Few French economists have achieved the kind of adulation Thomas Piketty has experienced recently from the media and the left. Within the context of the American political scene, Piketty’s dour predictions for the future of capitalism and his call for a “utopian” global wealth tax fit perfectly with the left’s frame of an inequality message.
Coming thirteen days after state and federal income tax returns were initially due, Tax Freedom Day, according to the Illinois Policy Institute’s Senior Budget and Tax Policy Analyst Benjamin VanMetre, marks the point in the year when Illinoisans have worked long and hard enough in the aggregate to cover their share of state, federal and local taxes “and can start keeping their hard-earned money.” About a third of Illinois residents’ efforts this year – 118 days’ worth out of the calendar year’s 365, in other words – went just to paying taxes.
On April 15, nearly 90 percent of American adults filed their income tax returns for the 2013 tax year. And at the end of that day, I finished drinking a glass of truly tremendous bourbon; 130 proof seems appropriate to numb the pain.
Instead of deregulation to reduce unnecessary, stifling regulatory burdens and barriers, as both Carter and Reagan did to such fully documented success, Obama regulates mercilessly as if regulation is cost free to the economy, as the most interventionist President in American history.
Unbelievable: More than 2,800 Internal Revenue Service workers who had been disciplined recently received millions of dollars in bonuses and time off as part of an employee recognition program, a new government audit shows.
With Tax Day 2014 behind us, it might be tempting to turn away from thoughts of the taxman and to let the pain abate a while. For decades Americans have done just that; they have accepted taxation, albeit begrudgingly, as a necessary part of life in society and have taken the hurt with a certain stoicism. Sometimes voices have been raised against the sapping power of taxation, yet taxes have continued to rise along with government spending. The time of stoic acceptance may be coming to an end.
It’s Tax Day in America. Which brings to mind one of the late, great Ronald Reagan’s many great lines: “Republicans believe every day is the Fourth of July, but the Democrats believe every day is April 15.”
Tuesday is April 15 – Tax Day. The official day that represents governments’ year-round, omni-directional shearing of We the People. Looking to get filing help from our federal fleecers is at best a crapshoot.
The 2013 annual metropolitan area population estimates by the US Census Bureau indicate a continuing and persistent dominance of population growth and domestic migration by the South. Between 2010 and 2013, 51 percent of the population increase in the 52 major metropolitan areas (over 1 million population) was in the South. The West accounted for 30 percent of the increase, followed by the Northeast at 11 percent and eight percent in the North Central (Midwest).
States that burden their residents the most are facing budget problems that high tax revenue has yet to fix. Conversely, states with a low burden simultaneously experience well run state governments and budgets.
In a hard fought election campaign, voters in the city of Tigard appear to have narrowly enacted another barrier to light rail expansion in suburban Portland. The Washington County Elections Division reported that with 100 percent of precincts counted, Charter Amendment 34-210 had obtained 51 percent of the vote, compared to 49 percent opposed.
Seventy-eight years ago, on February 4, 1936, the British economist John Maynard Keynes (1883–1946) published what soon became his most famous work, “The General Theory of Employment, Interest, and Money.”[...]
Craig and Ponte point to 1913 as the year progressive, collectivist ideas “took control of the United States government and began a ‘fundamental transformation’ of our economy, politics, culture and beliefs that continues today.”
The full bill for Obama’s failed economic policies has yet to arrive. But no such explosion of debt has ever escaped a day of reckoning, and no such monetary surge has ever had a happy ending.