There’s nothing new about politicians making unrealistic promises and preposterous claims while pandering to voters to win elections. But it seems the degree of ridiculousness in these statements is reaching new lows these days.This is especially true among the crop of radical progressives, although Donald Trump is not without fault in this area.Here’s a whopper from progressive Sen. Kamala Harris (Democrat — California) who aspires to be president of the United States in 2021.In a recent tweet @KamalaHarris complained that, “The average tax refund is down about $170 compared to last year.” She presented this fact as proof that the 2017 tax reforms enacted by Republicans in Congress and President Trump were really, in Harris’s words, “a middle-class tax hike to line the pockets of already wealthy corporations and the 1 percent.” The Washington Post fact checker gave it “Four Pinocchios,” branding it “nonsensical and … [Read more...] about COLUMN: Remedial Income Tax 101 for Sen. Kamala Harris
Does california have state income tax
A one-page memo on January tax revenue that Minnesota Management and Budget Commissioner Myron Frans sent the governor last week sought to avoid raising alarm. Frans gently reminded the governor and all the legislative leaders who were copied on the memo that variances in one month’s tax revenue figures should be interpreted with “great caution.” Frans was reporting that January general-fund revenue was $2.28 billion, about 10.7 percent less than the most recent forecast. Most of the lines were close to the forecast but not individual income taxes, coming in about $280 million less than the $1.73 billion forecast. There’s reason to think this might be nothing worrisome, because taxpayers might still be trying to figure out the new federal tax law and the payments could just be slow. There could also have been a little slip because much of the federal government was shut down in January. On the other hand, the last state budget update before this one showed that … [Read more...] about In light of 2017 law, Minnesota needs to take a look at its income tax
While Colorado Gov. Jared Polis may favor an income tax rate reduction — which he mentioned in his Jan. 10 State of the State address — state Democrats, especially those on the Senate Finance Committee, don't appear to be singing the same song.On Jan. 17, Polis, under his personal Twitter account, thanked the Republican sponsors of a bill that would lower the individual and corporate income tax rate from 4.63 percent to 4.49 percent. "Thank you, @JerrySonnenberg and @RepRodPelton, for offering tax relief for ALL Coloradans. I look forward to working with you to achieve even lower rate than 4.49%, coming up w/agreeable ways to reduce tax expenditures to ensure revenue neutrality," Polis tweeted.But Polis didn't extend that support to the hearing Tuesday on Senate Bill 55, sponsored by Republican Sen. Jerry Sonnenberg of Sterling and Republican Rep. Rod Pelton of Cheyenne Wells. No one showed up to testify in favor of it, including anyone from the Polis … [Read more...] about Senate Democrats shoot down income tax-rate cut applauded by Polis
Is it better to live in a state with no income tax? It’s a great question to ask, especially when considering how much of our paycheck is already set aside for Uncle Sam. Seven U.S. states forgo individual income taxes as of 2018: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Residents of New Hampshire and Tennessee are also spared from handing over an extra chunk of their paycheck, though they do pay tax on dividends and income from investments. The main benefit of eliminating the individual income tax, proponents say, is that states with no income tax on residents become beacons for growth. They’re better at creating jobs and keeping a core of young, educated workers from moving to other states. The American Legislative Exchange Council reports that over the past decade the nine states without a personal income tax have consistently outperformed the nine states with the highest taxes on personal income in job creation, population growth and even … [Read more...] about Is a state with no income tax — like Washington — better or worse?
Not surprisingly for a state of nonconformists, the Legislature adjourned last week end without conforming California state income taxes to any part of the Republican-crafted federal tax law passed in December. That means the federal law won’t affect how much Californians pay in state income tax for 2018, although it could make filing tax returns more complicated for some. Those who take the new, higher standard deduction on their federal return will still be able to claim itemized deductions on their state return. Ever since the federal law passed, I’ve been getting emails from readers who thought their California income taxes would go up if the Legislature did nothing, perhaps because they’d be losing deductions without a corresponding cut in state tax rates. That could be true in some states that automatically conform to federal tax law changes unless their legislatures opt out, but California does the opposite: It does not conform to any federal changes — … [Read more...] about Relax: The federal tax law won’t raise your California income tax