Tag: taxes
The wealthy get a free lunch on capital gains taxes. Let’s fix that. VIDEO SOURCES.
How could changing capital gains taxes more revenue? Grace Enda and William G. Gale. 2020 1 14. Brookings. The rich benefit as Democrats retreat from tax on unrealized capital gains Greg Iacurci. CNBC. 2021 12 29. https://www.cnbc.com/2021/12/29/the-rich-benefit-as-democrats-forgo-tax-on-unrealized-capital-gains.html The Many Problems With Taxing
These 3 big pieces of Biden’s agenda kick off Jan. 1
https://www.yahoo.com/finance/news/these-3-big-pieces-of-bidens-agenda-kick-off-jan-1-200502039.html
Subsidies Won’t Fix the Energy Industry
“If Congress isn’t willing to end energy subsidies entirely, it could still make energy technologies more competitive by simplifying all 44 energy tax provisions. For instance, it could offer tax credits to companies based on what their emissions are, without requiring that they use any specific technologies to hit those targets. Unlike targeted subsidies, such performance-based provisions have historically led to less greenhouse emissions.”
https://reason.com/2022/11/26/subsidies-wont-fix-the-energy-industry/
The relationship between taxation and U.S. economic growth
“So, what did corporations spend their large tax cut on, if not wages or investment? Analysts at the International Monetary Fund find that 80 percent of the corporate tax cuts were repurposed into stock buybacks and dividends, which overwhelmingly benefited wealthy shareholders.16 And Lenore Palladino of the University of Massachusetts Amherst documents that these corporate buybacks and dividends also widened the racial wealth divide, finding that White stock-owners hold $27 for every $1 in corporate equity and mutual fund value held by a Black or Hispanic stock-owner.17
The main effects of the Tax Cuts and Jobs Act were less government revenue and regressive tax cuts for corporations, wealthy shareholders, and executives who bear nearly all the burden of corporate taxes even as the rate changes had little effect on business investment or workers.””
President Biden signs major reconciliation tax bill
https://www.grantthornton.com/insights/alerts/tax/2022/legislative-updates/president-biden-signs-major-reconciliation-tax-bill
Would a “Wealth Tax” Help Combat Inequality? A Debate with Saez, Summers, and Mankiw
Review: Can Legal Weed Win? Yes, but Only Through Deregulation
“When California legalized recreational marijuana in 2016, the state had more than 3,000 weed shops. They ostensibly served the medical market, but the rules were so loose that pretty much anyone who wanted pot could buy it legally. Six years later, California had less than half as many licensed marijuana merchants, accounting for between a quarter and a third of total sales.
Something clearly has gone wrong “when you try to legalize weed and accidentally end up illegalizing it instead,” note University of California, Davis, economists Robin Goldstein and Daniel Sumner. In their book Can Legal Weed Win?, they explain how burdensome licensing requirements, regulations, and taxes have frustrated plans to displace the black market.”
Brickbat: Pay Your Taxes. Taxis. Whatever.
“In 2013, Angus McCoubrey became convinced a Boston cab driver was taking a long route to run up the fare, so he paid only $5 of the $7 fare. The driver filed a complaint with a police officer, and the officer issued a citation. But McCoubrey, who doesn’t live in Boston, never received it. Earlier this year, McCoubrey was in a fender bender in Chilmark, Mass. When police ran his information, they found an outstanding warrant, not for misdemeanor taxi fare evasion but for felony tax evasion. The person who had entered the charge in the system all those years ago had dropped the “i” and left out the word “fare.” McCoubrey spent two days in jail before the issue was corrected. It turns out the original charge against him was also in error. The police officer wrote him up under a law that applies only to evading Massachusetts Bay Transportation Authority fares. Prosecutors dismissed that charge.”
L.A. Times Investigates California’s Marijuana Legalization Disaster
“Most people in California know what a disaster legalization has been. Most people know that the black market still accounts for the majority of marijuana purchases in California. Most people (especially those who live outside the big cities) are well aware of all the illegal grow operations. What this series does is provide specific examples of the dangerous environment that still exists, full of threats, violence, and even murder.”
…
“There is the assumption in these stories that the breakdown in the system is due to a lack of control and enforcement by police and regulators. The stories are reluctant to address the real sources: The extent of state and local taxes drive up prices, and the ability of local officials to decide who can participate in cannabis is a huge factor in the persistence of the black market. While the stories do bring up these issues to provide some context, they really don’t contend with how much of the California black market is a result of the exorbitant costs to do business legally in the state.
Instead, the illegal grow operations and unlicensed dispensaries are presented as a failure of enforcement.”
…
“The real failure here is that the state and local officials have put in so many regulatory barriers and taxes that the market cannot function properly within the boundaries of the law. Illegal grow operations flood the market with cheap goods, and licensed operations can’t compete because they have to give so much money to the government. The same holds true for dispensaries.”