Tax Policy Blog reports that the Maryland legislature is considering whether to pass a law that would raise tax rates on wealthy individuals. And what is considered wealthy in Maryland? $100,000.00 of annual income: Maryland’s tax special session began today; expect more analysis on it from us tomorrow. However, we just received detail on S.B. [...]
Tags: State Taxes · Tax Policy
Roger Russell of WebCPA reports that Eduardo Saverin, a co-founder of Facebook, has renounced his U.S. citizenship prior to the company going public in a move apparently designed to limit his U.S tax liabilities: The Brazilian-born resident of Singapore took the action last year, and his name appears on an IRS list of people who [...]
Tags: Tax Policy
Bruce Bartlett writing for the New York Times in Will Rich People Desert the U.S. if Their Taxes Are Raised? says: In recent years, the number of Americans renouncing their citizenship has increased. According to the international tax lawyer, Andrew Mitchel, the number of Americans renouncing their citizenship rose to 1,781 in 2011 from 231 [...]
Tags: News · Politics of Taxes · State Taxes · The Economy
The AP’s Sean Murphy reports that Oklahoma Republicans want to abolish their state income tax: A year after Republicans swept into office across the country, many have trained their sights on what has long been a fiscal conservative’s dream: the steep reduction or even outright elimination of state income taxes. The idea has circulated among academics [...]
Tags: State Taxes
Kay Bell reports: Democrats who control the New Jersey legislature are vowing to revive the state’s millionaire’s tax. The state’s Republican governor releases data showing that higher taxes drive out New Jersey’s top income earners. Coincidence much? No, politics as usual. Dr. Charles Steindel, the top economist for the N.J. Treasury Department, and two colleagues [...]
Tags: News · Tax Policy
Don’t tell the propagandists of the pro-tax, pro-union, pro-big government crowd this but the red states (you know, the ones with all of those toothless conservative rednecks in them), and their low tax, pro-business policies regularly out-perform the blue states and their high tax, pro-union policies. John Hinderaker of PowerLine has the story (emphasis added): Today, we have [...]
Tags: News · State Taxes · The Economy
It doesn’t take a fission engineer to deduce that more people would be willing to risk jail time to save 60% of their income than would be willing to risk jail time to save 25% of their income. Tim Lister of CNN.Opinion writes in Tax Evasion is a National Pastime in Southern Europe (emphasis added): “Wherever the [...]
Tags: Politics of Taxes · Tax Policy · The Economy
