Tax Guru – Ker$tetter Letter

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Archive for the ‘TaxRates’ Category

Trump Flunks Basic Taxation Knowledge

Posted by taxguru on September 17, 2015

As I have pointed out for decades, the progressive tax rate structure that punishes (and thus discourages)success in this country has always been a plank in Karl Marx’s Communist Manifesto

Plank 2. A heavy progressive or graduated income tax.

For Donald Trump to not know that fact and in fact, defend this punitive tax rate structure, is unconscionable for someone who claims to be the country’s most powerful and knowledgeable capitalist.

Trump explains to GOP rivals that taxing rich is not socialism

Trump’s claim that because we have had graduated tax rates in this country for a long time automatically means that it isn’t socialistic is ridiculous.  Ben Carson most definitely wins this portion of the debate by calling out the socialist nature of graduated (aka progressive) tax rates. 

Posted in Commies, TaxRates, Trump | Comments Off on Trump Flunks Basic Taxation Knowledge

Comparing Tax Burdens

Posted by taxguru on July 21, 2015

Tax Foundation has released an interesting study on the average tax rates paid by workers in various countries, including here in the USA.

A Comparison of the Tax Burden on Labor in the OECD

They are showing an average tax rate in the USA of 31.5%.  Being an average, there are obviously some folks paying less and many people paying much higher rates, especially when considering State taxes and the penalties on those earning over certain amounts designated by our Rulers (aka the “Evil Rich”).

Posted in TaxBurden, TaxRates | Comments Off on Comparing Tax Burdens

2015 Federal Tax Inflation Adjustments

Posted by taxguru on October 30, 2014

This year, two tax publishers have already calculated the inflation adjusted tax brackets for 2015, which are handy for tax planning purposes.  Notably, the annual gifting exclusion will remain at $14,000 for 2015.

 

Wolters Kluwer, CCH Projects Inflation-Adjusted Tax Brackets and Other Amounts for 2015

 

Bloomberg BNA has this handy 17 page pdf of the upcoming inflation adjustments for 2015.

 

Update: Tax Foundation has posted a very handy summary of the 2015 adjustments.

Update 2: IRS has just released its official announcement of the inflation adjusted changes for 2015

IRS Press Release

IRS Rev Proc 2014-61 with all of the details (22 page PDF)

 

Posted in IRS, TaxRates | Comments Off on 2015 Federal Tax Inflation Adjustments

2014 Federal Tax Brackets

Posted by taxguru on September 18, 2013

As they do every year, CCH has calculated the inflation adjusted changes to the Federal tax brackets and other figures. 

CCH Projects Inflation Adjusted Tax Brackets and Other Amounts for 2014

 

Besides income taxes, they have this regarding Estate & Gift taxes:

The gift tax annual exemption will remain the same for 2014, at $14,000. However, the estate and gift tax applicable exclusion will increase from $5,250,000 in 2013 to $5,340,000 in 2014.

 

Posted in TaxRates | Comments Off on 2014 Federal Tax Brackets

Comparing Tax Plans

Posted by taxguru on December 22, 2012

CCH has released its 2013 Fiscal Cliff Estimator, where you can see what the Federal income taxes will be under three of the options being discussed.  I can’t vouch for the precise accuracy of all the calculations.  However, based on all of the footnotes, it does appear that they have put some time and effort into these calculators.

I’m not sure that I would use this for actual tax planing purposes, but it does help give a flavor for how much money is at stake as our rulers in DC enjoy their taxpayer funded vacations.

For example, I entered MFJ with $150,000 of Taxable Income, $10,000 of LTCG and $500 of Dividends and it gave the following results for total Federal income tax.

Current 2012 Tax Rates:  $31,354.00   

Full Extension of Bush-Era Tax Cuts (Republican Plan): $31,040.50

Presidential and Senate Democratic Proposal:  $29,465.50

Expiration of the Bush-Era Tax Cuts (If Congress Does Not Act): $36,391.50

 

TaxCoach Software: Are you giving your clients what they really want?

 

Posted in TaxHikes, TaxRates | Comments Off on Comparing Tax Plans

The Left can’t deny reality forever…

Posted by taxguru on December 8, 2012

Despite Tax Increase, California State Revenues in Freefall –  It’s actually because of the tax rate  increase.  This is only a surprise to the morons in charge in Sacramento.  Anyone with any common sense and knowledge of recent history knows that lower tax rates encourage more taxable activities and thus more tax revenues.  Higher tax rates have the exact opposite effect, plus they force people to leave the state altogether.  This gives Governor MoonBeam 13% of nothing instead of 9% of billions.

 

New York Times Admits Reaganomics Worked –  The truth does occasionally slip out from the DemonRat media.

 

Posted in TaxHikes, TaxRates | Comments Off on The Left can’t deny reality forever…

Debating Taxes – In Song

Posted by taxguru on October 4, 2012

It’s been a while since I have posted a songified video from the creative folks at Schmoyoho.  They have posted a songified version of last night’s debate, including this section on taxes.

 

Posted in TaxRates, video | Comments Off on Debating Taxes – In Song

Impossible task…

Posted by taxguru on October 4, 2012

This is a funny video of Rudy Giuliani attempting to explain the effects of the upcoming expiration of the Bush tax rates to the lefty retardos on MSNBC, who refuse to let facts get in the way of their class warfare rhetoric. 

I agree with others on the net that Rudy would make an excellent Attorney General in the Romney administration.  Of course, anyone would be an improvement over the criminal currently occupying that office, Eric Holder. 

 

Posted in TaxHikes, TaxRates, video | Comments Off on Impossible task…

Posted by taxguru on October 3, 2012

Who is the 47% Not Paying Taxes? – With payroll taxes being lumped into (commingled with) the general revenues and not being guaranteed to be paid back, I do have a problem with saying that anyone paying payroll taxes can be defined as not paying taxes.

 

Top Five Worst Obamacare Taxes Coming in 2013 –  The next few years are going to be very messy for tax planning and compliance purposes.

 

The Marxist redistributionists aren’t just here in the USA:

As the UN opens its General Assembly session, it is already thinking up new global taxes

France hits rich and business to slash deficit –  Their proposed 75% tax rate for the evil rich must be making the DemonRats in this country drool with envy.

Thousands in Germany Protest for Wealth Tax

Portugal announces ‘enormous’ tax rises

Cameron Says Further Action to Be Taken on Taxing the Rich –  In the UK

 

Posted in Commies, TaxHikes, TaxRates | Comments Off on

Posted by taxguru on September 27, 2012

Hey, Media, a $75K Mechanic Pays a Lower Tax Rate Than Romney – Larry Elder looks at the current media misinformation campaign regarding income tax rates.

 

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