High-income individuals from the borough of Manhattan in New York City can save nearly $200,000 annually by moving to Miami, Florida, a recent study has found. A June 8 study by financial information provider SmartAsset looked at the cost of living and tax rates in New York City, Chicago, and San Francisco to determine how…
Moving From New York City to Miami Can Save Nearly $200,000: Study
June 9, 2023
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States Raising Taxes on the Rich Should Expect a Line at the Exit
Commentary It’s an old aphorism that if you tax something, you get less of it. Seven states are at risk of finding out exactly how that truism applies to wealth tax legislation introduced in each should their proposed taxes become law. On Thursday, Jan. 19, seven states—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—rolled…
Survivor Benefit Doesn’t Affect Social Security Work Benefit
By Elliot Raphaelson From Tribune Content Agency Question: I was divorced many years ago after more than a 10-year marriage. I have not re-married. My previous wife has passed away, and she worked under Social Security for many years. I am 63 now, and don’t plan on filing for my Social Security benefit until I…
Family Finances: Use Tax Breaks to Lower College Costs
September 27, 2022
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By Sandra Block From Kiplinger’s Personal Finance It’s often said that buying a house is the largest investment most of us will ever make. But if you have a couple of children, the cost of sending them to a four-year college could exceed even that big-ticket item. Three kids—or at least one with Ivy League…
Average Canadian Family Paid 43% of Income on Taxes in 2021: Study
The average Canadian family spent over 40 percent of its income on taxes in 2021—more than food, housing, and clothing combined—according to a new study by the Fraser Institute. Published on Sept. 21, the study [pdf] found that while the average Canadian family earned an income of $99,030 in 2021, a total of $42,547 was used…
IRS Audit Rate Doubles Among Multiple Income Groups But Remains Historically Low
The Internal Revenue Service (IRS) has revealed that its audit rates among certain income groups have increased during recent months but still remain low when compared to around a decade back. The 2019 audit rates of taxpayers belonging to income categories above $50,000 have doubled or more than doubled in the last seven months, the…
‘Billionaire Tax’ Expands Taxable Income, Should Be Dead on Revival Say Critics
March 30, 2022
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President Joe Biden’s proposed “billionaire tax” may sound good to many voters, but it is fraught with vagaries that could redefine—and expand—the nation’s tax code, according to first-look analyses across a range of publications and sites, from The Wall Street Journal to the Heritage Foundation. The tax proposal was included within Biden’s $5.8 billion Fiscal…
Canada’s Tax System: A Monstrous Labyrinth That Needs to Be Simplified
Commentary Do you have a grumpy accountant? If not, perhaps you don’t live in Canada. But if you do, you probably need one. You shouldn’t. I don’t just mean an accountant. But it’s incredibly hard to do your taxes without one. I mean a grumpy one. Because it’s incredibly hard to do your taxes even…
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…
Red States Should Revolt Against the ‘Blue-State Bailout’
Commentary Congressional Democrats are a runaway train with a drunk-on-power conductor in House Speaker Nancy Pelosi. No matter how much evidence pours in that the economy doesn’t need $1.9 trillion more in debt spending, the Pelosi locomotive keeps crashing down the track toward the financial cliff. Generations will have to pay for the joyride. One…
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