statism

Despite Tax Increase, California State Revenues in Freefall

"California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget. Voters thought they could hammer 'the rich' by passing Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already 'voted with their feet' by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis." Continue reading →

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The $822,000-per-Year Bureaucrat and the Death of California

"Hopefully we’re all disgusted when insiders rig the system to rip off taxpayers. And I suspect you’re not surprised to see that the worst example on that list comes from California, which is in a race with Illinois to see which state can become the Greece of America. Well, the Golden State has a new über-bureaucrat. A state psychiatrist was paid $822,000, a highway patrol officer collected $484,000 in pay and pension benefits and 17 employees got checks of more than $200,000 for unused vacation and leave. Not bad for government work. So what is Governor Jerry Brown doing to fix the mess? As you might expect, he’s part of the problem." Continue reading →

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Congressmen are Twice as Rich Now as They Were in 1984

"The rest of us are actually poorer. NYT reports that the median net worth of a member of Congress climbed 15 percent from 2004 to 2010, to $913,000; meanwhile, the median net worth for all Americans dropped 8 percent over that same period, to roughly $100,000. The lawmakers’ gains are even more noteworthy because over that same period the net worth of the richest 10 percent of Americans remained essentially flat, based on inflation-adjusted figures, says Slate. More regulations and more Wahington D.C.-based power centers result in many more wanting to influence congressmen, legally or illegally." Continue reading →

Continue ReadingCongressmen are Twice as Rich Now as They Were in 1984

Pentagon to expand intelligence gathering to rival CIA

"The Pentagon, in a major expansion of its intelligence gathering activities, plans to assemble an espionage network rivaling the Central Intelligence Agency in size. Citing unnamed US officials, the Washington Post said that as part of the project, US military officials will send hundreds of additional spies overseas. They also plan to overhaul the Defense Intelligence Agency (DIA) which has focused primarily during the past decade on activities related to the wars in Iraq and Afghanistan. When the expansion is complete, the DIA is expected to have as many as 1,600 intelligence 'collectors' around the world." Continue reading →

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UK tax hitmen to track your spending

"Credit reference agencies will cross-check details of the income people declare on their tax returns against their spending patterns to identify 'high' and 'medium' risks of both illegal and legal tax avoidance. About two million people are expected to be scrutinised under the programme, which may lead to privacy concerns. Treasury sources said that 'hundreds of millions' are expected to be raised from the greater use of third-party data, such as that supplied by credit reference agencies. Information will also be routinely shared between the British and American authorities." Continue reading →

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Crime-Ridden Camden To Dump City Police Force

"As the New Jersey city of Camden blasts through its all-time-high homicide record — exceeding 60 murders so far this year — city officials have an unusual solution to rising crime: laying off the entire police department. Camden officials say it's the only affordable way to bring down crime, but critics call the strategy a deliberate move to bust the police union. People say they turn to crime because they can't make money doing anything else." Continue reading →

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Online sales tax to be added to National Defense Authorization Act

"This may be the last Christmas of online shopping without paying sales tax. A proposed online sales tax has been offered as an amendment to the National Defense Authorization Act, much to the ire of opponents. The Marketplace Fairness Act, and its House counterpart the Marketplace Equity Act, seek to clarify, and arguably overturn, a 1992 Supreme Court ruling that requires retailers to have a physical presence in a state in order to collect sales tax on goods." Continue reading →

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A Long-Distance Relationship With the I.R.S.

"Foreign financial institutions will be required to scour their records for signs that customers are American, like a U.S. address or phone number or instructions to transfer funds to a U.S. bank account. Anyone flagged in the search will be asked to provide proof of citizenship and/or residence status, and Americans will have to provide a Social Security number. Even with the penalties, Fatca is not expected to raise significant revenue for the U.S. Treasury; the Congressional Budget Office forecasts a take of $8.7 billion over 10 years. That is barely a rounding error in an annual budget of more than $3 trillion." Continue reading →

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Two-thirds of millionaires left Britain to avoid 50p tax rate

"In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs. This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election. It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes. Far from raising funds, it actually cost the UK £7 billion in lost tax revenue." Continue reading →

Continue ReadingTwo-thirds of millionaires left Britain to avoid 50p tax rate

Americans Forced to Close Their Intrade Accounts

"Intrade decided all its U.S. customers must now close their accounts and withdraw their money from the site. Why did the American government sue Intrade? It was not for operating an online gambling operation, but for allegedly violating America's incomprehensible financial regulations. The government says that many of the things Intrade allows people to predict - everything from what the price of gold will be in the future to whether the U.S. will go to war soon - are legally considered 'commodity options,' and that Intrade broke the law because it isn't licensed to trade those. The penalty is $140,000 per violation." Continue reading →

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