Free Republic

Now law is the $750 million in tax increases to fund Illinois’ largest spending plan in state history. But so is a measure increasing the state’s debt by $8 billion while giving schools more taxing authority. Pritzker signed the $53.1 billion budget Wednesday. Friday, he signed the tax measure that includes capping the credit businesses can get for claiming net operating losses and capping the discount retailers get for collecting and remitting sales taxes. Hours later, Pritzker defended another tax increase, the tiered tax on sports betting companies. “In fact, if you look at what we did, really our focus...

Gov. Kathy Hochul is pushing a New York City tax hike to replace the $15 congestion pricing tolls she indefinitely postponed — a last-minute funding Hail Mary that drew fierce opposition Thursday. Lawmakers and business groups slammed the prospect of a tax increase, especially after Hochul scuttled congestion pricing Wednesday because it would “break the budget” for the working class. “Proposing another tax is an insulting joke that will only exacerbate the affordability crisis that Gov. Hochul pointed to as her reason for killing congestion pricing,” Assemblyman Matt Slater (R-Putnam) told The Post. “The combination of corporate income, payroll and...

California has the highest income tax rate in the country (top tier of 14.4 percent). It has the highest statewide sales tax rate (7.25 percent, plus local sales taxes). It has the highest gas tax rate ($0.78 per gallon). Yet, it ranks third to last in the country in terms of road quality.The old joke is that California would tax the air we breathe if it could. Well, California’s latest tax proposal comes close. The state is recruiting drivers for a pilot program to track and tax the miles they drive.The plan is borne from the fact that Californians have...

NYC congestion pricing plan shelved indefinitely The first-in-the-toll nation program was expected to be a financial windfall for the cash-strapped MTA. By Andrew Siff and Jennifer Millman The MTA announced Wednesday it will indefinitely pause its plans to implement a first-in-the-nation congestion pricing system amid concerns about current economic conditions in the city and the pace of midtown Manhattan’s recovery. News 4’s Romney Smith reports. What to Know The MTA is pushing "pause" indefinitely on New York City's first-in-the-nation congestion pricing plan, according to an official briefed on the plans. The toll program, years in the making, had been set...

Consider the word “nonprofit.” Whoever came up with the idea of calling these organizations “nonprofits” was a marketing genius on the level of Steve Jobs. When someone hears the word nonprofit, they assume that such an organization is working for the public good; that it serves the homeless, protects the weak, exists for the benefit and the betterment of society at large. Hearing that something is a “nonprofit” immediately gives a sense that the organization is trustworthy and the people running it are driven by a charitable agenda. It’s a word that shuts down the critical faculties and grants an...

The Social Security Act, enacted on August 14, 1935, provided a new federally administered system of social insurance for the aged financed through payroll taxes paid by employees and their employers. Under the system, which applied only to workers in commerce and industry, people would earn retirement benefit eligibility as they worked. With some exceptions, benefits would be related to workers' average covered earnings, and workers could not have earnings and still be eligible for benefits. No benefits were provided for spouses or children, and lump-sum refunds were provided to the estates of workers who died before age 65 or...

Transcript available. Lots of footage, Russian sub-titled. Shows how Russia is now that the elections are over. No reading of comments from viewer. This is all narrating of Konstantin and footage illustrating. Basically a sh!t show.

Congressional Democrats on Thursday accused oil companies of inflating the cost of gasoline and vowed to investigate them, pushing back on who's to blame for rising prices hurting President Joe Biden's reelection chances. Senate Majority Leader Chuck Schumer and other top Democrats were flanked by supporters in matching blue shirts holding signs that read, "Stop gouging us at the pump." Schumer criticized recent billion-dollar oil company mergers, such as one between ExxonMobil and Pioneer Natural Resources, as potentially "disastrous for consumers." He said previous mergers in the industry decreased competition and led to higher prices. Schumer said he had already...

States are seeking out ways to recoup losses from lost gas tax revenue. California, which relies on gas tax and other fuel tax revenues to support its roadway maintenance, is piloting the idea of a "road charge," which would charge drivers based on the number of miles they drive rather than how much gas they purchase. The pilot program was initiated due to the fact that the collection of gas tax revenue is estimated to decrease in the coming years, according to the California State Transportation Agency (CalSTA). CalSTA officials told FOX Business that a bill, signed in 2021, established...

One tax table is focused on taxing Americans on their ordinary income, the income you earn from your job or your business. The other tax table is focused on taxing your long-term capital gains, meaning assets that have grown in appreciation such as stocks or your business value held more than 365 days. * * * According to a report issued by the Treasury Department, led by Secretary Janet Yellen, Biden’s proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%. Today, that top marginal long-term capital gains...

The ease and “fortuitousness” by which birth names evolve into perfectly descriptive and denigrative monikers seems like a God-has-a-sense-of-humor moment—a slimy-looking man that screams “greasy salesman” just happens to have a last name that can easily accommodate the word “scum” into it? Providence, no? And, there are few things slimier and scummier than taking an oath of office to represent the people, making promises to act in their best interest, and then reneging on them—but that’s just who Gavin Newscum is. From Susannah Luthi report at The Washington Free Beacon:Earlier this month, the governor repeatedly pledged he would not raise...

President Biden has called for increasing tariffs on imports of steel from China. President Trump has also called for increasing tariffs on all goods from China. Although these tariffs may help with shifting some demand to United States steel, there is a cost involved to the consumer: inflation. The economy was strong during the Trump administration, but Forbes analyzed the effect of tariffs during that time. The conclusion was mixed, but the tariffs may not have been as positive as originally believed.Most economists agree that tariffs don’t always produce a boost in U.S. manufacturing. In addition, the cost of goods...

May 17 (UPI) -- Attorneys for Hunter Biden asked a California judge to push the date for his upcoming tax trial to September or later. The trial, accusing Biden of taking part in a tax conspiracy is scheduled to begin June 20, a little more than weeks after he is set to appear in Delaware for a trial on gun charges. The Delaware trial is set to begin on June 3, with Biden's lawyers saying they expect his counsel to remain there until at least June 14 in their submissions to U.S. District Court Judge Mark Scarsi for the delay...

On Tuesday’s “PBS NewsHour,” Treasury Secretary Janet Yellen predicted that President Joe Biden’s tariffs won’t cause any meaningful price increases for typical families and responded to a question on her criticism of the Trump tariffs as “taxes on consumers” by stating that Biden’s tariffs are different because they’re “are a targeted group of strategic sectors where we have developed a real overdependence on China.” Yellen said that with the Biden tariff regime, “I don’t think that anything will occur here that would be noticeable to the typical American family. Mainly, these tariff increases serve to protect firms and workers that...

In today’s edition of Getting What You Vote For, the dummies in California are about to get hit with a 50 cent per gallon gas tax. Remember, California voters have handed the Democrat party full power over the former Golden State. Democrats run everything from the governorship on down. Democrats not only hold majorities in the state legislature, they hold veto-proof majorities. In other words… Republicans are powerless in California. And so… According to Triple-A, the average cost of a gallon of gas in California today is $5.29. That’s nearly $1.70 more than the national average. In some parts of...

Arcane tax rules based on carbonation levels are flattening the growth of America's craft cider industry. America's tax code is notoriously convoluted, but the complexity really sparkles when it comes to the federal government's approach to alcohol taxation. Wine, beer, and liquor are all subject to varying tax rates based on intricate calculations, but the so-called "bubble tax" for hard cider is the star of this regulatory circus. Unbeknownst to most Americans, the tax rate for alcoholic cider is based on, among other things, the amount of carbonation the drink contains. Yes, America technically already has a carbon tax and...

President Biden wants to let the tax rate cuts that President Trump and Republicans passed without Democrat support, in 2017. Biden and others continue to intentionally lie that the tax cuts "cost" the government $2 trillion and increased the debt and deficit. That essentially was the prediction of Congressional Budget Office. The problem is predictions are not facts. Here are the facts that show that the government has collected a huge amount of additional revenues after the tax cuts were passed, and additional revenues do not cause increased debt. The problem is that the government is spending more. Individual income...

Joe Biden has pledged to ensure that Trump’s tax reform expires next year. While many have already pointed out that this will mean a significant tax increase for most Americans, few have noticed that it will also mean a windfall for Biden’s political donors, in the millions of dollars. A key feature of the Trump tax reform, also known as the Tax Cuts and Jobs Act (TCJA), was to limit the state and local tax (SALT) deduction to $10,000. Previously, ultra-high-income earners in high-tax states could use this unlimited deduction to reduce their taxable income by millions of dollars. This...

The latest Trustees Report projects the Social Security retirement trust fund will run out of money by 2033. The trust fund has been bleeding cash since 2018, and it's getting worse every year. Congress has several options to mitigate the potential benefit cuts facing 70 million retirees. There might only be enough funds to pay out 79% of retirement benefits unless Congress acts. Retirees could be in for a rude awakening in the near future unless Congress makes some changes to Social Security. The most recent Social Security Trustees Report indicated the Old-Age and Survivors Insurance (OASI) trust fund will...

EXCLUSIVE — Ohio Senate hopeful Bernie Moreno said he will push for pro-family economic policies should he make it to Capitol Hill, citing declining birthrates in the United States. Moreno, a 57-year-old car dealership owner, is hoping to unseat incumbent Sen. Sherrod Brown (D-OH) in Ohio’s competitive Senate race. The race is listed by the Cook Political Report as a toss-up, meaning it is a crucial race for Republicans hoping to retake the Senate in November. During an interview this week with the Washington Examiner, Moreno painted himself as a pro-family Republican eager to get to Washington, D.C., and push...