Topic: Taxes
Where Does the Laffer Curve Bend...on Cigarette Taxes?
Posted on Aug. 11, 10 | 03:53 PM by Andrew Roth | Topic: Taxes
I was so happy to see liberals acknowledge the existence of the Laffer Curve yesterday, that I'd like to continue the discussion. In the spirit of cooperation, I'd like to suggest to the Washington Post's Dylan Matthews if he would ask another question.
Where does the Laffer Curve Bend on Cigarette Taxes?
More specifically, New York is increasing its cigarette tax by $1.60 a pack. Will the state collect the $40 million that it has estimated will come from the higher tax?
My prediction is that it will not.
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Where does the Laffer Curve Bend on Cigarette Taxes?
More specifically, New York is increasing its cigarette tax by $1.60 a pack. Will the state collect the $40 million that it has estimated will come from the higher tax?
My prediction is that it will not.
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Where Does the Laffer Curve Bend?
Posted on Aug. 10, 10 | 01:27 PM by Andrew Roth | Topic: Taxes
Wow. The Washington Post asked several economists where on the Laffer Curve the government maximizes tax revenue. Here are their answers. This is the first time I’ve seen several Lefties acknowledge not just the existence, but the verity, of the Laffer Curve. That said, I think Greg Mankiw gives the best answer. Martin Feldstein makes a great point about GDP vs. deficit reduction. And Steve Moore makes a great point about revenue-maximization vs. growth-maximization.
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Sadly, no one approached the question with concerns about how higher tax rates affect economic liberty.
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DeMint, Baucus Debate 2011 Obama Tax Hikes
Posted on Aug. 09, 10 | 12:04 PM by Andrew Roth | Topic: TaxesSupply Sider Snooki
Posted on Jul. 30, 10 | 09:35 AM by Andrew Roth | Topic: Taxes
I found wisdom in an unlikely place - Snooki from MTV's Jersey Shore:
More here.
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"I don’t go tanning anymore because Obama put a 10% tax on tanning. McCain would never put a 10% tax on tanning. Because he’s pale and would probably want to be tan," she said.
Snooki was referring to a provision in the Health Care and Education Reconciliation Act that mandates tanning salons impose a 10 percent tax on UV-ray sessions.
Snooki was referring to a provision in the Health Care and Education Reconciliation Act that mandates tanning salons impose a 10 percent tax on UV-ray sessions.
More here.
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Sen. DeMint Discusses Permanent Death Tax Repeal
Posted on Jul. 26, 10 | 10:50 AM by Andrew Roth | Topic: TaxesSteinbrenner's Family Avoids Death Tax
Posted on Jul. 14, 10 | 10:28 AM by Andrew Roth | Topic: Taxes
From the New York Post:
It should be pointed out that if Democrats pass compromise legislation this year in order to avoid the pre-Bush Death Tax rates, they could make it retroactive to January 1, 2010. That means Steinbrenner's family could actually be forced to pay after all. The Death Tax is grossly unfair, but retroactively hitting families with it is even worse.
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He's a winner even in death.
George Steinbrenner died six months after the federal estate tax expired, saving his wife and four children about half a billion dollars -- and essentially ensuring they can keep the Yankees.
The tax, a 45 percent hit that lapsed in January due to lawmaker bungling, is set to be renewed in 2011 -- at 55 percent.
Had he died in 2009, his family would have owed about $500 million; if he had survived until 2011, the bill would have been $600 million.
Forbes last year estimated Steinbrenner's net worth at $1.1 billion.
George Steinbrenner died six months after the federal estate tax expired, saving his wife and four children about half a billion dollars -- and essentially ensuring they can keep the Yankees.
The tax, a 45 percent hit that lapsed in January due to lawmaker bungling, is set to be renewed in 2011 -- at 55 percent.
Had he died in 2009, his family would have owed about $500 million; if he had survived until 2011, the bill would have been $600 million.
Forbes last year estimated Steinbrenner's net worth at $1.1 billion.
It should be pointed out that if Democrats pass compromise legislation this year in order to avoid the pre-Bush Death Tax rates, they could make it retroactive to January 1, 2010. That means Steinbrenner's family could actually be forced to pay after all. The Death Tax is grossly unfair, but retroactively hitting families with it is even worse.
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Voinovich Votes NO on Making 15% Capital Gains Tax Rate Permanent
Posted on Jun. 24, 10 | 08:37 AM by Andrew Roth | Topic: Taxes
Yesterday, Sen. Jim DeMint offered an amendment that would make the current 15% capital gains tax rate permanent, otherwise it is scheduled to increase to 20% at the end of this year.
The amendment failed, 40-57. "Republican" Senator George Voinovich sided with most of the Democrat to kill the proposal. Sen. Ben Nelson was the only Democrat to make the tax rate permanent.
Thankfully, Voinovich is retiring after this year. He will not be missed.
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The amendment failed, 40-57. "Republican" Senator George Voinovich sided with most of the Democrat to kill the proposal. Sen. Ben Nelson was the only Democrat to make the tax rate permanent.
Thankfully, Voinovich is retiring after this year. He will not be missed.
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Taiwan Cuts Its Corporate Tax Rate
Posted on Jun. 07, 10 | 04:00 PM by Andrew Roth | Topic: Taxes
Taiwan has cut its top corporate tax rate from 20 percent to 17 percent. Great pro-growth move! Cato's Chris Edwards has the details and then also asks this simple question:
If you were the CEO of an international company that made semiconductor chips, laptops, or other manufactured products, would you locate your next plant in the United States — where the corporate rate is about 40% — or Taiwan where it is less than half of that?
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If you were the CEO of an international company that made semiconductor chips, laptops, or other manufactured products, would you locate your next plant in the United States — where the corporate rate is about 40% — or Taiwan where it is less than half of that?
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Does the White House Support a VAT?
Posted on Apr. 26, 10 | 04:26 PM by Andrew Roth | Topic: TaxesBlackwell: Obama Is Prepping For a VAT
Posted on Apr. 23, 10 | 10:22 AM by Andrew Roth | Topic: Taxes
At Townhall.com, Club for Growth board member Ken Blackwell writes that a VAT is on the way. Excerpt:
Read the rest here.
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When President Obama was a candidate, he pledged over and over to voters: If you make less than $250,000 a year, your taxes will not go up. Voters read his lips. They hoped for change.
Yesterday, the President said that the Value Added Tax is “on the table.” That means it will be the main course served up after the November elections. After ramming through his ObamaCare bill on the narrowest of partisan margins last month, the President is finding that it’s going to be impossible to deliver on that massive new entitlement without hefty additional taxes. That’s why he’s enlisted “go along to get along” types like Erskine Bowles and Alan Simpson--men who will never have to face the voters’ wrath--to stitch a fig leaf for an after-November major tax hike.
Yesterday, the President said that the Value Added Tax is “on the table.” That means it will be the main course served up after the November elections. After ramming through his ObamaCare bill on the narrowest of partisan margins last month, the President is finding that it’s going to be impossible to deliver on that massive new entitlement without hefty additional taxes. That’s why he’s enlisted “go along to get along” types like Erskine Bowles and Alan Simpson--men who will never have to face the voters’ wrath--to stitch a fig leaf for an after-November major tax hike.
Read the rest here.
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Senate Votes on the VAT
Posted on Apr. 16, 10 | 09:18 AM by Andrew Roth | Topic: Taxes
The Senate voted on a non-binding amendment yesterday offered by John McCain that stated:
The amendment passed 85-13, but since it's non-binding, it's largely irrelevant. But there are certainly several YES voters who could be convinced otherwise if the VAT becomes a real issue. And this amendment offers insight in the fact that the 13 NO voters represent the hard base of VAT supporters. They are:
Note how the retiring Voinovich is the only Republican.
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Expressing the sense of the Senate that the Value Added Tax is a massive tax increase that will cripple families on fixed income and only further push back America's economic recovery and the Senate opposes a Value Added Tax.
The amendment passed 85-13, but since it's non-binding, it's largely irrelevant. But there are certainly several YES voters who could be convinced otherwise if the VAT becomes a real issue. And this amendment offers insight in the fact that the 13 NO voters represent the hard base of VAT supporters. They are:
Akaka (D-HI)
Bingaman (D-NM)
Brown, Sherrod (D-OH)
Byrd (D-WV)
Cardin (D-MD)
Dorgan, B. (D-ND)
Kaufman (D-DE)
Levin, C. (D-MI)
Reed, J. (D-RI)
Udall, T. (D-NM)
Voinovich (R-OH)
Webb (D-VA)
Whitehouse (D-RI)
Bingaman (D-NM)
Brown, Sherrod (D-OH)
Byrd (D-WV)
Cardin (D-MD)
Dorgan, B. (D-ND)
Kaufman (D-DE)
Levin, C. (D-MI)
Reed, J. (D-RI)
Udall, T. (D-NM)
Voinovich (R-OH)
Webb (D-VA)
Whitehouse (D-RI)
Note how the retiring Voinovich is the only Republican.
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