A post published on President Joe Biden’s official Twitter account has been fact-checked and labeled “incorrect” after the White House claimed the average American billionaire pays just 3 percent in tax. The president’s official account posted a tweet of a photo of Biden on March 18 containing a quote from him which read: “You know the average…
Biden’s Tweet on Taxes That Billionaires Pay Fact-Checked, Labeled ‘Incorrect’ by Twitter
Revenue Agency Launches New Underground Economy Strategy During Tax Season
The Canada Revenue Agency has launched its new strategy to combat non-compliance with its taxation regime as Canadians are currently going through the filing process. The agency says its strategy is centred around three pillars to target the underground economy, with the first one being identifying the activities through data research, analysis, and third party…
Canada Revenue Agency Launches New Underground Economy Strategy During Tax Season
The Canada Revenue Agency has launched a new strategy to combat non-compliance with its taxation regime as Canadians are currently going through the filing process. The agency says its strategy is centred around three pillars to target the underground economy, with the first one being identifying the activities through data research, analysis, and third party…
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent
March 14, 2023
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent: Economist
March 14, 2023
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Capital Gains Tax Can Exceed 100 Percent Under Biden Proposal: Economist
President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Death Taxes Are Immoral—Even Worse, They Don’t Work
Commentary “I have no respect for the passion of equality,” Oliver Wendell Holmes Jr., one of America’s great jurists, once declared, “which seems to me merely idealizing envy.” But envy, and its sister vice, greed, are very much back in fashion today when it comes to the progressive Left. Just listen to President Joe Biden,…
Over 42,000 Federal Employees Cheating on Taxes: Inspector General
Tens of thousands of federal employees have failed to file a tax return for multiple years, an inspector general reported this week. An analysis of data from fiscal year 2016 through fiscal year 2020 found more than 42,000 federal workers have “repeatedly failed to file a tax return for multiple years,” the Treasury Inspector General for Tax…
Why Tax Stock Buybacks?
March 8, 2023
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…
IRS Warns Taxpayers of Consequences for Failure to Meet Certain Tax Obligations
The Internal Revenue Service (IRS) this week issued a notice to “gig economy” service workers and those who receive a foreign source of income that they have to report potential tax obligations on income. An IRS release issued Mar. 1 says that taxpayers have to report income from the gig economy on their tax returns, “even…
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