Who is in charge of fiscal policy and tax policy?

In any country, various arms of government like to indulge in taxation of their own choice, and in setting up little treasuries that they control. However, it is quite clear that there must be only one treasury, and only one authority that determines taxation, through only one Finance Act.

In the Economic Times today, . . . → Read More: Who is in charge of fiscal policy and tax policy?

Sugar: Letting the invisible hand work

by Apoorva Gupta.

The recent announcement that dismantled the levy and monthly release mechanisms, in the sugar industry, will make the industry more efficient and competitive. But much remains to be done. This is a good time to look at the government interventions in this industry, the implications of recent decisions, and the way . . . → Read More: Sugar: Letting the invisible hand work

The changes in taxation of transactions in futures on equity and commodity underlyings

Taxation of transactions in India began with the equity market in 2004. Prior to 2008, the securities transaction tax (STT) was allowed as a rebate against tax liability against Section 88E of the Income Tax Act. This treatment was withdrawn by the 2008 Budget announcement. After that, STT became a substantial influence on the . . . → Read More: The changes in taxation of transactions in futures on equity and commodity underlyings

Welcome to Higher Taxes

It’s apparently unpleasant:

American workers are opening their first paychecks of the year and finding an unpleasant surprise: The government’s take has gone up.

A temporary cut in Social Security withholdings gave Americans hundreds of extra dollars to spend over the past two years. But Congress allowed that break to expire during the wrangling . . . → Read More: Welcome to Higher Taxes

Taxes Are Going Up

Quelle surprise:

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

The Truth About Taxes

Ross Douthat speaks it:

Alas for liberals, the tax debate isn’t that simple, because it’s taking place in the context of immense projected future deficits and a welfare state that seems unsustainable without substantial increases in revenue. Given these realities, fairness and progressivity are necessarily less important to liberalism over the long run than . . . → Read More: The Truth About Taxes

“Cheap Labor”

Turns out it’s neither cheap nor labor:

“In 2010, 36 percent of immigrant-headed households used at least one major welfare program (primarily food assistance and Medicaid) compared to 23 percent of native households,” summarizes the document which was published by the Center for Immigration Studies and examines a wide variety of topics relating to . . . → Read More: “Cheap Labor”

Tax Stupidity

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

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?

Daily Digit: 0.32% 0.19%

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%