I admit it. I have never understood how so many people keep falling for the “kool-aid”. (Note: You may have to be of a certain age to realize that this expression covered those folks who willing drank the “kool-aid” the “Reverend” Jim Jones proffered to his [naïve, unable to critically think] flock- that was actually poison to end their lives.)
We’ve seen what could be happening with our personal taxes. (Part 1 here; part 2 here. And, the preamble.) Now, let’s see what changes the House plans for US business taxation.
Tax Reform is all the rage. And, now that the fairy-tale land of budget reconciliation has terminated (it ended on 30 September, where items could pass with a simple majority- which means the Vice President could break any ties), our Congress will now get all hyped about lowering the tax burden (I fear they will offer the rich a tax break, the poor more taxes, the middle class empty promises, and Christmas gifts for big business. We’ll have to see what they really propose.)
Continue reading Tax Reform? Maybe…
Oh, they’re talking. No, I don’t mean the Republicans and Democrats in Congress. (Though that would be really nice.)
Continue reading Tax Changes ARE Coming
Oh, the fictions our politicians weave. And, they hope- no, they expect- we, the citizenry will fall under their spell and believe them.
Continue reading Tax Falsehoods
So, before my children (and grandchild) woke up on the first day of Passover (the seder ends pretty late), I was reading my Washington Post and drinking my coffee. (I had already finished the NY Times and the Wall Street Journal.) And, then I read the piece by Catherine Rampell. I could not let it sit unanswered- but since it was the first days of Passover, I had to wait until the intermediate days to respond.
Continue reading Tax rate truths and lies
So, we’ve talked (this is the 3rd part in the daily series about current economics) about who is funding the US treasury. Mostly workers, which surprised most of you. Mostly the poor and the middle class, which clearly confounded you. (Remember- it’s payroll taxes that provide about 45% of the federal take, and the income taxes of the non-rich provide another 15% of the federal take. The rich (top 10%) provide 30% of the annual federal receipts via income taxes and corporations finish off the totals by contributing about 10%.)
Continue reading Living Wages- Take 3
Soooo. You’ve heard it. You know it. Corporations all complain about that 35% tax rate- but few, if any, are paying taxes at that rate. Big companies pay virtually ZERO % and middle-market companies pay 15 to 18%. (By the way, a whole slew of single-owner corporations pay a mandated 35% tax rate!) And, our clients- the ones we convinced to form LLC’s and S entities to save on taxes want us to explain how come they are not paying taxes at the 15% to 18% rates. Continue reading Tax Rates- Pass Throughs and C’s
Uh-oh. This time it could be for real. That oft-quoted, hardly found marriage penalty? I guess it finally had to come about, since Peter has been calling Wolf so long.
Continue reading Marriage Penalties
We all have heard (or read) how middle class wealth has been devastated over the past quarter century. Even now, as the economy seems to be perking up, it’s only the very wealthy that are seeing those gains. Mostly because the stock market is way up (interest rates are so low, it’s the only place for the wealthy and the retired to park their funds)- and housing has still not recovered (which is where the bulk of middle class wealth is found) to those pre-2009 levels.
Continue reading Is the Tax Code Fair?
