoned off into various underground ventures (and bank accounts) or outright embezzled.
— PHLCouncil (@PHLCouncil) June 16, 2016
As a reminder, three years ago Michael Bloomberg pushed to ban oversize sodas in New York, a campaign which was ultimately rejected by the New York Court of appeals. The Philadelphia approach was less terminal, and ultimately promised revenues to the city, which is why it passed in a 13-4 vote this afternoon. The vote put to bed months of speculation and at-times tense negotiations, but also ensured the national spotlight will stay turned to Philadelphia for months, if not years, to come.
In a bizarre story disclosed over the weekend, we learned that Belgium’s Princess Astrid was robbed by two assailants on a motorbike.
The thieves apparently approached her while she was sitting in traffic, smashed in her window, snatched the Royal Handbag, and sped off with over 2,000 euros in cash.
I have no doubt that was a harrowing experience for the princess, as it would be for anyone.
But as I researched a bit more, I learned that Belgium’s royal family is lavishly paid, particularly for a small country of just 11 million people.
British citizens seeking yet another reason to vote Brexit, have one in spades.
The roots of this reason go back to last year when European Commission president Jean Claude Juncker hatched a 3-year plan to leverage €20 billion in seed capital to produce a €300 billion gain in Eurozone investment.
As one might expected, the results are nonexistent even though Juncker has already used up the €20 billion in seed capital.
We don’t really need higher taxes for any purpose though. We don’t have a balanced budget. So “there’s only so much money to go around” is a false proposition.
There’s no money to help the poor because there’s no political incentive to help the poor.
The availability of money is not the problem.
* * *
The fallacy in this assumption is that homeowners’ incomes do not automatically rise along with housing valuations.
In my recent entry Dear Homeowner: If You’re Paying $260,000 in Property Taxes Over 20 Years, What Exactly Do You “Own”?, I questioned the consequences of high property taxes. Some readers wondered if I was saying all property taxes should be abolished. The short answer is no–what I was questioning is local government reliance on property taxes to the point that owning a home no longer makes financial sense because the property taxes consume any appreciation other than the transitory “wealth” generated by a housing bubble.
It is tax day again.
Chances are, you’re done with the dirty business this year, or laying low in hopes that you aren’t audited or flat out persecuted. If not, the clock is quickly ticking.
But it is worth pointing out once again the many ways in which the federal tax scheme in the United States is illegal.
The 50 biggest US companies have more money stashed offshore than the entire GDP of Spain, Mexico or Australia, collectively keeping about $1.3trn (£0.91trn) in territories where the money does not count towards US tax, according to a new report by Oxfam.
The revelations come after the European Commission announced plans to make big companies more transparent about where they pay tax.
At this time of the year, millions of Americans are rushing to file their taxes at the last minute, and we are once again reminded just how nightmarish our system of taxation has become. I studied tax law when I was in law school, and it is one of the most mind-numbing areas of study that you could possibly imagine. At this point, the U.S. tax code is somewhere around 4 million words long, which is more than four times longer than all of William Shakespeare’s works put together. And even if you could somehow read the entire tax code, it is constantly changing, and so those that prepare taxes for a living are constantly relearning the rules. It has been said that Americans spend more than 6 billion hours preparing their taxes each year, and Politifact has rated this claim as true. We have a system that is as ridiculous as it is absurd, and the truth is that we don’t even need it. In fact, the greatest period of economic growth in all of U.S. history was when there was no income tax at all. Why anyone would want to perpetuate this tortuous system is beyond me, and yet we keep sending politicians to Washington D.C. that just keep making this system even more complicated and even more burdensome.
Solar tax to delay solar a desperate money making move, says solarcity CEO
Auckland, 6 April 2016 – New Zealand’s leading solar energy services provider, solarcity, has condemned Trustpower’s support of a residential solar tax as a “desperate move to squeeze every last dollar out of a dying business model”.
Last week Hawke’s Bay electricity lines operator, Unison Networks, announced it was introducing a tax of up to 26% on solar power and batteries. (1) Yesterday Trustpower community services manager Graeme Purches came out in support of the tax saying it was “completely understandable”.
(INTELLIHUB) — According to statistical data researched and compiled by TaxFoundation.org, Americans will spend more in 2016 on taxes than they will on housing, food and clothing combined.
Americans will pay “$3.3 trillion in federal taxes and $1.6 trillion in state and local taxes for a total of $4.9 trillion,” according to the chart.
* * *
By now, not even CNBC’s cheerleading permabulls can deny that the US is in a manufacturing recession: in fact, it is so bad that even the staunchest defenders of Keynesian dogma admit what we said in late 2014, namely that crashing oil is bad for the economy.
And yet, the “services” part of the US economy continues to hum right along, leading to such surprising outcomes as a stronger than expected print in Personal Consumption Expenditures. How can this be?
Simple: one look at the chart below should explain not only how the “services” half of the US economy continues to grow, but just which tax, because that is how the Supreme Court defined Obamacare, is responsible for healthcare “spending” amounting to a quarter of the growth in US personal consumption expenditures, almost 100% higher than the second highest spending category which was… Recreational goods and vehicles?
And that, ladies and gentlemen, is how you convert a tax into a source of economic progress.