As we are knee-deep in tax season, I thought it might be useful to explain why Americans aren’t rioting over the size of the ever-ballooning national debt and yearly federal budget deficit – how Washington is taxing and spending us into oblivion and yet we just don’t seem to care.
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
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.
I ask everyone to read this or any article on the proposed Trump Payroll tax cut with a large grain of salt. By that I mean you must read between the lines, as everyone has an agenda – good or bad.
The bottom line to consider is that a tax cut – any tax cut, is good for America and bad for government. It “allows” the people that pay the tax to keep more of their own money. This effectively shuts the government out of the equation, and they don’t like that. It’s why pundits, bureaucrats and politicians alike hate the idea.
They would much prefer to give “targeted” relief. This merely means that, as always, they will be the ones to pick the winners and losers.
A payroll tax cut positively affects both employees and employers. Many employers may even opt to add their portion of the cut to the employee’s salary, increasing take-home pay even more.
However, Trump wants to go even further by suggesting a suspension of all Payroll taxes for the balance of the year. This, I can assure you, will NEVER sell on Capital Hill.
All the government hacks in Washington understand something crucial that the general public likely does not. They understand that reinstituting this tax after people have gotten used to not paying it, would end in a citizen revolt. It’s why withholding was devised in the first place. What the public doesn’t see, won’t upset them.
But if they get a taste of reality – of an expanded paycheck, they’ll be hard-pressed to give it up.
After Coronavirus-Fueled Stock Market Drop, Trump Considers Payroll Tax Relief
Stocks are expected to rally today after a historic drop on Monday. Concerns over the price of oil (thanks to a price war between Russia and Saudi Arabia) and how the coronavirus will further affect the global economy sent shares tumbling by 2,013 points: the most significant point drop since Dow began recording stock averages in 1884. read more
Taxes have become a big issue again in this election season. Every democrat on the ballet has a least one or two wacky schemes they claim are free. Free college, free healthcare, etc. But when pressed, they have to admit that taxes will be drastically raised to pay for for these plans.
And the reason they can get away with it is our progressive tax system.
I’ve been a proponent of the Steve Forbes Flat tax plan for decades. I even supported him in 1996 when he ran for president. One of my sons and I even met him on the campaign trail and had an hour-long conversation with him. very smart man.
It was then that I first heard of his flat tax idea, as he explained it to me in detail.
Well., he’s still pushing it and like then, it’s still a great idea.
Prager University thought so, as they asked Mr. Forbes to expound upon it for one of their famous short videos: read more
Oh, like taxes, or frankly any law that deals directly with the people, they all start out, as does this suggestion from the President, fairly innocuously and backed with the best of intentions – at least outwardly.
But as Will Rogers said: “The difference between death and taxes is death doesn’t get worse every time Congress meets.”
And ole Will’s saying doesn’t just apply to taxes. It applies to virtually all laws and all regulations.
Take the income tax … Please! Just kidding.
Seriously, in 1913, the first year of the income tax, the top tax bracket was 7 percent (and that included a six percent surtax) on all income over $500,000 ($11 million in today’s dollars), and the lowest tax bracket was 1 percent.
And of course promises were made by our benevolent government overlords prior to its introduction, that tax rates wouldn’t just be continually raised.
Raise rates? Don’t be silly. We’re the government. You can trust us – right? read more
Poll: One-third N.Y. residents plan to move because it’s too expensive
Several companies are relocating from the Empire State, numerous businesses have announced they are closing shop altogether citing economic reasons, and a new poll shows a third of New York residents plan to move because they can’t afford to stay.
A review of the New York Department of Labor WARN notices shows several companies are relocating to other states. Private sector employers that have more than 50 employees must file a notice before closing a plant and must also notify the state when they are laying off 33 percent of their workforce. read more
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
Fiscally speaking, we conservatives have for years been saying there’s not a dime’s difference between the two parties. Well, here’s further proof.
from Conservative Review:
The bipartisan spending binge is now worse than under Bush and Obama
We’re now $22 trillion in debt, yet despite all that red ink, the Mexican cartels have control of our border and we’re not one bit closer to spending money on our own security. We’ve gone into deep debt for everything except the core function of the federal government. read more