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Category Archives: Legislation
Why Gamblers Should Dislike PelosiCare
Suppose you’re an amateur gambler. Say you’re a college student. You net $45,000 playing poker tournaments. When you determine your annual wins and losses you find that your gross winnings are $800,000 and your gross losses are $755,000. You take … Continue reading
House Health Care Bill Adds Taxes for All and Work for Tax Preparers
The 1990-page health care bill that the House will consider has numerous tax provisions. Americans for Tax Reform published a list of some of the changes: – Employer Mandate Excise Tax of 0 to 8% of wages (depends on size … Continue reading
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Tagged HealthCareLegislation
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Senate Health Care Proposal Leads to 80% Marginal Tax Rate?
It’s hard for me to imagine such a high marginal tax rate, but those kinds of rates were the norm from the 1930s into the 1960s. Higher marginal tax rates extended the Great Depression. But that doesn’t seem to matter … Continue reading
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Money Growing on Trees in D.C. May Help Homebuyers
There’s no such thing as a free lunch. That said, Democrats in Washington are talking about extending the soon-to-expire first-time homebuyer’s credit. While this would certainly help the real estate market, this “free money” would have to be paid for…sooner … Continue reading
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Mr. Tax Law Writing Tax Evader
PJTV parodies the very successful Bud Light commercials “Real Men of Genius” with Real Members of Congress featuring Mr. Tax Law Writing Tax Evader. Unfortunately, the story is true…. Hat Tip: Patterico
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Sweden Understands; Current Administration Doesn’t
>From PowerLine I learned that Sweden is lowering its tax rates to encourage job growth. Yes, a bastion of Scandinavian socialism understands economics enough to know that high tax rates discourage job growth. It’s a pity that our current Administration … Continue reading
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Drip, Drip, Drip on Rangel
For embattled Congressman Charlie Rangel (D-NY), is time running out? Byron York thinks it is. He notes that Congressman John Carter (R-TX) has introduced the “Rangel Rule”: “The brainchild of Rep. John Carter, a Texas Republican who spent two decades … Continue reading
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Wrangling Rangel
Congressman Charlie Rangel (D-NY) remains in trouble. But will anything come of it? Mr. Rangel is Chairman of the House Ways and Means Committee, and is a powerful force among Democrats in Washington. However, his tax abuses are legion and, … Continue reading
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Don’t Worry, We’re From the Government
Perhaps no scarier line has ever been uttered than the title of this post. And if ObamaCare passes, there will be yet more fun for those of us in the tax profession. Declan McCullagh is reporting that the new ObamaCare … Continue reading
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Californians, Your Taxes Just Increased
California’s tax brackets are indexed for inflation. Normally, the marginal tax brackets go up each year. But 2009 is anything but a normal year. The Franchise Tax Board announced the new brackets, and deflation is the name of the game. … Continue reading
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