Economic Edge » Taxes

Business Owners Pay 54.3% Percent of all Income Taxes

EconEdge — Tue, 21 Nov 2006 01:31:37 +0000

The Washington-based Tax Foundation found that nationally most people in the top 1 percent of earners are business owners and entrepreneurs, and that in 2004, business owners paid 54.3 percent of all income taxes. Or, to put it differently, the top 1% are paying more than 54% of all income taxes.

How to Get $250K in Tax-Free Money Every 2 Years

EconEdge — Mon, 30 Oct 2006 18:37:11 +0000

Looking to keep more of your hard-earned money from the tax man? Well, you're going to love this tax exclusion.

How You Can Exclude up to $250,000 Tax-Free on the Sale of Your Primary Residence

Congress Indirectly Bans Online Gambling By Targeting Payment Processors

EconEdge — Fri, 06 Oct 2006 20:27:07 +0000

Congress has voted against payment processors (credit card companies and banks) who handle transactions for online gambling sites. According to Reuters, "The House of Representatives and Senate unexpectedly approved a bill early [last] Saturday that would make it illegal for banks and credit-card companies to make payments to online gambling sites."

IRS Will Refund $15 Billion to Taxpayers for Illegally Taxing Long Distance Services

EconEdge — Wed, 28 Jun 2006 16:30:56 +0000

Have you heard about this? The IRS is set to refund $15 billion (estimated) to taxpayers for illegally taxing long distance services. The "telegraph tax," an excise tax on long-distance services, was a "hold-over" from the Spanish-American War 108 years ago. Shortly after the Spanish-American War, the telegraph tax was extended to taxes on long distance services.

Against the Flat Tax

EconEdge — Fri, 16 Jun 2006 02:07:09 +0000

Laurence M. Vance (from Mises.org) has written a very good argument against the flat tax, as proposed by Steve Forbes. Learn why Vance is against the flat tax.

Flat Tax Reform–Steve Forbes' proposal

EconEdge — Wed, 14 Jun 2006 21:59:27 +0000

Many have argued that the U.S. should implement a "flat tax" instead of the graduated tax rates that we currently have. Steve Forbes, who wrote Flat Tax Revolution outlines why the U.S. needs tax reform and describes how a flat tax could solve many problems.

Best Small Towns in America

EconEdge — Mon, 08 May 2006 19:00:59 +0000

Great small towns in states with no state income tax…

Sequim, W.A.
Pullman, W.A.
College Station/Bryan, T.X.

More from Gary North: "If you are looking for Paradise, USA, consider Sequim, Washington. Research this amazing little town. [My comments: There is no state income tax in Washington, and Sequim is sunny compared to Seattle and other Washington cities.]

Bush & Cheney's Tax Returns

EconEdge — Sun, 23 Apr 2006 15:05:53 +0000

Have you ever wondered how much the President and Vice President make?

Well, you no longer have to wonder. Bush & Cheney's tax returns were made public in Washington on Friday. Laura and George Bush show an adjusted gross income (AGI) of $735,180 (only $400,000 of that was presidential salary income), while the Cheneys' show an AGI of $8.82 million (due mainly to exercising stock options).

New Roth 401K's offer Tax Free Withdrawals

EconEdge — Sun, 23 Apr 2006 04:18:35 +0000

Since Roth IRA's arrived on the scene in 1997, those saving for retirement have had the option of a regular IRA, with tax-deductible contributions, or a Roth IRA with no tax deduction but tax free withdrawals.

Understanding Taxes & the Implications of Tax Cuts

EconEdge — Sun, 16 Apr 2006 18:51:22 +0000

The article below provides a helpful analogy to better understand tax cuts. It discusses the implications of tax cuts and how they affect various social classes (the poor, middle-class, and wealthy). I was cleaning out some files on my hard drive, and I came across the article, which was (supposedly) written by David Kamerschen, an economics professor at The University of Georgia.

Entrepreneurship, Career Choices, & Legal Tax Avoidance

EconEdge — Thu, 06 Apr 2006 16:34:09 +0000

Gary North recently began answering financial questions posed by his newsletter readers. He publishes a "Questions & Answers" section every Friday. The questions and answers below deal with career choices, entrepreneurship, budgeting (both time and money), and legal tax avoidance.

States With No Income Tax

EconEdge — Mon, 27 Mar 2006 01:47:45 +0000

Seven states have no state income tax:

Alaska
Florida
Nevada
South Dakota
Texas
Washington
Wyoming

New Hampshire and Tennessee tax only capital gains (dividend and interest income). If you're not geographically tied to your job, I'd suggest moving to a state that does not tax income. Run the numbers; you'll probably be surprised how much you'd save.

Read more on States With No Income Tax…

H&R Block Lobbies Hard Against Tax Reform

EconEdge — Thu, 23 Mar 2006 07:19:55 +0000

Interestingly, H&R Block is one of the strongest lobbyists against tax reform. Tax reform (i.e. a simplified tax code) would significantly curtail H&R's revenue.

I'm guessing very few H&R customers are aware of this.