No one likes paying taxes, but they are part of life. Getting your annual taxes as low as you can is something everyone wants, but this next tax year may mean paying more taxes for some. The Internal Revenue Service (IRS) will make a tax bracket-adjustment soon—and it probably will put some people into a…
Former New Jersey Governor, US Representitive James Florio Dies at 85
TRENTON, N.J.—Former New Jersey Gov. James Florio, who championed a plan that substantially raised the state’s sales and income taxes leading to his reelection defeat in 1993, died Sunday. He was 85. His law partner Doug Steinhardt and current New Jersey Gov. Phil Murphy confirmed Florio died in statements on Monday. Florio was a longtime…
Abortion, Marijuana, Slavery: 11 Themes to 2022’s Ballot Measures
September 25, 2022
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Ballot measures related to abortion, marijuana, and slavery are among a diverse array of issues voters in 37 states will see at the polls this fall. Taxes, infrastructure bonds, crime, minimum wage, elections, and the structure of state government are also among common themes on Nov. 8 ballots nationwide. An expected flurry of measures related…
Reducing Your Required Minimum Distributions Tax Bomb for Your Heirs
September 22, 2022
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The type of retirement fund you have can seriously affect the amount of money your beneficiaries will receive. With certain types, they could lose a lot of money to taxes because of laws about 401(k)s and other plans. Some simple changes to the type of your retirement account can enable your heirs to avoid a…
Each Taxpayer on Hook for $2,500 for Biden’s Student Loan Forgiveness Scheme: NTUF
September 5, 2022
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If President Joe Biden’s student debt cancellation scheme were to be implemented, it would cost every single American taxpayer in excess of $2,500, according to an estimate by the National Taxpayers Union Foundation (NTUF). Biden’s plan seeks to eliminate $10,000 worth of debt for each federal student debtholder. For borrowers who received federal Pell Grants,…
Best Time of the Year to Retire for Tax Purposes
By Brian Baker From Bankrate Retirement is a goal nearly everyone hopes to reach someday. People spend decades working, saving, and investing to meet their retirement goals, and achieving those goals is a real accomplishment. But how do you know when’s the best time of the year to retire? The time of year you choose to retire…
Still No Answer to the Question: Who Pays for Loan Forgiveness?
September 1, 2022
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It has been more than a week, and there is still no coherent answer out of the Biden administration to the question of who will pay for student loan forgiveness, which may cost Americans anywhere between $300–500 billion by the time it’s all done. For background, the White House announced, on Aug. 24, 2022, that…
Economic Crisis: The Spoils of Industrial Policy
September 1, 2022
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This is a strange recession. Jobs remain plentiful even as the economy slows, pushing wages up even as record-high inflation and shortages reduce the standard of living of most Americans. And while many economists point out that the government has had a hand in most economic crises, government intervention in the U.S. economy over the…
California’s Tax Collectors Continue to Reach Outside California
Commentary For some time now, California has been the worst state in the country when it comes to exploiting the most tangential of connections to claim tax liability. Recently, the state reasserted its claim to this dubious distinction by attempting to claim the right to tax the sale of partnership interests by nonresidents. The pace…
Taxpayers on the Hook for Ruling-Class Debts
August 25, 2022
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Commentary Remember the transitional and temporary inflation that was supposed to come and go? We are now getting warnings from high up that this is the new normal. It’s a pattern with which we’ve become very familiar. Two weeks of lockdown became two years. One-hundred days of masking turned into a full year, and the…
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