36 Burst results for "Income Tax"
Fresh update on "income tax" discussed on Financial Advisors with Aubrey Morrow
"That's the website at the top of the page will see a serious of links once is find an advisor. Find an adviser. Click that and you have a bunch of choices, One of which is the book that are you financially organized would be happy to E Mail that to you. It's about a 10 page booklet. Terrific little booklet has again. Repeating myself has a page on retirement planning has a page on investment planning has a page on real estate planning has a page on income tax planning, and by the way, where to look on your tax return? To figure out how much you paid an extra income taxes, kiddingly say, Grab your calculator and grab your Kleenex box because you'll be shocked as to how much you're paying an income taxes and probably how much more we're going to be paying in taxes because of the terrible situation and our government. Because of Cupid and also talks about a state planning 250,000 Americans have died of coded my God, I wonder if they had a will if they had a trust, So we have a page on a state planning and making sure that you have a good estate plan. That will make sure that you avoid probate, passive properties to the kids. And if you have a larger estate, by the way, there could be death taxes associated with that, and I've got literally a pyramid that shows you the different levels of the states and also on there's a page on How much death taxes are paid. If you have over $11 million of a single person $23 million as a married couple, because anything over that when you die, the feds could get 40% of that. And what's called Death tax is there's a whole page on that, by the way. Also their page on debt, and it went looking at all kinds of death. The only good get by the way you should have is a mortgage on your property. Perhaps that when these low low rates under 3% for 15 and 30 year mortgages by the way, Quite frankly, I have a big mortgage on my home. I'm able to duck by mortgage interest. And quite frankly, it helps me Lord my income taxes and rather than paying off a mortgage, I invest..
Wrigley to get federal landmark status
"Landmark status to cover the Ricketts family have been trying for that. For seven years. The team can now access some federal income tax benefits for refurbishments they just made to regularly And Tiger Woods is going to play with
Wrigley Field to get federal landmark status
"New kind of Chicago Wrigley Field is being given that role landmark status in the national registrar of Historic Places It will give The Cubs. Owners of federal income tax credits ballpark refurbishing Wrigley underwent a major refurbishing about a half decade ago. The park is 106 years old. Second oldest in the majors behind Ben, Wait there roughly 2600 such historic landmarks in the U. S, including Fenway
Democrat Lauren Underwood, Republican Jim Oberweis are closing their lllinois 14 Congress race in Chicago
"The latest tally in several key races in Chicago Land two congressional races. We've been keeping an eye on In the 14th congressional district. A real nail biter Republican Jim over Weiss's leading Democratic incumbent, Lauren Underwood, 50.4 to 49.6%. We have 83% of the precincts reporting in the sixth Congressional District Democratic incumbent Sean Cast in 52% Republican Jeannie Ives 46% with 47% of the vote in Graduated income tax amendments 74% of precincts around the state 54% No 46%. Yes, Opponents of the measure are saying it has lost. Cook County State's attorney Democratic incumbent, Kim Foxx, beaten Republican challenger Patrick O'Brien. Supreme Court Justice Thomas Kilbride appears to have lost his bid for retention, falling just short of the 60% of votes needed to keep his seat on the state's highest court.
Comparing the Biden and Trump tax plans
"Biden will do is if he changes anything, he's going to change it to where the Democratic states Can go ahead and write their taxes off against federal income taxes again, as would trump change, which just destroyed the Democratic states and cities. There have attacks in these people to death. But nobody cared because you just write it off your federal income tax in the net tax would be the same as if you were attacked by the state of the city. From changed all that, so if they put it back You understand, Then those cities and states will do well. And They will just go on with what they've been doing, and they'll be successful again, which
What Economy Are You Voting For?
"Pandemic policy ease economic policy. So let's make the first thing we discuss what is Joe Biden's pandemic policy as it relates to his economic policy. Sure. So Joe Biden is very much focused on containing the corona virus. Yes. He wants badly as any of us do for there to be a vaccine and pharmaceutical companies to stay at work on that but he also is saying look until then make sure that we have the virus as reigned in as possible, and here's a line actually from his website. That really struck me says, Biden believes we must spend whatever it takes without delay to meet public health needs and deal with the mounting economic consequences i. mean he's really saying one can't happen before the other you can't have the economy bounced back without corona virus at least to some degree really hemmed in. So to do that, he's encouraging a lot of. Things like mask wearing that sort of thing more testing. But one other thing he has said is that the CDC Centers for Disease Control needs to come out with clear guidance for states and localities on. Okay. Here's what you should be opening and when based on how Corona virus looks in your area. So of Corona virus is really bad maybe you shouldn't. Have Schools Open right now indefinitely, not restaurants or concerts or whatever. But if things are looking better, maybe you can open schools. But what he's saying is this is not necessarily an all or nothing thing but we need clear guidance from scientists on exactly what to down in one. So it's fair to describe this as a somewhat detailed approach as opposed to. Thinking of it in binary terms like everything locked down or everything stays open, it's an attempt to find out. Okay. What are the details that matter and then let's apply those on a situation by situation basis right I mean the way he makes it sound as nuance, but also to some degree simple or at least clear like, yes, there might be gracious between. States, but we at least want to give states some sort of guidance on exactly what they could or should be doing in one. Let's go on to the second part of his economic policy agenda that we're talking about here, and this has to do with Joe Biden's proposed spending programs, which are a lot higher than say what Donald Trump is proposed. So why? Don't we get into that what? What is Joe Biden proposing spending money on? All right. So the umbrella that he has put all of these policies under he is calling build back better. Well, I've heard better alliterative strokes of genius but fine we'll stick with that build back better and what's in that this isn't about marketing card if this is about economics so. The first is manufacturing making sure that there are more manufacturing jobs and he's clear on this. He wants them to be unionized manufacturing jobs. And also to make sure that there are supply chains here in the US to make sure people can get the goods they want, which is something that we have seen laid bare a bit by Covid number two green infrastructure. So yes, he wants to build roads and bridges the way that we think of infrastructure pretty traditionally, but he also wants to make sure that lower pollution methods of transportation for example, are encouraged like light rail's in cities, electric car production, that sort of thing. Three racial equity. Close some of the really gaping economic gaps that we have between races and ethnicities in the country and I know you guys have reported on this on your show the very big for example, unemployment gaps between black Americans and white Americans also Hispanic and Asian Americans there are some huge gaps there likewise the big wealth gaps and finally caregiving he wants to make sure that people are able to get quality and affordable care for their kids and also for their older relatives when they need it. Yeah that. One's interesting Tesla Memorial. The approach to cure giving that Joe Biden is pursuing here sir, and this is really a of course important right now because Kovic has shown us as we're all staying home and his kids are not at school that caregiving is a really important for people to be able to do their jobs and participate in the economy, and in fact, we've seen people falling out of the workforce because they didn't have access to childcare and elderly care. Yes. Most definitely. So what Biden is proposing? Is Pretty ambitious I mean what he wants to do is universal pre-k available to all kids. He wants there to be higher pay for childcare providers. He wants them to be able to unionize collectively bargain and he wants to grow the number the supply of childcare establishments around the country to make sure people can get that childcare aside from that in terms of spending and making it more affordable. He wants to make sure there are refundable tax credits to low and middle class families to help them. Pay For childcare. So that's a lot of stuff and child care. I know you know it's a complicated thing to make sure everybody can get it to make sure there's enough that it's high quality that it's affordable. So it's a tough needle to thread, but this is his attempt at doing that. Okay and let's get to the third part of the agenda, which is sort of the flip side of the spending, which is where are the tax revenues to pay for some of this spending gonNA actually come from. People in corporations moon that's it. We're done next on you. Okay. So it's not gonNA come from middle income or lower income folkston is what Biden missing right so what he wants to do is raise taxes for households with incomes above four, hundred, thousand dollars a year limit their deductions, and also he wants to increase the top corporate income tax rate from twenty one percent where it is now to twenty eight percents. Now, president trump, you'll remember lowered these. Taxes with the tax cuts and jobs act that big tax bill that Republicans passed in twenty seventeen. So Joe Biden is saying look I wanNA roll a lot of that back I want to change things back now. So in terms of those income tax changes. Yeah. That would overwhelmingly, of course, the highest income people. There is some question about what the corporate tax plan would do I mean how much that would be knocked on if at all to. People at the lower end of the income spectrum, it's possible that it would be to some degree but again, you compare it to those income tax changes in it's nowhere near what a change those would be essentially looking at the last four years in saying I'm undoing some of this and I'm putting in place the agenda I prefer instead of the one that president trump has preferred, right? Yes. Now listen we're laying out all of these economic plans here's. What Joe Biden wants to do would do in his perfect world has theoretical I get everything I want world. But of course, he won't get everything he wants he can't. Okay. But what's your priority in violence cases are going to be green jobs? Is it going to be this tax plan is going to be childcare what does he do? I decide to spend all of his power on
What Is Bidenomics?
"Three parts of Joe Biden's economic policy agenda with Danielle Kurtz Laban reporter on NPR politics team. Then now here's where I want to start. You said something interesting to me recently, which is for both of these candidates pandemic policy ease economic policy. Let's make that. The first thing we discuss what is Joe binds pandemic policy as it relates to his economic policy. Sure. So Joe Biden is very much focused. On containing the corona virus yes. He wants as badly as any of us do for there to be a vaccine for pharmaceutical companies to stay at work on that but he also is saying look until then make sure that we have the virus as reigned in as possible, and here's a line actually from his website that really struck me it says Biden believes we must spend whatever it takes without. Delay to meet public health needs and deal with the mounting economic consequences. I mean. He's really saying one can't happen before the other you can't have the economy bounced back without corona virus at least to some degree really hemmed in. So to do that, he's encouraging a lot of things like mask wearing that sort of thing more testing but one other thing he said is that the CDC centers. For Disease Control needs to come out with clear guidance for states and localities on. Okay. Here's what you should be opening and when based on how Corona virus looks in your area. So of Corona virus is really bad. Maybe you shouldn't have schools open right now indefinitely, not restaurants or concerts or whatever. But if things are looking better, maybe you can open schools but what he saying is this is not. Necessarily an all or nothing thing but we need clear guidance from scientists on exactly what to close down and one. So it's fair to describe this as a somewhat detailed approach as opposed to thinking of it in binary terms like everything locks down everything stays open. It's an attempt to find out. Okay. What are the details at matter and then let's apply those on a situation by situation basis, right? I mean the way he makes it sound as nuance, but also to some degree simple or at least clear like, yes, there might be gradations between states but we at least want to give states some sort of guidance on exactly what they could or should be doing in one. Let's go on to the second part of his economic policy agenda that we're talking about here, and this has to do with. Joe Biden's proposed spending programs which are a lot higher than say what Donald Trump is proposed. So why don't we get into that? What? What is Joe Biden proposing spending money on all right. So the umbrella that he has put all of these policies under he is calling build back better now I've heard better alliterative strokes of genius but fine we'll stick with that build back better and what's in that This isn't about marketing. This is about economics. So okay the first is manufacturing making sure that there are more manufacturing jobs and he's clear on this. He wants them to be unionized manufacturing jobs and also to make sure that there are supply chains here in the US to make sure people can get the goods they want, which is something that we have seen laid bare a bit by Cova. Number two is green infrastructure. So yes, he wants to build roads and bridges the way that we think of infrastructure pretty traditionally, but he also wants to make sure that lower pollution methods of transportation for example, are encouraged like light rail's in cities, electric car production, that sort of thing. Three racial equity he wants to close some of the really gaping economic gaps that we have between races and ethnicities in the country and I know you guys have reported on this on your show. The, very big for example, unemployment gaps between black Americans and white Americans. Also Hispanic and Asian Americans. There are some huge gaps there likewise the big wealth gaps and finally caregiving he wants to make sure that people are able to get quality and affordable care for their kids and also for their older relatives when they need it and that one's interesting. Tell us a little bit more about the approach to caregiving that Joe Biden is pursuing here sir, and this is really of course important right now because cove has shown us as we're all staying home as kids are not at school, that caregiving is important for people to be able to do their jobs and participate in the economy. In fact, we've seen people falling out of the workforce because they didn't have access to childcare and elderly care. Yes. Most definitely. So what Biden is proposing is pretty ambitious I mean what he wants to do is universal pre-k available to all kids. He wants there to be higher pay for childcare providers he wants them to be able to unionize to collectively bargain. And he wants to grow the number the supply of childcare establishments around the country to make sure people can get that child care aside from that in terms of spending and making it more affordable he wants to make sure there are refundable tax credits to low and middle class families to help them pay for childcare. So that's a lot of stuff and childcare I. Know You know it's a complicated thing to make sure everybody can get it to make sure there's enough that it's high quality that it's affordable. So it's a tough needle to thread, but this is his attempt at doing. Okay and let's get to the third part of the agenda, which is sort of the flip side of the spending, which is where are the tax revenues to pay for some of this spending to actually come from higher income people incorporations room. That's it. We're done. That's not okay. So it's not gonNA come from a middle income or lower income folkston what Biden is saying, right so what he wants to do is raise taxes for households with incomes above four, hundred, thousand dollars a year, limit their deductions, and also he wants to increase. The top corporate income tax rate from twenty one percent where it is now twenty eight percents. Now, president trump you'll remember lowered these taxes with the tax cuts and jobs act that big tax bill that Republicans passed in two thousand seventeen. So Joe Biden is saying look I, WanNa roll a lot of that back I want to change things back now. So in terms of those income tax changes yes that would overwhelmingly, of course effect the highest income people there is some question about what the corporate tax plan would do I. Mean how? Much that would be knocked on it all to people at the lower end of the income spectrum. It's possible that it would be to some degree but again, you compare it to those income tax changes in it's nowhere near what a change those would be essentially looking at the last four years in saying, I'm undoing some of this and putting place the agenda I prefer instead of the one that president trump has preferred, right? Yes. Now listen we're laying out all of these economic plans. Here's what Joe Biden wants to do would do in. His perfect world has theoretical I get everything I want world. But of course, he won't get everything. He wants he can't. Okay. But what's your priority in Biden's cases are going to be green jobs is going to be this tax plan is going to be childcare. What does he do? I decide to spend all of his power on right you've got to prioritize because you're not going to get everything you might not get anything you are true right? Yeah. But in speaking with you today tomorrow I am getting everything I want what a pleasure
Obama hits the trail for Biden in Pennsylvania
"Will joe and Carmela at the helm you're not gonNa have to think about the crazy things they said every day. and. That's worth a lot. You're not going to have to argue about them every day. It just won't be so exhausting. That was President Barack Obama in Philadelphia today campaigning for Joe Biden Camara's President Obama spoke in ways we've heard before about his respect and deep friendship with Joe. Biden. Saying that his vice president Joe Biden made him a better president. But president trump spoke very pointedly. About the current president in a way that we have not heard before. This was just reported in the last forty eight hours. We know that he continues to business with China. Because he's got a secret Chinese bank. Account. How is that possible? How is that possible secret Chinese back Calcutta listen. Can you imagine if I had a secret Chinese bank account? When I was running for reelection. You. Thank you. Thank you. Thank Fox News might have been a little concerned about that. They would have called me Beijing. It is not a great idea. To have a president who owns a bunch of money to people overseas. That's not a good idea his first year in the White House. The only paid seven hundred and fifty dollars in federal income tax. Listen my first job was at a baskin Robbins. When I was that. I think I'm. GonNa. Pay. More taxes. Working at A. Dispensing ice cream. How is that possible? How many people here paid less than that President Obama spoke at a driving rally where the audience remained in their cars the event observed all of the CDC guidelines for social distancing during the coronavirus pandemic unlike Donald Trump President Obama made it very clear that he was very happy to be back in Pennsylvania. A No The president spent some time in Erie last night. Apparently he complained about having a travel here many. Events, Short poor guy. I don't feel that way I love coming to Pennsylvania. You guys delivered for me twice and I. Am back here tonight to ask you to deliver the White House Joe. Biden Kamla Harris. He's right. The president of the United States actually did go to Erie Pennsylvania last night to win votes and then complained to his audience. In Erie Pennsylvania that he had to go to Iraq Pennsylvania, to win votes because of the plague. Donald. Trump said before the plague came in I had it made I wasn't coming to Erie. Honest. There was no way I was coming I didn't have to. President Obama. Responded to that today. Eight months into this pandemic cases are rising again across this country. Donald trump isn't suddenly going to protect all of us. He can't even take the basic steps to protect himself. Just, last night e complained up an area that the pandemic made him. Go back to work I'm quoting here. He was he was upset with the pandemics. made him go back to work. If he'd actually been working time, it never would have gotten this. So. Here's the truth. I want to be honest here this pandemic would have been challenging for any. President. But this idea that somehow this White House has done anything but completely screw this up is just not true. I'll give you a very specific example career identified at first case at the same time that the United States. At the same time. Their per capita death toll is just one point three percent of what ours is. In Canada is just thirty nine percent of what ours is. Other countries are still struggling with the pandemic, but they're not doing as bad as we are because they've got a government that's actually been paying attention when asked if he'd do anything differently. Trump said not much. Not much. Nothing, you can think of that could have helped some people keep their loved ones alive. Joe's now going to screw up testing. He's not GonNa Call Scientists Idiots. He's not going to host a super spreader event at the White House.
Loved Labours won: landslide in New Zealand
"This weekend New Zealand's Labour Party swept to a fairy-tale victory stunned. Prime Minister. Justin. The are dern beamed as a rapturous crowd applauded beginning her speech with a thankful molly reading. In. In tongue it Athena what? dern promised a big tent kind of administration. For every New Zealand has never been so important more than it has been now. We living in an increasingly polarized world a place where more and more people have lost the ability to see one. Another's point of view having come in for criticism during the campaign on failing to address housing shortages and poverty. She acknowledged there were difficulties ahead. Over the next three years. There is much to do. We will build back better from the covert crisis. Stronger. With an answer to the mini challenges New Zealand. Already faced. Challenges or no the scale of the win came as a surprise even to her supporters. The easiest way of describing is that it was unparalleled in modern history. I wonder why it had Austrailia and correspondent say the Labor Party which has just endured dance policy one, forty, nine percent of the and that was compared to nearly twenty seven percent for the main opposition, which is called the national policy, which is conservative that is the best result Labor's result for any policy since the fifties and it gives it a majority of seats in parliament, and that is the first time that any he's been. Able to govern on its own underneath. Zealand. System of proportional representation which has been in place since one, thousand, nine, hundred, sixty, they were winning in both provincial rural conservative strongholds, ondon rich city areas, and to give sense New Zealanders vote for both the preferred party and an MP on their ballots and labor top the preferred party votes in sixty eight of its seventy constituencies really astounding result for them and what was the the campaign like De Campaign was focused on pretty much only one subject which was the government's response to the coronavirus. It was really a referendum on how the government and I think in voters is particularly prime minister has responded to the virus that response was to shut down the borders, I to China, and then to the rest of the world and then to rally support. For, what was a very, very strict lockdown in New Zealand at the beginning of the pandemic and say, Bara brief surges pretty much. Succeeded I. Need Twenty Five people have died and that was really what the campaign focus on the fact that life has been able to return and roughly to normal people are eating out people cramming into restaurants and their normal numbers. Forty six thousand people watching rugby match against Australia, this weekend. So the campaign was very much focused on that response and the opposition kind of found it quite difficult. See Find Ground on which to oppose the government, and so the scale of that result then is just a reflection of how satisfied everyone has been with the response to the pandemic. That is the singular issue of its left remembering that before the pandemic hits. Labor a was looking the polls. The suggesting that Labor was on track to lose. This election would have been a one term government, which is not very common in New Zealand central a being. Overseas particularly, for the way that she responded to the Christ church terrorist attacks, they were much last year when these two mosques were attacked by a white supremacist and she was obviously hailed. The way she united New Zealand does after that and staunchly defended immigrants but adulation wasn't really reflected back at home until the pandemic has. So was this a vote for her or a vote for the Party and it's I think it's got to be with her and not a great deal to do with the Party and its policies. So it was a campaign that was thin on policy on both sides update from national and Labour but I think it was a set of referendum on the prime minister's response. To the coronavirus even historisches appointment submit that she's a very gifted communicator particularly in times of crisis and young people particularly look to her. She has a kind of unpretentious approachability that I think that a lot of Kiwis light and political analysts in New Zealand will say that it's very much a politics of personality though she wasn't always popular home as she was overseas. I, think that Kiwis do derive a kind of sense of pride from hug label standing as well. So in a way that has served her well at home. Speaking to damage he said that her brilliant lies in the way she plays into their sense of exceptionalism. In key, we always liked to think that set apart by more than their geography and they punch above that waits. But what about apart from the personality and crisis management and so on. What about sort of kitchen table politics? This is. Just. On the Labor government comes in for a lot of criticism because when she came to power in two thousand seventeen. Labor was making a lot of very lofty promises to do things like reduce child poverty it was going to end homelessness in New Zealand. It was going to build one hundred thousand affordable houses in ten years. Of generally make New Zealand to Faira Besser country and it's pretty much failed to deliver on every single one of those things. The Prime Minister's critics point out that almost counts of poverty and social inequality museum and actually heading quits. Houses are increasing at the moment in New Zealand increasing through the crisis. So this is a big big criticism of her detractors that she is a great at moving motivational speeches, but quite a poor Administra- certain hasn't actually got much done. So that might explain why this time around the world kind of such lofty promises it was rather more timid. But. She's still got a strong base of support is on the left who are GonNa be expecting her to do a lot more particularly now she's not in. She's she's not having to form a coalition particularly now that she can govern on her own and so to your mind the the big difference then between the first term and this coming second term is that she that Labour will be governing alone. Is the big difference with governing Elaine comes a lot more responsibility. There is still a chance that Labor form some kind of coalition with the Greens will they. They don't need. Them might be handy have degrees inside the government say they're not handling the sidelines said that could either be a formal coalition or a more informal arrangement in which the Greens folks with Labor early onset issues. So a much stronger position on a lot more pressure within this time around. But what about fulfilling all those promises in light of the economic situation? I mean new. Zealand certainly must have suffered economically from the pandemic if not quite so much as elsewhere in terms of the human cost, it is in a recession. Now the economy is going to contract by about six percent. This year unemployment is rising the wage subsidy that is coming off. So Wild New Zealand has done very well at keeping the virus out there going to be lots more questions about what that has caused it, and how it is going to drive a recovery how it's going to get out of that mess. The Prime Minister says that there is a plan for recovery which includes things like building lots of roads but to her pregnancy looks quite incremental. They out there in no big plans for tax reform for example of just third some income tax hikes. But only on the talk to percent of workers say theoretically might think that with such strong majority, they pressure more radical agenda but there are many people in New Zealand see that. So to be so popular, you've got to be fairly uncontroversial owner. Thank you very much for joining us. Thanks, Jason.
Corporate Tax Increase Looks More Likely as Election Nears
"In mind that when Trump with those trump tax cuts when they do expire, most taxpayers will likely be hit with some kind of tax hike unless the provision of that tax cuts and jobs actor extended And if Biden is elected, he's promised to eliminate the tramp trump tax cuts immediately. Other potential tax changes from Biden include elimination of the capital gains tax breaks, You know, people sometimes get worried about capital gains taxes. Those air lower than ordinary taxes, but by new thing, and we'll get rid of those elimination of carry over basis for inherited property. Significant corporate income tax rate increases just to name a few. So that's where Texas Khun come from. Could very well impact your tax deferred individual retirement accounts for one case, another retirement accounts. So
What Trump and Biden Plan for Small Businesses
"As election day quickly approaches, we want return to our ongoing election series. We're taking a deep look at how president trump and Democratic presidential nominee joe. Biden. Differ on major policy issues. Today, we're going to focus on small business. The pandemic has been especially challenging for them. Thousands of firms have already been forced to close joining us now for a look. At. What the candidates say they will do is Journal, Economics reporter Amira Imo Kway High Mira Hi thanks for having me. So both candidates acknowledged some strength with the paycheck protection program. But there are some distinct differences as far as involvement and approach. Let's first start with President Trump yes. So the main thing president trump has done is he's encouraged Congress to. Come together with the administration and reopen the paycheck protection program that program expired in August and so small businesses have not been able to apply for it since then so president trump has signaled his support for reopening the paycheck protection program with about one hundred, thirty, five, billion dollars in funding that was roughly the amount in unused funds that was left when. The program closed and what about Joe? Biden's view. So former Vice President Biden has really emphasized what his campaign characterizes as shortcomings in the paycheck protection program and his platform calls for overhauling the program and doing things like including more oversight of the program and also a provision that would make it so that businesses with fifty employees or fewer would be guaranteed. Funding through the program if they are eligible for it, and some of the experts I spoke with said that that provision would be really important because when the paycheck protection program I opened a lot of businesses were initially unable to access the funds because the first round of funding quickly ran out small businesses whether they are in a pandemic or not. Always. Face challenges when particular difficulty can be getting assistance even though there are programs available. What is Joe Biden? Vision as far as accessibility is concerned so Joe Biden's platform proposes something that his campaign calls the Small Business Opportunity Fund. So this is a fun that would receive thirty billion dollars in federal funding initially, and it would make investments it do things like. Direct. Ten billion dollars to state and local programs that provide the sort of venture capital that businesses need to start and businesses need to grow and the trump. The trump platform on this trump platform or pitch has really been sort of highlighting things that have been popular during his first term. So for instance, he has talked about tax cuts and his administration. Implemented a tax deduction that lowers income tax bills for many small businesses. His campaign has also focused on sort of the regulatory approach that the trump administration has taken and some small business advocates say that that deregulatory approach has really helped small businesses given them less burdensome regulations to work with and basically taking away some uncertainty and that has has benefited them. Within small businesses I WANNA. Focus on minority owned small businesses. This election is happening as the nation has an ongoing conversation about racial equality. What is the White House of you as far as specifically helping minority owned small businesses. Well what's really interesting is that this area is one where the trump campaign in the binding campaigns actually a common ground I think both campaigns have acknowledged that for instance, there are concerns that minority owned small businesses had trouble accessing the paycheck protection program or that minorities tend to have more hurdles to overcome when they want to start businesses because minority households tend to have less access to. The kind of wealth that they used to finance small startups, and so the trump campaign has proposed what it's calling its platinum plan for Black America and in that plan the the campaign is proposing, for instance, giving more funding to these kinds of lenders called Community Development Financial Institutions. These are financial institutions that focus on lending and other financing to minority communities, rural communities, and other underserved communities. And some specifics of Abidin plan. So Mr Biden proposes using that Small Business Opportunity Fund that we talked about earlier to, for instance, expand lending through state local and other programs that have had a successful track record of providing lending to minority owned businesses, and his plan also calls for expanding lending through those community development financial institutions that we talked about.
Joe Biden makes key campaign stop in Miami
"Former Vice President Joe Biden hit the campaign trail with a stop in Florida, where he spoke to seniors. The stop came as former New York City Mayor Mike Bloomberg donated $500,000 to juice up the Bidens Biden's campaign in Miami Dade County. Now Biden told seniors that President Trump hasn't been good for them, saying prescription drug costs. Main high must be clear about this. Donald Trump. Has tried. For almost four years to lower. He says he wants the lower drug prices, okay. He had done a single thing to do it. And Biden says most seniors will thrive under his administration when it comes to income tax is not going to raise taxes on a single solitary American make a lesson $400,000 a year. We'll pay a penny more to guarantee I'm gonna ask big corporations and wealthy began to pay their fair share to straighten out. Tax structure. Recent polling shows Biden on top in Florida, A news Nation Emerson College survey released on Monday showed by leading President Trump 50% to 47. Polls show Biden opening up in advantage among the oldest group of voters who broke for The president in the last election
WFH From Barbados
"Global tourism as you might expect, has been way down this year the number of people going overseas on vacation declined by a massive sixty, five percent in the first half of the air. But this hit was especially bad for Barbados the Caribbean island nation has built its economy around tourism, and normally this is a really great business more than a million tourists typically visit. Barbados. And they're all these businesses that depend on these tourist hotels and restaurants and local farms that supply the restaurants and all of these people count on the tourism sector. It makes about a third of Barbados's GDP as people started to halt their plans for trips to places like Barbados those jobs and businesses, they took a huge hit. So the country's Prime Minister Mia Motley. She had an idea and I spoke to UC skeet about this. He's the US director at the organization that promotes tourism to Barbados Prime Minister Recognize that we have an opportunity to welcome these individuals who are working. Remotely to come to Barbados enjoy all that the Allen has to offer and stole be able to work. So what it did is it allowed us to look beyond short-term visitor and create lungs. The visitor is on the island and the government developed a special new visa twelve months long, and they're just a few conditions you have to work for your employer back home ending at least fifty thousand dollars a year that is, you know you're not getting a job in Barbados also, you pay two thousand dollars application fee and you need your own health insurance which travel insurance can typically cover. Application is approved Bam. You can sit up let up in a hammock overlooking the Caribbean on horseback. Emiko horseback take your pick and you know probably not very surprisingly daring after having seen this ad over two thousand people like, Sean. Have applied for the welcome stamp visa and it doesn't sound like a ton but using explained why this is actually a really important economic boost, they have to find a place to live. They have to eat this hurtling going to participate in a lot of the attractions and activities in addition to that. Then no become because I can guarantee you want to come into the welcome stamping Barbados they're not gonNA WANNA leave. So they're also become a part of the voice that tells their friends and families at that. You must visit Barbados and I think that then has even longer term benefits and I. Think that's certainly a win win. But of course, this question comes up in my head, right like, could it really be this easy I? mean if it is maybe the entire population of the world is going to end up in the Caribbean. But to check this out, we went to talk to Tim Burgess. He's the CO founder of an international workforce company called Shield Jimbo he's working internationally is not always so simple. There's there's a whole lot of compliance and I guess I. Sort of administrative issues that people don't think about in this context. Tim says, there are two main obstacles to international working from home. So first of all, if you're going for a long length of time like at least six months, you have to start thinking about taxes. If you're for example going to Mexico you might become tax resident in Mexico, your employment say hold on now where liable for having employees Mexico, and of course, this is not just income tax right? Example, Hanshin State health insurance. Yeah. All the different components of social security a few moved from the US. To Franz the employees accost goes from about fifteen percent on top of the salary to forty seven to fifty percent on top of the summer. So it's not as easy as just going to a we work in Paris. It's a very gray area. Barbados got around this particular snag. They said, you do not need to pay taxes in Barbados with this particular visa just keep paying your taxes and social security to home country but Tim. Raises a second issue, which is if you'll say working for an American company but want to work overseas the company you work for start to need to comply with your new countries, regulations and labor laws like say, maybe you'll be forced to take the minimum twenty four vacation days required by Jim. Laurie. If you relate to Berlin, which would be sad. Yeah. I mean that would be a struggle, but I would be up for tackling that. So Barbados, really turned this gray area into a very simple and clear invitation to remote worker. They saw this. And so Darian you know we started talking about this and we were wondering like, is this the wave of the future? I really hope and my hope is that people take it up. It would be a really wonderful initiative and a great model that people could follow and a lot of other countries have realize there is a huge opportunity here Estonia has launched its own visa. So has Bermuda and so Shaun the business intelligence analyst from Charlotte she's a tastes case company said, yes, and to visa was approved and the horses in hammocks wait exactly excited I I couldn't believe it. I was like Oh my God he's actually going to happen. I'm excited to Sean paid her two thousand dollars visa fee, and she now has her flights booked for just a couple of weeks from now what are you looking forward to most about? Barbados the food. The food tasting. Some new flavors there flying fish is like their. Go to national dish it's something called flying fish, which I have no idea
Trump tax returns: How rich Americans avoid taxes
"A New York Times investigation into president trump's tax returns found that in some years he paid little or even no taxes. Now, he is not the only rich person to not do. So the tax code favors people who live off of investments including a lot of people in finance who run hedge funds or manage money. Here's NPR's Jim Zarroli. Morris. Pearl is part of the one percent. He's a former managing director at the giant investment firm blackrock. He has an apartment on New York's Park Avenue, and he lives off his stock investments. These days Pearl says, the taxes he pays are lower than ever I. For instance, have not worked since twenty fourteen. All of my money comes from investments I'm doing fairly well, but my tax rate is in the teens. That's right. He pays a lower tax rate than the average teacher or letter carrier Pearl is a millionaire even chairs an organization called. Patriotic Millionaires, and he thinks the way the tax system works is disgraceful. Our system allows rich people particularly real estate developers and investors to pay far lower taxes and people at work for a living US tax law was designed to be progressive meaning the more you earn the more you pay, but it doesn't always work out that way when president trump was running for office, he promised to overhaul the tax code. It is riddled with loopholes that let some special interests including myself in all fairness is gonNA. Cost me a fortune this thing believing. Belief. This is not good for me. The tax bill trump ultimately signed into law in two thousand seventeen got rid of some deductions and loopholes, but it retained one provision that mostly benefits rich people as Earth tax loopholes go one of the more known textiles because it is. So ridiculous Charles con is with the strong economy for all coalition, a group of community and labor groups. He says people who live off investments such as stocks and real estate are taxed differently than people who earn salaries, but instead of paying the income tax rate, which could be as high at the thirty seven percent. They pay capital gains and the capital gains tax rate tops off at twenty percent. Trump's tax bill also retained another very controversial provision. It allows money managers and hedge. Fund titans to take their salaries as investment income meaning they pay that lower rate. Trump insists that his tax cuts helped fuel an economic boom at least until the corona virus hit here he is at his State of the Union address. Soon, after signing the bill, we enacted the biggest tax cuts and reforms in American history. But Economists William Spriggs of Howard University says the bill kept some rules in place that benefit the rich especially people such as president trump who made their money in real estate and sprigs says that by cutting corporate taxes, the bill helped fuel a long rally in stock prices and that's benefited the rich even more people owning stocks where the big beneficiaries because their income was going up whereas wages stagnated even through the recession, the stock market has continued to do well, people who own stocks have seen their portfolios grow and they continue to pay much lower taxes on the prophets they bring in.
New York Times obtains President Trump's tax returns
"Day before the 1st 2020 presidential debate, The New York Times dropped a bombshell report on President Trump's tax returns. ABC News chief White House correspondent Jonathan Karl the American public is getting what's been described as the first detailed look. One of Donald Trump's most closely guarded secrets his tax returns in its blockbuster report. The New York Times Review detailed information on nearly two decades worth of Trump tax returns. The details are startling. Trump paid no federal income taxes at all. In 11 of the 18 years, they reviewed 2016 year he won the White House, Trump reportedly paid only $750. For his first year in office. He again paid just $750.750 dollars is roughly the federal income tax bill of someone who makes $20,000 a year. At the White House, the president insisted The Times report was not accurate. Well, first of all, I paid a lot of capital out of state income tax system, but state and federal income taxes or two different things. The president built his brand and his campaign on being a business genius with the mightiest touch has great business sense. I made a lot of money, and I had great success, so I've had great success, by the way really successful, But the Times reports the Trump businesses Including his golf courses and resorts are actually awash in red ink. His Washington hotel reportedly lost $55.5 million since it opened four years ago. His foreign ventures, according to the Times are among the few that have actually made money since he became president more than $73 million, some of the most profitable in countries with authoritarians leaders, including the Philippines and Turkey. Trump ran for president the first time, he insisted he was loaded with money and had almost no debt whatsoever. Anybody. I don't need that, you know, it's very interesting. I'm so liquid. I don't need that. And if I need that, but the Times reports the president is actually drowning in debt. Including more than $421 million that could come do over the next four years. The paper, noting that if Trump is reelected, quote his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president. The president tweeted. He has very little debt compared to the value of assets. He has repeatedly said his tax returns or under IRS audit. It's underwater. They've been underwater for a long time. The IRS does not treat me well. The newspaper reports. The IRS is in fact investigating a $72.9 million tax refund. The president received in 2010 and whether he took improper deductions. ABC is Jonathan Karl
Trump's Taxes Show He's a National Security Threat
"On Sunday The New York Times published he blockbuster scoop detailing decades of trump's tax returns. You guys probably have some of the big headlines like the fact that he paid no income taxes at all in ten fifteen years examined that must be incredible. He only paid seven hundred fifty bucks in federal income taxes in two thousand, fifteen minute trump might face a one, hundred million dollars tax penalty depending on the results. Of An audit that is brutal but there are also some troubling foreign policy elements that we're GONNA cover today. So a couple specifics in trump's first two years as president he made seventy three million dollars from foreign sources that includes a million bucks from deals in Turkey three, million from the Philippines two point three, million from India those numbers are way bigger. When you look at decades of returns, he's got tons more money out of those places. He also paid more taxes of Robin did at home. So twenty seventeen, right the seven, hundred, fifty, year trump paid one, hundred, forty, five, thousand in India over one hundred, fifty, six, thousand taxes in the Philippines. So that feels a little bit un-american. So a couple of things you guys need to listeners accepting these foreign payments is illegal to violation of the emoluments. Clause feels like a more innocent time when we used to talk about that, it's also not the only way that these foreign countries can steer money into his pocket there've been countless stories of a government's and rooms at trump. In an effort to buy them off. But what's also now clear is that the he is just under a mountain of debt we don't really know who trump os four, hundred, twenty, some odd million dollars to. But we also know that he desperately needs any revenue he can get to stay afloat. So then as many people have pointed out a massive debt, like this will prevent you or me from getting a security clearance and having access to classified information in some ways you could argue that. This disclosure by the Times makes it even easier for these countries to find ways to bribe trump but I think they probably knew Venal to begin with. So ben anything jump out of you in this reporting especially in terms of potential for foreign influence the his financial challenges. Yeah. I mean I think there are two basic things that need to be really driven home here and they may be obvious people that it's worth really putting point on them. I who does he owe this money to and and does that give them leverage over him right and so presumably owns if he does tens or hundreds of millions of dollars to some foreign interest well, then the press, the United States is. Terribly compromise in terms of standing up to that interests let's say the Russian interests let's say it's a Turkish interest or whatever it may be. That's the problem and that's why the rest of us when we go to these jobs have to disclose all of those kinds of conflicts and that's why if we disclose too much leverage from a foreign source, we wouldn't get a security
Presidential debate: Trump and Biden trade insults in chaotic debate
"Tonight president trump and former vice president Joe Biden came face to face and then some for the first twenty twenty presidential debate we have seen our share of norm busting moments during this trump presidency during this campaign. But that debate tonight went well beyond what we have ever seen the topics ranged from the supreme court nominee to the pandemic. The night was chaotic. It was tough to watch on television. It got ugly at times featured razor sharp exchanges and personal attacks. The two hundred thousand people that have died on his watch you were here. It would be two million people. He has no plan for healthcare. He has like almost everything else. He talks about he does not have a plan. He doesn't have a plan and the fact is this man doesn't know what he's talking about. Are you willing to tell the American people tonight whether not you will support either ending the filibuster war packing whatever position I taken that that'll become the issue is order Senator Russia? Is it true that you paid seven hundred fifty dollars in federal income taxes each of those two year I've paid millions of dollars in taxes, millions of dollars of income tax, and let me just tell you. There was a story in one of the papers attacking paid through the worst. America's ever had the mayor of Moscow as wife gave you three and a half million dollars as. Deserve. Do with Peres on of this country's. Speaking of my son, the way you talk about the military, the way you talk about them being losers and being and just being suckers my son was in Iraq he spent a year there. He I got the bronze star you got a conspicuous service medal. He was not a loser. He was a patriot and the people left behind. There were heroes brilliant i. took. Up My son Beau Biden you're tied on. Are. You willing tonight to condemn white supremacists and militia groups. Do it I a give me a name. Give me A. Route Boris and right pro choice stand back and stand by but I'll tell you what I'll tell you what somebody's got to do something about Antifa and the left.
Trump claims he paid ‘millions of dollars’ in taxes, amid debate over NYT story
"No time trying to score points during their first debate. You're going to extinguish 180 million people with their private health care that they're very simply not true. But their interaction quickly dissolved into insults. I'm not here to call out his lies. Everybody knows he's a liar. The people understand you. 47 years. You've got nothing there and anger Would you show the Corona virus and the president's handling of the pandemic was also one of the debates made topics. A very political thing, because people like this would rather make it political than save lives they're going to be. This is the same man. It's balls by Easter, this would be gone away. By the warm weather it begun. Barack is like a miracle, and by the way, maybe could inject some bleach in your arm and that would take care of it. Doctor found, she said. President Trump saved thousands of lives, many of you, a Democrat governor said. President Trump did a phenomenal job. They sparred over taxes bite and released. His 2019 returns hours before the debate and called on the president to do the same, paid millions of dollars in taxes millions of dollars of income tax and he does take advantage that text for. That's why I'm going to eliminate the trump tax cuts. They won't have to wait long for a second round. The two will meet again in Miami two weeks from Thursday and a final time in Nashville. Just a week and a half before Election Day. CBS News correspondent Skylar Henry Ah
Analyzing The NY Times Trump Tax Return Story (In Depth)
"The president's taxes long concealed records show trump's chronic losses and years of tax avoidance. I'M GONNA go through this story with you in an extremely detailed way I'm going to give you an overview. Tell you what's in the article was not in the article, and then we'll go through it in a an extremely detailed ways that you can get an idea of Some lessons that you can learn and apply to your own life, and I'll talk to you about what's behind the scenes so that you can feel much more competent when discussing this or really any other kind of of article this article in the New York Times is going to read I. Guess I should say, obviously, it's GONNA re differently depending on the political back on that you come. But it's going to be read very differently based upon whether you have any knowledge or familiarity with tax code in general how taxes work in the United States how business works etc or if you don't and. For that reason, it's really fascinating to look at People's responses to this article because the responses dramatically depending on. I guess somebody's exposure to it. So I, let me give you Joshua's summary of the article begin with Lead The New York Times Obtained Donald Trump tax information extending over more than two decades revealing struggling properties vast right offs an audit battle and hundreds of millions in debt coming due in short the New York Times of tained evidently all of trump's tax returns over the last fifteen years or so including returns from the business organizations that he is involved in. They've evidently analyzed those returns and they basically wanted to make a few basic statements number one. There was no evidence of malfeasance uncovered with regard to Russia or other kinds of of basic Allegations that have been been being made the basic arguments that they that they tried to advance in this article or number one that president trump has lost lots and lots of money over the years and I think that's the probably when the authors were riding trying to say, what do we talk about? They were basically trying to say, well, let's prove that. President trump is not a very good businessman because he's lost lots of money that would be number one with regard to potential areas of misdeeds. They talk extensively about a few basic things. Number one is the use of business losses across the organization including a seventy something million dollar tax deduction that had been claimed for and filed for from A. Number of years ago, talking to that number a little in a little bit consulting fees and also deductions whether deductions are are valid or not. Now I think for the anti-trump crowd. Unfortunately, there's no smoking gun in the taxes and this is hard hard to overstate how important this story is in political terms have been many political consultants who for many years been saying well, if we could just get a hold of the tax returns, then we could prove all of these things about president. Trump's crookedness and all the things that he's done wrong and then we'll. We'll be able to make that case as a slam dunk case that does not seem to be the case or at least if that is the case, the New York Times did not choose to profile anything in this initial story as a financial planner story and I said, Yep okay. That makes sense. Yup that makes sense. No surprise there. Yup. That sense that makes sense. That's make sense. Explain all the details of how. How that is but I don't see this is not a bombshell story for a financial planner and so I think that was that's one thing that's worth pointing out most of the techniques and and things discussed here is exactly what I would understand. In fact, much of what I teach radical personal finance. When I teach tax planning, the techniques are just simply a little bit grander in scale than what a lot of people do but there's not really any fundamental difference that I can see from what president trump has. been doing over the years versus what I teach people to do to save on their taxes. So let's begin and I'm going to give you a detailed analysis and I'm doing this just. So you can think about my brain of how I read articles like this I I'm I'm not I don't have a political horse in the race. I'm not trying to make go on where the other, but it is really interesting to read an article like this and think about the challenge of writing it I'm not. I'm not an anti, New York Times Guy I'm not a Pro New York Times guy probably read and and respect newspapers much more than I do many other many other forms of of news and I think that the Arctic the authors of this of this story. Russ boot Suzanne Craig Mike MacIntyre is the story of their lives right where they've been working hard to get it just right and you see that carefulness in the writing, but we'll still analyze A. Little bit of the land is a little bit of the details along the way through as well. So we begin with a with the lead. Donald J, trump paid seven hundred and fifty dollars in federal income taxes the year he won the presidency in his first year in the White House he paid another seven hundred fifty dollars. He had paid no income taxes at all in ten of the previous fifteen years largely because he reported losing much more money than he made. As the president wages reelection campaign that polls say he is in danger of losing his finances are under stress beset by losses and hundreds of millions of dollars in debt are coming do that he has personally guaranteed also hanging over him as a decade-long audit battle with the Internal Revenue Service over the legitimacy of the seventy two point nine, million dollar tax refund that he claimed and received after declaring huge losses, an adverse ruling could cost him more than one hundred, million dollars. Now in that lead, we see these these themes that I've talked about and I just I give you my reactions to what it says here most of this is designed to have a good news hook, which is true, and that's what a new newspaper should do. It's pretty amazing that somebody who is renowned and purported to be a billionaire would only pay seven hundred fifty dollars in income taxes and to the average person. Who doesn't understand taxes that will sound like a shocking reality. A shocking number
"income tax" Discussed on Marketplace Morning Report with David Brancaccio
"President trump paid little to no income tax for more than a decade. From. Marketplace I'm revenge or in for David Brancaccio president trump paid only seven hundred and fifty dollars in federal income taxes in two, thousand, sixteen and twenty, seventeen, seven, hundred, fifty dollars a year. That is it in ten of the fifteen previous years he paid zero income taxes because he reported losing so much money. This is all revealed an in-depth report from the New York Times which got access to more than two decades worth of trump's tax returns. The returns reveal a lot about the president's finances. He has hundreds of millions of dollars in debts coming soon, coming due soon and has made a habit of Gargantuan losses and offs. The returns also reveal a lot about the US tax. Code Eric Gordon is. At the Ross School of Business University of Michigan and joins us. Good. Morning Eric Good Morning. Let's just start off with the obvious question. Is it that someone who professes such wealth is able to have paid zero too little taxes for decades. It's a quirk of the tax code. Congress passes these complex tax laws that deliberately favor certain kinds of investments by giving you deductions and tax credits that allow you to pay no taxes and you know trump does real estate and for generations wealthy people have gone into real estate in order to pay low or no taxes. Right real estate seems to be a major instrument for the president of limited his exposure. Why is real estate set up that way in our tax code? You know Congress of just seems to favor real estate up and down the line. For example, if you and I make the same amount of money and you own your house, you will get to pay less taxes than I will pay. If I rent an apartment Congress's picked things like real estate orphan drugs, electric vehicles, solar panels for special tax treatment because they want to encourage people to invest in or by those things. The president's just take. One example claimed a write off designed for real estate investors. People are trying to make money off real estate any applied at to state that his website and his family described as a family retreat personal retreat did the president violate or abuse the tax code or did he use the tax code? You know that's an open question and it's a big question because the Supreme Court has said that the legal right of tax payer to decrease the amount of taxes they have to pay or even altogether avoid them. By means which the law permits cannot be doubted, but it's gotta be by means by which the law permits when you get close to the line as fancy investors often do yet end up in court with the IRS arguing over that. The president said the reason why he has not been able to reveal his own taxes up to now is a because they're under audit There's seventy two point nine, Million Dollar Tax dispute with IRS. What is that about? The dispute is over tax credits that he took that the irs thinks are overly aggressive that are not within the law permits and it's an important dispute because if he loses that he's got to come up with a lot of cash. Erik Gordon is professor at the Ross School of business at the University of Michigan. Thank you so much for joining us this morning my pleasure. In a press conference last night President Trump said the New York Times report was fake news and reiterated that he can't release his returns because of an irs audit that is contradicted by his own IRS commissioner. Let's do the numbers this morning. The footsie in London is up one point five, two, percent Dow SNP NASDAQ futures are all up as well and the one point four to one point seven percent range with the Dow future up two hundred and sixty four points. The ten year Treasury yield.
"income tax" Discussed on The Indicator from Planet Money
"Numerous. Not the snappiest language are not poets. Evidently. That was hound income tax was born behold, but it was kind of semi symbolic at the time. It raised bins. I of ration- something like thirty or forty million dollars of revenue which even then wasn't much at apply to just one or two percent of the population. Most of the people who had to pay pay tax rate of one percent and the highest rate anybody had to pay was seven percent. So so this this wasn't much of a tax Larry, the people paying tax were really wealthy bankers and businessmen and mostly concentrated in the northeast and the amount they paid was so tiny, no one really noticed it. This changed a few years later when the US entered World War One all of a sudden terrorists weren't very effective and raising revenue because you know, there weren't a lot of imports during the war. And there was this huge need forever. New to fight the war and congress. Well, the one obvious place to look for this is the new income tax. The government jacks. The income tax. Rate way up ler says the top income tax rate went from seven percent to more than seventy percent. That was a so called marginal tax rate, by the way. So people were not paying a seventy percent tax on all of their income. Just seventy percent tax on the amount. They made over three hundred thousand dollars, which is in today's dollars six million dollars. It was a really high tax Larry says it just didn't affect most people at all even at the height of World War One the percentage of the population. That was subject to the connects never higher than about ten percent and the tax rates went back down after the war and all was quiet on the income tax front until another war. Another war World War Two World War Two trivia, context into a mess. So in nineteen thirty nine something like five percent of households were subject to income tax the nineteen forty five. It was seventy five percent. How do people feel about it? Did they? So the way they react to time was fine. There was in Irving Berlin song that I think was was actually fairly popular. Call I paid my income tax today. I never route. I know. That song by the way was actually commissioned by the US treasury. It's all about how paying taxes makes you a real part of the government and is patriotic see those bombers Zimbalist guy Rockefeller helped to build him. So did I paid my income tax today after the war the income tax stuck around and soon payroll taxes and income taxes became the biggest source of revenue for the federal government by far terrace on the other hand now make up less than one half of one percent pros and cons of the income tax. The biggest pro in the biggest Connor opposite sides of the same coin, which is that the income tax is so adaptable in terms of running social policy programs through the tax less want people to donate to charity. Make it a tax write off what businesses to invest in new equipment tax write off want people to buy houses tax write off, congress can use income taxes to encourage and. Courage all kinds of behaviors Larry says, it's a really flexible adaptable tax still Larry says this also makes income taxes vulnerable because if you have a billion right ops. The government's ability raise money through income tax is vulnerable and raising money is kind of the point. But there are reasons to love the income tax. Larry says it kind of unites everyone unites us all it makes us feel like we are part of the same system. You feel like it has some skin in the game. When you're looking at how this go spend the money, you're aware that it's spending your, and I think of paying taxes as being one of the two great duties of citizenship along with voting, plus our mutual hatred of paying taxes. Also kinda unites us all you know, what I think this calls for Cardiff a song a song. Plus, you know, we promised everybody that you are going to sing in the beginning. I take promises lyrics like you. Do have the league right here was enough inconveniently. Yeah. Yeah. Our income tax today. Never cared. Let congress spent now we'll watch every cent exam in every Bill. Will they pay? They have to let us. Treasury to those slow Keppel, Mr. Hemmer junior. That's my. Hi, pay income tax today.
"income tax" Discussed on KBOI 670AM
"Way you don't think it is and the money going to be for higher education are you say there's a ten percent tax finally when it when that money comes out then it's tax that uh normal income and plus ten percent cylinder federal site the 10 percent penalty is on the federal side and that is for using it for something that is not educated great educationrelated annulled qualified expressed nonqualified report on your stateside you're going to pay it will be basically nonqualified withdrawn you're going to pay income taxes are occurred but what are your income tax on the grill undergrowth yes same thing so in federal income tax on the growth longterm or shortterm you pay as ordinary income yes the odds ordinary you're not 100 percent penalty who do you pay the normal income tax brackets that you're in that year plus 10 percent correct yes creditor onto on your at earnings were on your earnings oil earnings the federal i will in the state like she said the state's going to treat a like normal income as well right yes yes i feel confused circuit yeah actually i understand the fate fill the federal yup you're going to take it out because good went to the military we're moving up the ranks coming back and um so you're gonna pay at that year you take it out so you just empty it okay it's never gonna be used for uh college and university or any of the qualifying expenses oh you take it all out or you take it out it might be more advantages spread out over years but in any case you take of the year you take it out you'll be tax at the federal income tax rates of which bracket you are him plus a 10 percent penalty yes however i would like to caveat that military academy students are treated differently they do not have to pay the federal 10 percent penalty okay on route there is a very mark thank you mike there's another exclusion out there as well for scholarships scholarships it's kind of a good parents you you're did i hear you raise a good care that got gotta scholarship an what's the magic of one hundred thousand dollars sitting in the fight twenty nine player in your child.
"income tax" Discussed on KBOI 670AM
"Income tax we pay which means at most americans tale lot of the payroll tax and a lot of fit pirro thaksin you look at just the tax side of things he's actually regressive when you add the benefits is progressive again but it's it's regressive so in effect which you're doing when you were not just isolated the impact of the income tax cuts on how much income tax you're paying and instead you're looking at overall taxes paid is your your complete dwell name the impact for the middle class of that from huge tax cuts by drowning it and all the payroll tax cut that they're still paying and basically making it look as if they're getting a very small share where it in fact when you simply isolated the impact of the income tax cut on the income tax paid which i think should make sense rates um you see that beer are the biggest beneficiary of all there's this makes sense well yeah look uh boiled down the joint committee on taxation as they called a dynamic model it's not it's really a static model as a ceos uh the only dynamic model in town is the tax foundation so when when the joint committee put out its original markups scoring uh for the senate bill which was in late november uh maybe early december late liver anyway what they said was was you know pretty good pretty truthful basically if you earn if you're in the.
"income tax" Discussed on WGIR-AM
"You have to follow an income tax return to prove that they had earned income in order to file the roth ira and you can put up to the earned income into a roth ira if you do that okay if it were doing no off ira further children even they're not going get a what you've talked about it when you follow tax return on them men are going to have any taxes okay though it would probably outweigh yana it would be a little they might get tagged with a little bit of selfemployment tax or something on air but it just going to be just a few dollars or you know forty or fifty bucks or something on which you're describing and um do you have a tax person helping you with your taxes i do have them show you what it would cost to file okay and then you can choose to file you're not required to file by law the amount that they're talking about but i did with my kids i foul all the way up and then they're maximum because i had the extra money i whatever they had an earned income of you can put up to that much into the roth ira obviously on and put their money in their let them keep their money for different things for their car whatever but if they had an earned income a three grand i'd pop three grand into a roth ira on an eightyearold boy you start adding that stuff up by the time they get up in their twenties it's a lot of money yeah that one of them has six thousand night now and the other one has four thousand they're just in a savings account but they're not only anything wouldn't user ross okay i would your ceremony use their money for their first car or their money for their uh college or whatever it is like that but if you want to fund a ross and in order to do that follow tax return on the income they earned then that's how it would work and that's how that's when i what i.
"income tax" Discussed on WFLA News Radio
"Raise tax at ordinary income tax rates when you withdraw your funds which could of course be one of the highest tax rates out there uh depending on on how much you actually make listen in certain circumstances there is a more tax efficient way to convert your employer stock into a potentially much much lower tax rate so really what we're talking about here is having less pain and suffering when it comes to your your tax bill but you've got to take that very first step so if you own your company's stock within your 401 k and you want more information to decide that you may be able to dodge a potential tax poet give my team a call right now seven two seven seven to four thirty three thirty four again at seven two seven seven to four thirty three thirty four and will work together to help determine if this tax savings strategy is in your best interest our team specializes in in helping people just like you take the right steps and make the right choices for your unique situation so you can get on path to retiring in style and that includes of course that you can increase your 401 k or your t s p savings that data that we've covered on on today's show see it's really about one thing it's it's about taking all of your investments that you have taking your tax return taking your will you're living will your living try.
"income tax" Discussed on WSB-AM
"Gaby an economy it years of incompetent behaviour right i will never have to worry about that other if anybody ever brought up the idea maybe the public address systems should be connected to the wreck electrical thing it case there's a outage maybe we want to be able to tell people what the hell he got gun several notes about that too from people that have worked in electrical and electrical feel the very beginning seen the demos at seen the ratings was elena cmo people who are intellectually love this show surprise me and they're saying to us this has been a common saying that he does dane eleven a case acid carbon theme that there should have been a battery system a backup batteries are only w would work for the pa system something like that it's odd that they didn't have wondered audits incompetent you're building a bigger and bigger city and you're thinking about other things in your not taking care of you know some of the fundamentals i wonder how many other cities this is a wakeup call for them i wonder how many other airports had that would be a good question you have open mic yeah got plenty of my 'cause i've got lots of lots of men in lots of women that i have things to say so we have male open mice we have female open mike's clive kleiber said my radio consultant healthy oil i got gillian had two without autumn here for the sausage festival i go the lady let's get a female voice the need at female voice for okay presidents do that area and i knew about your radical idea of a glass with note adopt them but at long recounting on were encouraging people to hide their income need to do away with all income taxes and all income tax withholding go through a great hair everyone in america on their fending not ongoing on a thinner in your report there in home i actually loved that serta slow huge billboards fans everybody does i i've mud one and she's right because you can try to hide your income and we would have to have some sort of way and if you're really wealthy with a flat tax you could easily put money away.
"income tax" Discussed on Constitutional
"That in fact we don't have an economy of small producers it's not the case that every hireling is going to become an owner of or small proprietor in fact what we have is an industrial revolution in which we're going to have large scale corporate capitalism with huge enterprises and many many workers and the workers are going to live on wages and the question is uh what does that do to our ideas about citizenship and hurried ideas about how far economy his post to work under a constitution so that was the sort of underlying economic driver this constitutional by the supreme court decision was five two four against the income tax burden and much of america have even some of its wealthiest citizens couldn't believe that work had ruled to strike it down but what do you do with me and what do you do when you disagree with the supreme court boom and since the constitutional podcast is sponsored by wordpress every day millions of people go online to search for local businesses when you great your small business website on wordpresscom you make it easier for customers find yours you don't need experienced setting up website wordpress guides to through the process and wordpress plant started just four dollars per month plus all plans include a custom domain name for the life of the plan see where twenty percent of all website run on wordpress go to wordpress dot com slash constitutional to get 15 percent off your website today wordpresscom slash constitutional.
"income tax" Discussed on Bloomberg Radio New York
"It so if you're one of these people who could really benefit from the state and local income tax deduction and may not get it next year how do you determine the delta between is there actually better for example if you can get your bonus paid this year to get it this year even though the overall income tax rates may drop next year how do you judge between the two turkey no doubt vertical and we would always remind people any kind of tax on you're doing it year on whether it's accelerating our deferring income or deductions remember there is a twoyear impact of this so whatever you do this year has an offsetting impact on next year so if you really need to do a two year projection to the hague being at external rating income or deferring income or deductions whatever it might be look at the over to the problem is we just don't know what 2018 is gonna look like right now now do we get the house spill where do we get the senate bill and the while there are a lot of similarities there are some pretty significant differences between the two so it's really hard to project what the impact might be in 2018 in general we'd say yes due to your projection of sea which year gives you the best benefit of having that deduction but again the general consensus would be that if if marginal tax rates are going to be falling next year and that certainly appears to be the case for the most part there's some exception fending on your inc the bible but you can look to maybe defer income into next year accelerate deductions into this year in general there's lots of exceptions to that but that's the general things tim on thinking of changing my middle name to task through you you get a lot of calls about that that the great one i love that die yeah we're getting a lot of questions on that no doubt uh so you know what would be the impact of of.
"income tax" Discussed on News Talk 710 KNUS
"Income taxes we're we're already to that point in our country so when people tout out that number what they're basically saying as well we're not doing additional transfers of wealth to those forty four forty five percent of people who weren't paying any income taxes firstplace fact a subset a substantial subset of that 45 percent are getting net money back from the public trough from other people actually paying taxes in you got gotta be real careful about that language are you referring by that that money back and assuming you're referring to the earned income credit which are being cut in well that in the ninth innings because i mean if you talk to some series economists including very conservative of conservative economist the earned income credit is one of the most successful programmes in getting americans to work and encouraging people to get into work and increasing tax revenue both federally and statewide by giving people jobs and money in their pockets so that they are supporting their families they're paying sales taxes they're giving roberty giving people other people's money no i'm talking about providing revenue both through those people and for government and growing the economy which lifts all boats economists are gonna tell you the earned income credit was a dramatically success he'll program before we get too far our way from it since we were talking about the nfl in the kneeling had lit up some uh some lines there is a line open at three three six nine six 1971 but mark and parker you had an nfl comment good morning and welcome to the show morning guard were pouring over europe though i wanna ask your gap name conservative a harry conservative economist who believe as you do about the earned income tax credit i'd like.
"income tax" Discussed on KFI AM 640
"Dollars driver licenses are due for replacement enough and trying to explain you're hearing a lot in the news about the republican tax reform tax cut bill well not everybody's getting a tax cut and the california is a tricky case because they want to get rid of the state and local tax deductions on your federal bill so state income tax deductions gonna be gone your property tax deductions going to be limited and that played into tom the clinton's decision not to vote for this and he was one of the small number of republicans to vote against this republican tax bill and uh he's a republican congressman from northern california with ham on many many times and is going to be with his here to explain his vote tom how are you find your on how are you i'm alright so you voted against the tax bill and and so dana rohrabacher and darryl icee and the three of you are among the highest profile republican congressman in the state and i thought it was a something that john view both said you didn't like this version yeah extra did it well are mantra ought to be leave no tax payer behind and yet bill on the personal income tax meant an awful lot of californians would be seeing a tax increase because of the fact that you just mentioned the fact that uh the state local tax deduction in the highest tax state in the country is eliminated uh the mortgage interest deduction uh is capped at five hundred thousand dollars uh uh and the property jackson we also have because we have very high property prices we also have very high property taxes of that's limited to ten thousand dollars so i've talked to john koo paul about this.
"income tax" Discussed on Bloomberg Radio New York
"Income tax rate what is your thought on so i say there are two sides to acquire when you're looking at the framework or any tax set up one is rates one side of the coin is rates and the other side is taxable income so on the great side we know right now there are three and a possible fourth rate but we don't know what the brackets her kind to pay rights so we don't know the impact on somebody's taxes on the other hand if you look at tax of all income we know that that's going to be going up under this framework because you're not going to be allowed some of those itemised deductions that you've taken for years so it's it doesn't seen as much of a tax cut especially for the wealthy as we were of a chunk thinking of those the next question is this does this benefit the wealthy more than it does the middle and lower class i know a lot of people key ashamed to be asked you this question about well give us i bet personal stake here i really tell think it benefits the wealthy that much from what i've seen on an income tax perspective yes the estate tax going away the generation skipping tax going away would be would be great that's basically a forty percent tax break on assets but on income attest in appear that it's going to be a significant break in addition to the tax policy what are you advising your clients about right now in terms of where they should be putting their money we haven't changed our investment philosophy as a result of framework what is your investment philosophy well our investment philosophy is based on each individual while quiet whether they are investing for long term or what their liquidity needs are those types of things so we haven't suggest that to clients that they change their portfolios but at the same time if clients are considering a significant deduction say a large both gift at might make sense this year versus wade and especially f that topbracket ends up being 35 percent next year versus thirty nine point six percent this year buffett was speaking this week lisa and made this point that for the.
"income tax" Discussed on WGN Radio
"The twenty six th ward here in chicago aldermen roberto maldonado has been coordinating relief efforts for the people in puerto rico this is funny because you know who's next texas you had south florida much of not just south florida and now puerto rico those are u s citizens by the way so we're talking to him a little bit about the the territory island that he lived on four i guess a four from twenty seven is twenty three years so let me go back to the wikipedia on this geomancer cure says here governor a ricardo is it roselle yo you yes is strongly in favour of statehood to help develop the economic the economy there to help quote what he said is dissolve our five hundred year old colonial dilemma colonialism he says is not an option it's a civil rights issue 35 million citizens seek an absolute democracy the benefits of statehood he said would include an additional ten billion dollars per year and federal funds the right to vote in presidential elections higher social security and medicare benefits and the right for the government agencies and municipalities to file for bankruptcy you were talking about that the latter is currently prohibited maybe that's why americans might not want maybe that's why the congress doesn't want to include them as the fiftyfirst state because they see it is just a financial drain in oh well but let get can ideas interject something here i mean it it it it has been clean on bell we do not pay federal income tax but we do not pay people earned income light pivotal judges that we have comport political they do paid to local income tax and federal income tax people that have investment or generate income thrown fare little sore said they also pay income tax now in 2015 the total contribution of puerto ricans or the got old or port equal to the us treasury was three point five billion with b billion dollars to the us treasury do you know how much you were the country asian up his fate all per month three point two billion dollars so even though why don't by epa up timeline puerto rico dinette filed two formed alleged they unless they have thought very little sources of income two of income taxes we kill generate lots of billions topped inc of uh income to the us treasury disease everybody puerto rico that worked they pay nate contribute to.
"income tax" Discussed on WLS-AM 890
"Income taxes in the house governor rauner denouncing it rounder says he will veto the tax increase the first step in this process is for the senate to vote on the tax increase today the senate is going to do that today and if it pass says it would then go to rounder as again rounder says he'll veto the income tax increase but democrats are often mixed up domestic that they will have the votes to override allrounder veto speaking of taxes on friday a judge blocked the cook county penny per ounce tax on sweetened average is now gerald farinas tells abc seven that he went into a mcdonald's on the north side and was charged the pop tax even though the judge put the tax on hold that means everyone else was charged this tax and i only got reimbursed because i asked for cook county says that has no control over whether businesses imposed the tax or not even though the judge put the tax on hold the pop tax comes up again before the judge next week one of president trump's most trusted advisers is reportedly pushing a plan for a big tax hike on the rich the website axios says trump advisor steve ban annan wants to raise taxes on the wealthiest americans to pay for steep middle and working class tax cuts on the issue of healthcare president trump has been talking about trying to get senators on board to pass that plan the republican plan to replace obamacare let's get more from bob constantine any it's assumed if the senate where to go along with the president's friday tweet suggestion of repealing obamacare then deciding how to replace it later that would entail not kicking millions of americans out of coverage immediately but it's another negotiating point even as administration officials continue to hold out hope the senate will come to an agreement starting a week from now health secretary tom price on nbc's meet the press conversations are ongoing as we speak so we look forward to hopefully then coming back after this fourth of july a recess and getting the work done but republican factions favoring wholesale repeal in those favoring a cushioned replacements are far from agreeing bob costantini washington ireland weekend in chicago go at least forty five people have been shot five.
"income tax" Discussed on KARN 102.9
"About not just income taxes but there's a they look at individual income tax court corporate taxes state and local taxes and property taxes which is something that you know people who may be moved to texas and you get rid of the state income tax that you know you get to deal with ridiculous property taxes and are used to say sales tax has been now it's about equal every and go on your cell secondly higher but yeah texas definitely as higher property taxes that allows him to have a lower income or no income tax and then the just the kind of pseudo corporate income tax but that's the traffic faced arc concern has very low property taxes and in some sense island property that that's great as us but you know that puts them constraints on what else you could do that means you can't get rid of the personal income tax you can lower the rates but if you're going to have another forty fifth lowest property taxes in the country you know if that's what we want that's the we have but that's gonna put constraints on other changes you you can do in germany the property tax is protected by the state constitution in a way that make it very difficult for the state to really raise property tax the wreck bush difficult like the legislature for those sparked can't alter them so that's another thing in our book and in his task force sense at the state legislature they can't really change the property tax about amending the constitution of its that's a local issue there are some tweets they can do but mostly it's it's it's a local issue as far as what the rates will be i saw the information they were demand asking for a lot of seemed to be on exemptions credits incentives things that yeah in the sales tax and an income tax or what i believe they're gonna mostly focus on which we think is the right way to go any other thoughts jacob were on that issue.
"income tax" Discussed on WCTC
"Since the us should dramatically expand its current earned income tax credit former of negative income ten all about to read started to build that pays low earners instead of asking them to pay income tax the idea of negative income tax isn't novel i'm not i'm not thinking that up that's now that's how it's written and then affect but it is the kind of income tax that works in reverse my is reeling by this but i'm not that's only the second paragraph for those who earn bowl low a certain amount like the poverty line the government pays him but us already has a program like this that benefits millions of the people's health and wallets and president donald trump has proposed expanding yet here's what it's all about i don't need to go to further the idea negative income tax pitching novel in effect it's a kind of income tax that works only versus whether or not whole idea that's not negative chats that's welfare yeah it's welfare as well as some always said look if you wish to the welfare program.
"income tax" Discussed on KM JNow
"In federal your maximum if you're in the top bracket would be twenty point twenty three point eight would be the no i'm in the lower bracket to sell that that'll help it'll help give a hundred eighteen thousands a lot of money that might pushy up a little bit get there so i will pay how much federal well i can give you with the maximum i don't know what you'll pay because depends on your return but the maximum you with a would be twenty three point eight federal but i think you i think i think you will play last because if you have very little income he should be right yeah i know seventy five enough and pension erased doesn't matter your aged with a matter if you're forty five for a hundred and forty five i'm sure the only thing that matters is it's a long term capital again and the only other thing it matters is the specifics of your income tax return which will dictate what you're rate will they what rate you will pay i just give you the top right what rate you will a looks like it will be less because of the fact that you have income that we generate attacks rate that's below the maximum right thank you to ways and always raises some good points the long term capital games rate that applies to the land purchase for the land say oh rather that we just made actually kicked in a year in a day after ownership under come up a lot almost all states if not all states you can't win games rate is famous attach rate see it would had that on to whatever is going to be paid at the federal of all that's how you would get your total checks racket for this transaction but you know the bridgeport.