An obscure part of the constitution originally designed to protect slave owners could make the tax on millionaires impossible to pass
- Cliff Owen/AP Nevertheless, a clause in the Constitution forbids direct taxes on wealth like the one proposed by Sen. Warren.
- One of them is likely familiar to most Americans: the three-fifths compromise, which counted slaves as a fraction of a person for determining representation for each state.
- Even with the three-fifths compromise, Northern states had a proportional advantage in the House of Representatives that would make it easy to pass taxes targeting the South while leaving the North relatively unscathed, such as taxes on land and slaves.
- Indeed, there was no regular income tax until Congress passed the 16th Amendment in 1913, which gave the federal government the "power to lay and collect taxes on incomes … without apportionment." Prior to that, Congress for short periods levied taxes on incomes to pay for the Civil War, but the Supreme Court declared them unconstitutional in 1895.
Elizabeth Warren's proposed wealth tax on the richest Americans won't remove the incentive to work, no matter what billionaires say
- But now, after 4 decades of tax policies designed to reward investors and owners, America has the greatest wealth inequality since the so-called "Gilded Age" of the 1920s.
- And the idea of a wealth tax is actually popular!
- According to a recent poll, more than 60% of registered voters support the wealth tax proposal put forth by Presidential candidate Elizabeth Warren.
- Warren's proposal would tax the wealth of only the richest Americans — those with assets of $50 million or more.
- A 2% tax on assets over $50 million still leaves you with more than 98% of your wealth.
- Compared to the tax policies we've had for the past few decades, a wealth tax is a radical idea.
- But our current policies have led us to the situation we're in now — in which the US economy only works well for the richest Americans.
Amazon May Get Tax Break for Poor With Data Center Build in Richest County
- AWS went into contract on the 107-acre property last year, after top Amazon executives held at least two meetings with Virginia Governor Ralph Northam, who subsequently selected the area as a “qualified opportunity zone.” That designation will entitle Amazon and its partners to claim millions of dollars in federal tax breaks.
- Likewise, Matt Hurst, an Amazon spokesman, said the opportunity zone designation was never discussed with Virginia officials and played no role in the company’s decision to build a data center in Loudoun County.
- The Loudoun County economic development official who nominated the census tract as an opportunity zone, Buddy Rizer, had been talking to Amazon executives about both the data center and HQ2.
I'm filing my taxes with TurboTax and will probably get one of my smallest refunds ever, and I'm happy about it
- As someone with both a full-time job and freelance income, filing my taxes takes a little longer than your average process.
- I got my taxes done at a free tax clinic and at the end, they hesitantly let me know I owed a little more than $1,000 in taxes for my freelance writing income.
- That year, I sent in large amounts of quarterly payments and after going through all my deductions, ended up with a considerable refund.
- In 2018, I sent considerably less quarterly tax payments because I could tell I would make less income from freelance writing.
- With those quarterly payments and deductions, TurboTax predicts that at the time of writing I should get a refund that amounts to approximately $166 ($157 for federal and $9 for California taxes).
These are the potential tax measures federal budget watchers are speculating about this year
- The process culminated in the committee’s 258-page report, released in December 2018, and entitled “Cultivating Competitiveness: Helping Canadians Succeed.” Of the 99 recommendations for the upcoming federal budget, less than half a dozen of them involved personal tax changes.
- During the consultation process, the Business Council of Canada supported increasing the federal personal income tax brackets to “more closely align them with the U.S. tax brackets.” The Canadian Vehicle Manufacturers’ Association advocated lowering the personal tax rate to “encourage the attraction and retention of a highly skilled labour force.” Accounting firm MNP LLP recommended the personal income tax bracket thresholds should be expanded “based on a higher multiple of the bottom bracket’s threshold” and that the combined federal/provincial marginal tax rate of Canadians should not exceed 50 per cent.
Alphabet's Sidewalk Labs outlines how it'll make money from Toronto
- Now, thanks to internal documents obtained by the Toronto Star, the company's plans on how it will make money through the development have been revealed.
- Sidewalk Labs plans to take a portion of property taxes, development fees and siphon off tax revenue generated by increased property values in the region.
- The area subject to development, located in Port Lands, is expected to generate an estimated $6 billion over 30 years.
- In a post on Medium, Sidewalk Labs CEO Dan Doctoroff reaffirmed the company's planned investment in affordable housing in the area and its intention to help spur economic growth, though did not directly addres how it plans to recoup the money it spends on the development.
- Leaked internal documents show Sidewalks Labs' plan to claim a share of tax revenue.
Uber reports $3B in Q4 revenue, rising operating losses
- Ahead of its anticipated initial public offering this year, Uber reported a net loss of $865 million in the fourth quarter.
- On an adjusted, pro-forma basis, Uber’s net loss in the final quarter of 2018 was a slimmer $768 million.
- Meanwhile, Uber’s adjusted EBIDTA losses came in at $842 million, an increase of 88 percent year over year, and an increase of 60 percent from the third quarter.
- In that preceding quarter, Uber’s adjusted EBIDTA losses came in at $527 million.
- In Q4 2018, Gross bookings (the amount collected before it pays drivers) went up 11 percent quarter over quarter to $14.2 billion while revenue increased 2 percent quarter over quarter to $3 billion.
- Year over year, Uber’s gross bookings increased 37 percent and revenue increased 24 percent.
- Compared to the entire fiscal year of 2017, Uber’s gross bookings increased 45 percent to $50 billion in 2018.
You Won't Believe How Many US Voters Back the 'Extreme' 70% Tax Rate in Ocasio-Cortez's Green New Deal
- Of the people who identified as Republicans, the allegedly conservative party in the United States, 39% supported the government taking 70 cents of dollar # 10,000,001.
- As Business Insider notes, America has not always been competitive where income taxes are concerned.
- Income tax makes up less than half of federal revenue.
- A serious policy would ask, “cui bono?” Personal income tax is almost criminal in the eyes of anyone who respects our constitution.
- You set the bar a lot higher, but you create dozens of ways that corporations can bring their taxes down.
- Companies who pay wages that keep people from qualifying for welfare should pay less tax, plain and simple.
- Then companies who don’t care about their taxes will pay them, while wide-ranging economic effects will be induced by the actions of the rest.
Amazon HQ2: Leaving New York proves all of Amazon’s critics right
- No one looks good in the wake of Amazon’s decision to scrap plans for a giant New York headquarters in Long Island City, Queens.
- The local politicians and activists who wanted Amazon’s job creation — but only if they came on different, less usurious terms — are now left with no new jobs.
- Still harder for the $800 billion tech giant: caving to pressure, whether it believed it to be right or wrong, and risking looking weak in the service of getting a deal done that all sides could live with.
- Because when the New York deal was finally announced, with up to $3 billion tax incentives, local politicians felt blindsided — and wronged.
- And company officials did themselves no favors by arriving nearly empty-handed when it came to benefits the tech behemoth would offer the local community, segments of which had legitimate fears about what kind of impact Amazon’s invasion would have on real-estate prices and an already faltering subway system.
NYC hedge-fund managers and Silicon Valley CEOs are flocking to Miami as 'tax refugees,' and it's sparking record, ultra-luxury real-estate sales in the area
- These buyers are Wall Street hedge-fund managers, tech moguls, and other high earners from places like New York City, New Jersey, Connecticut, Chicago, and Silicon Valley, and they're fleeing the effects of tax reform that went into effect in January 2018.
- The tax law that President Donald Trump signed into law in December 2017, which capped a deduction for state and local property taxes at $10,000, hit homeowners in expensive cities like New York, San Francisco, and Chicago the hardest, as Business Insider previously reported.
- This influx of affluent transplants isn't going to slow down anytime soon, according to Puig, who anticipates that 2019 will see an even bigger spike in wealthy out-of-state buyers as they feel the effects of tax reform.