Taxpayers

Mieten-Explosion wegen Grundsteuerreform – Immobilieneigentümern droht 30-fache Grundsteuer-Erhöhung

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Mieten-Explosion wegen Grundsteuerreform

– Neue Formel: Immobilieneigentümern droht 30-fache Grundsteuer-Erhöhung:

Der Eigentümerverband Haus & Grund warnt vor erheblichen Belastungen für Hausbesitzer und Mieter durch die geplante Grundsteuerreform und fordert die Bundesregierung auf, die Reform zu stoppen.

Wie FOCUS berichtet, hat der Verband für 500 Immobilien in verschiedenen Städten die Grundsteuer nach der neuen Formel berechnet und eine Erhöhung um durchschnittlich das 30-fache ermittelt. In Einzelfällen müssten Eigentümer sogar eine Erhöhung um das 50-fache des jetzigen Betrags hinnehmen.

Der Präsident von Haus & Grund, Kai Warnecke, forderte angesichts der Berechnungen gegenüber FOCUS, die neue Bundesregierung müsse „die Pläne der Länder stoppen. Der Staat darf die Kosten des Wohnens nicht weiter in die Höhe treiben.“

Read moreMieten-Explosion wegen Grundsteuerreform – Immobilieneigentümern droht 30-fache Grundsteuer-Erhöhung

Outrage as Sydney decides to demolish two perfectly working stadiums and rebuild them using a staggering $2.5 BILLION of taxpayer funding

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– Outrage as Sydney decides to demolish two perfectly working stadiums and rebuild them using a staggering $2.5 BILLION of taxpayer funding:

Fans and politicians are outraged after the New South Wales government approved a staggering $2.5 billion demolition and rebuild plan for two major Sydney stadiums. 

The overhaul, which will involve the ANZ Stadium at Sydney Olympic Park being substantially demolished and rebuilt from 2019, was signed off by the cabinet on Thursday.

That will follow a similar rebuilding of Moore Park’s Allianz Stadium in 2018.

Fans took to social media to express their outrage at the projected funding allotment, saying the money could have been better spent.

‘Demolishing & rebuilding ANZ Stadium & Allianz Stadium will cost taxpayers $2 billion. How much is that in Hospital & Schools in the old money?” one person asked.

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H/t reader kevin a.

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The Paradise Papers: How Ridiculously Easy It Is For The Rich To Avoid Taxes

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– The Paradise Papers: How Ridiculously Easy It Is For The Rich To Avoid Taxes:

A little too easy…

The revelations in the Paradise Papers followed quickly on the release of the Panama Papers (English majors please note the allusion to the Pentagon Papers).

Both of these Papers were revealed by an organization with the cumbersome name of The International Consortium of Independent Journals (ICIJ)?—?a group in need of a new name and a publicity agent. That name gives the impression of some mining cartel intent on keeping up the price of gold and diamonds.

To the contrary, it is a group of dedicated journalists who recognized that they could not honestly report on tax evasion when they were working for mainstream media. The media barons and major advertisers are prime users of the tax evasion system. So these journalists gave up successful and lucrative careers to dedicate themselves to exposing offshore tax fraud. The Panama and Paradise Papers are a tribute to their courage, sacrifice, and dedication.

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H/t reader squodgy:

“Makes me feel all warm & happy inside.”

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Greece: August sees billion euro uptick in unpaid taxes – “They will impose you a huge & unbearable tax but will not catch up” — Saint Kosmas Aetolos

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“I THOUGHT I WAS MIDDLE CLASS”

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“Don’t believe what you hear on TV from paid for propagandists. You are going to get screwed so corporate fat cats can boost their profits even more.”

– I THOUGHT I WAS MIDDLE CLASS:

“The best way to teach your kids about taxes is by eating 30% of their ice cream.” – Bill Murray

When I saw that slimy tentacle of the Goldman Sachs vampire squid, Gary Cohn, bloviating about Trump’s tax plan and how it was going to do wonders for the middle class, I knew I was probably going to get screwed again. And after perusing the outline of their plan, it is certain I will be getting it up the ass once again from my beloved government.

I know everyone’s tax situation is different, but I’m just a hard working middle aged white man with two kids in college and some hefty family medical expenses.

I’m already clobbered with Federal, State, City, and real estate taxes, along with huge toll taxes, sales taxes, gasoline taxes, utility taxes, phone taxes and probably a hundred more hidden taxes and fees.

I fucking hate taxes and want nothing more than to see them cut dramatically. I voted for Trump for the following reasons:

  1. He wasn’t that evil hateful shrew named Hillary Clinton
  2. He promised to repeal and replace Obamacare
  3. He promised to build the wall
  4. He promised to keep out Muslims
  5. He promised to reduce our military interventions around the world
  6. He promised to reduce my taxes

Well, one out of six ain’t bad. Right?

I know the Trump sycophants have a million reasons why he has been thwarted, but his pathetic support of the last GOP Obamacare lite bill reveals him to becoming just another establishment pawn. He has taken war mongering on behalf of the military industrial complex to a new level. No wall on the horizon. Now it is a figurative wall. And now he is disingenuously selling this tax bill as a huge windfall for the middle class, which is a lie based on my analysis of the known details. The truth is they need to screw the upper middle class in order to reduce corporate tax rates.

Read more“I THOUGHT I WAS MIDDLE CLASS”

How To Destroy An Economy – India’s New Tax System Is “Mind-Bogglingly Inane”

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– How To Destroy An Economy – India’s New Tax System Is “Mind-Bogglingly Inane”:

“…India’s new Goods and Services Tax is mind-bogglingly inane…Modi has been able to mesmerize voters to an extent that he can make even pain appear as something that is pleasurable and he has been able to conquer state after state and has an invincible aura about him now. Such acts always bring Goebbels to my mind.”

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Foxconn’s corporate welfare deal will cost Wisconsin taxpayers more than 3 billion dollars

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– Foxconn’s corporate welfare deal will cost Wisconsin taxpayers more than 3 billion dollars:

The recent trumpist trumpeting about the plans of Chinese manufacturer Foxconn to open a manufacturing facility in Wisconsin omitted a few key details — like the fact that Foxconn is being given a sweetheart tax-break that’s topped up with 15 years’ worth of guarantees of up to $200m/year in cash subsidies at taxpayer expense — a record-setting taxpayer subsidy that exceeds the previous Wisconsin record-holder by a factor of fifty.

The total bill for this incentive package that Wisconsin is giving the super-profitable Chinese manufacturer? Three billion dollars.

Read moreFoxconn’s corporate welfare deal will cost Wisconsin taxpayers more than 3 billion dollars

Seattle Passes Measure To “Tax The Rich”; There’s Just One Problem…

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– Seattle Passes Measure To “Tax The Rich”; There’s Just One Problem…:

After passing a $15 minimum wage intended to help low-income workers in Seattle, economists at the University of Washington produced a rather extensive research report a few weeks ago highlighting how the legislation was actually doing the exact opposite as companies were simply choosing to automate menial tasks, move businesses out of Seattle in search of more attractive wages rates or simply cutting back on employees to offset increased labor costs (we covered the study here: Seattle Min Wage Hikes Crushing The Poor: 6,700 Jobs Lost, Annual Wages Down $1,500 – UofW Study).

Unhappy with their failed experiment, the Seattle City Council decided to pursue a more direct form of income redistribution: a massive income tax on the rich.

Read moreSeattle Passes Measure To “Tax The Rich”; There’s Just One Problem…

Illinois Democrats In Senate Pass 33% Hike Of Personal And Corporate Income Taxes

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– Illinois Democrats In Senate Pass 33% Hike Of Personal And Corporate Income Taxes:

Senate Democrats in Illinois are pushing ahead with a new budget proposal that includes a massive personal and corporate income tax hike and an expansion of the state’s sales tax, after saying they are no longer willing to wait for a broader deal with Republicans.  In all, the package is expected to cost Illinois taxpayers an incremental $5 billion.

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Sweden: Government to increase taxes to pay refugee bill, while fining municipality for refusing migrants – #MigrantCrisis

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– Sweden: Government to increase taxes to pay refugee bill, while fining municipality for refusing migrants

H/t reader kevin a.

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Austria Has Found A Way To Tax Google Searches And Social Media Posts

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“It’s always just raise more and more taxes without end.”

– Austria Has Found A Way To Tax Google Searches And Social Media Posts:

Highlighting the difficulty both public and private establishments can have when it comes to adapting methods in the digital age, it was reported Monday that one government is now trying to tax search giant Google and social media companies.

From a report by Bloomberg:

“Austria is seeking ways to make digital services like Alphabet Inc.’s Google or Facebook Inc. pay taxes for transactions with the nation’s internet users, trying to plug gaps in a tax system still designed for brick-and-mortar business.”

Continuing, Bloomberg explains something most people don’t stop to consider: how social media actually functions, and at no monetary cost to users:

Read moreAustria Has Found A Way To Tax Google Searches And Social Media Posts

IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks

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– IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks:

The IRS seized millions dollars from innocent individuals and businesses because it was easier than targeting terrorists and drug dealers, a new report from the Treasury Department’s internal watchdog has revealed.

A report from Treasury’s Inspector General found that the IRS misused a law aimed at cracking down on organized crime and terrorism to target innocent individuals and businesses. Agents adopted a policy of seizing cash before investigating for other wrongdoing because it was just easier to seize the money of innocent people than hardened criminals and terrorists.

Read moreIRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks

Tax Code Complexity Now Costs U.S. Economy up to $1 Trillion Annually

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– Tax Code Complexity Now Costs U.S. Economy up to $1 Trillion Annually:

Source: Tax Revolution Institute

74,608 pages, 2.4 million words.

That is the present size of Title 26 of the U.S. Code, i.e. the “Internal Revenue Code.” One would think this would be nearly impossible for an enterprise wielding an army of tax experts to absorb, let alone the average taxpayer. However, it doesn’t stop there.

The IRS has added an additional 7.7 million words of tax regulations designed to clarify what the original 2.4 million words mean. You can’t make this stuff up. Add 60,000 pages of tax-related case law essential to accountants and tax lawyers, and the burden is revealed.

More than 10 million words with a hidden annual compliance cost of up to $1 trillion. This is what Title 26 of the U.S. code and the Federal Register is estimated to cost the United States economy each year.

Read moreTax Code Complexity Now Costs U.S. Economy up to $1 Trillion Annually

California Cities Weigh “Netflix Tax” For Online Video Streaming

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– California Cities Weigh “Netflix Tax” For Online Video Streaming:

Government is on the verge of completely destroying the economy all because those in power are incapable of managing even a bubblegum machine, rages Armstrong Economics’ Martin Armstrong.

Local cities are desperate for money as their own pensions moving closer to collapsing.

Instead of dealing with the problem, of course, they always choose to just tax the stupid people.

Pasadena city officials are considering whether to tax subscribers of Netflix, Hulu, and other video streaming services under an existing municipal utility tax code that was initially designed for taxing cable television users. Sacramento and dozens of other California cities have similar codes that they are looking to use to tax video streaming. As NYTimes reports,

Read moreCalifornia Cities Weigh “Netflix Tax” For Online Video Streaming

Time Urges 65 Million Americans Who Voted For Hillary Not To Pay Taxes

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– Time Urges 65 Million Americans Who Voted For Hillary Not To Pay Taxes:

Under the twisted premise of losing the popular vote and “no taxation without representation”, TIME’s Mark Weston proclaims that the approximately 65 million Democrats who voted for Hillary Clinton should pledge “we won’t pay taxes to the federal government… until democracy is restored.”

Because, It’s just not fair?

Twice in the past 16 years, a Republican candidate who finished second in the popular vote has won the presidency. This year, Donald Trump won the electoral vote with about 46% of the popular vote, while Hillary Clinton received about 48%. If the parties stay this evenly divided, another electoral mishap is more likely than not in the next 20 years.

Read moreTime Urges 65 Million Americans Who Voted For Hillary Not To Pay Taxes

Hillary’s Huge Estate-Tax Hike

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Hillary-Clinton-Satanic-Hang-Sign

– Hillary’s Huge Estate-Tax Hike:

“Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.

Going after inheritances and estates is textbook Marxism. That is not an exaggeration. The third plank in Karl Marx’s 10-point platform for achieving socialism through democratic means — see his 1848 textbook to communism, The Communist Manifesto — was the abolition of inheritances. To repeat: it was point three in Marx’s 10-point plan.

Why They Love Estate Taxes

Read moreHillary’s Huge Estate-Tax Hike

New Study Finds Taxpayers Are Fleeing New York, Illinois and California

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– New Study Finds Taxpayers Are Fleeing New York, Illinois and California:

A new study, highlighted by the Albany Times Union, indicates that taxpayers are fleeing New York and California though we’re sure it has nothing to do with oppressively high costs of living and/or burdensome tax rates in those states.

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Yankees got nearly $500 million in federal tax subsidies

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– Yankees got nearly $500 million in federal tax subsidies:

No offense Yankees fans but this is just another reason to hate the Yankees.

Think about it. Red Sox fans helped pay for the Yankee’s new stadium.

(From The Washington Examiner)

Federal taxpayers subsidized the construction of the new Yankees Stadium to the tune of nearly half a billion dollars, according to a new study released Thursday.

The report, published by the nonprofit Brookings Institution, found that the New York Yankees, currently the fourth-place team in the American League East division, benefited from $492 billion in federal tax breaks for the loans used to build their stadium.

Read moreYankees got nearly $500 million in federal tax subsidies

Illinois Governor Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With “Crippling” Tax Hike

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– Illinois Governor Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With “Crippling” Tax Hike:

Illinois Governor Bruce Rauner was furious on Friday after unsuccessfully waging a last-minute battle to block the Teacher Retirement System pension fund from cutting its long-term return assumption from 7.5% to 7.0%, a move that puts the cash-strapped state government on the hook for up to $500 millions of dollars more in the short term.

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Wealth Tax Looms As Greeks Forced To Declare All ‘Assets’ To Tax Authority

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– Wealth Tax Looms As Greeks Forced To Declare All ‘Assets’ To Tax Authority

In Greece’s ongoing collapse into utter farce, The Greek finance ministry confirmed some more details of the long-planned registration of all kinds of private wealth that will go into effect in February 2017. As KeepTalkingGreece reports, more than 8,500,000 tax payers registered in Greece will be called to declare all moveable and immovable assets, their total “wealth”, and even cash they possess even if it is below 100 euro. Furthermore, the taxpayers will have to register changes in their assets when they occur and not annually.

Tax authorities will upload on their website pre-filled data like real estate, declared income, income from rents, loans, vehicles etc – practically the pre-filled data will refer to data given by taxpayers in their income declaration.

And under the new scheme, Greeks are mandated to have registered everything they own, with taxpayers having to add moveable and immovable possessions such as paintings, antiques, jewelry, even historical weapon, etc but also the cash they have in their wallets or under the mattress.

Read moreWealth Tax Looms As Greeks Forced To Declare All ‘Assets’ To Tax Authority