Why Raise Taxes?

A certain retarded clown* is calling for raising taxes onthe rich:

Yet in the 1950s incomes in the top bracket faced a marginal tax rate of 91, that’s right, 91 percent, while taxes on corporate profits were twice as large, relative to national income, as in recent years. The best estimates suggest that circa . . . → Read More: Why Raise Taxes?

47%

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%

My Proposed Buffet Rule

Simon Johnson:

Some high income Americans pay a lot of tax; others do not. If you have right tax advice and if most of your income can be structured as some form of “capital gains”, your marginal rate – what you pay on the your last dollar of income – may be very low. . . . → Read More: My Proposed Buffet Rule

Tax Myths

Matt Yglesias:

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

Interesting History

Walter E. Williams, on the federal income tax:

During the legislative debate before enactment of the 16th Amendment, Republican President William Taft and congressional supporters argued that only the rich would ever pay federal income taxes. In fact, in 1913, only one-half of 1 percent of income earners were affected. Those earning $250,000 a . . . → Read More: Interesting History

Scott Adams on the Flat Tax

There’s a lot to comment on here:

I think most people like the idea of a simpler tax code. No argument there. But I’ve never met a person who would volunteer to pay higher taxes in exchange for simplicity.

I don’t know if most would actually pay higher taxes. Sure, direct taxes might increase . . . → Read More: Scott Adams on the Flat Tax

Weekly wrap

Some blogs that caught my eye last week. First is The Burning Platform with Edward Gibbon’s five marks of Rome’s decaying culture from his book The Decline and Fall of the Roman Empire:

1. Concern with displaying affluence instead of building wealth. 2. Obsession with sex and perversions of sex. 3. Art becomes freakish . . . → Read More: Weekly Wrap

Personal Income Tax Extensions

With the federal government looking like it is about to default on its obligation to pay the nation’s debts, it seemed like a good time to remind everyone that it is possible to delay your annual obligation to file your income tax paperwork by submitting an income tax extension form, even though the federal . . . → Read More: Personal Income Tax Extensions

I’ve Got a Bad Feeling About This

Scott Adams notes the problem with an increasing number of people who don’t pay taxes:

We all understand that no entity can survive for long if it gives away its resources while asking nothing in return. And this leads me to my point: In the United States, 51% of adults pay zero federal income . . . → Read More: I’ve Got a Bad Feeling About This

Play The State Income Tax Strategies Game Like LeBron James

LeBron James’ state income tax attorney might have saved LeBron millions of dollars a year by employing one of the best state income tax strategies around. Lets take a peek at the King James playbook of state income tax strategies.

CHOICE OF STATE INCOME TAX STRATEGIES

Like LeBron James and others you . . . → Read More: Play The State Income Tax Strategies Game Like LeBron James