Taxation
Hank Berrien sounds an alarm that ought to draw the attention of Americans across the political spectrum: “The proposal would require banks to report gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion,” the Daily Mail noted, adding, “The IRS…
Most likely, and good for them. Naturally, RI’s revenue analysis chief, Paul Dion, objects: Confiscatory taxation on productivity will have that effect. During the government-enforced economic shutdown, we’ve seen how politicians and bureaucrats prefer to operate: Rather than allow people to figure things out, they’d rather collect taxes and decide how and to whom to…
The Democrats’ infrastructure bill in the U.S. Senate would shove the camel’s nose into the tent. Mark Tapscott reports for The Epoch Times: Buried in the “Infrastructure Investment and Jobs Act” in the U.S. Senate is approval for the Department of Transportation (DOT) to test a new federal tax on every mile driven by individual Americans.…
That is the conclusion of a federal court ruling in Ohio, although it’s limited to that state, for now. The following comes from an analysis by Jonathan Adler: The two primary federalism arguments against the Tax Mandate are that a) Congress did not specify the terms of this condition with sufficient clarity (i.e. the condition…
Bankrate has published its “The best and worst states for retirement 2021” and as indicated in the featured image of this post (if you look closely), Rhode Island does pretty… not terribly, coming in at twentieth among the fifty states. As is often the case with these more-broadly-construed rankings, the key conclusions are to be…
With inside-government special interests who profit from higher taxes engaging in expensive campaigns to (you guessed it) increase taxes, the Pioneer Institute in Massachusetts makes an important observation: National data from the U.S. Treasury Department show that the majority of taxpayers earning more than $1 million in a year did so only once over a…
In another must-read column for the Cranston Herald, Steven Frias applies his historian’s rigor to the step-by-step details of how Woonsocket’s experience with a pension obligation bond (which I mentioned a few weeks ago) managed to make its preexisting pension-fund disaster even worse while giving the two essential elements for a pension obligation bond to…
Last week, an Australian news source noted how extreme Rhode Island politicians are when it comes to imposing mandates on companies that serve our elderly parents and grandparents. Connecticut just put a big ol’ circle around another area in which Ocean State politicians are extremists without concern for the average resident, as Douglas Hook reports…
Over on Tiverton Fact Check, I’ve posted an estimate of the extra revenue the town government may find flooding in over the next year: Along with the increasing cacophony of birds and fireworks, we know we must be well into spring in Tiverton as one hears the familiar calls of the town-government budgeters: “Raise taxes. We…
Here’s an eye-popping bit of information from Mark Tapscott, writing for Epoch Times: America’s national debt now exceeds $123 trillion, according to a new report, or more than four times the official figure of $28 trillion, as calculated by the U.S. Treasury Department at the end of March. Federal spending related to the CCP virus pandemic…