Government tax winners and losers

Government tax winners and losers

New Jersey State Capitol Building in Trenton Photo: Getty Images/iStockphoto If American states are laboratories of democracy, then too many have spent decades running the same tax-and-spend experiment expecting different results. The Tax Foundation last month released its 2023 State Business Tax Climate Index, which deserves wider coverage as evidence of which states are serious … Read more

Jared Polis, a Democrat for lower taxes

Jared Polis, a Democrat for lower taxes

Colorado Governor Jared Polis speaks at a press conference on November 1. Photo: David Zalubowski/Associated Press Denver On Tuesday, Colorado can re-elect its Democratic governor, keep the Legislature blue and cut the state’s income tax for the second time in three years through a citizen-led ballot initiative. At the annual Steamboat Institute Freedom Conference in … Read more

Colombia unsettles markets with higher taxes on oil, wealth to boost poverty-fighting spending

Colombia unsettles markets with higher taxes on oil, wealth to boost poverty-fighting spending

BOGOTÁ, Colombia—Colombia is set to raise taxes on wealthy individuals and extractive industries to pay for anti-poverty and rural development initiatives as the leftist government grapples with a decline in the peso that has outpaced that of most emerging market currencies . Investors’ concerns about the government’s progressive platform are exaggerated, Finance Minister José Antonio … Read more

The taxes that must not be mentioned

The taxes that must not be mentioned

West Allis, Wis. More than a decade after former Gov. Scott Walker signed legislative reforms to protect Wisconsin taxpayers from the increasingly expensive burdens of state employee unions, Democrats still can’t stop talking about him — even if they can’t bring themselves to mention his name . Mr. Walker left office nearly four years ago … Read more

The IRS and the Eighth Amendment

The IRS and the Eighth Amendment

By Travis Nix and Tyler Martinez Nov. 1, 2022 6:27 PM ET Photo: Daniel Acker/Bloomberg News Navigating the maze that is the US tax code can already feel like a punishment for ordinary taxpayers. But the real punishment comes when Americans face oppressive penalties from the Internal Revenue Service for innocent filing errors. That may … Read more

California’s Democratic Tax Rebellion – WSJ

California’s Democratic Tax Rebellion – WSJ

Photo: caroline brehman/Shutterstock The infighting among Democrats over a ballot measure in California to raise the top income tax rate would be comical if the potential outcome weren’t so tragic for the state. Here are progressives who support high taxes and subsidies for electric cars fighting other progressives who want to raise taxes to subsidize … Read more

The government’s climate financing pressures the private sector to live up to promises

The government’s climate financing pressures the private sector to live up to promises

The Biden administration begins doling out billions of dollars to budding climate industries such as battery metals. It puts pressure on banks and investors to step up with additional funds to deliver on their climate pledges. That cash comes from last year’s bipartisan infrastructure bill. The federal government granted about 20 producers of raw materials … Read more

IRS Says Tax Compliance Rising, but Hundreds of Billions Still Go Uncollected

IRS Says Tax Compliance Rising, but Hundreds of Billions Still Go Uncollected

WASHINGTON—Americans paid a greater share of the taxes they owe in recent years, according to new estimates from the Internal Revenue Service.  In tax years 2014 through 2016, Americans paid 85% of their taxes on time, up from the agency’s 83.7% estimate for tax years 2011 through 2013, the IRS said Friday. That compliance rate … Read more

What IRS inflation-adjusted tax brackets mean for you

What IRS inflation-adjusted tax brackets mean for you

Many Americans will see their tax burden decrease next year due to inflation adjustments made by the Internal Revenue Service. Some will benefit more than others. The IRS makes annual inflation adjustments to dozens of tax provisions, including the standard deduction and income tax, based on formulas set by federal law. Recent record inflation led … Read more

The IRS releases new federal tax brackets and standard deductions. Here you can see how they affect your family’s tax bill.

The IRS releases new federal tax brackets and standard deductions.  Here you can see how they affect your family’s tax bill.

America’s high inflation rate will produce a 7% increase in the amount of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Internal Revenue Service. It will also pump up tax rates by 7%, according to the annual inflation adjustments the IRS announced this week. … Read more