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“aggressive.”.
BIDEN’S 87,000 NEW IRS AGENTS WILL GENERATE CASH FOR President Joe Biden plans to shovel $80 billion into the Internal Revenue Service to hire 86,852 new agents, a Treasury Department report confirmed Thursday. This massive influx of IRS agents would lead to a surge in union dues paid to the left-wing National Treasury Employees Union, which collects dues from roughly 70,000 current IRSemployees.
COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. BIDEN BREAKS HIS TAX PLEDGE ON 50TH DAY OF PRESIDENCY Today on the 50th day of his presidency President Joe Biden broke his pledge not to raise a single penny of taxes on any American earning less than $400,000 per year. Biden broke the pledge when he signed the $1.9 trillion Democratic spending package into law.The law imposes a $31 billion small business income tax increase which contains no BIDEN TO CALL FOR SECOND DEATH TAX THROUGH REPEAL OF STEP The New York Times is reporting that President Joe Biden will soon unveil the second part of his $4 trillion "infrastructure" plan. As part of this plan, Biden will propose eliminating step-up in basis, which will impose a second death tax on small businesses and families. This new death tax will impose a steep tax increase and paperwork nightmare for small businesses, farms, and GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. HUNGARY ATTACKS BIDEN'S GLOBAL MINIMUM TAX PLANS Hungary Attacks Biden's Global Minimum Tax Plans. The Biden administration is pushing for a global minimum tax to be set at 21% - a much higher rate than initially proposed by the OECD - to eliminate international tax competition as his administration is advocating for a massive increase of the domestic corporate income tax rate. H.R. 1 FORCES TAXPAYERS TO FUND CAMPAIGNS THEY DO NOT The top priority of Congressional Democrats is H.R. 1, an 800-page bill filled with partisan policies to rig the system in favor of the Left. Along with politicizing the FEC, chilling free speech, and unconstitutionally invalidating state election laws, H.R. 5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). TREASURY CONFIRMS: BIDEN PLANS TO HIRE 87,000 NEW IRS President Joe Biden wants to hire 86,852 new IRS agents, which would more than double the agency’s workforce.. To put this into perspective: With 86,852 IRS agents, you could fill Nationals Park twice. 86,852 IRS agents is more than the population of Biden’s hometown of Wilmington, Delaware which has a population of 70,644. BIDEN MUST REIMBURSE TAXPAYERS FOR “AGGRESSIVE” TAX Biden Must Reimburse Taxpayers for “Aggressive” Tax Avoidance. President Joe Biden repeatedly utilized a tax “loophole” that allowed him to avoid paying taxes on $13 million of income including the 3.8 percent Obamacare Medicare Surtax on net investment income. Even left-leaning tax experts describe Biden’s avoidance as“aggressive.”.
BIDEN’S 87,000 NEW IRS AGENTS WILL GENERATE CASH FOR President Joe Biden plans to shovel $80 billion into the Internal Revenue Service to hire 86,852 new agents, a Treasury Department report confirmed Thursday. This massive influx of IRS agents would lead to a surge in union dues paid to the left-wing National Treasury Employees Union, which collects dues from roughly 70,000 current IRSemployees.
COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. BIDEN BREAKS HIS TAX PLEDGE ON 50TH DAY OF PRESIDENCY Today on the 50th day of his presidency President Joe Biden broke his pledge not to raise a single penny of taxes on any American earning less than $400,000 per year. Biden broke the pledge when he signed the $1.9 trillion Democratic spending package into law.The law imposes a $31 billion small business income tax increase which contains no BIDEN TO CALL FOR SECOND DEATH TAX THROUGH REPEAL OF STEP The New York Times is reporting that President Joe Biden will soon unveil the second part of his $4 trillion "infrastructure" plan. As part of this plan, Biden will propose eliminating step-up in basis, which will impose a second death tax on small businesses and families. This new death tax will impose a steep tax increase and paperwork nightmare for small businesses, farms, and GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. HUNGARY ATTACKS BIDEN'S GLOBAL MINIMUM TAX PLANS Hungary Attacks Biden's Global Minimum Tax Plans. The Biden administration is pushing for a global minimum tax to be set at 21% - a much higher rate than initially proposed by the OECD - to eliminate international tax competition as his administration is advocating for a massive increase of the domestic corporate income tax rate. H.R. 1 FORCES TAXPAYERS TO FUND CAMPAIGNS THEY DO NOT The top priority of Congressional Democrats is H.R. 1, an 800-page bill filled with partisan policies to rig the system in favor of the Left. Along with politicizing the FEC, chilling free speech, and unconstitutionally invalidating state election laws, H.R. 5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). ABOUT AMERICANS FOR TAX REFORM About Americans for Tax Reform. Americans for Tax Reform (ATR) opposes all tax increases as a matter of principle. We believe in a system in which taxes are simpler, flatter, more visible, and lower than they are today. The government's power to control one's life derives from its power to tax. We believe that power should be minimized. DEM SUPERMAJORITY'S ATTEMPTS TO BURN NY TO THE GROUND 21 hours ago · Governor Cuomo and state legislators recently approved an expensive, tax-hiking, bloated mess of a state budget. Even after Cuomo begged for a federal bailout of the state to close a budget gap – which President Biden and Congressional Democrats granted – he signed a budget that raises taxes on high earners.The state was already sending the message that these people and TAXPAYER PROTECTION PLEDGE SIGNER JACK CIATTARELLI WINS NJ 6 hours ago · Americans for Tax Reform congratulates New Jersey Taxpayer Protection Pledge signer Jack Ciattarelli on winning the New Jersey Republican primary for Governor.. Incumbent Gov. Phil Murphy’s (D) reckless tax-and-spend agenda has given New Jersey the unwelcome distinction of being ranked 50th in the country for its overall Business Tax Climate. For that reason, it should be no NEW YORK RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY 6 hours ago · If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, New York households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to RSC BUDGET CALLS FOR CONSTRAINTS ON SPENDING AND TAXPAYER The Republican Study Committee Budget and Spending Task Force, led by Rep. Kevin Hern (R-Okla.) and Chairman Jim Banks (R-Ind.) released its FY2022 Budget.. In addition to nearly $2 trillion in tax cuts for working families and small businesses, the Budget also contains important institutional and constitutional protections for taxpayers, and vital constraints on spending. FREELANCERS AND INDEPENDENT CONTRACTORS BEWARE: BIDEN VOWS The freedom to work as a freelancer or independent contractor provides flexibility for households and vibrancy to the American economy.But Joe Biden and Kamala Harris have both endorsed the PRO Act which threatens freelancers and independent contractors.The PRO Act not only bans Right to Work laws nationwide, it imposes the same independent BIDEN’S PLAN TO END PASS-THROUGH DEDUCTION WILL RAISE Democrat nominee Joe Biden claims that he will not raise taxes on small businesses if he wins in November.This is a lie.Time and time again, Biden has promised to repeal the Republican Tax Cuts and Jobs Act of 2017 (TCJA) “on day one.” If Biden succeeds, millions of American small businesses would see their taxes increase dramatically.The TCJA
SOUTH CAROLINA RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, South Carolina households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate incometax rate
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). MISSISSIPPI RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Mississippi households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to TREASURY CONFIRMS: BIDEN PLANS TO HIRE 87,000 NEW IRS President Joe Biden wants to hire 86,852 new IRS agents, which would more than double the agency’s workforce.. To put this into perspective: With 86,852 IRS agents, you could fill Nationals Park twice. 86,852 IRS agents is more than the population of Biden’s hometown of Wilmington, Delaware which has a population of 70,644. BIDEN MUST REIMBURSE TAXPAYERS FOR “AGGRESSIVE” TAX Biden Must Reimburse Taxpayers for “Aggressive” Tax Avoidance. President Joe Biden repeatedly utilized a tax “loophole” that allowed him to avoid paying taxes on $13 million of income including the 3.8 percent Obamacare Medicare Surtax on net investment income. Even left-leaning tax experts describe Biden’s avoidance as“aggressive.”.
BIDEN’S 87,000 NEW IRS AGENTS WILL GENERATE CASH FOR President Joe Biden plans to shovel $80 billion into the Internal Revenue Service to hire 86,852 new agents, a Treasury Department report confirmed Thursday. This massive influx of IRS agents would lead to a surge in union dues paid to the left-wing National Treasury Employees Union, which collects dues from roughly 70,000 current IRSemployees.
COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. BIDEN BREAKS HIS TAX PLEDGE ON 50TH DAY OF PRESIDENCY Today on the 50th day of his presidency President Joe Biden broke his pledge not to raise a single penny of taxes on any American earning less than $400,000 per year. Biden broke the pledge when he signed the $1.9 trillion Democratic spending package into law.The law imposes a $31 billion small business income tax increase which contains no BIDEN TO CALL FOR SECOND DEATH TAX THROUGH REPEAL OF STEP The New York Times is reporting that President Joe Biden will soon unveil the second part of his $4 trillion "infrastructure" plan. As part of this plan, Biden will propose eliminating step-up in basis, which will impose a second death tax on small businesses and families. This new death tax will impose a steep tax increase and paperwork nightmare for small businesses, farms, and GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. HUNGARY ATTACKS BIDEN'S GLOBAL MINIMUM TAX PLANS Hungary Attacks Biden's Global Minimum Tax Plans. The Biden administration is pushing for a global minimum tax to be set at 21% - a much higher rate than initially proposed by the OECD - to eliminate international tax competition as his administration is advocating for a massive increase of the domestic corporate income tax rate. H.R. 1 FORCES TAXPAYERS TO FUND CAMPAIGNS THEY DO NOT The top priority of Congressional Democrats is H.R. 1, an 800-page bill filled with partisan policies to rig the system in favor of the Left. Along with politicizing the FEC, chilling free speech, and unconstitutionally invalidating state election laws, H.R. 5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). TREASURY CONFIRMS: BIDEN PLANS TO HIRE 87,000 NEW IRS President Joe Biden wants to hire 86,852 new IRS agents, which would more than double the agency’s workforce.. To put this into perspective: With 86,852 IRS agents, you could fill Nationals Park twice. 86,852 IRS agents is more than the population of Biden’s hometown of Wilmington, Delaware which has a population of 70,644. BIDEN MUST REIMBURSE TAXPAYERS FOR “AGGRESSIVE” TAX Biden Must Reimburse Taxpayers for “Aggressive” Tax Avoidance. President Joe Biden repeatedly utilized a tax “loophole” that allowed him to avoid paying taxes on $13 million of income including the 3.8 percent Obamacare Medicare Surtax on net investment income. Even left-leaning tax experts describe Biden’s avoidance as“aggressive.”.
BIDEN’S 87,000 NEW IRS AGENTS WILL GENERATE CASH FOR President Joe Biden plans to shovel $80 billion into the Internal Revenue Service to hire 86,852 new agents, a Treasury Department report confirmed Thursday. This massive influx of IRS agents would lead to a surge in union dues paid to the left-wing National Treasury Employees Union, which collects dues from roughly 70,000 current IRSemployees.
COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. BIDEN BREAKS HIS TAX PLEDGE ON 50TH DAY OF PRESIDENCY Today on the 50th day of his presidency President Joe Biden broke his pledge not to raise a single penny of taxes on any American earning less than $400,000 per year. Biden broke the pledge when he signed the $1.9 trillion Democratic spending package into law.The law imposes a $31 billion small business income tax increase which contains no BIDEN TO CALL FOR SECOND DEATH TAX THROUGH REPEAL OF STEP The New York Times is reporting that President Joe Biden will soon unveil the second part of his $4 trillion "infrastructure" plan. As part of this plan, Biden will propose eliminating step-up in basis, which will impose a second death tax on small businesses and families. This new death tax will impose a steep tax increase and paperwork nightmare for small businesses, farms, and GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. HUNGARY ATTACKS BIDEN'S GLOBAL MINIMUM TAX PLANS Hungary Attacks Biden's Global Minimum Tax Plans. The Biden administration is pushing for a global minimum tax to be set at 21% - a much higher rate than initially proposed by the OECD - to eliminate international tax competition as his administration is advocating for a massive increase of the domestic corporate income tax rate. H.R. 1 FORCES TAXPAYERS TO FUND CAMPAIGNS THEY DO NOT The top priority of Congressional Democrats is H.R. 1, an 800-page bill filled with partisan policies to rig the system in favor of the Left. Along with politicizing the FEC, chilling free speech, and unconstitutionally invalidating state election laws, H.R. 5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). ABOUT AMERICANS FOR TAX REFORM About Americans for Tax Reform. Americans for Tax Reform (ATR) opposes all tax increases as a matter of principle. We believe in a system in which taxes are simpler, flatter, more visible, and lower than they are today. The government's power to control one's life derives from its power to tax. We believe that power should be minimized. DEM SUPERMAJORITY'S ATTEMPTS TO BURN NY TO THE GROUND 17 hours ago · Governor Cuomo and state legislators recently approved an expensive, tax-hiking, bloated mess of a state budget. Even after Cuomo begged for a federal bailout of the state to close a budget gap – which President Biden and Congressional Democrats granted – he signed a budget that raises taxes on high earners.The state was already sending the message that these people and TAXPAYER PROTECTION PLEDGE SIGNER JACK CIATTARELLI WINS NJ 2 hours ago · Americans for Tax Reform congratulates New Jersey Taxpayer Protection Pledge signer Jack Ciattarelli on winning the New Jersey Republican primary for Governor.. Incumbent Gov. Phil Murphy’s (D) reckless tax-and-spend agenda has given New Jersey the unwelcome distinction of being ranked 50th in the country for its overall Business Tax Climate. For that reason, it should be no NEW YORK RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY 2 hours ago · If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, New York households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to RSC BUDGET CALLS FOR CONSTRAINTS ON SPENDING AND TAXPAYER The Republican Study Committee Budget and Spending Task Force, led by Rep. Kevin Hern (R-Okla.) and Chairman Jim Banks (R-Ind.) released its FY2022 Budget.. In addition to nearly $2 trillion in tax cuts for working families and small businesses, the Budget also contains important institutional and constitutional protections for taxpayers, and vital constraints on spending. FREELANCERS AND INDEPENDENT CONTRACTORS BEWARE: BIDEN VOWS The freedom to work as a freelancer or independent contractor provides flexibility for households and vibrancy to the American economy.But Joe Biden and Kamala Harris have both endorsed the PRO Act which threatens freelancers and independent contractors.The PRO Act not only bans Right to Work laws nationwide, it imposes the same independent BIDEN’S PLAN TO END PASS-THROUGH DEDUCTION WILL RAISE Democrat nominee Joe Biden claims that he will not raise taxes on small businesses if he wins in November.This is a lie.Time and time again, Biden has promised to repeal the Republican Tax Cuts and Jobs Act of 2017 (TCJA) “on day one.” If Biden succeeds, millions of American small businesses would see their taxes increase dramatically.The TCJA
SOUTH CAROLINA RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, South Carolina households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate incometax rate
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). MISSISSIPPI RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Mississippi households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. FIVE REASONS TO OPPOSE H.R. 1, DEMOCRATS’ ATTEMPT TO This 800 page bill is packed with alarming proposals that should be rejected by Congress. Here are five reasons to oppose H.R. 1. 1) H.R. 1 Shows Democrats Care About Consolidating Power More Than Rebuilding the Economy. Each Congress, “H.R. 1” or” S. 1” is reserved for whatever bill is the biggest priority for the party that controls PELOSI DRUG PRICING PLAN CONTAINS 95% MANUFACTURER EXCISE Pelosi Drug Pricing Plan Contains 95% Manufacturer Excise Tax. House Speaker Nancy Pelosi’s drug pricing legislation, HR 3, the “Lower Drug Costs Now Act,” imposes a new excise tax on manufacturers of up to 95 percent of sales for refusing government price 36 ORGANIZATIONS SIGN COALITION LETTER CONDEMNING MENTHOL Earlier today, Americans for Tax Reform released a letter signed by 36 leading national and state-based organizations representing millions of taxpayers and consumers throughout the United States urging the Food and Drug Administration to reject a proposed ban on menthol cigarettes. This letter adds to a similar letter signed by 27 civil liberty and racial justice organizations organized by BIDEN MUST REIMBURSE TAXPAYERS FOR “AGGRESSIVE” TAX Biden Must Reimburse Taxpayers for “Aggressive” Tax Avoidance. President Joe Biden repeatedly utilized a tax “loophole” that allowed him to avoid paying taxes on $13 million of income including the 3.8 percent Obamacare Medicare Surtax on net investment income. Even left-leaning tax experts describe Biden’s avoidance as“aggressive.”.
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). THE COSTS AND CONSEQUENCES OF DRUG PRICE CONTROLS Introduction. Prescription drug prices are a popular target of lawmakers looking to mitigate rising healthcare costs in the United States. Recent years have seen both state and federal government officials suggest legislation that would implement price controls or GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. DEMOCRATS EXPOSE THEIR HYPOCRISY WITH SALT CRA VOTE Senate Minority Leader Chuck Schumer (D-N.Y.) forced a floor vote today on a resolution that will repeal the Trump tax law’s cap on state and local tax deductions. While Democrats campaign on raising taxes on the wealthy, 42 Democrat senators proved their hypocrisy by voting for this massive tax break for their richest constituents. The Republican-passed Tax Cuts and Jobs Act (TCJA CAPITAL GAINS TAXATION AND ECONOMIC GROWTH: A HISTORY Page 1 of 4 All research compiled by Strategas Research Partners LLC Capital Gains Taxation and Economic Growth: A History The capital gains tax rate impacts how investors realize their capital gains. COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. FIVE REASONS TO OPPOSE H.R. 1, DEMOCRATS’ ATTEMPT TO This 800 page bill is packed with alarming proposals that should be rejected by Congress. Here are five reasons to oppose H.R. 1. 1) H.R. 1 Shows Democrats Care About Consolidating Power More Than Rebuilding the Economy. Each Congress, “H.R. 1” or” S. 1” is reserved for whatever bill is the biggest priority for the party that controls PELOSI DRUG PRICING PLAN CONTAINS 95% MANUFACTURER EXCISE Pelosi Drug Pricing Plan Contains 95% Manufacturer Excise Tax. House Speaker Nancy Pelosi’s drug pricing legislation, HR 3, the “Lower Drug Costs Now Act,” imposes a new excise tax on manufacturers of up to 95 percent of sales for refusing government price 36 ORGANIZATIONS SIGN COALITION LETTER CONDEMNING MENTHOL Earlier today, Americans for Tax Reform released a letter signed by 36 leading national and state-based organizations representing millions of taxpayers and consumers throughout the United States urging the Food and Drug Administration to reject a proposed ban on menthol cigarettes. This letter adds to a similar letter signed by 27 civil liberty and racial justice organizations organized by BIDEN MUST REIMBURSE TAXPAYERS FOR “AGGRESSIVE” TAX Biden Must Reimburse Taxpayers for “Aggressive” Tax Avoidance. President Joe Biden repeatedly utilized a tax “loophole” that allowed him to avoid paying taxes on $13 million of income including the 3.8 percent Obamacare Medicare Surtax on net investment income. Even left-leaning tax experts describe Biden’s avoidance as“aggressive.”.
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). THE COSTS AND CONSEQUENCES OF DRUG PRICE CONTROLS Introduction. Prescription drug prices are a popular target of lawmakers looking to mitigate rising healthcare costs in the United States. Recent years have seen both state and federal government officials suggest legislation that would implement price controls or GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. DEMOCRATS EXPOSE THEIR HYPOCRISY WITH SALT CRA VOTE Senate Minority Leader Chuck Schumer (D-N.Y.) forced a floor vote today on a resolution that will repeal the Trump tax law’s cap on state and local tax deductions. While Democrats campaign on raising taxes on the wealthy, 42 Democrat senators proved their hypocrisy by voting for this massive tax break for their richest constituents. The Republican-passed Tax Cuts and Jobs Act (TCJA CAPITAL GAINS TAXATION AND ECONOMIC GROWTH: A HISTORY Page 1 of 4 All research compiled by Strategas Research Partners LLC Capital Gains Taxation and Economic Growth: A History The capital gains tax rate impacts how investors realize their capital gains. HIGH TAX DEMOCRATS 2020 High Tax Democrats 2020. Feb. 29. 2020: Joe Biden said: "If you elect me, your taxes are going to be raised, not cut, if you benefited from that. ". Feb. 27, 2020: Amy Klobuchar said : " Taking the capital gains rate and putting it closer to the personal income tax rate, brings in something like $500 billion. ". ATR LEADS COALITION OPPOSING RAISING TAXES ON ENERGY AND ATR today released a coalition letter signed by 19 organizations and activists in opposition to a proposal by President Biden and Congressional Democrats to raise taxes on American energy producers through eliminating the deduction for intangible drilling costs (IDCs). IDCs allows independent energy producers to immediately deduct business expenses related to drilling such as ATR RELEASES LIST OF 2021 NJ STATE PLEDGE SIGNERS (PRIMARY Americans for Tax Reform recognizes the New Jersey incumbents and candidates who have taken the Taxpayer Protection Pledge ahead of the June 8 primary election. The Pledge is a written commitment to hardworking taxpayers and to the American people to “oppose and vote against any and all efforts to increase taxes.” “By signing The Pledge to the voters, these candidates and FEDERAL UNEMPLOYMENT BENEFITS CONTINUE TO HINDER JOB While a positive monthly jobs report is always a positive, there is no question that job gains in April and May have been below expectations. This clearly demonstrates the failure of the federal government providing Americans an incentive not to work through federal unemployment insurance (UI) benefits.The federal government currently supplies an unemployment supplement, OKLAHOMA RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Oklahoma households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income taxrate increase to
OREGON RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Oregon households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income taxrate increase to
SOUTH CAROLINA RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, South Carolina households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate incometax rate
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). MISSISSIPPI RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Mississippi households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to JUNE 7, 2021 THE HONORABLE CHUCK SCHUMER THE HONORABLE June 7, 2021 The Honorable Chuck Schumer Majority Leader United States Senate S-221, the Capitol Washington, DC 20510 The Honorable MitchMcConnell
COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. FIVE REASONS TO OPPOSE H.R. 1, DEMOCRATS’ ATTEMPT TO This 800 page bill is packed with alarming proposals that should be rejected by Congress. Here are five reasons to oppose H.R. 1. 1) H.R. 1 Shows Democrats Care About Consolidating Power More Than Rebuilding the Economy. Each Congress, “H.R. 1” or” S. 1” is reserved for whatever bill is the biggest priority for the party that controls PELOSI DRUG PRICING PLAN CONTAINS 95% MANUFACTURER EXCISE Pelosi Drug Pricing Plan Contains 95% Manufacturer Excise Tax. House Speaker Nancy Pelosi’s drug pricing legislation, HR 3, the “Lower Drug Costs Now Act,” imposes a new excise tax on manufacturers of up to 95 percent of sales for refusing government price 36 ORGANIZATIONS SIGN COALITION LETTER CONDEMNING MENTHOL Earlier today, Americans for Tax Reform released a letter signed by 36 leading national and state-based organizations representing millions of taxpayers and consumers throughout the United States urging the Food and Drug Administration to reject a proposed ban on menthol cigarettes. This letter adds to a similar letter signed by 27 civil liberty and racial justice organizations organized by BIDEN MUST REIMBURSE TAXPAYERS FOR “AGGRESSIVE” TAX Biden Must Reimburse Taxpayers for “Aggressive” Tax Avoidance. President Joe Biden repeatedly utilized a tax “loophole” that allowed him to avoid paying taxes on $13 million of income including the 3.8 percent Obamacare Medicare Surtax on net investment income. Even left-leaning tax experts describe Biden’s avoidance as“aggressive.”.
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). THE COSTS AND CONSEQUENCES OF DRUG PRICE CONTROLS Introduction. Prescription drug prices are a popular target of lawmakers looking to mitigate rising healthcare costs in the United States. Recent years have seen both state and federal government officials suggest legislation that would implement price controls or GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. DEMOCRATS EXPOSE THEIR HYPOCRISY WITH SALT CRA VOTE Senate Minority Leader Chuck Schumer (D-N.Y.) forced a floor vote today on a resolution that will repeal the Trump tax law’s cap on state and local tax deductions. While Democrats campaign on raising taxes on the wealthy, 42 Democrat senators proved their hypocrisy by voting for this massive tax break for their richest constituents. The Republican-passed Tax Cuts and Jobs Act (TCJA CAPITAL GAINS TAXATION AND ECONOMIC GROWTH: A HISTORY Page 1 of 4 All research compiled by Strategas Research Partners LLC Capital Gains Taxation and Economic Growth: A History The capital gains tax rate impacts how investors realize their capital gains. COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. FIVE REASONS TO OPPOSE H.R. 1, DEMOCRATS’ ATTEMPT TO This 800 page bill is packed with alarming proposals that should be rejected by Congress. Here are five reasons to oppose H.R. 1. 1) H.R. 1 Shows Democrats Care About Consolidating Power More Than Rebuilding the Economy. Each Congress, “H.R. 1” or” S. 1” is reserved for whatever bill is the biggest priority for the party that controls PELOSI DRUG PRICING PLAN CONTAINS 95% MANUFACTURER EXCISE Pelosi Drug Pricing Plan Contains 95% Manufacturer Excise Tax. House Speaker Nancy Pelosi’s drug pricing legislation, HR 3, the “Lower Drug Costs Now Act,” imposes a new excise tax on manufacturers of up to 95 percent of sales for refusing government price 36 ORGANIZATIONS SIGN COALITION LETTER CONDEMNING MENTHOL Earlier today, Americans for Tax Reform released a letter signed by 36 leading national and state-based organizations representing millions of taxpayers and consumers throughout the United States urging the Food and Drug Administration to reject a proposed ban on menthol cigarettes. This letter adds to a similar letter signed by 27 civil liberty and racial justice organizations organized by BIDEN MUST REIMBURSE TAXPAYERS FOR “AGGRESSIVE” TAX Biden Must Reimburse Taxpayers for “Aggressive” Tax Avoidance. President Joe Biden repeatedly utilized a tax “loophole” that allowed him to avoid paying taxes on $13 million of income including the 3.8 percent Obamacare Medicare Surtax on net investment income. Even left-leaning tax experts describe Biden’s avoidance as“aggressive.”.
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). THE COSTS AND CONSEQUENCES OF DRUG PRICE CONTROLS Introduction. Prescription drug prices are a popular target of lawmakers looking to mitigate rising healthcare costs in the United States. Recent years have seen both state and federal government officials suggest legislation that would implement price controls or GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARY Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. DEMOCRATS EXPOSE THEIR HYPOCRISY WITH SALT CRA VOTE Senate Minority Leader Chuck Schumer (D-N.Y.) forced a floor vote today on a resolution that will repeal the Trump tax law’s cap on state and local tax deductions. While Democrats campaign on raising taxes on the wealthy, 42 Democrat senators proved their hypocrisy by voting for this massive tax break for their richest constituents. The Republican-passed Tax Cuts and Jobs Act (TCJA CAPITAL GAINS TAXATION AND ECONOMIC GROWTH: A HISTORY Page 1 of 4 All research compiled by Strategas Research Partners LLC Capital Gains Taxation and Economic Growth: A History The capital gains tax rate impacts how investors realize their capital gains. HIGH TAX DEMOCRATS 2020 High Tax Democrats 2020. Feb. 29. 2020: Joe Biden said: "If you elect me, your taxes are going to be raised, not cut, if you benefited from that. ". Feb. 27, 2020: Amy Klobuchar said : " Taking the capital gains rate and putting it closer to the personal income tax rate, brings in something like $500 billion. ". ATR LEADS COALITION OPPOSING RAISING TAXES ON ENERGY AND ATR today released a coalition letter signed by 19 organizations and activists in opposition to a proposal by President Biden and Congressional Democrats to raise taxes on American energy producers through eliminating the deduction for intangible drilling costs (IDCs). IDCs allows independent energy producers to immediately deduct business expenses related to drilling such as ATR RELEASES LIST OF 2021 NJ STATE PLEDGE SIGNERS (PRIMARY Americans for Tax Reform recognizes the New Jersey incumbents and candidates who have taken the Taxpayer Protection Pledge ahead of the June 8 primary election. The Pledge is a written commitment to hardworking taxpayers and to the American people to “oppose and vote against any and all efforts to increase taxes.” “By signing The Pledge to the voters, these candidates and FEDERAL UNEMPLOYMENT BENEFITS CONTINUE TO HINDER JOB While a positive monthly jobs report is always a positive, there is no question that job gains in April and May have been below expectations. This clearly demonstrates the failure of the federal government providing Americans an incentive not to work through federal unemployment insurance (UI) benefits.The federal government currently supplies an unemployment supplement, OKLAHOMA RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Oklahoma households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income taxrate increase to
OREGON RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Oregon households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income taxrate increase to
SOUTH CAROLINA RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, South Carolina households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate incometax rate
5 THINGS THAT WILL BE BANNED UNDER BIDEN-HARRIS 5 Things That Will Be Banned Under Biden-Harris. Joe Biden and Kamala Harris have vowed to ban or end many things. Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states). MISSISSIPPI RESIDENTS WILL GET STUCK WITH EVEN HIGHER If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Mississippi households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to JUNE 7, 2021 THE HONORABLE CHUCK SCHUMER THE HONORABLE June 7, 2021 The Honorable Chuck Schumer Majority Leader United States Senate S-221, the Capitol Washington, DC 20510 The Honorable MitchMcConnell
COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. 5 REASONS WHY BIDEN IS WRONG TO KILL THE KEYSTONE XL President Biden’s decision to cancel the Keystone XL pipeline will have a number of negative impacts on jobs, energy, and geopolitics. Here are five reasons why Biden’s decision to kill the Keystone XL pipeline is a terrible move. Thousands of American jobs killed. Keystone XL estimates that stopping the project will kill 11,000 jobs in 2021. This, in the midst of post PELOSI DRUG PRICING PLAN CONTAINS 95% MANUFACTURER EXCISE Pelosi Drug Pricing Plan Contains 95% Manufacturer Excise Tax. House Speaker Nancy Pelosi’s drug pricing legislation, HR 3, the “Lower Drug Costs Now Act,” imposes a new excise tax on manufacturers of up to 95 percent of sales for refusing government price FIVE REASONS TO OPPOSE H.R. 1, DEMOCRATS’ ATTEMPT TO This 800 page bill is packed with alarming proposals that should be rejected by Congress. Here are five reasons to oppose H.R. 1. 1) H.R. 1 Shows Democrats Care About Consolidating Power More Than Rebuilding the Economy. Each Congress, “H.R. 1” or” S. 1” is reserved for whatever bill is the biggest priority for the party that controls GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARYGREEN NEW DEAL AIRTRAVEL
Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. BIDEN TO CALL FOR SECOND DEATH TAX THROUGH REPEAL OF STEP The New York Times is reporting that President Joe Biden will soon unveil the second part of his $4 trillion "infrastructure" plan. As part of this plan, Biden will propose eliminating step-up in basis, which will impose a second death tax on small businesses and families. This new death tax will impose a steep tax increase and paperwork nightmare for small businesses, farms, and ELIZABETH WARREN'S SPOOKY 75% DEATH TAX Happy Halloween! Instead of dressing up as Pocahontas this year, 2020 Democrat Elizabeth Warren is dressing up as the Grim Reaper. Warren recently introduced spooky legislation that would tax Americans at death with a top rate of 75 percent.. Warren's legislation would impose a heavier tax burden at death by severely chopping the death tax exemption from the current $11.4 million down to $3.5 BIDEN TO IMPOSE $200 GUN TAX Biden to Impose $200 Gun Tax. Joe Biden would force semiautomatic rifle owners to either participate in a gun buyback program, or register their firearm under the National Firearms Act, which requires the payment of a $200 tax. This would extend to AR-15s and other common household rifles. DODD-FRANK IS CRUSHING AMERICA'S CREDIT UNIONS Get ready to say goodbye to your neighborhood credit union! Slowly, but surely regulations imposed by Dodd-Frank are putting credit unions out of business across America. As a result of the Dodd-Frank regulatory burden, U.S. credit unions have seen skyrocketing compliance costs and loss of revenue that are not only hurting credit unions, but also the American consumers that they serve. BREAKING: COMPREHENSIVE LIST OF TAXES IN HOUSE DEMOCRATLIST OF TAXES IN AMERICALIST OF TAXES IN USALIST OF TAXES BY STATEALL STATE TAXES LISTEUROPEAN TAXES VS AMERICAN TAXESUSA STATE TAXES LIST BREAKING: Comprehensive List of Taxes In House Democrat Health Bill. H.R. 3962, the "Affordable Health Care for America Act" has been introduced--all 1990 pages of it. This gargantuan beast contains thirteen new tax hikes. Here they all are, with description and page number ( PDF version ): Employer Mandate Excise Tax (Page 275): If an COLORADO VOTERS APPROVE PROPOSITION 117 REQUIRING VOTER Colorado voters have approved Proposition 117, a measure requiring voter approval on fee hikes that generate more than $100 million in revenue over five years.In 2019, the Colorado Supreme Court ruled that business fees were not considered taxes and thus outside the purview of the Taxpayer’s Bill of Rights (TABOR), which subjects all proposed tax hikes to voter approval. Prop. 5 REASONS WHY BIDEN IS WRONG TO KILL THE KEYSTONE XL President Biden’s decision to cancel the Keystone XL pipeline will have a number of negative impacts on jobs, energy, and geopolitics. Here are five reasons why Biden’s decision to kill the Keystone XL pipeline is a terrible move. Thousands of American jobs killed. Keystone XL estimates that stopping the project will kill 11,000 jobs in 2021. This, in the midst of post PELOSI DRUG PRICING PLAN CONTAINS 95% MANUFACTURER EXCISE Pelosi Drug Pricing Plan Contains 95% Manufacturer Excise Tax. House Speaker Nancy Pelosi’s drug pricing legislation, HR 3, the “Lower Drug Costs Now Act,” imposes a new excise tax on manufacturers of up to 95 percent of sales for refusing government price FIVE REASONS TO OPPOSE H.R. 1, DEMOCRATS’ ATTEMPT TO This 800 page bill is packed with alarming proposals that should be rejected by Congress. Here are five reasons to oppose H.R. 1. 1) H.R. 1 Shows Democrats Care About Consolidating Power More Than Rebuilding the Economy. Each Congress, “H.R. 1” or” S. 1” is reserved for whatever bill is the biggest priority for the party that controls GREEN NEW DEAL: "AIR TRAVEL STOPS BECOMING NECESSARYGREEN NEW DEAL AIRTRAVEL
Nationwide, a typical family of four received a $2,000 annual tax cut and a single parent with one child received a $1,300 annual tax cut. According to IRS statistics of income data analyzed by Americans for Tax Reform, households earning between $50,000 and $100,000 saw their average tax liability drop by over 13 percent between 2017 and 2018. BIDEN TO CALL FOR SECOND DEATH TAX THROUGH REPEAL OF STEP The New York Times is reporting that President Joe Biden will soon unveil the second part of his $4 trillion "infrastructure" plan. As part of this plan, Biden will propose eliminating step-up in basis, which will impose a second death tax on small businesses and families. This new death tax will impose a steep tax increase and paperwork nightmare for small businesses, farms, and ELIZABETH WARREN'S SPOOKY 75% DEATH TAX Happy Halloween! Instead of dressing up as Pocahontas this year, 2020 Democrat Elizabeth Warren is dressing up as the Grim Reaper. Warren recently introduced spooky legislation that would tax Americans at death with a top rate of 75 percent.. Warren's legislation would impose a heavier tax burden at death by severely chopping the death tax exemption from the current $11.4 million down to $3.5 BIDEN TO IMPOSE $200 GUN TAX Biden to Impose $200 Gun Tax. Joe Biden would force semiautomatic rifle owners to either participate in a gun buyback program, or register their firearm under the National Firearms Act, which requires the payment of a $200 tax. This would extend to AR-15s and other common household rifles. DODD-FRANK IS CRUSHING AMERICA'S CREDIT UNIONS Get ready to say goodbye to your neighborhood credit union! Slowly, but surely regulations imposed by Dodd-Frank are putting credit unions out of business across America. As a result of the Dodd-Frank regulatory burden, U.S. credit unions have seen skyrocketing compliance costs and loss of revenue that are not only hurting credit unions, but also the American consumers that they serve. BREAKING: COMPREHENSIVE LIST OF TAXES IN HOUSE DEMOCRATLIST OF TAXES IN AMERICALIST OF TAXES IN USALIST OF TAXES BY STATEALL STATE TAXES LISTEUROPEAN TAXES VS AMERICAN TAXESUSA STATE TAXES LIST BREAKING: Comprehensive List of Taxes In House Democrat Health Bill. H.R. 3962, the "Affordable Health Care for America Act" has been introduced--all 1990 pages of it. This gargantuan beast contains thirteen new tax hikes. Here they all are, with description and page number ( PDF version ): Employer Mandate Excise Tax (Page 275): If an ABOUT AMERICANS FOR TAX REFORM About Americans for Tax Reform. Americans for Tax Reform (ATR) opposes all tax increases as a matter of principle. We believe in a system in which taxes are simpler, flatter, more visible, and lower than they are today. The government's power to control one's life derives from its power to tax. We believe that power should be minimized.TAKE THE PLEDGE
More from Americans for Tax Reform. Free Market Groups Ask Congress to Rescind FCC Privacy Rules. ATR Submits Comments on FHFA’s CapitalRule
FEDERAL UNEMPLOYMENT BENEFITS CONTINUE TO HINDER JOB 12 hours ago · While a positive monthly jobs report is always a positive, there is no question that job gains in April and May have been below expectations. This clearly demonstrates the failure of the federal government providing Americans an incentive not to work through federal unemployment insurance (UI) benefits.The federal government currently supplies an unemployment supplement, ATR RELEASES LIST OF 2021 VA STATE TAXPAYER PROTECTION ATR today released a coalition letter signed by 71 organizations and activists urging members of Congress to oppose H.R. 3, the Lower Drug Costs Now Act.. This legislation imposes new taxes and government price controls on American medical innovation. It creates a 95 percent excise tax on manufacturers and imposes an international reference pricing scheme that directly imports foreign ATR RELEASES LIST OF 2021 NJ STATE PLEDGE SIGNERS (PRIMARY 13 hours ago · Americans for Tax Reform recognizes the New Jersey incumbents and candidates who have taken the Taxpayer Protection Pledge ahead of the June 8 primary election. The Pledge is a written commitment to hardworking taxpayers and to the American people to “oppose and vote against any and all efforts to increase taxes.” “By signing The Pledge to the voters, these candidates and OKLAHOMA RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY 19 hours ago · If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Oklahoma households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to BIDEN CORPORATE TAX RATE HIKE WILL RAISE YOUR UTILITY ALABAMA. Alabama Residents Will Get Stuck with Higher Utility Bills Due to Biden Corporate Tax Rate Hike https://www.atr.org/alabama-residents-will-get-stuck-higher OREGON RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY 15 hours ago · If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Oregon households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to MISSISSIPPI RESIDENTS WILL GET STUCK WITH EVEN HIGHER 16 hours ago · If Biden and the Democrats enact a corporate income tax rate increase, they will have to explain why they just increased your utility billsIf President Biden and congressional Democrats hike the corporate income tax rate, Mississippi households and businesses will get stuck with even higher utility bills.Democrats plan to impose a corporate income tax rate increase to JUNE 7, 2021 THE HONORABLE CHUCK SCHUMER THE HONORABLE 12 hours ago · June 7, 2021 The Honorable Chuck Schumer Majority Leader United States Senate S-221, the Capitol Washington, DC 20510 The Honorable Mitch McConnell Skip to main content* THE PLEDGE
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Email: Zip: *Privacy Policy NEW YORK TAKES FEDERAL BAILOUT, RAISES TAXES ANYWAYSShare on Facebook
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------------------------- Posted by Sheridan Nolen on Thursday, June 3rd, 2021, 1:53 PM PERMALINK* __
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Now every American is paying for the government malpractice taking place in Albany, NY. Gov. Andrew Cuomo and lawmakers in Albany reached an agreement on a $212 billion budgetthis
session that is riddled with absurd levels of new spending fueled by $4 billion in tax hikes. This comes
after New York state received $12.6 billion in federal coronavirusstimulus funds.
In the approved budget, individual New Yorkers who earn more than $1 million a year and couples earning more than $2 million will see their personal income tax rate rise from 8.82% to 9.65%. Two new brackets, for those with income over $5 million and $25 million, would have an income tax rate of 10.3% and 10.9%, respectively. These taxes increases will make the combined city and state income tax burden on residents in New York the highest in the nation. Additionally, there is a corporate franchise tax hike for businesses with more than $5 million in annual income, jumping from 6.5% to7.25%.
Critics have warned that these tax hikes would cost the city much-needed revenue if residents and businesses look to take refuge in lower-tax states and cities. In fact, Citizens Budget Commission president Andrew Rein accused lawmakers of failing to “appropriately leverage the opportunity provided by the infusion of funds” from President Biden’s $1.9 trillion COVID-19 relief package. Translation: the state got a huge bailout that Cuomo lobbied endlessly for and yet still raised taxes recklessly. In effort to counter critics who say that the tax hikes will cause big earners and companies to leave New York, Cuomo claimed that there will be an “overall net” reduction if federal lawmakers restore the deduction for state and local taxes, or SALT. However, this if false. “There is absolutely no assurance that the SALT cap will be repealed, unless federal rates are jacked up higher than Biden has already proposed,” saidEJ
McMahon of the Empire Center think tank. In his state of the state address in January 2021, Gov.Cuomo called
on
President Biden for this bailout, citing it as “basic economic justice and economic prudence.” Apparently, Gov. Cuomo’s definition of basic economic justice and economic prudence is to provide financial means for pork barrel spending.
One line item in the approved budget, standing at $4,605,000, is for “services and expenses of contractual payments related to the retention of professional football in Western New York.” This translates to using state money for the Buffalo Bills football team, which so happens to be Gov. Cuomo’s favorite.
Another $108 million payout goes towards the Kingsbridge Armory in the Bronx. This facility, which has been dormant for decades, is being considered to become a hockey complex. Hundreds of cultural, agricultural, and community groups are also set to receive money in the budget, including: * $45,000 to The Belle Harbor Yacht Club for “building improvements.” * $125,000 to the Christmas Tree Farmers Association to “promote Christmas trees.” * $50,000 to The Hop Growers of New York to promote New Yorkhops.
* $500,000 to the Brooklyn Alliance, Inc * $500,000 to the Queens Chamber of Commerce * $25 million to the Securing Communities Against Hate CrimeProgram
* $250,000 to Cornell University for the “Cannabis Workforce Initiative” Tens of millions of dollars in spending are also listed as “lump sum” appropriations in the budget. In other words, the public will never precisely know where the money is going. Gov. Cuomo is continuing to prove himself to be disingenuous, as he claims to need money from the federal government to help with budget deficits, but then turns around to tax the highest earners – and job creators – in the state. Cuomo’s stance here could also be a sign he’s capitulated to the Democrat supermajority in the state legislature, but is trying to keep up appearances. The Democrat legislative caucus is more radical than the Governor, and continues to hunt for even more tax hikes and more job-killing, economy-crushing policy, like a double gas tax and so-called anti-trustrules
that would allow the state to police businesses activity. Photo Credit: Zack Seward MORE FROM AMERICANS FOR TAX REFORM Tennessee’s Fiscal Responsibility Sets Nashville Music Scene Apart From New York, Los Angeles New York Legislative Proposals Will Cost Lives and Stifle Business Despite Biden Bailout, New York Dems Want Almost $7 Billion in NewTaxes
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------------------------- MAINE RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY BILLS DUE TO BIDEN CORPORATE TAX RATE HIKEShare on Facebook
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------------------------- Posted by John Kartch on Thursday, June 3rd, 2021, 1:25 PM PERMALINK* __
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_IF BIDEN AND THE DEMOCRATS ENACT A CORPORATE INCOME TAX RATE INCREASE, THEY WILL HAVE TO EXPLAIN WHY THEY JUST INCREASED YOURUTILITY BILLS_
If President Biden and congressional Democrats hike the corporate income tax rate, Maine households and businesses will get stuck with even higher utility bills. Democrats plan to impose a corporate income tax rate increase to 28%, even higher than communist China's 25%.This
does not even include state corporate income taxes, which average 4 -5% nationwide.
Customers bear the cost of corporate income taxes imposed on utility companies. Corporate income tax cuts drive utility rates down, corporate income tax hikes drive utility rates up. Electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utility companies worked with officials to pass along the tax savings to customers, including at least five Maine utilities. The savings take the form of either a rate reduction, or, a reduction to an existing/planned rate increase. Working with the Maine Public Utilities Commission, Central Maine Power Company, Emera Maine, Northern Utilities, Maine Natural Gas and Maine Water Company passed along tax savings to their customers. CENTRAL MAINE POWER COMPANY: AS NOTED IN THIS JUNE 21, 2018, STATE OF MAINE PUBLIC UTILITIES COMMISSION CENTRAL MAINE POWER COMPANY ANNUALCOMPLIANCE FILING
:
_CMP will decrease distribution rates by $16,429,187 to reflect distribution revenue requirement savings associated with the Tax Act. The decrease associated with the Tax Act -4- includes the one-time deferral of Tax Act benefits of $5,641,368 associated with the period January 2018 – June 2018._ EMERA MAINE: MAINE PUBLIC UTILITIES COMMISSION DOCUMENT:
_On October 2, 2017, Emera Maine filed a petition for an increase its distribution rates (Docket 2017-00198). Emera Maine requested a $10 million, or 12%, increase in its overall distribution revenues. In late December 2017, while the Company’s rate request was still pending before the Commission, Congress passed the Tax Cuts and Jobs Act (TCJA) which became law on January 1, 2018. Among its provisions, the TCJA reduced the corporate tax rate from 35% to 21%. The Commission required that Emera Maine update its rate request to reflect the impact of the TCJA on its proposed rates. By Order dated June 28, 2018, the Commission authorized the Company to increase its delivery rates by $4.5 million or 5.32% as of July 1, 2018. The Commission’s decision is based on a cost of equity of 9.35%. The approved rates reflect the current federal tax rate of 21%. The Commission’s decision also required that Emera Maine defer the difference between rates based upon the 34% and 21% tax rate for the period of January 1, 2018 to June 30, 2018. By Order dated September 11, 2018, the Commission granted in part a Motion for Reconsideration from the Company, deciding to reopen the question of how the savings associated with the TCJA for the January 1, 2018 through June 30, 2018 time period should be calculated. This issue is being considered in another docket (Docket 2018-00271) in conjunction with the review of the excess deferred income taxes that resulted from the TCJA. _ NORTHERN UTILITIES: MAINE PUBLIC UTILITIES COMMISSION DOCUMENT:
_On May 31, 2017, Northern Utilities requested approval for an increase in distribution rates of $6.5 million. After incorporating the effect of the TCJA and the Commission’s determinations in the case, the Commission ordered Northern to decrease its rates by $87,243 as of March 1, 2018. The Commission did not approve any rate increase associated with the adjustments presented by the Company to its test year operating revenues._ MAINE NATURAL GAS: AS NOTED IN THIS MAINE PUBLIC UTILITIES COMMISSIONDOCUMENT
:
_On January 11, 2018, the Commission opened an investigation into the impact of the TCJA on Maine Natural Gas and whether any rate adjustments are warranted (Docket 2018-00005). The Company’s rates were adjusted to reflect the effects of the TCJA in its annual rate adjustment filing (Docket 2018-00057). _ MAINE WATER COMPANY: AS NOTED IN THIS MARCH 15, 2019 MAINE PUBLIC UTILITIES COMMISSION DOCUMENT: _According to the Stipulation, only five MWC Divisions – Camden and Rockland, Freeport, Oakland, Skowhegan, and Millinocket – will experience significant reductions in their overall federal income tax expenses as a result of the Tax Act. MWC has agreed to record a monthly regulatory liability for the reduction in its federal income tax expense beginning January 1, 2018, and continuing through the next applicable rate case, plus carrying costs set at MWC’s last allowed weighted average cost of capital (WACC) for those five Divisions. This accumulated liability will flow back to ratepayers over a period to be decided in each Division’s next general rate case, which will be filed no later than March 1, 2022. MWC will also record excess water infrastructure surcharge revenues, including carrying costs set at their last allowed WACC, from the same five Divisions beginning January 1, 2018, and continuing until the effective date of any adjustments made to the water infrastructure surcharge in the division’s next water infrastructure surcharge filing. With respect to the four Divisions that will not book a regulatory liability but have a decrease in water infrastructure surcharge revenue as a result of the Tax Act, the Company will make a full adjustment of the water infrastructure surcharge revenue in those Divisions’ next water infrastructure surcharge filing._ _Additionally, MWC will treat excess deferred income taxes (EDITs) as an adjustment to rate base in each Division. The total EDIT balance at the time of a general rate filing will be allocated to the Division seeking to increase rates using the allocation method developed in Docket No. 2017-00163 and shown in Appendix B to the Stipulation. Adjustments generated by the Tax Act related to plant assets will be returned to ratepayers using the average rate assumption method as required by the Internal Revenue Service. MWC will amortize non-plant asset EDITs over a 10-year period beginning at the conclusion of each Division’s next general rate case._ Conversely, a vote for a corporate income tax rate hike is a vote for higher utility bills as households try to recover from the pandemic. Many small businesses operate on tight margins and can't afford higher heating, cooling, gas, and refrigeration costs. President Biden should withdraw his tax increases.Read More
------------------------- SENATOR CORNYN INTRODUCES BILL PROTECTING TAXPAYERS FROM IRS ABUSE OFPOWER
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------------------------- Posted by Regina Kelley on Thursday, June 3rd, 2021, 1:05 PM PERMALINK* __
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Senator John Cornyn (R-Texas) last month introduced_The
Small Business Taxpayer Bill of Rights Act_ _of 2021,_ legislation that would enact several important reforms to the Internal Revenue Service (IRS) so that small businesses and individuals are better protected from efforts by the agency to abuse its power. Strengthening taxpayer protections is especially important now, as President Joe Biden has introduced his plan to increase IRS funding by $80 billion, leading to 87,000additional
IRS agents, more audits, and intensified enforcement. Biden’s plan would also include provisions giving the IRS heightened power to access taxpayers’ private information, including mandating banks and third-party payment providers (like Venmo and PayPal) to report money going in and out of taxpayers’ accounts to the agency. ATR urges lawmakers to support and co-sponsor _The Small Business Taxpayer Bill of Rights Act_ _of 2021. _ STRENGTHENS TAXPAYER AND SMALL BUSINESS PROTECTIONS Senator Cornyn’s bill contains numerous provisions to ensure the IRS is acting in the best interests of taxpayers. First, this bill would ban any secret conversations between IRS employees and the IRS Independent Office of Appeals when discussing a taxpayer’s case. Violating this prohibition would be a fileable offense, in order to ensure the independence of the IRS Office of Appeals, which was created to protect taxpayers. In the same vein, the bill prohibits the IRS Independent Office of Appeals from raising new issues or theories during a conference with taxpayers and the IRS. Under this law, the IRS would need taxpayers’ consent before allowing IRS Counsel or compliance officials to participate in Appeals conferences, eliminating IRS policy that otherwise makes Appeals a more contentious proceeding. The bill would also add more protection against unnecessary lien foreclosures on a taxpayer’s home and increases the penalties for IRS agents who violate taxpayer rights by committing extortion, fraud,or bribery.
PROTECTS TAXPAYERS FROM IRS IMPROPER TARGETING The bill also contains reforms to protect taxpayers from being targeted by the IRS. For instance, Sen. Cornyn’s legislation makes it a fireable offense to apply disproportionate scrutiny to any applicant applying for tax-exempt status based on any ideology expressed in the name or purpose of the organization. The legislation also requires the Inspector General to review and consult with the IRS on any criteria it uses to select tax returns for audit, assessment, or any heightened scrutiny or review, to ensure that the criteria does not discriminate against taxpayers on the basis of race, religion, or political ideology. These provisions are especially important, given the IRS has a history of improperly targeting taxpayers. Most notably, the Obama IRS was caught unfairly denying conservative groups non-profit status ahead ofthe 2012 election.
Lois Lerner’s political beliefs led to tea party and conservative groups receiving disparate and unfair treatment when applying for non-profit status, according to a detailed REPORTcompiled
by the Senate Finance Committee. Because of Lerner’s bias, only ONE conservative organization was granted tax exempt status over a period of more than three years: _“Due to the circuitous process implemented by Lerner, ONLY ONE conservative political advocacy organization was granted tax-exempt status between February 2009 and May 2012. Lerner’s bias against these applicants unquestionably led to these delays, and is particularly evident when compared to the IRS’s treatment of other applications, discussed immediately below.”_ At the time, the Obama administration assuredthe
American people that justice would be served. Nonetheless, not a single person was punishedfor
this outrageous targeting. Since this scandal, the IRS has done little to prevent similar abuses.A 2016 report
by
the Government Accountability Office warned that the IRS may still be unfairly targeting non-profits “based on an organization’s religious, educational, political, or other views.” COMPENSATES TAXPAYERS FOR IRS ABUSES Sen. Cornyn’s legislation also ensures taxpayers are protected from crushing litigation fees. For instance, instead of small business owners being forced to choose between paying the IRS for a frivolous claim or paying a lawyer to defend them, this bill would allow owners to petition for attorney’s fees when a court determines the IRS’s legal actions are not substantially justified. If the IRS recklessly or intentionally disregards the law, its own regulations, or illegally releases tax information, the bill increases the amount of civil damages a taxpayer can be rewarded and provides more time that small businesses can be awarded. The legislation also compensates individuals for “No Change” National Research Program (NPP) Super-Audits, which are audits that occur randomly and require every single line item of return and proof of each item in detail. The bill would allow a deduction for those who undergo the super-audit, particularly because they must representthemselves.
LOWERS COMPLIANCE BURDEN FOR TAXPAYERS To allow for a speedier and less costly resolution of audits, the bill creates new alternative dispute resolution procedures to be conducted by an independent, neutral party not employed by the IRS. Finally, the bill grants small businesses the opportunity to become compliant without going out of business or firing workers when faced with paying a harsh levy. Under Biden’s plan, legions of new IRS agents will be unleashed for invasive and time-consuming audits of middle-class Americans and small businesses. Even though the IRS hasn’t yet corrected ideological discrimination or blatant incompetencewithin
the agency, the administration still plans to flood the agency with $80 billion and extensive new powers. With this in mind, safeguards against IRS abuses are absolutely necessary. Senator Cornyn’s _Small Business Taxpayer Bill of Rights Act_ contains numerous important reforms to protect taxpayers against an out of control IRS. If lawmakers are serious about protecting taxpayers from IRS harassment and abuse of power, they should support and co-sponsor this commonsense legislation. Photo Credit: Gage SkidmoreRead More
------------------------- BIDEN PLAN TO REPEAL IDCS THREATENS MANUFACTURING JOBS, RAISES ENERGYCOSTS
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------------------------- Posted by Alexander Hendrie on Thursday, June 3rd, 2021, 12:59 PM PERMALINK* __
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President Joe Biden and Congressional Democrats have proposed repealing various tax provisions they describe as “oil and gas subsidies.” Many of these provisions, such as the deduction of intangible drilling costs (IDCs), are not subsidies but are important tax provisions that promote investment, job creation, and growth. Repealing this provision and raising taxes on oil and gas taxpayers is a reckless policy proposal that will threaten manufacturing jobs across the country and raise the cost of energy for American families.WHAT ARE IDCS?
IDCs allows independent producers to immediately deduct business expenses related to drilling such as labor, site preparation, repairs, and survey work. As a recent LETTERled
by Rep. Jodey Arrington (R-Texas) and signed by 55 members of Congress explained, IDCs are neither unique nor lavish tax breaks for the oiland gas industry:
_“IDCs are not credits, loopholes, or subsidies. They are ordinary and necessary deductions, and a far cry from the lavish tax credits flowing to wealthy green energy investors and electric vehicle owners. Our tax code is designed to levy taxes on net profits, not on dollars used for operational costs or capital expenditures. Every business since the inception of the tax code, has used cost recoveryprovisions.”_
There are several recent proposals that would repeal IDCs along with a host of other tax provisions for oil and gas. For instance, Senate Finance Committee Chairman Ron Wyden (D-Ore.) recently proposedseveral tax
increases on oil and gas in his “Clean Energy for America Act.” President Joe Biden’s recently released Fiscal Year 2022 budget also calls for repealingthese tax
provisions as part of his plan to raise taxes on the industry by over $100 billion. Finally, pro-socialist politicians Senator Bernie Sanders (I-Vt.) and Rep. Ilhan Omar (D-Minn.) have introducedlegislation
with these tax increases. REPEALING IDCS IS BAD TAX POLICY. The deduction for IDCs is consistent with immediate expensing offered to all business investments, a policy change instituted in the Tax Cuts and Jobs Act of 2017. Currently, taxpayers can immediately deduct the cost of most assets (those with 20 years or less of depreciable life) in the year they are purchased. This policy incentivizes new investment, leading to greater economic productivity, job growth and higher wages. It also simplifies the tax code by equalizing the tax treatment of new investments with other business expenses such as wages, rent, and healthcare costs. In the past, many Democrats have recognized that full business expensing is not a loophole, but an important way to promote investment. For instance, former Obama Economic Adviser Jason Furmanhas long SUPPORTED
full
business expensing, and the policy was included in several Obama budgets (albeit as part of a net tax increase). The OBAMA WHITE HOUSEcorrectly
noted that the provision would help businesses and workers in press releases and fact sheets: _“If a business bought an additional $1 million worth of equipment next year, they would be able to deduct the full $1 million up front, potentially accelerating hundreds of thousands of dollars in tax cuts. That’s real money that businesses… could use to expand or hire new workers right now, and provides a strong incentive to increase investment now, creating even more jobs.” _ REPEALING IDCS WILL COST JOBS AND INVESTMENT. IDCs support high-paying American jobs across the country. As notedin
a 2014 study by Wood Mackenzie consulting, repealing the immediate deduction for IDCs would cost 265,000 jobs in the long-term. Given that this study was conducted almost a decade ago, it is entirely possible that job losses would be greater if the provision wasrepealed today.
Repealing IDCs will also reduce investment in the economy by $407 billion in the long-term because businesses will have less cash to invest in new projects. While it would have a significant economic impact, repealing IDCs would raise very little revenue. According to the Joint Committee on Taxation, repealof IDCs raises
$3.5 billion over the next decade. President Biden’s FY 2022 budget assumes repealing IDCs would raise $10.5 billion, which if true, would make it a greater, but still relatively insignificant revenue raiser. Oil and gas businesses collectively support 11 million high-paying manufacturing jobs. In 2017, these jobs paid an average salaryof
$102,000, 85 percent higher than the average private sector salary. Given President Biden routinely talks about the need to create millions of new high-paying manufacturing jobs, one would think he would support retaining provisions like the deduction for IDCs. Instead, he wants to repeal these provisions and raise taxes on existing manufacturing jobs. REPEALING IDCS WILL RAISE COSTS AND THREATEN AMERICAN ENERGYINDEPENDENCE.
Biden and Congressional Democrats are proposing this tax increase at a time that energy prices have increased significantly. The cost of gasoline is at a seven-year highand
in some parts of the country costs over $4 per gallon. According to the Bureau of Labor Statistics,
Gasoline prices have increased by 49.6 percent between April 2020 and April 2021 while oil has increased 37.3 percent. After being reliant on foreign energy in past decades, the U.S. became a net energy exporterin
2019 and 2020. This achievement helps America’s economy and strengthens national security as we are less reliant on foreign powers for our energy needs. Instead of building on this strengthen, Biden would diminish it, a move that would increase global reliance on hostile nations like Iran and Russia for energy. Photo Credit: Gino PezzaniRead More
------------------------- RHODE ISLAND RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY BILLS DUE TO BIDEN CORPORATE TAX RATE HIKEShare on Facebook
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------------------------- Posted by John Kartch on Thursday, June 3rd, 2021, 12:55 PM PERMALINK* __
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_IF BIDEN AND THE DEMOCRATS ENACT A CORPORATE INCOME TAX RATE INCREASE, THEY WILL HAVE TO EXPLAIN WHY THEY JUST INCREASED YOURUTILITY BILLS_
If President Biden and congressional Democrats hike the corporate income tax rate, Rhode Island households and businesses will get stuck with even higher utility bills. Democrats plan to impose a corporate income tax rate increase to 28%, even higher than communist China's 25%.This
does not even include state corporate income taxes, which average 4 -5% nationwide.
Customers bear the cost of corporate income taxes imposed on utility companies. Corporate income tax cuts drive utility rates down, corporate income tax hikes drive utility rates up. Electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utility companies worked with officials to pass along the tax savings to customers, including at least three RhodeIsland utilities.
Working with the Rhode Island Public Utilities Commission, National Grid Rhode Island, Suez Water and Interstate Navigation Company passed along tax savings to their customers. NATIONAL GRID RHODE ISLAND: AS NOTED IN THIS JANUARY 11, 2018 NATIONALGRID PRESS RELEASE
:
_National Grid Rhode Island announced today that it is reducing its electric and gas base distribution rate proposal with the Rhode Island Public Utilities Commission (RIPUC) by more than $25 million. Last November, National Grid had put forth its first proposal since 2012 asking the RIPUC to adjust its base distribution rates for both gas and electric customers. Since that time, National Grid has been assessing how the newly passed federal tax reform legislation that was signed into law in late December could benefit our customers._ _“Today’s announcement is a key indicator of how this new tax law can provide real benefits to National Grid’s customers,” said Tim Horan, president and COO of National Grid in Rhode Island. “We are committed to ensuring that the tax savings of the legislation are fully realized and are used to help our customers in their energybills.”_
SUEZ WATER: AS NOTED IN THIS JUNE 8, 2018 RHODE ISLAND PUBLIC UTILITIES COMMISSION DOCUMENT:
_The Company's Exhibit 4 (Cagle), Schedule 5C contains detail that shows that the Company originally estimated an amount of $129,640 of federal income tax savings from January 1 through September 30, 2018, its estimated effective date of new rates. The Company has reflected that as part of its proposed TCJA-related Regulatory Liability, which the Company proposes to amortize over 50 years. The Company has thus proposed to reduce rate year income tax expense by $2,593, relating to its proposed 50-year amortization of this component of its TCJA-related Regulatory Liability. _ INTERSTATE NAVIGATION COMPANY: AS NOTED IN THIS RHODE ISLAND PUBLIC UTILITIES COMMISSION DOCUMENT:
_The parties also agreed on a method for crediting ratepayers with the tax savings from the reduction to the corporate tax rate. The Settlement Agreement provided for the creation of a new capital reserve account to be used by Interstate for capital projects including fixed asset purchases such as new vessels and/or overhauls of vessels, buildings, ramps, docks, pilings, etc. The initial funding will be $1,519,701 and the account will accrue interest at the Washington Trust Company money market rate. The following conditions will apply: (1) ratepayers will be credited when Interstate excludes the depreciation on the appropriate portion of any asset paid for from the capital reserve account funds; (2) if only a portion of the asset was paid for from the capital reserve account funds, the depreciation will be prorated; (3) any portion of the assets purchased from the capital reserve account funds will be excluded from rate base; and (4) because there will be no book depreciation on assets purchased from the capital reserve account, to account for tax depreciation, a credit will be added at the end of each fiscal year to the capital reserve account to capture the benefit for ratepayers. The credit will reflect the tax savings from the tax depreciation at the 21% corporate tax rate and will be added to the ratepayer’s portion of the earnings in excess of 12% on each year’s Return on Equity report_ Conversely, a vote for a corporate income tax rate hike is a vote for higher utility bills as households try to recover from the pandemic. Many small businesses operate on tight margins and can't afford higher heating, cooling, gas, and refrigeration costs. President Biden should withdraw his tax increases.Read More
------------------------- LOUISIANA RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY BILLS DUE TO BIDEN CORPORATE TAX RATE HIKEShare on Facebook
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------------------------- Posted by John Kartch on Thursday, June 3rd, 2021, 10:44 AM PERMALINK* __
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_IF BIDEN AND THE DEMOCRATS ENACT A CORPORATE INCOME TAX RATE INCREASE, THEY WILL HAVE TO EXPLAIN WHY THEY JUST INCREASED YOURUTILITY BILLS_
If President Biden and congressional Democrats hike the corporate income tax rate, Louisiana households and businesses will get stuck with even higher utility bills. Democrats plan to impose a corporate income tax rate increase to 28%, even higher than communist China's 25%.This
does not even include state corporate income taxes, which average 4 -5% nationwide.
Customers bear the cost of corporate income taxes imposed on utility companies. Corporate income tax cuts drive utility rates down, corporate income tax hikes drive utility rates up. Electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utility companies worked with officials to pass along the tax savings to customers, including at least eight Louisiana utilities. Working with the Louisiana Public Service Commission, Entergy Louisiana, Entergy New Orleans, Cleco Corporation, Southwestern Electric Power Company, Atmos Energy, Ascension Wastewater Treatment, Inc., Pierre Part Natural Gas Company, Inc. and South Coast Gas Co. passed along tax savings to their customers. ENTERGY NEW ORLEANS: AS NOTED IN THIS APRIL 11, 2018, ENTERGY NEW ORLEANS PRESS RELEASE:
_Entergy New Orleans filed with the New Orleans City Council Monday its proposal for implementing the benefits of the recent federal tax reform legislation. If approved by the council, customers would realize approximately $47 million annually in near-term tax savings and an additional $71 million in savings over the longer term._ _"We're working to ensure that our customers receive timely benefits from the new tax reform legislation," said Charles Rice, president and CEO of Entergy New Orleans, LLC. "We're glad to pass on these additional savings by reducing rates below what they otherwise would be, especially during the hot summer months when energy usage rises along with the thermometer."_ CLECO CORPORATION: AS NOTED IN THIS JULY 10, 2019 KTBS EXCERPT:
_SWEPCO and CLECO customers will get a break on their monthly bills in the coming months thanks to lower federal taxes, Louisiana Public Service Commissioner Foster Campbell announced Wednesday._ _For the average SWEPCO customers, bills will decline more than $13 per month for the next three months. For CLECO customers, bills will go down more than $12 per month for the next 12 months._ _To be more specific, an average SWEPCO residential customer using 1,282 kilowatt-hours will receive a credit of $13.62 on their August, September and October electric bills, while an average CLECO residential customer using 1217 kilowatt-hours will get a $12 credit beginning next month and running through July 2020._ _Extending the benefit, average SWEPCO bills for November 2019 through July 2020 will reflect reductions of $3.03 each month._ _The overall impact is a reduction of $24.4 million for SWEPCO’s 231,000 Louisiana customers and a drop of $84 million for CLECO’s285,000 customers._
ENTERGY LOUISIANA: AS NOTED IN THIS APRIL 18, 2018, ENTERGY LOUISIANAPRESS RELEASE
:
_Entergy Louisiana customers will see a series of rate reductions over the remainder of 2018 under an agreement approved today by the Louisiana Public Service Commission._ _The first of the reductions will occur in May as a result of $210 million in federal tax reform-related savings, $105 million of which will be returned to customers over the next eight months, with the remaining half of these savings returned to customers over the following four years. As a result, a typical residential customer using 1,000 kWh per month will see a roughly $4.20 decrease on monthly bills from May through December of this year._ _A second reduction of approximately $2 per month on residential bills will occur in September 2018 as a result of additional credits tied to the Tax Cuts and Jobs Act approved by Congress in late 2017. At the same time, Entergy Louisiana will begin realizing approximately $130 million in annual tax savings to offset the cost of upgradinginfrastructure._
_“Along with customer refunds, tax reform also helps provide us the ability to invest in modernizing our system for the benefit of customers while maintaining some of the lowest rates in the country,” Phillip May, president and CEO of Entergy Louisiana, said_ SOUTHWESTERN ELECTRIC POWER COMPANY: AS NOTED IN THIS JULY 10, 2019 SHREVEPORT TIMES EXCERPT:
_Average SWEPCO customers will see their monthly bills decline more than $13 per month for the next three months due to lower federal taxes paid by SWEPCO, according to Public Service Commissioner FosterCampbell._
_An average SWEPCO residential customer using 1,282 kilowatt-hours will receive a credit of $13.62 on their August, September and Octoberelectric bills. _
_Extending the benefit, average SWEPCO bills for November 2019 through July 2020 will reflect reductions of $3.03 each month._ _The overall impact is a reduction of $24.4 million for SWEPCO’s 231,000 Louisiana customers. Exact impacts for customers will be based on their individual consumption._ ATMOS ENERGY: AS NOTED IN THIS FEBRUARY 14, 2018 LOUISIANA PUBLIC SERVICE COMMISSION DOCUMENT:
_Income taxes, like all other prudently incurred costs, are passed through to our customers through our rates. Atmos Energy is committed to ensuring customers receive the full benefit of the changes in the utility’s cost of service resulting from the TCJA. As discussed in more detail below, the annual rate stabilization clause (“RSC”) process allows changes in the Company’s cost of service to be promptly reflected in its rates each year, as opposed to waiting for a general rate case. Through Atmos Energy’s RSC filing on December 22, 2017 (Trans La) and April 1, 2018 (LGS), the comprehensive impacts of TCJA will be reflected in customer rates as early as July 1, 2018, as described further below. However, if the Commission desires a quicker impact to rates, the Company is amenable to discussing accelerated solutions that will permit the current portion of the income tax expense savings to be implemented sooner. Below is a description of how these savings will be incorporated into Atmos Energy’s rates in the Louisiana Gas Service Rate Division (“LGS”) and the Trans Louisiana Gas Division (“TransLa”). __A. LGS _
_The Company will file its annual rate stabilization clause (“RSC”) filing before April 1, 2018. Included in this year’s filing will be an update to the federal income tax rate from 35% to 21% Based on the change in deficiency that results from the 35% to 21% income tax rate, the reduction to the 2017 LGS RSC filing for this item is expected to be approximately $5.9 million. _ _The Company recorded excess deferred income taxes (“EDIT”) in its quarter ended December 31, 2017 related to LGS in the amount of $38.3 million. An estimate of the amortization period is not available at the time of this report. However if the EDIT is amortized over a period of forty years the annual reduction to cost of service is an additional $950,000, with a corresponding adjustment to rate base. _ _The Company is working to establish an initial estimate for incorporating the EDIT into the RSC filing. The software modifications to incorporate the amortization into the books and records will take some months to perform. Therefore, the Company believes that an initial estimate is the best approach for this year’s filing. Any variances in the estimated amortization and actual amortization can be trued—up on a subsequent RSC filing. __B. TransLa _
_The Company filed its RSC filing on December 22, 2017; thus, the filing did not incorporate the impact of TCJ A. However, the Company and Commission Staff have agreed (Docket U—347l4) to suspend the April 1, 2018 implementation of rates to allow additional time for Staff’s consultant to conduct proper discovery and to incorporate the impacts of TC] A into the filing. The effect of reducing the income tax rate from 35% to 21% reduces the TransLa filing by approximately $2.5 million. _ _The Company recorded EDIT in its quarter ended December 31, 2018 related to Trans La in the amount of $23.3 million. An estimate of the amortization period is not available at the time of this report. However if the EDIT is amortized over a period of forty years the annual reduction to cost of service is an additional $575,000, with a corresponding adjustment to rate base. _ _The Company is working to establish an initial estimate for incorporating into discovery provided in the Trans La RSC filing. The software modifications to incorporate the amortization into the books and records will take some months to perform. Therefore, the Company believes that an initial estimate is the best approach for this year’s filing. Any variances in the estimated amortization and actual amortization can be trued—up on a subsequent RSC filing. _ ASCENSION WASTEWATER TREATMENT, INC.: AS NOTED IN THIS MARCH 20, 2018 LOUISIANA PUBLIC SERVICE COMMISSION DOCUMENT:
_In summary, AWT’s 2018 estimated current income tax expense savings resulting from the passage of the TCJA totals $53,604 for an estimated $0.31 monthly rate reduction per ratepayer. All requirements to both record and adjust any regulatory liabilities as it relates to the reduced federal rate of 21% along with any excess accumulated deferred income taxes will be made, accordingly, subject to AWT’s ability to verify the actual amount of tax savings._ PIERRE PART NATURAL GAS COMPANY, INC.: AS NOTED IN THIS MARCH 20, 2018 LOUISIANA PUBLIC SERVICE COMMISSION DOCUMENT:
_Pierre Part further understands there will be two impacts from the tax reduction. First, there is a reduction in annual federal tax expense incurred by Pierre Part. Second, there is a reduction in the amount of accelerated deferred taxes that Pierre Part is required to reflect on its balance sheet and a corresponding increase in rate base. Each of these impacts is discussed below. _ _Regarding the reduction in annual federal tax expense, Pierre Part estimates the reduction will be approximately $5,075 based on June 1, 2017 - July 31, 2018 fiscal year data. Current rates are based on federal tax expense of $12,689, which would be reduced to 7,615 based on a 21% tax rate, for a difference of $5,075._ _Regarding the reduction in deferred taxes, Pierre Part estimates the reduction would be approximately $853 per year. The reduction of deferred taxes on the balance sheet would be $22,800, amortized over 25 years, for an annual amount of $853 after offsetting the corresponding effect of increased base rate._ SOUTH COAST GAS CO.: AS NOTED IN THIS MARCH 20, 2018 LOUISIANA PUBLIC SERVICE COMMISSION DOCUMENT:
_South Coast further understands there will be two impacts from the tax reduction. First, there is a reduction in annual federal tax expense incurred by South Coast. Second, there is a reduction in the amount of accelerated deferred taxes that South Coast is required to reflect on its balance sheet and a corresponding increase in rate base. Each of these impacts is discussed below. _ _Regarding the reduction in annual federal tax expense, South Coast estimates the reduction will be approximately $88,131 based on June 1, 2017 — July 31, 2018 fiscal year data. Current rates are based on federal tax expense of $220,329, which would be reduced to $132,198 based on a 21% tax rate, for a difference of $88,131. _ _Regarding the reduction in deferred taxes, South Coast estimates the reduction would be approximately $10,146 per year. The reduction of deferred taxes on the balance sheet would be $271,268, amortized over 25 years, for an annual amount of $10,146 alter offsetting the corresponding effect of increased rate base._ Conversely, a vote for a corporate income tax rate hike is a vote for higher utility bills as households try to recover from the pandemic. Many small businesses operate on tight margins and can't afford higher heating, cooling, gas, and refrigeration costs. President Biden should withdraw his tax increases.Read More
------------------------- ATR CALLS FOR STRONGER RESPONSE FROM USTR TO FOREIGN DIGITAL TAXESShare on Facebook
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------------------------- Posted by Andreas Hellmann on Wednesday, June 2nd, 2021, 5:41 PM PERMALINK* __
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Americans for Tax Reform (ATR) supports the U.S. Trade Representative’s announcement regarding the implementation of tariffs against six countries as a measure to counter discriminatory Digital Services Taxes (DSTs). While tariffs are economically damaging, the U.S should not stand idly by while foreign countries take advantage of American workers and businesses. While the ultimate goal should be lower trade barriers, USTR should not hesitate to proportionally respond to foreign efforts to take aim U.S. families and businesses. Today, USTR announced and then immediately suspended the implementation of tariffs against Austria, India, Italy, Spain, Turkey, and the United Kingdom. The tariffs will be suspended for up to 180 days in order to provide sufficient time for multilateral negotiations to take place at the OECD. Digital Services Taxes discriminate against U.S. companies and have the potential to cause significant harm to the U.S. tax base. This most recent announcement by USTR followed yearlong Section 301 investigations into the six countries, originally initiated by the Trump Administration and then continued under the Biden Administration. It is crucial that the Biden Administration maintains the goal of finding a strong remedy for foreign DSTs. Today’s announcement was an important move by USTR to ensure that negotiations at the Organization for Economic Cooperation and Development (OECD) must continue. Unfortunately, this warning about the potential for future tariffs is not strong enough to discourage the six named countries from proceeding with their unilateral DSTs before OECD negotiations conclude. _"THE U.S. IS NOT RESPONDING FORCEFULLY ENOUGH TO COUNTRIES THAT ARE RELENTLESS IN EXTRACTING REVENUE FROM THE U.S. AND HAVE BEEN DISCRIMINATING AGAINST U.S. COMPANIES. THE BIDEN ADMINISTRATION IS RELYING ON THE FALSE HOPE THAT INTERNATIONAL RULES WILL BE SUFFICIENT TO END UNILATERAL MEASURES, BUT THE EUROPEANS DON’T HAVE ANYTHING TO LOSE OR TO FEAR,"_ SAID ATR PRESIDENT GROVER NORQUIST. Furthermore, this announcement should indicate to other countries that are also pursuing DSTs, such as Canada and the Czech Republic, that they would be better served by following international negotiations instead of moving forward with their unilateral DSTs. USTR must act in order to prevent the unfair exploitation of American companies andtaxpayers.
The Biden Administration and USTR must continue to hold firm and ensure that other national governments seek out multilateral solutions that do not allow for discriminatory DSTs against American companiesand workers.
Photo Credit: Gage SkidmoreRead More
------------------------- NORTH CAROLINA RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY BILLS DUE TO BIDEN CORPORATE TAX RATE HIKEShare on Facebook
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------------------------- Posted by John Kartch on Wednesday, June 2nd, 2021, 3:15 PM PERMALINK* __
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_IF BIDEN AND THE DEMOCRATS ENACT A CORPORATE INCOME TAX RATE INCREASE, THEY WILL HAVE TO EXPLAIN WHY THEY JUST INCREASED YOURUTILITY BILLS_
If President Biden and congressional Democrats hike the corporate income tax rate, North Carolina households and businesses will get stuck with even higher utility bills. Democrats plan to impose a corporate income tax rate increase to 28%, even higher than communist China's 25%.This
does not even include state corporate income taxes, which average 4 -5% nationwide.
Customers bear the cost of corporate income taxes imposed on utility companies. Corporate income tax cuts drive utility rates down, corporate income tax hikes drive utility rates up. Electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utility companies worked with officials to pass along the tax savings to customers, including at least two North Carolina utilities. Working with the North Carolina Utilities Commission, Duke Energy Carolinas and Duke Energy Progress passed along tax savings to theircustomers.
AS NOTED IN THIS February 1, 2018 Duke Energy press release:
_Duke Energy today outlined its proposal to pass along savings from the new federal tax law to its North Carolina customers in ways that will lower bills in the near term and help offset increases in thefuture._
_Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP) offered the proposal in a filing with the North Carolina Utilities Commission (NCUC) today. Duke Energy has maintained customers' rates significantly below the national average for many decades while providing safe, reliable and increasingly clean energy for NorthCarolinians._
_"This is a unique opportunity that allows us to reduce customer bills in the short term while also helping to offset future rate increases," said David Fountain, Duke Energy's North Carolina president. "With a balanced approach, our customers can benefit from a reduction in the corporate income tax rate, while we continue to make smart investments on behalf of our customers."_ As noted in this JUNE 22, 2018 NORTH CAROLINA UTILITIES COMMISSIONPRESS RELEASE
:
_One of the primary drivers for the order to reduce rates is the passage of the Federal Tax Cuts and Jobs Act, which reduced the corporate income tax rate from 35% to 21%. _ Conversely, a vote for a corporate income tax rate hike is a vote for higher utility bills as households try to recover from the pandemic. Many small businesses operate on tight margins and can't afford higher heating, cooling, gas, and refrigeration costs. President Biden should withdraw his tax increases.Read More
------------------------- ATR RELEASES LIST OF 2021 VA STATE TAXPAYER PROTECTION PLEDGE SIGNERS(PRIMARY ELECTION)
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------------------------- Posted by Sheridan Nolen on Wednesday, June 2nd, 2021, 12:06 PM PERMALINK* __
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According to the Tax Foundation’s 2021 Business Tax Climate Index,
Virginia’s tax climate is uncompetitive. The commonwealth is ranked 26th in the nation for its overall tax climate and 35th for its individual income tax rate. To compete with the likes of neighboring states Tennessee and North Carolina, Virginia needs elected officials who are committed to lowering taxes across the board for Virginians. As tax-hiking radicals like Terry McAuliffe and his down-ballot allies propose millions in new taxes, it is important for taxpayers to know who stands with them. Signing the Taxpayer Protection Pledge is the easiest, most clear way for voters to know where a candidate stands ontaxes.
The Virginia House of Delegates primary election will be held next week on June 8. Americans for Tax Reform is pleased to announce that 23 candidates for the House of Delegates in Virginia have signed the Taxpayer Protection Pledge, a written commitment to voters that the candidate will vote against any and all tax increases if they areelected.
The following candidates for office have made a written commitmentto taxpayers:
William Wampler – District 4 Israel O’Quinn – District 5 Charles Poindexter – District 9 Wren Williams – District 9 Nicholas Clemente – District 10 Todd Gilbert – District 15 Michael Webert – District 18 Kathy Byron – District 22 Isaiah Knight – District 22 Tony Wilt – District 26 Dave Larock – District 33 Maria Martin – District 52 Rob Bell – District 58 Tommy Wright – District 61 Emily Brewer – District 64 R. Lee Ware – District 65 Kirk Cox – District 66 Mike Dickinson – District 68 Geoffrey Burke – District 77 Mark Cole – District 88 Timothy Lewis – District 88 Philip Scott – District 88 Margaret Ransone – District 99 Anyone can say they are against tax hikes, but only those who are firm in their beliefs will make that commitment in writing. Just ask the 223 members of the United States Congress, 13 Governors, and approximately 1,000 state legislators across the country who have signed the Taxpayer Protection Pledge. Americans for Tax Reform asks all candidates for state and federal office to sign the Taxpayer Protection Pledge. Candidates in Virginia can still make this important commitment to voters ahead of the June 8 primary by visiting: www.atr.org/take-the-pledge.
New candidates sign the Taxpayer Protection Pledge regularly. For the most up-to-date information on this race or any other, please visit the ATR Pledge Database . Photo Credit: Rob Pegoraro MORE FROM AMERICANS FOR TAX REFORM Virginia Taxpayers can count on Youngkin, Sears, and Miyares U.S. Senate Candidate Jane Timken Commits to Oppose Tax Hikes New Michigan Taxpayer Protection Caucus Announced, Led by Representative Andrew BeelerRead More
------------------------- SOUTH CAROLINA RESIDENTS WILL GET STUCK WITH EVEN HIGHER UTILITY BILLS DUE TO BIDEN CORPORATE TAX RATE HIKEShare on Facebook
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------------------------- Posted by John Kartch on Wednesday, June 2nd, 2021, 7:15 AM PERMALINK* __
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_IF BIDEN AND THE DEMOCRATS ENACT A CORPORATE INCOME TAX RATE INCREASE, THEY WILL HAVE TO EXPLAIN WHY THEY JUST INCREASED YOURUTILITY BILLS_
If President Biden and congressional Democrats hike the corporate income tax rate, South Carolina households and businesses will get stuck with even higher utility bills. Democrats plan to impose a corporate income tax rate increase to 28%, even higher than communist China's 25%.This
does not even include state corporate income taxes, which average 4 -5% nationwide.
Customers bear the cost of corporate income taxes imposed on utility companies. Corporate income tax cuts drive utility rates down, corporate income tax hikes drive utility rates up. Electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utility companies worked with officials to pass along the tax savings to customers, including at least four South Carolina utilities. The savings take the form of either a rate reduction, or, a reduction to an existing/planned rate increase. Working with the South Carolina Public Service Commission, Duke Energy, Dominion Energy, Palmetto Utilities Inc. and South Carolina Gas and Electric passed along tax savings to their customers. SOUTH CAROLINA GAS AND ELECTRIC: AS NOTED IN THIS AUGUST 31, 2018 SOUTH CAROLINA PUBLIC SERVICE COMMISSION DOCUMENT:
_In recognition of the Tax Cuts and Jobs Act of 2017 (“Tax Reform”), SCE&G shall provide customers a retail electric service bill credit equal to 4.42% of their billed rate schedule charges, excluding past due amounts, interest, penalties, non-standard service charges, franchise fees, and sales taxes. This bill credit shall be fixed at this amount for bills rendered after the effective date of this rider and before January 1, 2021 or until such earlier date as the Public Service Commission of South Carolina replaces it with a different calculation for applying the impact of the Tax Reform._ PALMETTO UTILITIES INC.: AS NOTED IN THIS JULY 13, 2020 THE POST ANDCOURIER EXCERPT
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_The rate hike would be lower in the first year because the utility agreed — as a stipulation of the settlement — to pass along to customers its savings from the 2017 Tax Cuts and Jobs Act._ _The utility would agree not to seek another rate hike until 2023. _ DUKE ENERGY: AS NOTED IN THIS JUNE 3, 2019 DUKE ENERGY PRESS RELEASE:
_The changes in customer rates come after a lengthy and very public process evaluating a request that is at the heart of the company’s ability to build a smarter energy infrastructure for South Carolina. The new rates also reflect the company’s efforts to deliver electricity that is cleaner than ever, and ensure the best customer service possible. The new rates will also reflect savings from recenttax reform._
DOMINION ENERGY: AS NOTED IN THIS JUNE 14, 2019 DOMINION ENERGY LETTER:
_Additionally, pursuant to PSC Order No. 2018-308 issued in Docket No. 2017-381-A related to The Tax Cuts and Jobs Act ("Tax Act"), the PSC requires utilities to track and defer as a regulatory liability the effects resulting from the Tax Act. The Total as Adjusted ROE of 7.05% includes the estimated impact of the Tax Act on SCE&G's base retail electric business for the twelve-months ended March 31, 2019._ _Certain accumulated deferred income taxes contained within net regulatory liabilities represent excess deferred income taxes arising from the re-measurement of deferred income taxes upon the enactment of the Tax Act. These amounts will be amortized to the benefit of customers as prescribed in PSC Order No. 2018-804._ Conversely, a vote for a corporate income tax rate hike is a vote for higher utility bills as households try to recover from the pandemic. Many small businesses operate on tight margins and can't afford higher heating, cooling, gas, and refrigeration costs. President Biden should withdraw his tax increases.Read More
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