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Owe Taxes? You Have an Extra 90 Days to Pay

There is no good news regarding the coronavirus outbreak. But as close as it gets to good news – if you owe the government money by way of a tax payment on April 15th, you have just been granted a reprieve of sorts.

You must still file by April 15th, but can defer any payment owed for up to 90 days. It’s no silver lining, but it’s as good as it gets these days.

from Business Insider:

The tax-filing deadline will remain April 15, but the IRS will waive penalties and interest on tax payments for 90 days

taxes
You should still file your taxes by April 15. 
Joe Raedle/Getty Images
  • Treasury Secretary Steven Mnuchin announced on Tuesday that Americans who owe taxes can defer their payment for 90 days, interest and penalty free, up to $1 million.
  • Mnuchin said Americans should still file their taxes by the April 15 tax-filing deadline if they want to get a tax refund.
  • Americans who want to defer their tax payments will also need to file a return to qualify.
  • This post will be updated as more details about the tax relief guidelines are released.

Very few aspects of American life, if any, remain unaffected by the coronavirus. Taxes are no exception. read more

Billions in Remittances Sent Back to Central America

from the Daily Caller:

CENTRAL AMERICAN MIGRANTS ARE SENDING BILLIONS BACK TO THEIR HOME COUNTRIES

Foreign nationals from three Central American countries that send some of the highest numbers of illegal immigrants to the U.S. are sending back a record amount of money to their home countries.

Immigrants from Guatemala, El Salvador and Honduras sent back a record $120 billion in remittances this decade, according to an immigration expert who spoke to the Washington Examiner using U.N. and Latin American banking statistics. The numbers are expected to keep rising, with immigrants from these three nations having sent $17 billion in 2018 alone, and Central American bank data indicates that the trend will keeping going. read more

Chicago Picking Winners & Losers

from IBD:

Uber And Lyft Are Hurting Mass Transit? There’s Nothing Wrong With That

Chicago recently started taxing users of increasingly popular ride-sharing services so it could spend more on its increasingly unpopular mass transit rail service. This sort of thinking only makes sense to government officials.

When app-based ride sharing services Uber and Lyft started to catch on, cities thought they posed a dire threat to their local monopoly taxi services and tried to thwart them. But while ride sharing did cut into taxi ridership, it is also having a big impact on mass transit. read more

Dems May Regret not Voting for Tax Cuts

from IBD:

GOP Tax Cuts Are Turning Out To Be A Disaster … For Democrats

Not long ago, Democrats expected that the GOP tax cuts would be a political disaster for Republicans, just like ObamaCare was for Democrats in 2010. How’s that prediction working out?

Writing in the Atlantic in December, longtime political reporter Ron Brownstein argued that “President Trump and congressional Republicans have just taken the same leap of faith that Democrats did when they passed the Affordable Care Act.”

He went on to note that after Democrats passed ObamaCare in early 2010 — despite strong public opposition — the backlash from voters “helped propel Republicans to the biggest midterm gain in the House for either party since 1938 and gave them a majority in the chamber they still haven’t relinquished.” read more

Foxconn’s Olympic Venue

by: Brent Smith at the Common Constitutionalist

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On the surface, it’s great to hear that companies are repatriating themselves. Not just money coming back in, but companies either moving back or expanding facilities in the United States rather than over seas.

The problem is that many States are so desperate for the potential of an additional tax base that state governments tend to offer extraordinary perks and tax breaks to entice the multi-national corporations to set up shop in their State. So much so that the companies end up receiving ridiculous amounts of relief and “incentives” from the State for the privilege of effectively underwriting the new facility.

Exhibit A: In July, 2017, Foxconn, the Taiwanese manufacturer that makes electronics for Apple and other tech companies, announced that it will build a manufacturing facility in Wisconsin. Governor Scott Walker eagerly proclaimed that, “The project will create 13,000 new jobs and should be completed by 2020.”

Foxconn’s projections were a tad more subdued. “In a statement, the company said the project will create 3,000 jobs with the ‘potential’ to generate up to 13,000 new jobs.” read more

Social Democracy Won’t Work in America

from the Washington Examiner:

What liberals and progressives get so horribly wrong about taxes

It’s a consistent complaint that those wondrous social democracies over in Europe get so much more from government, so why can’t we here in the U.S.? Some advocating this are even willing to make the (true) point that to get so much more from government, we’ll all have to pay so much more, as they do, in taxes.

Well, as long as people are willing to point out both sides of this, that we can only get “free” healthcare and college if we pay for it, then that’s fine. It becomes an argument over what is either efficient or fair as a method of delivering those things which we know we’re going to have, healthcare and college. read more

WND Exclusive – ALL INCOME IS 1ST THE GOVERNMENT’S

The Republican tax plan has finally made its debut. At first blush it appears pretty good. At its heart the plan is populist, but what can we expect in these times?

As one might expect of populists, it is geared toward the lower income scale, but does have a few cut-outs for the wealthier among us – and is certainly more business-friendly than the status quo.

However, we must remember that all tax legislation begins in the House, so this is just a starting point, and what we see is as good as it will be.

The bill isn’t going to improve from here out. It will only get worse – more watered down, as the Democrats’ long-knives predictably start tearing into it. read more

Tax Cuts and Discounts are Really the Same Thing

by: Brent Smith at the Common Constitutionalist

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As the tax debate in Washington heats up, we’re hearing the same tired old refrain of, “The rich don’t deserve nor do they need a tax cut.” It’s an absurdly populist statement. However, this time it’s coming from both the dems and republicans.

In defense of tax cuts for all, the rich included, let me first quote some boring facts and figures. Then I will attempt to inject some business sense into an otherwise senseless argument.

Tax cuts will in fact grow the economy, yet I heard the leftist billionaire Tom Steyer say that since the 1980’s, the top tax rate has been cut from 70% to under 40%. He adds that during that time wages for workers have stagnated. I won’t argue that point here.

I heard him say he got rich on Wall Street, so he knows all about the economy. If this is so, and we’ll assume it is – it would mean he’s lying by omission and knows he is. But he knows most aren’t schooled enough to catch him in the lie.

In fact the economy did grow massively after Reagan’s huge tax cuts. But wages are just a portion of economic growth. And wages, like almost everything else, do not occur in a bubble. Other things affect wages – not just growth, or lack of it.

First, would you rather have a job at slightly lower wages, or no job at all, which occurred during the Carter years? And of course wages often don’t tell the whole story. read more

EU Targets Another American Company – Because They Are American

from IBD:

The European Union has once again kicked a giant U.S. tech firm in the shins in yet another pathetic fit of jealous pique. Last time, it was Apple (AAPL), supposedly because it didn’t pay enough taxes. This time, it’s Google, largely because, well, European companies just can’t compete.

The EU’s so-called Competition Commission — whose name suggests the same level of irony as the Ministry of Truth did in George Orwell’s “1984” — says that Alphabet(GOOGL) subsidiary Google must cough up a record fine of $2.7 billion because Europe’s homegrown firms can’t compete.

“Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors,” said the EU’s top antitrust bureaucrat, Margrethe Vestager. “What Google has done is illegal under EU rules.” read more

Dick Durbin Bullies Walgreen

from IBD:

Well, the thugs and bullies in the White House and on Capitol Hill have scored another victory — if you can call it that — over a major American company.

After a month of assaults and threats from the D.C. political class, venerable drug retailer Walgreen Co. announced it will remain headquartered in Illinois for the time being instead of entering a tax-inversion merger with Europe’s Alliance Boots that would move it abroad to lower its tax bill.

Good news for Washington, but the millions of Walgreen shareholders aren’t partying it up. read more