Tax Law Archives - Page 19 of 41

Will the VAT Lady Sing?

Wall St. Journal: “If so, it’s over for America. A cultural battle is under way in America, a battle between, in columnist Michael Barone’s, words, ‘the culture of dependence and the culture of independence.’ The culture of dependence is the belief by American liberalism that government can make better decisions for people than people can make for themselves.”

30 Million Face $3,700 Tax Increases in 2012

Investors Business Daily: “Candidate Obama repeatedly vowed that those earning under $250,000 ‘will not see any of your taxes increase one single dime.’ Will he veto the $3,700 tax hike Congress is considering for 30 million Americans? See “Millions face tax increases under Dems budget plan.”

Rasmussen: 66% Say America is Overtaxed

Too bad Congress isn’t paying attention. A new poll by Rasmussen has some shocking results on what people think about taxes. “Eighty-one percent (81%) of Republicans believe the nation is overtaxed. So do 73% of voters not affiliated with either major party. Democrats are evenly divided on the question.”

47% of U.S. Pays No Federal Income Tax

The Associated Press reports that a new study found that almost 47 percent of households in the United States wil not pay any federal income tax for 2009. The top 10 percent of earners paid approximately 73 percent of total federal income tax revenue. The percentage who paid no federal income tax was 38 percent in 2007.

U.S. Wealthy Lack Loopholes to Offset Obama’s Taxes

Bloomberg: “In 2011, income tax rates for the highest earners will go to 39.6 percent, up from 35 percent, and the capital gains tax will rise to 20 percent from 15 percent, unless Congress acts. . . .The capital gains tax will rise to 23.8 percent in 2013, to help pay for health-care reform signed by President Barack Obama March 23. That’s because the legislation applies a 3.8 percent Medicare tax on unearned income such as realized capital gains, dividends, interest, rents and royalties.”