The tax this year will increase by two percentage points, to 6.2 percent from 4.2 percent, on all earned income up to $113,700.
Indeed, for most lower- and middle-income households, the payroll tax increase will most likely equal or exceed the value of the income tax savings. A household earning $50,000 in . . . → Read More: Taxes Are Going Up
There are a lot of people calling for raising taxes. Tom Coburn (a Republican, it should be noted) is in favor of increasing tax revenue by raising nominal rates on the wealthy. Daniel Berger thinks it’s unfair that the rich (himself excepted, of course) don’t pay their fair share. These two stories, then, reveal . . . → Read More: Tax Stupidity
So maybe I need to get into a daily digit type of routine. Of late there is a round of news around the state how municipalities are going to use their shale gas impact fee windfall. Here is the Inky’s version: PA towns savor drilling impact-fee checks.
How much of a windfall is . . . → Read More: Daily Digit: 0.32% 0.19%
Virtually all Americans will pay taxes during their lifetime. The uncertainty that came packaged with the Great Recession has allowed for the proliferation of many other economic misconceptions, especially in regard to taxes. Today’s economic context for tax reform is very complex. Most immediately, the economy is still in the midst of a . . . → Read More: Who Pays Taxes?
So Romney is getting into trouble for at one point in time observing the verifiable fact that 47% of Americans don’t pay personal income taxes. (Or, to state it more accurately, 47% of Americans did not have any income tax liability.) Perhaps now would be a good time to observe that 47+% of Americans . . . → Read More: 47%
Big day Monday up at the other end of Cleveburgh. Some day someone is going to have lots of fodder for a paper on the spatial patterns of local casino markets. What do I mean? Up in Detroit the headlines are all about how: Ohio’s new casinos could cost cash-strapped Detroit $30 million a year, . . . → Read More: Cleveburgh Casino Concerns
A somewhat strange myth has taken hold in some precincts of American conservative opinion that some vast swathe of the population isn’t paying taxes. In fact everyone pays sales taxes and other state and local taxes, and as Adam Looney and Michael Greenstone write for the Hamilton Project almost all working-age people . . . → Read More: Tax Myths
This is what annoys me about the Laffer curve: it’s perfectly mathematically and logically sound, but once that’s granted, everyone assumes the precise optimum is wherever agrees with their ideology. The extreme value theorem says nothing about WHERE the extreme value occurs. Republicans seem to assume it must occur somewhere around 0.0000001% . . . → Read More: The Laffer Curve
This time focused on the corporate tax:
Corporate tax reform is not usually a major issue in a presidential campaign, but it may be this year. President Obama has introduced a bold framework for a business tax overhaul.
His framework is already under attack from both the left and the right, indicating that the . . . → Read More: The Wrong Debate