TaxBytes

After an incredible run on the long-running game show, winning nearly $1.4 million, Ms. Schneider is off of TV “Jeopardy!,” but now finds herself in tax jeopardy.

In the competition for the state with the most taxes and the highest tax rates, California is striving to be way ahead of the pack—making other states look like a better option. 

After four years of simpler income taxes, this year tax compliance will be more complicated thanks to the Biden administration.

While Republicans in 2017 gave low- and middle-income earners a big tax cut, Democrats are now planning to do the same for the wealthy.

Contrary to their “working class” rhetoric, the Democrats really are transforming into the party of the wealthy elites. They will spend $15 billion for the working poor, $130 billion on health care, but a whopping $475 billion on a tax cut for the wealthy.

Democrats in Congress don’t seem to realize that it’s impossible to accurately tax an unrealized gain, because real value is determined by market transactions convening a willing buyer and a willing seller. Without a transaction, the value of the taxed asset would be determined arbitrarily, and by whom?

The lower your household income, the more likely you are to be a smoker. Doubling the tax on cigarettes  suggests Democrats aren’t quite as concerned about economic disparities and equity as they claim. 

You shouldn’t be able to ram through massive policy changes without a solid mandate from the voters, which Democrats definitely do not have.

The “tax gap” is an exaggerated excuse to further empower the IRS and to erode the personal financial privacy of American taxpayers.

President Biden’s tax proposals would disproportionately benefit wealthy taxpayers in high-tax blue states and disproportionately harm farmers and small land owners in low-tax red states.