Commentary: Biden’s Capital Gains Tax Plans Are a Lose-Lose Proposition

There will always be munis. Income from municipal bonds typically enjoys tax-free status at the federal level and in the issuing state. Conversely, when investors put wealth to work in a startup, private corporation, or public company, they face a capital gains tax penalty if their investment bears fruit. If a home run, that penalty becomes enormous.

Imagine that. Investors who subsidize the growth of government largely avoid taxation. But if they back an innovative corporation, or rush a distant future into the present through an intrepid investment with a visionary entrepreneur, a major IRS bill awaits.

Worse, the cost of prescient investing may soon increase. Seemingly in a bid to placate his ravenous left flank, President Biden has announced a proposal to nearly double the federal penalties on savings and investment to 43.8%.

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Michigan State Administrators Project $1.24 Billion Tax Shortfall for 2020

Michigan’s General Fund and School Aid Fund tax revenues dropped $1.24 billion since January 2020, according to figures released Friday by state administrators and fiscal analysts.

The latest state consensus revenue estimating conference also projected an $84 million shortfall for 2021.

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Michigan Gov. Whitmer Pocket Vetoes Meijer Tax Break, Property Tax Deferment for Hard Hit Businesses; Industry Leaders Want Answers

Gov. Gretchen Whitmer on Monday declined to sign two bills into law, exercising a “pocket veto” on legislation that would have given a tax break to Meijer and allowed businesses hit hard by COVID-19 to defer summer 2020 property taxes.

Whitmer vetoed SB 1153, which lawmakers said aimed to give Meijer a tax break on sales and use property taxes on automated consumer goods sorting systems.

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Michigan Residents Pay $4,040 Per Capita in Key State Tax Levies, Study Finds

Michigan residents pay 8.47% of their income per capita toward property, income and sales taxes – or $4,040 per person – according to a new study examining tax burdens in the 50 states and the District of Columbia.

The share of income paid by Michigan residents for these three taxes represented the 25th highest state tax burden among the 50 states and Washington, D.C., the HireAHelper website reported. The state’s residents paid 3.07% of their income on property taxes, according to the website, which provides moving services.

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Commentary: Taxing Workers for Staying Home Is a Policy Rooted in Envy

Ever since the beginning of the pandemic, working from home is the new normal.

In 2018, just 5.4 percent of the US’s working population worked remotely. By mid-2020, it had turned into reality for 56 percent of the workforce. While not all workers forced to stay home were quick to welcome the change, many learned to enjoy it over time. With state governments beginning another round of lockdowns, it isn’t shocking to see many companies choosing to carry on with remote work.

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Hunter Biden Says He’s Being Investigated for Possible Tax Crimes

Federal prosecutors in Delaware are investigating Hunter Biden for potential tax crimes, he said in a statement issued Wednesday through his father’s presidential transition team.

“I learned yesterday for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs,” Biden said in the statement.

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Biden Pledges to Hike Taxes to Bush Administration Levels

President-elect Joe Biden in a Wednesday interview said “there’s no reason why” his administration shouldn’t raise both corporate and individual income taxes to levels maintained during former president George Bush’s administration.

Biden insisted “everybody pairs their fair share” in taxes during his presidency, and suggested a nearly 40% rate for those in the top bracket, which he said was commonplace during the Bush era, in an interview with the New York Times.

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Biden’s Gun Registration Tax Could Cost Firearms Owners Billions

President-elect Joe Biden’s proposed firearm tax could cost gun owners upwards of $30 billion to keep the weapons they already possess, according to The Washington Free Beacon.

Biden plans to mandate both taxation and registration of so-called “assault weapons” and high-capacity magazines under the National Firearms Act (NFA), which requires a $200 fee per item, according to the former vice president’s campaign website. Around 20 million rifles and 150 million magazines would be taxable, leading to a total cost to U.S. gun owners of over $34 billion, according to the Free Beacon.

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Reports: Biden’s Tax Plan Would Increase Taxes Across the Board, Estimates Vary by How Much

Democratic presidential candidate Joe Biden’s proposed tax increases of nearly $4 trillion over the next 10 years, if passed, “would be the highest in American history – indeed, in world history,” an analysis of his plan determined.

Lew Uhler, founder and chairman of the National Tax Limitation Committee and National Tax Limitation Foundation (NTLF), and Peter Ferrara a senior policy adviser to NTLF, made that conclusion in a new report published by The Hill.

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Meshawn Maddock Commentary: Joe Biden’s Tax-and-Spend Agenda Is a Declaration of War on Middle-Income Americans

America’s working families need allies, not obstacles. 

As a mother and a Michigan small business owner, I vividly recall the anemic “recovery” we experienced under the Obama-Biden administration, which increased regulatory costs to a historic high of nearly $2 trillion a year — a tab paid in large part by hard working entrepreneurs like me. 

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Whitmer Signs ‘Pay As You Stay’ Law That Helps Michigan Homeowners Struggling with Back Taxes

Gov. Gretchen Whitmer signed legislation on Monday that would help struggling Michigan homeowners pay their property taxes.

The “Pay As You Stay” bill, sponsored by Rep. Wendell Byrd (D-3-Detroit), eliminates penalties, interest, and fees to allow foreclosing governmental units to significantly reduce delinquent taxes.

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Commentary: Bernie Will Confiscate Your Money, But Fortunately Not Your Guns

Vermont’s Socialist Senator and top-tier Democratic presidential candidate Bernie Sanders is one of the true disruptors in American politics. His unconventional ideas defy easy categorization as he campaigns around the country on his own idiosyncratic brand of Democratic Socialism.

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Michigan Budget Talks Stall Again Between Whitmer and GOP Leaders as They Remain Apart on Key Issues

Gov. Gretchen Whitmer and Republican congressional leaders did not take any action after Thursday’s meeting to address issues around the almost $1 billion left out of Michigan’s final budget.

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