The data counters the false refrain of the Trump cuts only benefiting the rich. While I have repeated this refrain for years, the actual tax rates matter more than the statutory rates. The difference is the Special Interest Spread- SIS- a term I coined in this article: Save the Swamp.Read More
Many small businesses that ship online will be hurt by this ruling. Complying with the tax codes for 48 states that charge sales tax will be crippling for many of them. There will be a need for a third party to manage the sales tax issue for thousands of small online businesses. This will likely serve to make Amazon and other large online retailers bigger and more powerful in the internet sales arena.Read More
by Henry Oliner
The estate tax is less of a transfer from the rich to the poor than it is a transfer from one group of wealthy to other wealthy special interests. The great beneficiaries of estate taxes are tax lawyers and accountants, insurance companies, and wealthier businesses who use the pressure of the estate taxes to acquire other firms and grow larger.
From Kevin Williamson at National Review, A Conservative Tax Hike The federal government uses the tax code for all sorts of social-engineering purposes: to encourage and subsidize investment in manufacturing or green-energy businesses, to reward charitable giving, to encourage home-ownership. The…Read More
From Kevin Williamson at National Review, A Conservative Tax Hike Eliminating deductibility for state and local income taxes is of course politically satisfying for mean-spirited conservatives such as myself — it constitutes a very substantial tax increase on the sort of…Read More
from The WSJ, Phil Gramm and Michael Salon, Reagan Cut Taxes, Revenue Boomed: As inflation plummeted from the CBO’s projected average annual rate of 8.3% for 1982-86 to an average of 3.8%, revenue compared with projections tumbled $22 billion in 1982…Read More