News Analysis OTTAWA—Flying under the radar of Budget 2023‘s spending and deficits are a couple of tax hikes on wealthy individuals and corporations that were telegraphed a year ago. But analysis shows that such tax hikes can impact people who are simply using well-established tax deductions, and a tax expert says they can also adversely…
Inflation’s the Nail in the Coffin of Biden’s Spending Plans
June 30, 2021
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Commentary Inflation is accelerating—every consumer in the country feels it every day. If there is any economic sense left in Washington, the rising inflation threat should grind President Biden’s big-government spending plans to a halt. Federal Reserve officials have called inflation “transitory,” but what if they are wrong? The public is clearly worried. According to a new Harvard CAPS/Harris poll released…
Bank CEOs Oppose Proposed Tax Hikes, Calling Them ‘A Mistake’
WASHINGTON—The chief executives of America’s largest banks criticized President Joe Biden’s plans to raise taxes on corporations, saying that the increased tax rate would make U.S. businesses less competitive globally. The CEOs of JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley testified virtually on May 27 before the House Financial…
Developers Threaten to Stop Building Over New Victorian Land Taxes
May 18, 2021
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A major Melbourne-based property developer is warning it will stop looking for new construction opportunities until the Victorian government releases the details of its plans to raise land and property taxes for the ninth time. Sam Tarascio, managing director at one of Australia’s largest developers, Salta Properties, told The Australian that the company would put the…
Victoria to Become the ‘Most Highly Taxed’ State in Australia: Property Council
The Victorian state government is planning to hit homeowners, homebuyers, and investors with additional taxes to tackle its debt in the 2021-22 state budget. The Andrews Labor government said the budget would protect the state’s revenue base with $2.7 billion in austerity measures and a $3.6 billion program to reprioritise government spending. These measures involve…
Republicans Won’t Support Rollback of Trump Tax Cuts to Pay for Biden’s Infrastructure Plan: McConnell
Senate Minority Leader Mitch McConnell (R-Ky.) said Tuesday that President Joe Biden’s $2.3 trillion infrastructure plan will face stiff opposition from Republicans if it involves raising taxes by undoing portions of the Trump administration’s landmark 2017 tax reforms. “The point of this is, this tax bill of 2017—undone—would create an extensive loss of jobs in…
Study: Tax Hikes to Cause 1 Million Job Losses by 2023
WASHINGTON—New tax increases proposed by President Joe Biden would kill one million jobs and harm the economy, a new study released by the nation’s largest manufacturing association states. For manufacturers, the tax reform of 2017 was like “rocket fuel” and if the new administration rolls back those reforms, “manufacturing workers will lose out on jobs,…
Now Come the Taxes
March 17, 2021
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Commentary The front-page headline in Monday’s Wall Street Journal said: “Biden weighs how to pay for Agenda.” Who purchases something they know they can’t afford, and then worries about paying for it later? Only government. After less than two months in office, President Biden and a majority Democrat Congress have engaged in record spending with…
Biden Administration Eyes Raising Corporate Tax Rate to Pay for Stimulus
WASHINGTON—The Biden administration has signaled that it could introduce gradual tax hikes to help pay for spending initiatives, drawing criticism from Republicans who worry that tax increases would hurt the economy. As part of his campaign promise, President Joe Biden proposed raising the federal corporate tax rate to 28 percent from the current 21 percent. And…
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