7 hours ago

Kazakh crypto miners plead with President to cut energy prices - Eight major cryptocurrency mining operators signed an open letter... - #bitcoinmining #kazakhstan #mining #taxes #asia

The Current
1 day ago

Council Preview: Tax revenue up, short-term rental ban back on agenda

Tax revenues are up for the City and Parish councils this year, and a vote is set for the city’s first short-term rental rules.

#Adjudication #budget #Budgets #HabitatForHumanity #JoshGuillory #LafayetteConsolidatedGovernmentLCG_ #LocalGovernment #localPolitics #ShortTermRentals #taxRevenue #Taxes

Illustration: Two figures peeking under a giant rug-sized Lafayette Consolidated Government logo
John Refior
1 day ago

Currently there’s a $10,000 cap on how much a wealthy household can deduct, but the cap is set to expire after 2025, and members of Congress working for the wealthy are trying to get the cap eliminated even sooner, so the amount the rich can deduct will be infinite

#inequality #wealth #poverty #salt #taxes #congress #uspol

John Refior
1 day ago

Ending that tax cut for the rich would not be “double taxation” as its #DefendTheRich proponents ridiculously claim, because the federal government doesn’t levy taxes on property. Of course there is no principle against multiple taxes on a transaction either, in fact us regular folk pay those all the time, from utilities to sales tax and tariffs, and paying income tax to both the IRS and the state.

It’s just an excuse to make the rich richer.

#inequality #poverty #wealth #taxes #salt

John Refior
1 day ago

Wealthy people who own a lot of land, houses, vehicles, boats, etc., get to deduct the taxes they pay on those things from their federal income tax bill.

The more valuable those things are, the more they get to deduct.

So if you own a mansion and a couple vacation homes and some expensive vehicles and a boat, the federal government gives you a huge tax break.

That’s part of the SALT deduction

#taxes #inequality #wealth #poverty #salt

The Japan Times
1 day ago

@ChrisMayLA6 "The price we pay for civilisation" indeed.

There are a few other dimensions that could be added (aren't there always?):

Tax as the MMT types frame it: a mechanism for destroying excess liquidity that's injected through government spending. That is, governments don't need to tax to generate revenue but rather to regulate the monetary supply. Some strong arguments, but not universally accepted.
Tax as a market corrective.

I've read Smith's discussion of pricing behaviours as describing how various goods and services behave under markets:

commodities (P ~= cost of production),
wages (P <= subsistence),
rents (P > cost, P <= consumer surplus),
skilled labour (price as a function of multiple factors including risk, downtime, cost of education, and a trust premium, amongst others --- that's a highly neglected bit of some of Smith's better reasoning IMO),
public goods (P < cost),
assets (it's ... complicated, but the F/I/RE industries are grouped for a reason, which is valuation risk),
stock (I'm still thinking about this one), and of course,

Today we'd add in market externalities, both positive and negative.

But in particular, I keep coming back to the pairing of Ricardo's Law of Rent and Lassalle's Iron Law of Wages: absent some redistributive mechanism, market economy is a constant pump of wealth from labour to rentiers. LSV + some income floor or employer-of-last-resort provides for that. Seems not to get implemented much, however...

There's that other bugbear: "Wealth, as Mr Hobbes says, is power." Smith's not one for short statements, but there he is.


#Economics #Wages #Rents #Taxes #AdamSmith #LandValueTax

A land fit for all our futures
1 day ago

Still waiting for the @BBCWorld in #UK to start challenging this #hightaxes rhetoric

Suggested questions:
What is the distribution of these #taxes?
Who is paying proportionately more or less #tax compared to their income and compared to their #wealth?
What is the purpose of taxes?

#economics #inflation #pay #benefits #welfare #MMT

1 day ago
The Japan Times
2 days ago

People using the furusato nōzei system may need to pay more or face smaller gift sizes after the government tightened regulations Sunday. #japan #taxes #furusatonozei

Ricardo Harvin
2 days ago

@bbcnewsfeed #Nationalize *all* #infrastructure, *everywhere*, now.

Why should all profits accrue to private interests when all costs are borne by #taxpayers, directly via fees, and indirectly via #taxes that fund #government "assistance", "#tax breaks", etc. (i.e. #CorporateWelfare).

John Refior
2 days ago

The federal government pays out over $140 billion per year via the #SALT deduction. Who gets that money?

"TPC figures that in 2024, with the higher standard deduction, almost three-quarters of the total benefit of the SALT deduction would go to households in the top 20% of income, those making about $195,000 or more. With today’s standard deduction, that income group would receive roughly 70% of the benefit of the SALT deduction."

#DefendersOfTheRich #taxes #inequality

3 days ago

streaming squelch & bleat 4 dreaded excel spreadsheet


GrrlScientist Ⓥ :verified:
3 days ago

Supreme Court justices John Roberts and Samuel Alito own shares in a combined 19 companies that could receive more than $30 billion in tax relief if the court issues a broad ruling in a major tax case

#SupremeCourt #SCOTUS #taxes #greed #grift

3 days ago
4 days ago

«New #technology can require decades to pay off, which is an inhibiting factor for companies. As a result, #governments often take on the task of early R&D.»
Leave it to capitalist market and most of the science and technology we know today would probably never got into existence...
#surplusvalue #capitalism #exploitation #workingclass #barbarism #profit #taxes #state #research #development #economy #market #collaboration #communism #anarchism #science

Oliver Braunschweig
4 days ago

CEP and IDOS have announced the forthcoming launch of the Global #Tax Expenditures #Transparency Index (GTETI) on October 9th.

» Watch this video for a quick overview over #taxes and what #TaxExpenditures are.

» Would you like to join online via Zoom?

This post is based on original post on Twitter:

Nina Cried Power
4 days ago

@RichardJMurphy Limit tax deduction to basic rate only and see how many high earners no longer find it worthwhile when they only get the same benefit as lower earners.
#taxes #taxavoidance

tanya tussing
5 days ago

#IRS #RevolvingDoor #Taxes

@ddayen RT An IRS inspector general investigation found that 496 employees received income from the largest accounting firms & corporations before entering the government.
@SenWarren and
want IRS to close that revolving door. @dorajfacundo reports:

Panamuahahaha Red
5 days ago

Most conservatives really do hate LGBTQ folks and black/brown people. But what they really hate is paying #taxes. And in December, SCOTUS will hear a case that could make it really hard to tax large corporations and the very wealthy, including some companies in which justices Roberts and Alito own stock. The case is Moore v. United States:

5 days ago

The first #witness they plan to call is Trump's fmr #accountant #DonaldBender of #Mazars USA, which last year severed its business relationship w/ #Trump after learning of the #NYAG's findings. During the #TrumpOrganization's 2022 #criminal #trial on charges of helping certain executives evade #taxes, Bender testified that Trump reported massive losses on his tax returns, including losing a combined $1 billion between 2009 & 2010.

5 days ago

But new data on #TaxAvoidance by the #ultrarich badly undermines #GOP claims to being an anti-#elite, pro-#worker party. It shows that if #Republicans get their way w/regard to the #IRS, a nontrivial number of very #rich Americans would continue to underpay #taxes they #owe, effectively making out like bandits — some literally so.

6 days ago

📝 Recent research from the Harvard T.H. Chan School of Public Health links the 2021 Child Tax Credit expansion to significant improvements in adult mental health.

Among the lowest-income adults, anxiety symptoms improved by more than 13% and depressive symptoms improved by more than 9%, finds a study by Akansha Batra, Kaitlyn Jackson, and Rita Hamad.

Read the study, from Health Affairs, here:

#Health #MentalHealth #CTC #PublicPolicy #Income #Poverty #Taxes #Depression #Anxiety @publichealth @medmastodon

John Refior
6 days ago

#California will ban firearms in most public places while doubling the #taxes on #guns and ammo sold in the state under two new laws Gov. Gavin Newsom signed Tuesday that will test the limits of #SCOTUS new standard for interpreting the 2nd Amendment.

“The US already taxes the sale of guns and ammunition at either 10% or 11%, depending on the type of gun. The new law adds another 11% tax on top of that—making CA the only state with a separate tax on guns and ammo”

Anna Anthro
6 days ago

“Articles published around the country repeat Intuit’s assertion — sometimes almost word for word — that the upcoming #irs pilot program to file #taxes for free would hurt Black Americans.

A researcher whose work is cited by #intuit says the company is misstating her findings.”

I like what California did there. Gun owners refuse to self regulate, they refuse to be hampered by mandatory insurance, so yeah, let's tax the crap out of them because that's not infringing anyone's right to bear them.

However I think the tax wasn't high enough, shouldn't they do like they do for cigarettes to offset healthcare costs and charge a 100% tax?

If not on the guns then on the bullets.

#guns #california #newsom #taxes

here is the CNN report on what is now, not only #AOC's historic line of questioning, but a clinic in the art of deductive questioning


this is why #USCongress matters.

this is why voting matters.

this is why voting for anti-fascist, anti-capitalists absofuckinlutely matters

#Trump #NYS #taxes #fedilaw


the name missing from today’s news about a judge siding with NYSAG Leticia James’ investigation into how #DonaldTrump and the #TrumpOrganization defrauded #NewYork State and NYC from hundreds of millions in #taxes through his asset inflation/deflation games.

here is #AOC questioning Trump’s personal fixer, Michael Cohen, on the matter of Trump’s #paperBillionaire #wealthValuation games at the 2019 congressional hearings on the subject:

Miguel Afonso Caetano
1 week ago

#USA #Taxes #IRS #TaxFilling #Marketing #Propaganda: "The centerpiece of this PR push has been an argument that Intuit unveiled on its website in May. Seeking to capitalize on recent research that found racial disparities in IRS audits, the company has argued that an IRS tax filing tool would only make things worse. It’s a conclusion rejected by authors of that research, but the idea has certainly made for some eye-catching headlines.

“IRS Free Tax Service Could Further Harm Blacks,” is how the Defender, a Black paper in Houston, put it in a June headline. The piece cited unnamed “industry experts” as raising the concern but quoted only one person by name: Intuit’s spokesperson Derrick Plummer. The story was produced by Trice Edney News Wire, a service that provides content to local Black papers across the country. Hazel Trice Edney, the service’s editor-in-chief, did not respond to requests for comment."

1 week ago

⏰ Un certain sens du timing. Amélie Oudéa-Castéra, la ministre des Sports, a publié, lundi 25 septembre, un message élogieux pour Coca-Cola, sponsor officiel des #JO #Paris2024.

Le même jour, l'Informé révéle que Bercy réclame plus de 720 millions au géant du soda en France.

À (re)lire 🥤

#impots #fisc #taxes #france

1 week ago

IRS Proposed Rule on Digital Asset Broker Reporting Could Kill Crypto in America - The proposal creates unworkable requirements for decentralized finance in the U.S. and se... - #consensusmagazine #stakingweek2023 #opinion #taxes #irs

Via Baltica
1 week ago

#Latvia's #government does not plan to make major changes to #taxation in 2024, Finance Minister Arvils Aseradens assured. He said that now was not a good time to make changes in VAT, labour #taxes, personal income tax, or corporate income tax.

1 week ago

Bercy réclame plus de 720 millions d’euros à Coca-Cola

👉 Plusieurs filiales tricolores de Coca-Cola sont visées par une série de redressements fiscaux dont le montant ne cesse de gonfler. Et ce n’est sans doute pas fini.

#Taxes #impots #cocacola #conso #finances

Ang Black
1 week ago

> @ProPublica 🔗
#TurboTax Parent Company's Latest Argument Against Free Tax Filing: It Will Harm #Black Taxpayers

Articles published around the country repeat Intuit’s assertion — sometimes almost word for word — that the upcoming #IRS pilot program would hurt Black Americans.

A researcher whose work is cited by #Intuit says the company is misstating her findings.

#Taxes #TaxPrep #News

1 week ago

#TurboTax Parent Company's Latest Argument Against Free Tax Filing: It Will Harm #Black Taxpayers

Articles published around the country repeat Intuit’s assertion — sometimes almost word for word — that the upcoming #IRS pilot program would hurt Black Americans.

A researcher whose work is cited by #Intuit says the company is misstating her findings.

#Taxes #TaxPrep #News

The Oligarchic Revolution Unfolds:

James Buchanan’s ideas began to have huge impact, especially in America and in Britain.

In his home country, the economist was deeply involved in efforts to #cut #taxes on the wealthy in 1970s and 1980s and he advised proponents of #Reagan Revolution in their quest to unleash markets and posit government as the “problem” rather than the “solution.”

The Koch-funded Virginia school coached scholars, lawyers, politicians, and business people to apply stark right-wing perspectives on everything from #deficits to #taxes to school #privatization.

In Britain, Buchanan’s work helped to inspire the public sector reforms of Margaret #Thatcher and her political progeny.

MacLean illustrates that in South America, Buchanan was able to first truly set his ideas in motion by helping a bare-knuckles #dictatorship ensure the permanence of much of the radical transformation it inflicted on a country that had been a beacon of social progress. The historian emphasizes that Buchanan’s role in the disastrous #Pinochet government of Chile has been underestimated partly because unlike Milton Friedman, who advertised his activities, Buchanan had the shrewdness to keep his involvement quiet.

With his guidance, the Chilean #military #junta deployed public choice economics in the creation of a new #constitution, which required #balanced #budgets and thereby prevented the government from spending to meet public needs. #Supermajorities would be required for any changes of substance, leaving the public little recourse to challenge programs like the #privatization of social security.

The dictator’s human rights #abuses and #pillage of the country’s resources did not seem to bother Buchanan, MacLean argues, so long as the wealthy got their way.
#Despotism may be the only organizational alternative to the political structure that we observe,” the economist had written in "The Limits of Liberty".

If you have been wondering about the end result of the Virginia school philosophy, well, the economist helpfully spelled it out...

The Conversation U.S.
2 weeks ago

What does an increase in IRS spending on technology mean for taxpayers?

Hopefully an improved taxpayer experience,with tools like chatbots to respond to questions, and helpful online portals.
#technology #taxes #news

Universal Hub
2 weeks ago

Meanwhile in the global #supplychain;

At the far end (for many goods) in #China, there is currently ongoing #deflation in factory gate prices;

But, at least presently, it would seem that #profits at various stages in supply chains (as well as regulatory costs inc. #taxes), are swallowing up any extra margin(s) that might be caused by such deflation.

So, it real wages are lagging #inflation, taxes are stable & its not the Chinese suppliers, whose pushing up prices?

hmmmm...[scratches head]

So lets get one thing straight this evening... the UK is not a #tax country, whatever some people claim. So when, there is talk of the impossibility of raising #taxes, lets be clear that other countries seem to have managed it rather well & are doing a lot better in many other aspects of their daily political economy than we are....

So lets ignore the calls to lower these high tax rates & be clear about the political interest(s) at play!

[apologies for the scale of the chart]

Chart: The UK is not a heavily taxed society in com,prason with many of its peers. Government revenues as % of GDP

Chart shows in share of GDP raised in tax, UK is below France, Denmark, Belgium, Austria, Italy, Sweden, Germany, Netherlands, Spain & Canada... but above Japan, Australia, Switzerland, USA & S.Korea

Good morning.

Before today starts why not take the chance to read @RichardJMurphy piece for @BylinesEast on why it makes more #political sense to increase #taxes on the incomes of the rich rather than try to introduce a #wealthtax.

Revising taxes on income requires pragmatic adjustments to #taxation which is far easier than trying to introduce a new form of wealth tax.

If you already follow Murphy this will be no surprise, but it you don't this is a necessary read!

Watching this vid on property #taxes by #StrongTowns makes me wonder: what does America do right, society-wise? What does America do better than other developed nations?

We don't have #UniversalHealthcare, and #healthcare expenses are outrageous.

Our progressive tax system has been defanged by moneyed interests.

Our time off policies are pathetic, with paid childcare leave being rare to non-existent.

Our minimum wage is ridiculously low.

We've turned local law enforcement into military nuts, with LEO rarely facing true repercussions for committing crimes thanks to their ~~unions~~ gangs.

Voting is not compulsory, nor is easy everywhere, with plenty of hurdles depending on location/ethnicity.

The list goes on & on.

What does America do right 🤔

John Refior
3 weeks ago

"Do Tax Increases Tame Inflation? The answer is 'yes' for personal income taxes...Using narrative-identified US federal tax changes post-World War II and disaggregated sectoral data on consumer and producer prices, we show that higher average personal income tax rates lower prices across a broad range of sectors"
-- American Economic Association paper, April 2023
Full PDF here:
#economics #AEA #inflation #taxes

John Refior
3 weeks ago

I don’t know that my idea is the best one, it’s just what I came up with. But it seems like a monthly bill aimed at people with higher incomes or wealth, that the central bank could adjust, has some potential. What’s your idea?
#wealth #WealthTax #taxes #CentralBank

Aha, the #Tories are exploring ways of cutting non-pension #benefits in the run up to the next #election to give #JeremyHunt the fiscal headroom to cut #taxes.

For anyone who has ever argued that #voting has little effect, the higher incidence of voting among pensioners seems to give them a degree of 'protection' unavailable to other classes of people in need of state support;

and don't forget, the #tripplelock will ensure state pension rises will nearly match #inflation, unlike most #wages

The Progressive
1 month ago

Do you wish filing your taxes every year wasn't so complicated? Well Biden and the IRS want to make tax-filing much easier, but Republicans and companies like Inuit are determined to keep it complicated.
#taxes #irs #capitalism

Andrew Wooldridge 🌱
1 month ago

#death and #taxes are a real thing. I'm only 3 days out of the hospital, but I'm up bright and early to talk to my tax preparer so that I can pull enough money out of savings ( that I'll have to pay taxes on NEXT YEAR) so I don't get into trouble with the IRS


It could be funded by #taxes or long-term debt (the latter use of public debt seems logical)... there's currently not enough budget to redsistribute under the current fiscal regime

Lets put some things in perspective shall we this morning;

Despite the shrill media coverage & #Tories policy actions, #benefits #fraud is not a major social problem....

The avoidance, evasion & non-collection of #taxes is where the drain from the 'public purse' is much more notable.

What might be done?
a. Simplfy the #tax system to remove opportunities to game the system;
b. Increase investment in HMRC enforcement capabilities...

chart from Kathleen Tyson (posted at the other place)

Chart: Benefit Fraud vs. Tax Evasion (Welfare)

£bn lost yearly
Benefit fraud (DWP estimate) - £1bn
Benefit errors (DWP estimate) - £1bn
Benefits unclaimed (CAB estimate) - £15bn
Taxes avoided, evaded & uncollected (HMRC estimate) - £22bn
Taxes avoided, evaded & uncollected (Tax Justice Network & PCS estimate) - £120bn
Ang Black
1 month ago

All you #FOSS people out there, whose got recommendations for free, no-BS, no income limit #tax software/services for us cursed with US #taxes?

I know its another 6+ months away but would be great to prepare for #taxseason now.
Or, maybe those who got the skills or know US tax law could make something

The demise of the GOP, Part 2

Here’s the point: It is easy to focus exclusively on Trump's authoritarian, anti-democratic tendencies. But he is also profoundly ignorant and guided by brute emotions. His presidential policies damaged US foreign relations, national security, climate security, manufacturing, agriculture, and technology.”

#trump #biden #tariffs #taxes #economy

The demise of the GOP, Part 1

“So, as Republicans attack Biden for inflation, they are proposing the worst idea possible for consumer prices. And let’s recognize that tariffs are regressive taxes on the poor. Lower-income consumers spend a greater share of their income on imports than higher-income consumers.

#biden #trump #republicans #economy #tariffs #taxes

Ingo Stützle
2 months ago

The british government talks a big game about lower #taxes, but despite their rhetoric, they’ve effectively been raising taxes on low income workers.

During lunch I was looking at and found how much Irish government collected in Environmental taxes.

To me the most surprising thing was that households paid a lot more than businesses.

There's more detailed break down in ETA4 file and three more CSVs, so I'll have fun next couple of evenings.

#dataviz #datavisualization #taxes #ireland

Original source:

Chart comparing how much was collected from households, services, agriculture and industry.

Every year the households paid the most, followed by services, industry and agriculture.
U.S. Politics in Real Time
2 months ago

82% of Voters Oppose GOP Push to Cut Social Security for Americans Under 50: Poll — “Voters would rather see taxes on wealthy Americans to ensure Social Security remains a guarantee for all,” said the head of Data for Progress.

#SocialSecurity #GOP #Cut #Voters #Taxes #WealthyAmericans #Politics #News

2 months ago

Weren’t there some major tax incentives passed late last year in the U.S. for home energy efficiency improvements, maybe even refundable credits?

I seem to recall this from last winter but haven’t heard anything about it since.

We’re considering some improvements, so I would greatly appreciate any info you have experience with this! TIA

#sustainability #homeimprovement #solar #electrification #taxes #taxcredits #energy #energyefficiency #climate #climatechange #solarpanels

990 backlog cleared: IRS was years late to publish data about non-profits, now fixed
#nonprofits #propublica #taxes #501c3 #irs #990 #+

2 months ago

How the Ultrawealthy Use Private Foundations to Bank Huge Tax Breaks While Giving the Public Little in Return

It’s a simple bargain: The rich get huge #tax breaks by donating #art, property and company shares to benefit the public. But some donors collect millions while offering little or no public access.

#Taxes #Wealth #Charities #Nonprofit #IRS #Museum #RealEstate #IncomeTax

"Why can't we get
billionaires to pay their
fucking taxes? If those
motherfuckers paid
their taxes we'd solve
a whole bunch of shit.
And they would still
be richer than every
motherfucker walking
around them".
in conversation with New York Magazine


Samuel L Jackson sitting with a fed-up look on his face. 
With the quote 

Why can't we get
billionaires to pay their
fucking taxes? If those
motherfuckers paid
their taxes we'd solve
a whole bunch of shit.
And they would still
be richer than every
motherfucker walking
around them.
in conversation with New York Magazine
Sean Murthy
2 months ago

US tax code is meant to provide:
- Carve outs for the wealthy
- Hopes of savings for the middle class
- Pipe dreams for everyone else
- Win for politicians

#taxes #wealthy #usa

Kailee ♾️
3 months ago

Teachers can only deduct $250 in school supplies on their #taxes, but billionaire Harlon Crow can write off his whole super yacht.😐

Why? Because millionaire politicians funded by billionaires & corps write tax #law for billionaires. We need a #Congress for working people—not the .1%

Quote by Qasim Rashid, Esq.

Remember that luxury yacht, the Michaela Rose, on which multi-billionaire Harlan Crow has taken Supreme Court justice Clarence Thomas for luxury cruises?

It's back in the news: ProPublica finds that Crow has apparently listed it as a "business" vehicle — though there's no evidence whatsoever that he's using it for anything but luxury — in order to slash his taxes.

#HarlanCrow #taxes #ClarenceThomas #SupremeCourt #corruption

3 months ago

NEW: How Harlan Crow Slashed his Tax Bill by Taking Clarence Thomas on Superyacht Cruises

In lavishing gifts on the #SupremeCourt justice, the billionaire #GOP donor may have violated #tax laws, according to tax experts.

#HarlanCrow #ClarenceThomas #SCOTUS #Taxes #News

Aaron Parecki
3 months ago
I think it's finally time to shred my 2011-2017 tax returns 😅

🥥 #Texas: Come for the low #taxes, stay for the hate. 🥥