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tax policy
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The most brilliant tax idea in years – I wish I’d thought of this.
Photo above - James Bond, Domino Derval, and Emilio Largo enjoy a friendly game of Texas Hold'Em in Thunderball (1965). Losses would be deductible under the current tax code. Did you know the federal law creates in $1.1 billion in gambling deductions each year?... How do you avoid violent redistribution of wealth?: Property rights defenders
What you own is yours In 1215, the barons forced King John to seal the Magna Carta. The clause that mattered: no freeman shall be deprived of his property except by lawful judgment. The Fifth Amendment codified it.... How do you avoid violent redistribution of wealth?: Redistributionists
The napkin Piketty published the number that mattered on a napkin: r > g. The rate of return on capital exceeds the rate of economic growth. It has exceeded it in every century for which we have data except 1914 to 1975, when two world wars and sixty million dead temporarily... Gavin Newsom takes on economists and the media to claim that residents pay more tax in Texas and Florida.
Photo below - California Governor Newsom photobombs the Yamaha music booth at Austin's SXSW music festival. During his campaign stop there the governor claimed Texans pay more in taxes than people in California. I would never have predicted this.... Massachusetts sees $4.2 billion lost as residents flee tax increases. NY governor Hochul calls her states migrating residents “un-patriotic.”
Photo below – Governor Hochul says NY residents have a patriotic duty to remain and pay a 14% income tax rate. She says plan B could be to "go down to Palm Beach and see who you can bring back home, because our tax has been eroded." Come on Taxachusetts, you can’t be THAT dumb.... 2028 presidential candidate wants to end income tax for half of Americans. But there’s a problem . .
Maryland's Chris Van Hollen wins second US Senate term | AP News Photo above – “Free at last, for half of you anyway.” Candidate Chris Van Hollen announces his plan to end income taxes for half of the nation.... Photo above – the Portland Oregon far left “Frog Brigade” protests outside the Capitol during Trump’s state of the Union address. When asked if they opposed Thrift Savings accounts for workers, the only answer was “ribbit” . . .... Want to know the difference between the “LA Ordinance Fee” and “LA Ordinance Tourism Tax”?
My greed-o-meter was pinned to max after finding the link below. The state of California and the city of Los Angeles have 2 identical taxes on hotel occupants. The only difference is whose pocket the money ends up in.... Did you see this Save Austin Now update? Editorial: We wish we could support Austin’s Prop Q. Here’s why we can’t endorse it. Austin taxpayers deserve accountability and proof of progress before being asked to shoulder another increase.... - johnky...
I've previously written at length about the many problems with taxing unrealised gains on superannuation balances above $3 million. However, I recently had a thought that the scheme might be salvageable if it addressed its most serious flaw.... This is an amazing summary, I didn't even know taxing unrealized gains was a proposal. At face value it seems preposterous, but then thinking about it a little more I think I understand why the proposal came up, and— I think there are probably middle ways like taxing unrealized...