On Marijuana Tax, Colorado Asks: What’s Too High? If marijuana is legalized and properly regulated, its proponents have long said, it could generate millions of dollars in state tax revenue. But how the drug should be taxed has proved to be a thorny question. More
Senate planning vote on Internet sales tax bill The days of tax-free online shopping could finally be numbered. The Senate is planning to vote on a bill as soon as Monday that would give states the authority to collect sales taxes on all Internet purchases, handing local governments as much as $11 billion per year in added revenue that they are legally owed — but that hasn’t been paid to them for years. More
Where do more tax cheats live? South and West, IRS study shows Worried the Internal Revenue Service might target you for an audit? You probably should be if you own a small business in one of the wealthy suburbs of Los Angeles. You might also be wary if you're a small-business owner in one of dozens of communities near San Francisco, Houston, Atlanta or the District of Columbia. More
Obamas paid $112,000 in taxes in 2012 President Obama and first lady Michelle Obama paid more than $112,000 in taxes in 2012, an effective federal income tax rate of more than 18% for 2012, according to the White House. The Obamas and Vice President Biden and his wife released their tax returns Friday, three days before the April 15 tax filing deadline. More
Millionaire moves: The number of $1 million earners is skyrocketing The number of tax filers earning $1 million or more is soaring. That’s according to new data from the Internal Revenue Service that breaks down the number of million-dollar filers based on adjusted ... 04/17/2024 - 7:09 am | View Link
Millionaires’ Effective Tax Rate Has Been Cut by Half Since Mid-20th Century Between 1945 and 1980, households with a $1 million income or more paid effective tax rates as high as 60 percent. 04/16/2024 - 9:22 am | View Link
It’s Tax Day: See how many millionaires there are in NY and how much in taxes they pay Millionaires accounted for less than 1% of all taxpayers in New York in 2022, according to the state. But they paid nearly 42% of all personal income taxes. The 25% of taxpayers with the highest ... 04/15/2024 - 1:00 am | View Link
The Myth of the Mobile Millionaire There’s nothing more portable than a millionaire and his money,” warned the ranking Republican on the state Senate’s budget committee. The tax hike passed anyway—and California’s share of the nation’s ... 04/15/2024 - 12:29 am | View Link
Thousands of millionaires do not pay taxes or file returns As I do every year, I just filed my IRS return and paid my taxes. So it troubles me to learn that thousands of millionaires have not filed or paid ... 04/9/2024 - 11:30 pm | View Link
“Explosions echoed over an Iranian city on Friday in what sources described as an Israeli attack, but Tehran played down the incident and indicated it had no plans for retaliation – a response that appeared gauged towards averting region-wide war,” Reuters reports.
“The limited scale of the attack and Iran’s muted response both appeared to signal a successful effort by diplomats who have been working round the clock to avert all-out war since an Iranian drone and missile attack on Israel last Saturday.”
The BBC reports that Iranian state TV featured an analyst who downplayed Israel’s involvement, instead blaming “infiltrators from inside Iran” for the drone attack.
The latest episode of Trial Balloon is live for members.
Joe Biden must tend to the center. Bill Barr, Chris Sununu and Larry Hogan can’t seem to leave Trump’s GOP. And Mike Johnson puts his job on the line.
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“House Republicans took a critical step late Thursday night toward bringing up the long-stalled foreign aid bill for Ukraine and Israel, after being forced to rely on Democratic votes to move a plan to consider it out of a key committee and onto the floor,” the New York Times reports.
“The 9-to-3 vote in the critical Rules Committee was an early step in the convoluted process the House is expected to go through over the next couple of days to approve the $95 billion aid package.
“Reince Priebus is the rare person who has successfully navigated the Republican Party both before and after Donald Trump seized control of it in 2016,” the Wall Street Journal reports.
“The former Republican National Committee chairman, Wisconsin GOP chairman and White House chief of staff is now deploying his diplomatic skills to raise roughly $70 million for the national convention here in July.
“Russia has ramped up military production by replenishing stocks of standard weapons and ammunition and probably can sustain its onslaught in Ukraine for at least the next two years, analysts say — a sobering assessment for Kyiv, which is short on weapons and soldiers and losing ground on the battlefield,” the Washington Post reports.
“While the Kremlin is struggling to expand capacity and to develop modern arms that could improve its army’s battlefield performance, it has capitalized on its overwhelming advantage in numbers of soldiers, its ability to arm them with old but reliable weaponry and a willingness to endure heavy casualties.”