Archive for the ‘taxes’ Category

New Jersey: It’s the taxes, stupid.

Wednesday, July 29th, 2015

njtaxEd Driscoll, posting at Instapundit, links to Lee Habeeb’s article, Fleeing New Jersey, and Its Crushing Taxes, for a Better Life

The home my father thought he owned outright had a co-owner: the local city council and school board. And it was a co-owner with an appetite for spending. Home ownership may have had its privileges, but it became a burden he could no longer afford.

The local property-tax bill alone was enough to make him move. On top of that, New Jersey went from having no state income tax to having one of the highest in the country (8.97 percent for the highest earners, and 6.4 percent for the middle class), and from having no sales tax to having one of the highest rates in the country (7 percent, almost as high as California’s, which is the highest sales tax in America, at 7.5 percent).

Let’s not forget the estate tax, and the inheritance tax, too.

When you sell your house, you have to pay a tax on the total sale (not on the profit; on the total sale), which in my case was an exit tax.

As a result,

New Jersey led all 50 states in one tragic category: creating refugees. Last year, the Garden State lost more residents as a percentage of its overall population than any other state in the country, according to a 2014 National Movers Study commissioned by United Van Lines of St. Louis.

I remember last year I was in Rick Moran’s podcast with Jazz Shaw, who asked, why did I moved from New Jersey? When I truthfully replied, “because of the taxes,” Jazz diverted the conversation and asked another guest whether taxes were an important election issue, who, if memory serves, said they weren’t.

Having voted with my feet, I can assure you, New Jersey taxes ceased to matter the moment I moved away.

Taxes, and a book

Wednesday, October 1st, 2014

Don’t miss these:

First, taxes:
My latest article, I’m a tax exile, and proud of it, is up at Da Tech Guy Blog.

Then, the book:
In tonight’s podcast at 8PM Eastern, Silvio Canto and I will talk to Alina García-Lapuerta, author of La Belle Créole: The Cuban Countess Who Captivated Havana, Madrid, and Paris, a biography of Mercedes Santa Cruz y Montalvo, a fascinating character.

Warren Buffett and his American dollars for Canadian doughnuts

Wednesday, August 27th, 2014

My latest at Da Tech Guy Blog, Warren Buffett and his American dollars for Canadian doughnuts, on the newest tax exile, is up.

Please read it and contribute to Da Tip Jar!

The BVI, China’s new tax haven

Wednesday, January 22nd, 2014

The Caymans are so 1990s:
China’s princelings storing riches in Caribbean offshore haven
Relatives of political leaders including China’s current president and former premier named in trove of leaked documents from the British Virgin Islands

The disclosure of China’s use of secretive financial structures is the latest revelation from “Offshore Secrets”, a two-year reporting effort led by theInternational Consortium of Investigative Journalists (ICIJ), which obtained more than 200 gigabytes of leaked financial data from two companies in the British Virgin Islands, and shared the information with the Guardian and other international news outlets.

In all, the ICIJ data reveals more than 21,000 clients from mainland China and Hong Kong have made use of offshore havens in the Caribbean, adding to mounting scrutiny of the wealth and power amassed by family members of the country’s inner circle.

Inner circle indeed. Go to link above to read the names of the people involved.

Of course, there’s no disclosure required from party leaders, so, who knows?

Mexico: “Shame and Name”, Blacklisting for taxes

Sunday, January 12th, 2014

Coming soon to the USA?

Mexico’s Tax Black Lists Prove Controversial
Mexico’s new practice of publishing lists of people and firms that it says have ongoing tax problems is being called faulty and unfair by some

The first black list, posted in early January on the website of the Tax Administration Service, or SAT, named about 89,000 people and firms for a variety of alleged violations or debts, and included TV stars, a major soccer team, and the Roman Catholic diocese in Acapulco.

On Friday, the SAT published another list of 163 companies or people who allegedly issued false invoices for tax purposes, or who weren’t found at their tax addresses.

You can get blacklisted if the tax collector says you’re “unlocatable.”

The article does not state whether there’s an appeal process.

Here in the USA, The IRS Scandal, Day 248. If you don’t think the IRS scandal matters, you may have already bought a bridge.

And, an appeal: Dear Uncle Sam: Don’t Accept the World’s Bad Ideas
The pet food tax? The meat-pasty levy? The gigantic tax on big earners? Beware dumb concepts from abroad, says Joe Queenan.

Mexico: Taxing the fat out of you

Friday, October 18th, 2013

As if inherently inflationary measures made people healthier, Mexico Tries Taxes to Combat Obesity
Congress’s lower house of Congress passed late Thursday a special tax on junk food that is seen as potentially the broadest of its kind, part of an ambitious Mexican government effort to contain runaway rates of obesity and diabetes
. It may come with unintended consequences,

Mexican industrial chamber Concamin estimates that processed food companies targeted by the new tax employ thousands of Mexicans and account for 4.1% of GDP. “We can’t allow last-minute taxes,” said Concamin president Francisco Funtanet, suggesting that companies might cut back on personnel and investment to absorb the tax hit.

The Gross Domestic Product (GDP) in Mexico contracted 0.74 percent in the second quarter of 2013 over the previous quarter.

What about improving the water supply so people can actually drink tap water and not get sick, and not have to rely on soft drinks or beer?

Taxing tango in Seattle

Wednesday, February 27th, 2013

New Tax Rule Threatens Seattle Ballroom

Hallie Kuperman loves to dance. But what she loves even more is sharing this passion with visitors to her social dancing club, the Century Ballroom.

Hallie purchased the vintage dancing space 16 years ago, turning it into a Seattle institution. The Century Ballroom not only teaches swing, tango and the foxtrot, it also hosts cabarets and other live performances for an eclectic crowd of all ages. The club’s trendsetting owner has become a prominent and beloved figure in the community.

Business was swinging until a surprise bill arrived from Washington’s Department of Revenue. The state agency decided to reinterpret an obscure old tax, audited the Century Ballroom, and demanded a check for $92,000.

Here’s a tango show at the Century Ballroom:
Marcelo Molina Performing in “TANGO CABARET” Show at Century Ballroom, Seattle 2011 with Mirabai Deranja, dancing to Reliquias Porteñas.

h/t Gay Patriot, who says, New Tax Threatens Dancing In Seattle, Gays To Riot?

No budget? No problem!

Wednesday, February 6th, 2013

If you listen to the POTUS, you’d be thinking that because he’ll just keep raising taxes.

However, if you look at the Congressional Budget Office (CBO), the situation’s different:
CBO: Tax Increase Fails to Solve Spending and Debt Crisis

  • With economic growth and President Obama’s two tax increases, the $1 trillion tax hike in Obamacare, and the $618 billion fiscal cliff increase, revenues will surge to 19.1 percent of gross domestic product (GDP) in 2015, and will remain well above the historical average of 18.5 percent for the rest of the decade. These figures offer conclusive proof that—notwithstanding the assertions of the President and Senate Democrats—there is plenty of revenue flowing into Washington.
  • Yet even all this new revenue fails to solve the government’s fiscal problems. Starting at $845 billion this year, deficits shrink somewhat through 2016, but then start rising again, returning to near the trillion-dollar range by 2023. The pattern proves that higher taxes cannot solve the deficit problem—only spending restraint can.

Read the whole thing.

Sarko leaving? For the UK?

Tuesday, January 22nd, 2013

Taxes must really be awful in France that the UK’s looking good by comparison,
Sarkozy’s plans ‘to dodge new 75% French tax rate by moving to London with wife Carla and setting up £1bn private equity fund’
Fraud police found details of move and business plan in raid on home
Sarkozy is under investigation for corruption in France
He will be latest Frenchman to escape potential top French tax rate of 75%
Couple would become London’s most high profile Gallic celebrities
Sarkozy would hope for fund support from French entrepreneur Alain Minc

I thought a ‘£1bn private equity fund’ would be more of a Villepin thing, but, hey, we’re living in hard times.

No word if the perineum is getting a workout.

Our taxes just went up; O heads to Hawaii

Wednesday, January 2nd, 2013

Feel the squeeze,

According to the bill, Americans at all income levels would see a two-percentage-point jump in the employee portion of the Social Security tax. It will return to 6.2% in 2013 after a stimulus rate of 4.2% expires.

And then there are the Obamacare tax increases,

As for small business, the overall tax increase this year is substantial. The new listed top rate of 39.6% doesn’t include the phaseout of deductions that will take the actual rate to 41% or so for many taxpayers. Add the ObamaCare surtaxes on investment income (3.8%) and Medicare (0.9%), as well as the current Medicare tax of 1.45% (employee share), and the real top marginal tax rate on a dollar of investment income from a bank savings or money-market account will be about 46%. Throw in state taxes, and the marginal rates in many places will be in the mid-50%-or-higher-range.

Meanwhile, even as Democrats claim these tax rates won’t matter to investment, Senators stuffed their bill full of tax subsidies for special business interests. The wind tax credit survived (cost: $12.1 billion), and so did the tax breaks for cellulosic ethanol ($59 million) and the impoverished producers of Hollywood ($248 million).

But I digress. The fiscal cliff carries $4 trillion price tag over next decade. Here are 6 Things You Won’t Believe That Are In The Fiscal Cliff Bill That The Senate Passed At 2 AM While Most Americans Were Drunk. So you’re OK if you’re in the Puerto Rican rum, asparagus, or biodiesel businesses.

The rest of us can rejoice in the fact that we’re paying for Obama’s $7million Hawaiian vacation, to which he returned less than an hour after Congress and the White House resolved the fiscal cliff.

Budgets are for little people.

HERE IT IS: Full Text Of The 157 Page Bill To Avert The Fiscal Cliff