Every so often it's worth reminding readers that Medicare began as a $3 billion program in 1965. As Sally Pipes explained it in a Wall Street Journal column from 2015, in 1967 a House committee naively forecast Medicare spending of $12 billion in 1990. The actual number was $110 billion . The cost of that which still doesn't cover all presumed recipients had ballooned to $511 billion by 2014, and is expected to surge past $1 trillion sometime in the 2020s.
It's all a reminder that rising government revenues cheered by conservatives are not a good thing, and have nothing to do with limited government.
In case you are keeping track:
Biden Tax Agenda Hinges on Democratic Control of Senate - WSJ
Joe Biden wants to combat climate change, repair the country's crumbling infrastructure, improve education and expand government-financed health care.
To finance that ambitious agenda , the Democratic presidential candidate plans to raise taxes by about $4 trillion over a decade through levies on corporations and high-income households.
But winning the presidency won't be enough to get that done. The Democratic Party also will have to win a majority in the Senate while maintaining control of the House of Representatives. President Trump's weak poll numbers and competitive Senate races make that outcome a realistic possibility for the first time in a decade.
Working Remotely During Coronavirus?
Some states don't have an income tax, but most require residents to file a state income tax return each year. Changing work arrangements due to the pandemic could end up obligating you to pay taxes in more than one state.
So what happens when you owe income taxes to multiple states? You'll generally get a credit from your home state to offset the taxes you need to pay to a second state. You won't necessarily avoid losing some money, though, as different states have different tax rates.
Ad Watch: Susan Collins actually voted to cut most Mainers' taxes -- for now
Welcome to Ad Watch, in which the BDN breaks down who is behind the political ads you're seeing and whether what they are saying is true.
A new ad from a Democratic super PAC says U.S. Sen. Susan Collins voted to increase taxes on middle-class families. But most Mainers actually saw taxes go down due to the 2017 Republican tax law backed by Collins, though it was set up in a way that low- and middle-income families could see their taxes go up later.
Quite a lot has been going on:
North Carolina residents pay $14.58 per gallon in taxes on distilled spirits | State |
The distilled spirits tax in North Carolina was sixth highest among the 50 states, the Tax Foundation study found.
How distilled spirits are taxed varies among the states, with some states basing levies on volume and others imposing per-bottle fees or retailer license fees. States can also impose taxes based on alcohol content and the location of purchase, the analysis reports.
Two states – New Hampshire and Wyoming – have government-run stores that sell distilled spirits at prices that are comparable to buying the products without taxes, according to the analysis.
A growing opposition to raising taxes in California – Daily Breeze
Tax and bond proposals did not fare very well in the election just last March. For the first time since the 1990's, voters rejected a statewide school bond, ironically designated as Proposition 13. Local bond and tax measures also had rough sledding, particularly those requiring a two-thirds vote.
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Last year, this column coined the term "taxuration" which is a phenomenon when taxpayers are so saturated with new tax-hike proposals that they start to rebel.
Senate District 30 challenger Schoenwolf says new and increased taxes - Casper, WY Oil City News
CASPER, Wyo — Charles Schoenwolf is running for Wyoming Senate from District 30. He is challenging opponent Charlie Scott in the Republican primary to be held August 18. Voting is currently open in Natrona County.
“Every time there's a downturn, it's an emergency and the legislature claims the tax is necessary, but not permanent. We all know anytime there's a new tax or an increased tax, it's permanent; we're not getting that money back in our pockets and the idea of over-taxing large businesses that are bringing jobs to Wyoming is counterproductive."
WEEKEND INSIGHTS: High-Wealth Individuals and Digital Tax Myths
This week we look at the IRS's focus on high-wealth individuals, reportable cryptocurrency events, digital tax myths, and socially conscious tax credits. We'll hear from:
The IRS Global High Wealth Program recently announced that it will be looking at hundreds of high-income individuals' tax returns. Sarah-Jane Morin , Michael Kummer , and Thomas Linguanti of Morgan Lewis outline the triggering events and what makes athletes and entertainers targets for audits. Read: Athletes, Artists, and Audits—IRS Renews Focus on Global High-Wealth Individuals
Happening on Twitter
Dear LGBT community- for your own sake look at this & realize something. Dems do not support YOU, they support tren… https://t.co/L3aoTvwVkc BrandonStraka (from New York, USA) Mon Aug 10 15:41:18 +0000 2020
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