Showing posts with label Tax Foundation. Show all posts
Showing posts with label Tax Foundation. Show all posts
Thursday, August 29, 2024

The personal exemption from the income tax should be $127,000 today

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 The personal exemption in 1913 was $4,000 when the average Joe made about $800 a year. Adjusted for inflation, that's $127,000 in July ...
Wednesday, April 24, 2024

Tax Foundation tax calculator shows EVERYONE'S personal taxes going UP if Biden lets Trump tax cuts expire

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 A married couple with 2 kids and a modest combined income of $85k would realize a $1,661 tax increase if the Trump tax cuts are allowed to ...
Tuesday, March 5, 2019

Insane new Democrat governor of Michigan wants to raise regressive gasoline tax to highest in the nation

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Gov. Whitmer proposes raising gas tax by 45 cents to fund Michigan’s crumbling roads : According to The Tax Foundation, a Washington, ...
Thursday, December 7, 2017

Sum Ting Wong: Low top marginal tax rates since 1986 have NOT delivered

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Low top marginal tax rates have NOT delivered since 1986. The average top marginal rate has been 38% for the last thirty years, 49...
Saturday, November 4, 2017

How to tax the rich and only the rich as originally intended in 1913, and solve a lot of problems

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In 1913 when the average Joe made about $800 a year, the first income tax under the 16th Amendment didn't worry him because he didn...
Wednesday, September 30, 2015

The Tax Foundation says Trump tax plan will blow up the deficit, reducing revenues to 12% of GDP

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From Alan Cole, here : "Looking at these rates, collectively, note that Mr. Trump is frequently cutting rates in half, and someti...
Friday, June 28, 2013

States Still Owe US Treasury $30 Billion For Jobless Benefits Borrowing

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The story was reported here in May: "For decades, states have been offering benefit checks to the unemployed for 26 weeks. During rece...
Wednesday, November 21, 2012

Let's Face It, Republicans Helped Create "The Takers"

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It's time for a reality check. Republicans bear heavy responsibility for creating "the takers", the infamous 47% of household...
Monday, October 15, 2012

Capital Gains Income Averaged $497 Billion Annually 2000-2009

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From a story in June by the Tax Foundation,  here , on volatility in the sources of personal income. Taxed at 15%, average capital gains inc...

Tax Foundation Finds Romney's $17K Deduction Cap Revenue Neutral

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And says the plan maintains progressivity in the tax code. In other words, it keeps the rich paying far more than their fair share. Read abo...
Wednesday, January 25, 2012

Warren Buffett's 2010 Tax Bill Was $6.9 Million. Was That 'At Least As Much As His Secretary's'?

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The details of Warren Buffett's taxes for 2010 were only partially revealed last August and became the subject of critical examination, ...
Sunday, November 13, 2011

Adam Davidson of NPR Wants to Increase Taxes on It, But What Really is The Middle Class?

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In The New York Times, here , where he expansively defines the middle class as everyone making between $30K and $200K: To solve our debt pro...
Friday, November 4, 2011

Bill Clinton's Middle Class Tax Increase Meant the Rich Got a Bigger Piece of the Pie

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Mark Perry seems to have missed a good story. He's been talking recently about how the income share of the top 20 percent has been FLAT ...
Sunday, October 23, 2011

Whether it's Herman Cain's 999 Plan or a Flat Income Tax, The Current Code Must Go

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So says Steve Forbes, here , who reminds us why that is: The federal income tax code and all its attendant rules and regulations -- almost 1...
Friday, October 7, 2011

Senate Democrat Millionaire Tax Would Pay Less Than 10 Percent of Jobs Bill Cost

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In the first year. The Democrat trick is to levy the tax over ten years to pay for a spending bill this year, and to rely on data which is s...
Friday, August 26, 2011

The Biggest Tax Loss Expenditure Benefits the Rich: $150 Billion for Social Security

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In 2008, the AGI of the top 10 percent of earners was $3.9 trillion, represented in just 14 million tax returns, as reported here . Assuming...
Friday, July 29, 2011

Another Voice Wrongly Claiming 'The Money is in the Middle'

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Brian Wesbury at The DC, here : What most people don’t realize is that the U.S. has gorged so much (boosting spending from roughly 18% of GD...
Thursday, June 23, 2011

America's Top Half of Income Earners Paid 36 Times More in Taxes in 2008

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Individual income tax revenues in 2008 were $1.03 trillion on AGI of $8.43 trillion, for an effective overall tax rate on the individual Ame...
Sunday, May 1, 2011

Government Revenues in 2008 were $2.5 Trillion

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Government revenues in 2008 came from the following taxes: Individual income taxes -- $1.14 trillion; ( IRS data is slightly different at $...

Doh! We Tax the Rich Because That's Where The Money Is, Knucklehead.

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Per Census.gov here , these are the income limits by each quintile of 23,507.6 households in 2009: Lowest: up to $20,453 Second: up to $38,5...