If there were trillions of dollars socked away in convenient vehicles to avoid taxes and benefit the ultra-elite should we not tax them? Are they not fair game in a just system of taxation, where the little guy and the middle class have to pay up—or else?
The largest endowments, mainly universities indoctrinating students in social justice, wokeism, and class warfare, pay absolutely no taxes.
The big foundations, promoting radical left-wing activism, likewise pay no taxes.
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In the mood for a depressing statistic? A new report from the financial services firm Self concludes that the average American will pay an astounding $525,037 in taxes over their lifetime—roughly 34 percent of their lifetime earnings.
But the numbers aren’t uniform across the country; they vary wildly from state to state. Based on taxes on earnings, spending, property, and cars, here are the 10 states where residents pay the highest taxes over a lifetime.
1. New Jersey
Topping the list is New Jersey, where residents will, on average, owe an astounding $932,000 in taxes over their lifetime. That’s nearly 50 percent of their typical lifetime earnings!
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The Biden administration proposed a minimum global corporate tax rate of 15%, but said it hoped world leaders would negotiate a more “ambitious” minimum rate.
Treasury Department officials proposed the 15% minimum corporate tax rate during an Organization for Economic Cooperation and Development (OECD) meeting on taxation Thursday. The meeting marked the initial discussions over a global minimum rate between nations after the Treasury Department had previously pushed for such a tax to stop the global “race to the bottom.”
“Treasury proposed to the Steering Group that the global minimum tax rate should be at least 15%,” the department said in a statement Thursday. “Treasury underscored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher.”
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There will always be munis. Income from municipal bonds typically enjoys tax-free status at the federal level and in the issuing state. Conversely, when investors put wealth to work in a startup, private corporation, or public company, they face a capital gains tax penalty if their investment bears fruit. If a home run, that penalty becomes enormous.
Imagine that. Investors who subsidize the growth of government largely avoid taxation. But if they back an innovative corporation, or rush a distant future into the present through an intrepid investment with a visionary entrepreneur, a major IRS bill awaits.
Worse, the cost of prescient investing may soon increase. Seemingly in a bid to placate his ravenous left flank, President Biden has announced a proposal to nearly double the federal penalties on savings and investment to 43.8%.
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Ever since the beginning of the pandemic, working from home is the new normal.
In 2018, just 5.4 percent of the US’s working population worked remotely. By mid-2020, it had turned into reality for 56 percent of the workforce. While not all workers forced to stay home were quick to welcome the change, many learned to enjoy it over time. With state governments beginning another round of lockdowns, it isn’t shocking to see many companies choosing to carry on with remote work.
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Federal prosecutors in Delaware are investigating Hunter Biden for potential tax crimes, he said in a statement issued Wednesday through his father’s presidential transition team.
“I learned yesterday for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs,” Biden said in the statement.
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President-elect Joe Biden in a Wednesday interview said “there’s no reason why” his administration shouldn’t raise both corporate and individual income taxes to levels maintained during former president George Bush’s administration.
Biden insisted “everybody pairs their fair share” in taxes during his presidency, and suggested a nearly 40% rate for those in the top bracket, which he said was commonplace during the Bush era, in an interview with the New York Times.
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President-elect Joe Biden’s proposed firearm tax could cost gun owners upwards of $30 billion to keep the weapons they already possess, according to The Washington Free Beacon.
Biden plans to mandate both taxation and registration of so-called “assault weapons” and high-capacity magazines under the National Firearms Act (NFA), which requires a $200 fee per item, according to the former vice president’s campaign website. Around 20 million rifles and 150 million magazines would be taxable, leading to a total cost to U.S. gun owners of over $34 billion, according to the Free Beacon.
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An Ohio Supreme Court ruling should help small business owners cut through government bureaucracy and save time and money, according to a Central Ohio think tank.
The ruling, which could allow small businesses to file a single local income tax return, is a step in the right direction for small businesses throughout the state, according Greg R. Lawson, a research fellow at The Buckeye Institute.
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Democratic presidential candidate Joe Biden’s proposed tax increases of nearly $4 trillion over the next 10 years, if passed, “would be the highest in American history – indeed, in world history,” an analysis of his plan determined.
Lew Uhler, founder and chairman of the National Tax Limitation Committee and National Tax Limitation Foundation (NTLF), and Peter Ferrara a senior policy adviser to NTLF, made that conclusion in a new report published by The Hill.
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State lawmakers nationwide are spending more money, but they are also replenishing rainy day funds in preparation for the next economic downturn, a new report determined.
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The IRS placed a tax lien on Hunter Biden seeking $112,805 in unpaid taxes from 2015, according to records the Daily Caller News Foundation obtained.
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Vermont’s Socialist Senator and top-tier Democratic presidential candidate Bernie Sanders is one of the true disruptors in American politics. His unconventional ideas defy easy categorization as he campaigns around the country on his own idiosyncratic brand of Democratic Socialism.
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by Robert Romano In 2016, when President Donald Trump ran on his America first trade agenda, much of the conventional wisdom was that, if implemented, his tariffs would wreck the U.S. economy. It would have the same impact as the 1930 Smoot-Hawley Act, and so the prediction goes, lead to…
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by Michael Bastasch The federal regulatory apparatus imposed a roughly $14,600 “hidden tax” on American households last year, according to a new report by the Competitive Enterprise Institute (CEI). “That amounts to 20 percent of the average pretax income of $73,573, and 24 percent of the average expenditure budget…
Read Moreby Bethany Blankley With 17 days to go before the end of session, legislative conference committees began meeting Friday to hash out differing proposals for three of the most contentious omnibus bills yet to be voted on by the full Legislature. The Omnibus tax bill, Omnibus Health and Human Services…
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by David Ditch Members of Congress are promoting the concept of changing three programs from the discretionary category (requiring annual appropriations) into mandatory (auto-pilot) spending. Such changes would become a huge backdoor spending increase. Spending limits have come under relentless attack from both parties. In 2013, 2015, and 2018,…
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Thursday’s joint committee meeting to find a compromise on the controversial gas tax hike appears to have ended inconclusively. As previously reported, the gas tax hike has proved an extremely divisive start to the legislative calendar. Currently, House Bill 62 (HB 62), the 2020-21 Ohio Transportation Budget, the first major bill…
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A joint committee of the Ohio House of Representatives and Senate was convened Wednesday in the hopes of reconciling the major divides in their respective transportation budgets. As they work towards a solution, one state think tank is reminding them not to forget the consequences Ohio citizens will face as a result…
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by Nick Givas Former California GOP Chairman Tom Del Beccaro listed nine ways in which America is moving towards socialism during an appearance on “Fox & Friends” Monday. Del Beccaro said increased government spending and inflated tax codes are just the beginning and claimed they’ll have a domino effect on…
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by Rick Manning In Washington, D.C., every spending program and tax break has a constituency that fights for it. This is why they exist, because somewhere, someone believes that Warren Buffett needs a wind production tax credit, and that opera programming should be taxpayer funded. These constituencies are tightly…
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Grover Norquist, President and Founder of the nationally recognized Conservative taxpayer advocacy group Americans for Tax Reform (ATR), implored Ohioans Friday to reject the “straight up” gas tax currently being considered by the Ohio Legislature. In an open letter, Norquist warned; A gas tax hike does the greatest harm to households who…
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COLUMBUS, Ohio — The battle over a gas tax increase has officially kicked off in the Ohio Statehouse. Since taking office, Ohio Republican Gov. Mike DeWine has insisted that a gas tax was critically necessary to preserving and repairing the state’s decaying roads and bridges. Though many in the state on both…
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COLUMBUS, Ohio– In a statement made via a Facebook Video, Columbus, Ohio’s Democratic Mayor Andrew J. Ginther announced that he is backing DeWine’s 18 cent gas tax hike. The mayor said he is backing the bill because: It will help us increase our funding for infrastructure in Columbus neighborhoods by 19 million a year.…
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The Buckeye Institute, an established think tank based in Ohio, has released its latest economic report, assessing the current state of economic affairs in Ohio and making recommendations to improve the overall financial health of the state. In the report, The Buckeye Institute discovered that the current state budget surplus could create…
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by Edward Ring It is fashionable to refer to the job market of the future as “the gig economy.” In this enlightened, technology enabled wonderland, everyone will be free to balance work and leisure as they see fit. When they want to earn more money, they get online, find a…
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Ohio Gov. Mike DeWine’s hand-picked Advisory Committee on Transportation has issued its final report on how best to address the deteriorating condition of Ohio’s roads and bridges. As early reports suggested, a gas tax hike is their only solution. The 15 member panel agreed that raising taxes on the price of…
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It’s safe to say that when Ohio Governor Mike DeWine appointed his “Governor’s Advisory Committee on Transportation” to develop solutions for paying for road and bridge repairs, citizens were hoping they’d come up was some creative answers. Instead, the committee reached a consensus last week that the primary means by which…
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After two meetings and two hours of public testimony, the Governor’s Advisory Committee on Transportation has, so far, agreed on only one thing to save Ohio’s roads and bridges: raise taxes. As previously reported, the committee was officially launched on January 31st. Hand-picked by Governor Mike DeWine, the bipartisan committee of industry…
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by Murray N. Rothbard Our country is beset by a large number of economic myths that distort public thinking on important problems and lead us to accept unsound and dangerous government policies. Here are ten of the most dangerous of these myths and an analysis of what is wrong…
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by Chris Edwards The Census Bureau has released new data on state population growth between July 2017 and July 2018. Domestic migration between the states is one portion of annual population change. The Census data show that Americans are continuing to move from high-tax to low-tax states. This Cato…
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by Chris White French President Emmanuel Macron made his way back to France Sunday as protesters turn the streets of Paris upside down over sky-high gas taxes designed to fight global warming. Officials are considering declaring a state of emergency to deal with the unrest. Macron returned from his trip in…
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Ohio entered the Union in 1803 as America’s 17th state and — as has been routine practice for freshly-added states — Ohio established a state constitution by which to govern itself in harmony with the U.S. Constitution. For decades, things generally seemed to function well. But by 1851, Ohioans began…
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by Jenna Suchyta I am tired of hearing Masterpiece Cakeshop v. Colorado Civil Rights Commission hailed as a “victory” for religious liberty; it was no such thing—unless we’re also going to start counting forfeits and rain delays as wins. Masterpiece was a bunt, and not a very promising one at that. Although the outcome…
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by Julia Cohen A bipartisan majority in the House voted to repeal President Barack Obama’s 2.3 percent medical device tax Tuesday. The repeal passed 283-132, with 57 Democrats and all but one Republican voting in favor. North Carolina Republican Rep. Walter Jones was the sole Republican against the bill. “Minnesota’s innovators can breathe…
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by Julia Cohen House Republicans announced they are working on a second iteration of tax cuts on Tuesday, the same day the Congressional Progressive Caucus announced a proposal for raising taxes. “The tax cuts have been working incredibly well to get this economy moving, to create more jobs, to…
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by James D. Agresti In a New York Times article about President Trump scaling back regulations, reporters Binyamin Appelbaum and Jim Tankersley report “there is little historical evidence tying regulation levels to” economic growth. They support this sweeping claim only with a quote from Jared Bernstein, a former chief economic adviser to…
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The gloves are definitely off in the Tennessee Republican Primary for Governor. Diane Black has unleashed a vicious television hit on Randy Boyd based upon a Tennessean story claiming that Boyd has used the location of his company’s foreign operations in order to avoid U.S. taxes. “From 2014 to 2016,…
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by Kalena Bruce As we enter the summer, Republicans and Democrats continue to debate the merits of the tax cuts. Lost in this partisan bickering is the genuine and long-overdue relief the tax cuts offer small businesses. Sadly, the media reporting on small business tax cuts has been heavily…
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