Posts filed under Taxes

Americans for Tax Reform: The Top 20% of Households Pay 88% of Federal Income Taxes

Photo source: TexAgs

Photo source: TexAgs

The recently elected brain trust on all issues fiscal, Alexandria Ocasio-Cortez, has decided that the top earners do not pay their “fair share” and should have 70% of their income stolen, er, taxed. The following information, obtained from the Americans for Tax Reform, indicate exactly how much the wealthiest do contribute:

According to the Congressional Budget Office

-The top one percent of households pay 39.4 percent of federal income taxes and 26.2 percent of total federal taxes.

- The top 20 percent of households pay 88.1 percent of federal income taxes and 69.5 percent of total federal taxes.

- The top one percent of households pay an average income tax rate of 24 percent while the middle quintile pays an average income tax rate of 3 percent.

- The top one percent of households pay an average total tax rate of 33.3 percent while the middle quintile pays an average total tax rate of over 14 percent.  

- The top 20 percent of households pay an average total tax rate of 26.7 percent while the middle quintile pays an average total tax rate of 14 percent. 

Read more: The Top 20% of Households Pay 88% of Federal Income Taxes

Americans for Tax Reform Urges Senate to Reject Cotton/Kennedy Amendments to First Step Act

Photo source: Twitter

Photo source: Twitter

“The costs, human and monetary, are too high to not pass the bill. Hugely long sentences for non-violent offenders ruin lives and families and drain taxpayer dollars. Senators should wholeheartedly support the FIRST STEP Act so it becomes law before the end of 2018.

This is the “first step” in bringing reform to a broken, expensive system. The reform will increase public safety by using proven methods to reduce recidivism, effectively driving down the prevalence and cost of crime for generations to come.”

Read more: ATR Urges Senate to Reject Cotton/Kennedy Amendments to First Step Act

Posted on December 18, 2018 and filed under John Kennedy, Taxes.

Americans for Tax Reform: Conservatives Oppose HHS International Pricing Index for Medicare Part B Drugs

Photo source: Twitter 

Photo source: Twitter 

In a letter to the Department of Health and Human Services, ATR and 56 other conservative groups and activists expressed opposition to HHS’s “International Pricing Index” (IPI) payment model for drugs administered under Medicare Part B.

Read more: Conservatives Oppose HHS International Pricing Index for Medicare Part B Drugs

Posted on December 7, 2018 and filed under Drugs, Taxes.

HIGGINS: Making Tax Cuts Permanent

Photo source: FreedomWorks

Photo source: FreedomWorks

The following was provided by Congressmen Clay Higgins’ office concerning tax cuts. 

Friends -

I want to give you a quick update on Tax Reform 2.0, which passed through the U.S. House of Representatives last week. This includes three bills that make President Trump's tax cuts permanent, expands savings options for American families, and encourages small business innovation. This is a big win for all Americans.

Since passing historic tax cuts last year, we have seen a reignited American economy, millions of new jobs created, record low unemployment, bonuses, pay increases, and new investments across the country. American workers now keep more of their money, and Tax Reform 2.0 makes those tax cuts permanent.

According to the nonpartisan Tax Foundation, locking in tax cuts for individuals and small businesses will create 1.5 million new jobs, boost wages by 0.9%, and increase long-run GDP growth by 2.2%. We're going to keep growing our economy and producing wins for American workers.

Here are some of the specific changes included in Tax Reform 2.0 that will benefit your family:

Protecting Middle-Class Tax Cuts

  • Makes lower tax rates permanent for individual filers
  • Locks in the enhanced Child Tax Credit
  • Creates a Paid Family Leave Tax Credit

Promoting Family Savings

  • Allows small businesses to join together to create 401(k) plans to their workers
  • Eliminates the age limit on IRA contributions
  • Expands 529 Education savings accounts, allowing them to be used for apprenticeship fees, homeschooling costs, and paying off student debt
  • Allows families to access retirement accounts without penalty when welcoming a new child by birth or adoption
  • Creates a new Universal Savings Account (USA) to offer a flexible savings tool for families to use at any time

Encouraging Small Business Innovation

  • Allows new small businesses to write off more of their initial start-up costs
  • Expands access to research & development credits for start-up businesses

These reforms build on the successes of the Tax Cuts & Jobs Act and major regulatory reform that has reignited our economy. We continue to push for conservative, pro-growth policies that create jobs and grow the economy. As Tax Reform 2.0 heads to the Senate, I am hopeful that it will be considered and passed quickly.

Posted on October 2, 2018 and filed under Taxes, Clay Higgins.

Fake News on the Bayou

Photo source: FreedomWorks

Photo source: FreedomWorks

While states neighboring Louisiana and other competing states are enacting pro-growth tax reform to make their states more attractive destinations for the expected uptick in global capital flows into the U.S., Gov. Edwards is busying implementing fiscal policies that make Louisiana less attractive to investors and site selectors. Despite all of this bad news, one can forgive folks in Louisiana for not being aware of what an outlier the Pelican State has become, seeing as those who report on state government in Baton Rouge have a habit of obscuring basic facts, such as whether lawmakers are raising or cutting tax rates.

Read more: Fake News On The Bayou: How One Governor's Tax Hike Becomes A Tax Cut

Posted on July 19, 2018 and filed under John Bel Edwards, Louisiana, Taxes.

HIGGINS: The Real Impact of Tax Reform

Photo source: YouTube 

Photo source: YouTube 

 “Mr. Speaker, over the course of the past 500 days, this Congress has worked with President Trump to pass historic tax cuts and regulatory reform. As a result, this is the strongest economy we have seen in two decades. Many of my colleagues across the aisle, whom I respect, continue to posture otherwise, ignoring the facts. They have dismissed our efforts as 'crumbs,' saying that tax cuts are 'Armageddon.' But outside of this Chamber, outside of the small bubble that is D.C., the real America exists and real Americans who get it. People concerned with earning an honest living and providing for their families, because of tax reform, those families are seeing new jobs created. They are seeing real wage growth. They are seeing new investments in their communities.

Mr. Speaker, I travel throughout the district that I represent. I speak directly to the citizens that I serve. In Lafayette, Abbeville, New Iberia, Lake Charles, everywhere we go, there are real people telling real stories about how tax cuts are improving their lives. Americans that I represent, they have shared their stories about how they are using their tax cut to pay bills, to save for retirement, or to buy new school clothes for the kids. Small business owners across South Louisiana have shared how they are expanding operations and investing in their employees. That is the real impact on families in Louisiana and across America.

This body spent months debating the merits of the Tax Cuts & Jobs Act. I and many of my colleagues projected more jobs, more investment, and a stronger economy. We were right. Those projections have become reality: nearly three million new jobs since President Trump was elected; one million new jobs since we passed historic tax cuts; unemployment at its lowest point in half a century; consumer confidence at a 17-year high; small business optimism at an all-time high; and real GDP growth projected at over four percent for 2018. Let me share that I have read the Book of Revelation. This is no 'Armageddon.' This is a historically strong economy fueled by tax cuts and regulatory reform. Mr. Speaker, America is back. We are open for business, and Americans will continue to benefit from the pro-growth conservative policies of President Trump and this Republican Congress.”

Posted on June 9, 2018 and filed under Clay Higgins, Taxes.

"Honor Code" Is Bragging About This?????

After doing all he can to kill the oil and gas industry here in the State of Louisiana, our own "Honor Code" and the Louisiana version of Barack Obama, John Bel Edwards, has come out with a statement touting the creation of a whopping 150 new jobs in the Monroe area with CenturyLink.  

I would be more likely to believe that this deal was done in response to the recent changes in the tax system implemented by the Republicans in Congress and pushed by President Trump rather that the "business climate" within this state.  "Honor Code" has done nothing in his two years as governor, other than raise taxes on both the citizens of the state and the companies that do business here.  

If there is anything more apparent that this clown tripped into his office, then I don't know any.  The sanctimonious Vitter critics should be proud of the circus being run in Louisiana.  But don't blame it on us that supported the Republican candidate in the last governor's election.  We all voted for Vitter.

Graves & Abraham to Tax Bill Negotiators: Don’t forget about Louisiana flood victims

Photo source: ULLA

Photo source: ULLA

FOR IMMEDIATE RELEASE
December 12, 2017
Contact: Kevin Roig, 202-225-3901

WASHINGTON, DC – Louisiana Congressmen Garret Graves (R-Capital Region) and Ralph Abraham, M.D. (R-Alto) sent a letter today urging Senator Orrin Hatch, Chairman of the Senate Committee on Finance, and Congressman Kevin Brady, Chairman of the House Committee on Ways and Means to retain disaster tax relief language in the final product of negotiations currently underway in Washington to resolve differences between House and Senate versions of major tax reform legislation.  The disaster tax relief, which was included by Senators Bill Cassidy and John Kennedy in the Senate’s version of the bill, accomplishes the goals of separate legislation Graves introduced earlier this year - H.R. 2849, the Louisiana Flood and Storm Devastation Act of 2017, which would grant homeowners and individuals emergency tax relief, the ability to withdraw from retirement accounts without incurring penalties, casualty loss provisions, work opportunity tax credits for employers, and relief for certain charitable giving. The bipartisan bill was cosponsored by Congressmen Richmond (D-LA), Abraham and Higgins.

“We aren’t asking for special treatment,” reiterated Graves. “We’re asking for our flood victims to be given the same, common sense relief that disaster victims in Texas, Florida and Puerto Rico were granted after disaster struck those communities.  Too often after disasters, government ends up getting in the way of recovery – this is a chance to actually help recovery and remove nonsensical penalties currently imposed on victims for wanting to take care of themselves.”

Dr. Abraham added, “Louisiana flood victims deserve equal access to disaster tax benefits that have been afforded to other states. Our people are still recovering from two historic floods we suffered last year, and this tax relief will go a long way toward facilitating that recovery.”

Louisiana Congressmen Clay Higgins and Mike Johnson also signed the letter, which can be readhere. You can read more about H.R. 2849 here.

Louisiana Citizens for Job Creators: Video details Fraud, LA Tax dollars shipped to other states

Photo source: Facebook  

Photo source: Facebook  

Louisiana Citizens for Job Creators put out the following regarding rampant waste within the Louisiana DHS and "Honor Code" wanting more of the Louisiana taxoayer's money. 

  • Louisiana saw over $40 million in Medicaid fraud in 2016.
  • $2.5 Million of OUR Louisiana tax dollars were sent to folks living in other states.
  • All of this while the Louisiana Department of Hospitals budget skyrocketed up 60%!

And now the Louisiana Department of Hospitals wants another $2 Billion of our tax dollars?!?

What did the Louisiana legislature say about all of this? Governor Edwards bypassed them and awarded a $15 BILLION contract without their approval.

See the breaking video for all the facts.

Posted on November 29, 2017 and filed under Louisiana, Taxes, John Bel Edwards.

KENNEDY: A tax code for the middle class – let’s invest in the American dream

Photo source: Wikipedia

Photo source: Wikipedia

BY SEN. JOHN KENNEDY (R-LA.)

It doesn’t take an expert to see that something is stalling the American economy.

2016 was the 11th straight year that America failed to achieve 3 percent annual growth, which was our average nearly every year since 1960. I’ve heard numerous pundits act like returning to 3 percent growth is something special. No, it’s just “average.” The American people deserve better than just average growth.

But even average growth is optimistic if we keep hamstringing our job creators. Our 40 percent corporate tax rate and broken tax code are chasing our ideas, our jobs, and our investors into the open, waiting arms of foreign countries. We are keeping wages and productivity low. We are crippling our small businesses.

Changes have to be made to unshackle our small businesses, but in the process, we can’t forget about the primary vehicle for economic growth: the middle-class.

I’ve said it before: What we have right now in America is too many undeserving people at the top getting bailouts and too many undeserving people at the bottom getting handouts. And you know who’s been stuck with the bill? Middle-class families. And they can’t afford it any more. Their kids’ tuition has gone up, their health insurance has gone up, but you know what hasn’t gone up? Their take home pay.

That’s why I’m speaking up for the middle class. Someone has to speak up for ordinary people when it comes to tax reform.

Middle-class families drive our economic engine. They buy the goods and services that our businesses are selling. They work hard to be able to spend and save and invest. They are our entrepreneurs and our innovators. And now, as they are trying to balance their checkbooks, nearly one-third of their income is automatically withheld and sent off to Washington.

Right now, if you’re a middle-class family in Alexandria, La., with a combined household income of $59,000 and two kids, and you claim all your exemptions and take the standard deduction, you’re still going to be sending the federal government $3,500. Now, that’s not even counting contributions to state and local taxes, or payments to Social Security and Medicare. By the time the bills are paid and there’s gas in the car, very little is left for the kids’ college funds.

I have a plan for how tax reform can target the middle class and bring those families some badly needed relief.

Nearly three-quarters of Americans opt to take the standard deduction when filing their taxes. It’s simple, it’s fair, and it requires less documentation than itemizing. All Congress needs to do is to double the standard deduction across the board in order to inject more than $600 billion back into the economy over 10 years, according to a 2014 CRS report. That’s an immediate shot in the arm for the American economy. That family of four in Alexandria will have their tax bill reduced to $1,700, freeing up almost $2,000 of hard-earned income.

That’s $2,000 new dollars back into my state’s economy. As the cost of earning more is reduced, people will want to work harder. That means more productivity and even more growth. It’s Economics 101: You give people more to spend and they’ll spend it, and grow the economy in the process.

We need to liberate the middle class and their power to spend and save. In short, we need to renew the belief in the American dream.

A tax reform policy that provides relief to the middle class, such as doubling the standard deduction, will reawaken the incentive to work, save, and invest. Our economic fate is tied to the health of our middle class and our small businesses. It’s high time that we offer middle-class Americans a tax code that believes in them.

Kennedy is the junior senator from Louisiana.

Source: The Hill

Posted on October 16, 2017 and filed under John Kennedy, Louisiana, Taxes.