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Pumping Us Up

ericpetersautos.com / By Eric Peters / July 23, 2017

Most people know they’re paying a lot of taxes every time they buy a gallon of gasoline.

Proportionately, few taxes are more regressive than motor fuels taxes – which currently amount to about 35 percent of the per gallon cost of gas (roughly, 50 […]

The Never-Ending Woes of a Government “Enterprise”

mises.org / Gregory Bresiger / July 22, 2017

History is something one can try to escape, but sometimes you can’t as millions of train riders find out every day.

They can’t escape Penn Station falling apart along with Amtrak, New York City commuter railroads, and the New York City subways. They all have the […]

The Feds Just Expanded Civil Asset Forfeiture ‘Laws’ Nationwide

zerohedge.com / by Tyler Durden / Jul 19, 2017

When you’re a government agency, asking for a tax increase is always a hassle. As Ryan McMaken notes, for the most part, taxpayers don’t like taxes, and if asked if they want to pay more, they’re likely to often say “no.” Moreover, when public officials […]

To Fix Healthcare, We Need to Repeal a Lot More than Obamacare

mises.org / Ryan McMaken / July 19, 2017

I’ve always been willing to accept a repeal of Obamacare that was less than perfect, and I’ve never subscribed to the idea that only a total and complete repeal of Obamacare should warrant my support.

Even a small tax cut is better than no tax cut, […]

SUPPLY-SIDE ECONOMICS, THEORY AND RESULTS

paulcraigroberts.org / Paul Craig Roberts / July 17, 2017

Supply-Side economics burst onto the economic policy scene in Washington, D.C., on September 21, 1975 in the Sunday Washington Star in an article I had written for US Representative Jack Kemp that provided a supply-side economic basis for his capital formation bill. Subsequently, I […]

US Tax Efforts Still Moving Forward

marctomarket.com / by Marc Chandler / July 17, 2017

The health care reform efforts have disappointed. The House version has been all but forgotten about as the focus has shifted to the Senate. The challenge in the House has been repeated in the Senate, namely that the differences between different parts of the coalition […]

Greatest Fools? The Countries That Trust Their Government Most (And Least)

zerohedge.com / by Tyler Durden / Jul 17, 2017

Trust in government serves as a vital driving force for a country’s economic development, increases the effectiveness of governmental decisions, as well as leading to greater compliance with regulations and the tax system. As Statista’s Niall McCarthy notes, the level of confidence in a […]

Is California Bailing Out Tesla through the Backdoor?

wolfstreet.com / by Wolf Richter / Jul 16, 2017

Tesla will lose federal subsidies; so something big needs to be done.

The California state Assembly passed a $3-billion subsidy program for electric vehicles, dwarfing the existing program. The bill is now in the state Senate. If passed, it will head to Governor Jerry Brown, […]

Visa Begins Bribing Merchants To Stop Taking Cash

zerohedge.com / by Yves Smith via Naked Capitalism blog / Jul 13, 2017

The war on cash is escalating. A big driver isn’t central banks who want to be able to inflict negative interest rates on savers, or Treasuries who see cash transactions as hiding revenues from their tax collectors, but the payment networks […]

City of Seattle Runs Out of Things to Tax – Now Wants to Impose Income Tax

armstrongeconomics.com / by Martin Armstrong / Jul 13, 2017

The Seattle City Council has run out of things to tax so they have unanimously voted to impose an income tax upon the “rich”, and of course we all know that will eventually move to include everyone. The city claims it will raise $140 million […]

India Gold Imports Surge To 5 Year High – 220 Tons In May Alone

goldcore.com / By janskoyles / July 12, 2017

– India gold imports in H1, 2017 greater than all of 2016 – India imported 521 tonnes of gold in first half of 2017 – H1 figure for gold imports $22.2 Bln versus $23 Bln in all ’16 – Gold demand was up 15% year- on-year […]

Guess How Many Tesla Vehicles Were Registered In April In Hong Kong?

zerohedge.com / by Tyler Durden / Jul 9, 2017

And the hits just keep on coming for Elon Musk.

***

After a tax incentive for electric cars was slashed in Hong Kong, new registrations of Teslas vehicles dropped from 2,939 to zero…

Hong Kong, though relatively small, is a significant outpost of luxury […]

Even with Looming $5 Billion Tax Increase, Illinois Still Heading Toward Junk Rating

schiffgold.com / BY SCHIFFGOLD / JULY 6, 2017

Lawmakers in Illinois appear on the verge of passing the state’s first budget in two years. The measure includes a $5 billion tax increase on the good people of of the state. But the Illinois’ finances are in such a mess, even that may not be enough. […]

Rauner Vetoes 32% Tax Hike Bill But Wimpy Republicans Expected to Override Veto

mishtalk.com / Mike “Mish” Shedlock / July 4, 2017

A massive, permanent tax hike with Rauner 0-44 in proposed reforms is now in the cards.

Rauner proposed a temporary tax hike and called a special session to work out a bipartisan plan.

Instead, the Illinois legislature passed a massive and permanent tax hike. The […]

Illinois Tax Rate Soars 32% After Senate Overrides Governor Veto

zerohedge.com / by Tyler Durden / Jul 4, 2017 6:33 PM

Two days ago when we reported that the Illinois House had voted 72-45 to pass a 32% income tax hike (and a $36 billion spending plan), in an last ditch scramble to provide the state with its first budget in three years (or else […]

Governor Vows To Veto The Illinois House Approved 32% Tax Increase

thedailysheeple.com / Dawn Luger / July 3, 2017

Illinois is suffering an economic collapse due to the burdening cost of bloated government. In their third year without a budget, instead of cutting down on government intervention, the house politicians insisted on raising taxes.

Many in the Land of Lincoln bailed on the state when […]

Illinois House Approves Historic 32% Tax Increase, Governor Vows Veto

zerohedge.com / by Tyler Durden / Jul 3, 2017

With Illinois, which on Saturday morning entered its third fiscal year without a budget, facing a catastrophic downgrade, late on Sunday evening the Illinois House approved the most controversial element of a budget package, a tax hike which will increase the income tax rate by […]

Socialist Bernie Sanders Celebrates Independence With Government Dependence

thedailysheeple.com / Dawn Luger / July 2, 2017

It isn’t a secret that Bernie Sanders is a socialist. Although his attempts to woo government worshippers fell on deaf ears after Hillary Clinton’s team stole the Democrat nomination from him, he’s making sure he doesn’t give up.

Doubling down on his ignorant political rhetoric, Sanders […]

Dear Barry Ritholtz, Can We Please Discuss Illinois?

mishtalk.com / Mike “Mish” Shedlock / June 26, 2017

Bloomberg columnist Barry Ritholtz is a firm believer that government knows better how to spend your money than you do.

Ritholtz is on another tirade now, this time crowing loudly The Kansas Supply-Side Experiment Unravels. Ritholtz’s solution, as always, is more tax hikes.

Let’s take […]

Since Seattle Placed A Tax On Guns And Ammunition, The City’s Violent Crime Rate Has Increased

shtfplan.com / Mac Slavo / June 21st, 2017

In recent years, Seattle has developed a reputation for passing asinine laws. Recently the city tried to increase taxes on diet soda, because the drink is more popular among white people. In the past they’ve allowed 6th graders to receive IUDs without parental consent, and have […]

Philly’s Soda Tax Is Shaping Up To Be An Epic Flop

zerohedge.com / by Ernest Owens via PhillyMag.com / Jun 19, 2017

It’s been six months since the city’s soda tax (or, more accurately, the sugary beverage tax) was implemented — and it’s off to a rocky start.

The city is currently $20 million short of its projected $46 million goal to close out […]

Cab Drivers Union Says Chicago Taxi Industry Near Collapse

zerohedge.com / By Jeff Schuhrke of In These Times / Jun 18, 2017

In addition to repaying loans on their medallions, taxi operators also have to pay thousands of dollars each year in city expenses, like the ground transportation tax and medallion license renewal fee—expenses that rideshare drivers are not subject to. (Cab […]

What If Taxpayers Could Choose if Taxes Went to the State Level or Federal Level?

mises.org / Ryan McMaken / June 16, 2017

In recent years, we’ve examined any number of ways of decentralizing the American political system. These step-by-step moves can include decentralizing the monetary system, decentralizing the military, decentralizing immigration policy, and decentralizing elections.

Most recently, we looked at decentralizing the welfare state, and found that each […]

Batty Ideas: Boiling Frogs and BATs

mishtalk.com / Mike “Mish” Shedlock / June 13, 2017

The widely believed boiling frog theory says if put a frog in boiling water it will jump out but if you slowly raise the temperature it will stay in until it dies.

The theory is wrong, frogs will not stay in water to be […]

Stockman Fears Fiscal Bloodbath As “Mother Of All Debt Ceiling Crises” Looms

zerohedge.com / by David Stockman via The Daily Reckoning / Jun 13, 2017

While the Imperial City is frozen in the Second Coming of Comey, it doesn’t mean that the Washington spending machine is on pause. In fact, the Treasury’s cash balance yesterday stood at only $153 billion — down by $130 billion just […]