Category Archives: Taxation

Bill Gates Advocates Higher Taxes, While Famoulsy Using His Charitable Foundation As A Tax Haven Of Sorts

Business, Celebrity, Taxation, Technology

What a so-and-so! Bill Gates, like Messrs. Buffett, Zuckerberg and Musk, shovel their “fortunes into a charitable foundation,” which “has the happy side-effect of reducing tax bills, too—meaning that billionaires’ schemes can leave poorer taxpayers to fill in the gaps in public spending.”—The Economist, “Billionaires and the Falcon Heavy.”

“He’s learned the art of virtue-signaling hypocrisy from his bridge buddy,” mocks investor Clifford Asness.

Microsoft founder and billionaire … Gates says he should pay more in taxes and that the government should require other superwealthy people like him to contribute “significantly higher” amounts.
“I need to pay higher taxes,” Gates, who is worth over $90 billion, said in an interview with CNN’s Fareed Zakaria on Sunday.
“I’ve paid more taxes, over $10 billion, than anyone else, but the government should require the people in my position to pay significantly higher taxes,” he said.

“Billionaire Bill Gates says he should pay ‘significantly higher’ taxes.”

UPDATED (12/26): So You Know: Trump Tax Relief For Individual Workers Sunsets In 2025

Business, Donald Trump, Individualism Vs. Collectivism, Political Economy, Republicans, Taxation

“Really it was very nice to work as a collective towards a unified nation,” intoned Ivanka Trump, who lobbied hard—and successfully—for the Trump Tax Bill, passed.

Only a handful on the “Right” are daring to challenge the fairness of this Bill to individual taxpayers. Business is still über alles in Trump’s GOP.

Question (if one is allowed to question in strictly bi-partisan America): Under President Trump’s Tax Bill, ALL individual tax relief is said to sunset in 2025. Why? Why is Business above all?

The Economist (“Over the Hill: Tax reform has passed. What now?” 12/20):

Workers will benefit from across-the-board cuts in income taxes until 2025, after which, if Congress takes no further action, most levies for individuals will return to today’s levels or even rise.

AND: “Tax reform: How the Republican tax bill compares with previous reforms” 12/9:

… the Senate bill’s cuts to individual income taxes are to be phased out after 2025, to keep the costs down. What is initially a tax cut for most lower- and middle-earners will turn into a tax increase, because of changes to how tax brackets will be adjusted for inflation.

UPDATE (12/26):

Millionaires on average will get an extra $69,660 boost from Trump #TAXPLAN. Those with less than $10,000 will get an extra $10 to play with. … Things change however once 2025 rolls around. If no change is made, what were tax cuts will become tax hikes, even relative to current law. A majority of Americans in a decade’s time will then pay higher taxes, including 69.7% of the middle quintile.

MORE.

Bad Things Legitimized Under Trump, On The Welfare & Warfare Fronts

Business, Donald Trump, Foreign Policy, Homeland Security, Intelligence, Republicans, Taxation, War, Welfare

Has anyone notice that:

1. Transfer programs, welfare, have gained populist legitimacy under President Trump?

[Expanded] is the child tax credit … allowing families who owe no federal income taxes to still claim up to $1,400 of the $2,000 child tax credit, up from $1,100 in the original version.

2. The taxpayers most stiffed are now individuals, more often than not from humble beginnings, whose talents and hard work have netted them a high income. A glance at the Bell Curve explains why this cohort has no political clout: they’re a statistical minority.

Also legitimized under Trump is permanent warfare. You can say, “our forces in Africa,” and nobody, left or right, will question our sacred military’s right to be in over 100 countries conducting maneuvers. America’s borders remain porous.

3. “All of the individual tax breaks will expire at the end of 2025.” In other words, tax cuts for businesses are forever, tax cuts for individuals merely temporary.

NEW COLUMN: Why Tax Breaks Won’t Stop High-Tech, H-1B Human Trafficking

IMMIGRATION, Labor, Multiculturalism, Outsourcing, Taxation, Technology

Why Tax Breaks Won’t Stop High-Tech, H-1B Human Trafficking” is the current column, now on WND.com. An excerpt:

“If the tax reform bill goes through, do you plan to increase your company’s capital investment?”

The question was posed to a sizeable group of CEOs at The Wall Street Journal’s CEO Council, in the presence of White House economic adviser Gary Cohn.

A pitiful show of hands failed to wipe the smirk off Mr. Cohn’s face. But at least the knaves were candid. Tax cuts for American big businesses are unlikely to move corporations to deploy that capital to raise the wages of the little guy, the worker.

The repatriation deal planned for fat-cat multinationals is particularly sweet. But don’t expect the “one-time tax rate of 12 percent on cash returns and five percent on non-cash for corporate money repatriated from overseas” to spur investment in the U.S.

Ideally, policymakers would prefer, as Business Insider quips, for companies to “reinvest in their core businesses, as this holds the most direct bearing on economic expansion.” All the president’s men certainly preach it.

But President Trump’s plan to grant the multinationals, tech titans included, a tax holiday, is more likely to see capital used to tinker with share prices. Repurchasing shares, a share buyback, will boost stock prices and benefit large shareholders.

Where a multinational also traffics in human labor, globally—as do the likes of Apple, Cisco, Microsoft, Oracle, Qualcomm, etc.—a lower tax rate on their repatriated earnings is unlikely to redound to American computer programmers and engineers.

In the event these tax holidays encourage American high-tech to “reinvest in their core businesses”—it will not be an investment in employing American talent, which will continue to be replaced apace with foreign workers.

For accretion in employment among Americans to occur, the president would have to turn off the H-1B (and other visa) spigots. He has not.

Multinationals consider the world their labor market. High-tech traitors will continue to replace the worker bees of American STEM—science, technology, engineering and mathematics—with reliably mediocre, culturally aggressive, foreign workers.

And not necessarily because foreign workers are cheaper. Importing workers from India calls for enormous in-house bureaucracies to handle immigration applications and renewals, attendant litigation, and family importation and resettlement packages for tribes of new arrivals (also known as chain migrants). This isn’t necessarily cheaper than employing your local lass or lad.

The H-1B visa racket is, however, a taxpayer-subsidized, grant of government privilege. Duly, profits remain private property.  The costs of accommodating an annual human influx are socialized, borne by the bewildered community. …

… READ THE REST.  Why Tax Breaks Won’t Stop High-Tech, H-1B Human Trafficking” is the current column, now on WND.com.