Every Illinoisans is on the hook for 3 percent of their income going to state income taxes. Their federal taxes, however, likely will vary, and municipalities throughout the state levy their own local taxes on different things and at different levels. But some places in Illinois, and throughout the country, benefit more from state and local tax deductions than others.
The thousands of pages of the federal tax code -- and the tens of thousands of pages of ensuing regulations and judicial rulings -- offer many ways to reduce your taxes. These arrangements are often nicknamed loopholes when they apply to only some people.
Candidate Clinton and other advocates will claim taxing carried interest improves the economy. Unfortunately, it won't. A key principle of taxation is efficiency. Taxing capital differently across sectors and business forms means that taxes are driving business decisions.
Bush's misplaced reputation for moderation is belied by his actual policy record. And few if any analysts have stopped to consider how Bush's specific policy issues line up with Latino support for key policy issues.
Trade deals are one subject (one of the very few left) which do not break down on party line. Both the Republicans and the Democrats are split over the issue, so it's not a repeat of the usual partisan battle lines. But it is a clear defeat for Obama, who lobbied hard to very little effect.
Democrats have allowed Republicans to convince the public that the Democrats are the Tax-and-Spend Party, while Republicans are the Tax-Cutting Party. The truth of the matter is just the opposite.
The more complicated a tax provision is, the more likely it is hiding an unjustifiable tax subsidy, and we all know our tax code is way too complicated.
In a prominent editorial this past Sunday, the New York Times once again advocated the adoption of a carbon tax. While the theory of a carbon tax makes perfect sense, its lack of practicality makes it the unicorn of energy politics.
This is a striking example of how big media like the New York Times can try to enforce their own limits on debate by asserting without evidence that certain ideas and therefore the people who espouse them are not mainstream.
The big drought has Californians worried. There are major controversies over Governor Jerry Brown's order to cut water consumption by 25 percent, not to mention some furious to-and-froing on climate change and demands for tax hikes and tax cuts.
Giving is the fourth pillar of Arianna Huffington's Third Metric. It provides numerous advantages in terms of health and well being. For U. S. citizens, it also provides significant fiscal advantages for individuals - including those who are nearing retirement.
This is actually even what the richest should want, because although they would pay more in taxes for universal basic income, leaving them a slightly thinner although still very thick slice of the overall pie, the slice of the pie itself would grow, leaving even them better off as well.
Voting to give corporations a huge tax cut without closing loopholes to pay for it is the height of hypocrisy. It represents an egregious double standard by conservatives: They increase the deficit by providing hundreds of billions of dollars in tax breaks to corporations while they slash $5 trillion in spending that primarily benefits working Americans in order to reduce the deficit.
This plan's advertised price cost is $10.00 and yet the actual costs to the customer are $32.00, hiding a whopping 220% above this advertised price. Is this 'fair and reasonable'? Is this deceptive advertising? Where are the savings for buying this 'slim package'?
On May 17, Democrats in the Illinois House approved a property tax freeze bill that Republicans protested as a stunt. And the conservative Americans For Prosperity-Illinois has made tamping down property taxes a major cause this spring.
I was in a coffee shop, having breakfast with my daughter, Angela Luhys, on a week when my weight loss had reached the 90 pound mark since November. While sharing this great milestone with Angela, the guy in the booth behind me was trying to sell an annuity.