If you are from one of those cities that dislikes Pittsburgh (any other NFL city, for example), or if you just don’t like rust-belt union cities trying desperately to remake themselves, here is another reason to stay away from Pittsburgh. Read more
The state of New York loves taxes. It is also following closely in the footsteps of our federal government in using the income tax system to directly transfer wealth from one group of taxpayers to another.
According to this New York Times article, the State of New York Mortgage Agency has decided that the one-time federal first-time home buyer tax credit is not generous enough. So it has decided to extend a permanent state income tax credit to low-income first-time home buyers. (These are the folks who probably should not be purchasing a house anyway, if they need tax credits to afford it.) The amount of the credit is 20% of the annual interest payments. Read more
Mr. ToughMoneyLove is not ready to launch a full-bore rant on the health care proposal that has emerged from the House. I will wait and see what the Senate does first.
But it is now clear that the fallback funding strategy favored by many Democrats in Congress is “tax the rich.” Read more
No long ago I wrote about how the states receiving the most stimulus money were not changing their tax and spend ways and were generally not doing their citizens any favors with the new federal money. I compared a few of these tax and spend states – New York and California – with states having lower tax burdens, like North Carolina. Some of the comments were critical of my views, including mentioning all of the wonderful high paying jobs that could be found in the high tax states compared to other states.
Tax fraud and tax cheats – don’t you hate them? I don’t blog about making money online or selling stuff on eBay. On the other hand, where there is money to be made by exposing tax cheats for who they are, Mr. ToughMoneyLove is behind that cash for trash program 100%. Read more
The pleasure of finalizing the disgorgement of our tax dollars to the federal beast has come and gone. I think now it would be fun yet painful to look at some federal income tax data courtesy of the Congressional Budget Office. Read more
Yesterday was my final 2009 appearance as an AARP Tax Aide volunteer tax preparer. I had five appointments with one no show. The no show was actually a blessing in disguise because my first appointment was delayed due to tax software issues. After I solved those problems I worked four hours straight with not even a minute break. Read more
This being April 14 – and with Mr. ToughMoneyLove having to write a big check to the IRS tomorrow – I feel the need to share this link to a piece written by Ari Fleischer about our inverted income tax pyramid.
Here is a teaser quote from the article:
When you make almost 26% of the income and you pay only 0.6% of the income tax, that’s a good deal, courtesy of those who do pay income taxes. For the bottom 40%, the redistribution deal is even better. In 2001, these 43 million Americans, who earn less than $30,500, made 13.5% of the nation’s income but paid no income tax. Instead, they received checks from their taxpaying neighbors worth $16.3 billion. By 2005, those checks totaled $33.3 billion.
Please read the rest – and then shake your head in despair and desperation.
The citizens of New York and California – at least those who know how to earn a living – must be thrilled with the money their states are receiving from the federal spendulus plan. This plan was designed to help those states with the most Democrat votes, was it not? Read more
Things are winding down in the VITA – AARP Tax Aide Volunteer office. I say this for two reasons. First, the tax filing deadline is upon us, after which our office will close for the year. Second, the “no show” frequency is increasing. Read more