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Tiger Woods & Phil Mickelson Take a Swing at Never-ending Tax Hikes on Rich
Posted By: Douglas Kellogg - 01/24/13

A recent high-profile refugee from the Golden State’s excessive tax burden is professional golfer Phil Mickelson. Mickelson expressed his displeasure with California’s recent tax hike binge, saying he would have to make changes in response to the new rates, and received some backlash for his opinions.

In an interesting sign of taxpayer solidarity, Tiger Woods was asked about Mickelson’s comments and backed up his tour colleague’s feelings on the matter, saying: “I moved out of here back in ’96 for that reason. I enjoy Florida, but I also understand what I think he was trying to say. I think he’ll probably explain it in a little more detail.”

A heartwarming sign for taxpayers feeling the heat as governments at every level largely fail to manage their budgets responsibly.

As Forbes Contributor Robert W. Wood noted, athletes and entertainers are usually taxed excessively no matter which state they hail from, but successful California residents are subjected to a whole host of additional taxes:

When you are a resident–as Mickelson is of California at least for now–you get taxed on everything. Most PGA Tour players live in no-tax states like Florida or Texas. Controversially, California residents voted in November to raise tax rates to 13.3% from 10.3% for those making more than $1 million. Still, Mr. Mickelson was measured in his remarks. Many are much less so and headed for the exits.

On the East coast, Maryland presents another example of how harsh tax rates on the so-called “rich” drive upper income earners away and leave revenue-hungry states with even less to fund their budgets. The Wall Street Journal takes a closer look at how the Old Line State’s misguided fiscal policies have shrunk, not swelled, the state’s treasury.  

One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.

Will fiscally irresponsible lawmakers ever stop playing “whack-a-millionaire” and get their budgets in order? Hopefully high profile examples of the damage these punitive tax hikes cause will force them to start controlling spending.

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The Late Edition: January 23, 2013
Posted By:  - 01/23/13

Today’s Taxpayer News!

Today NTU wrote a letter in support of Representative Bob Goodlatte’s "Tax Code Termination" Act (H.R. 352), which would phase out the current complicated Internal Revenue Code and work towards a simpler system.  

Last week, a federal judge ruled that the IRS cannot force tax preparers to take a competency exam in order to continue offering their services. The decision is a win for tax preparers who would have had to endure burdensome new regulations, and for taxpayers, many of whom seek out experienced professionals to help them with their taxes. 

Check out this infographic from the Economic Policy Journal visually illustrating the payroll tax hike all working Americans are now subjected to.

Payroll tax hike

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Late Edition, January 21: Beer Tax?! Just when you thought it couldn't get worse
Posted By: Douglas Kellogg - 01/21/13

Today’s Taxpayer News!

Pete Sepp explains the many issues affiliated with Community Oriented Policing Services (COPS) grants in this Atlanta Journal-Constitution article.

New Hampshire’s proposed 33 percent beer tax has left businesses uneasy about what that would mean for sales according to the Sentinel and Enterprise.

Sen. Charles Schumer says Senate Democrats will be passing a budget this year (for the first time in four years) and it will include tax increases, according to the Washington Examiner.

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Speaking of Taxpayers, Jan. 18: Congress’ Start on Spending; State Update
Posted By:  - 01/21/13

Subscribe to NTU's podcast "Speaking of Taxpayers" via iTunes!

      
   
   
   
   
   

NTUF's Dan Barrett discusses the latest Taxpayer's Tab and what spending bills have already been introduced in the new Congress, as well as how much savings Congress failed to pass last year. NTU State Affairs Manager Lee Schalk delivers an action-packed update on state fiscal legislation; and the Outrage of the Week!

   

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The Late Edition: January 17, 2013
Posted By:  - 01/17/13

Today’s Taxpayer News!

Massachusetts Governor Deval Patrick recently proposed not only a higher-than-anticipated increase in state income tax, but he coupled it with a cut in sales tax. Read the full story at WGBH News.

Indiana is considering a bill that would add a 7 percent sales tax to online purchases, beginning July 1st if it garners enough support to pass according to the Indianapolis Business Journal.

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The Late Edition: January 16, 2013
Posted By:  - 01/16/13

Today’s Taxpayer News!

NTUF’s Dan Barret explains the $921.65 billion in annual savings Congress could have used to cut next year’s projected deficit by roughly 93 percent in this CNS News piece.

Massachusetts Governor Deval Patrick is expected to unveil a budget this evening calling for $1.5 billion in additional spending next year and $2 billion annually in successive years. He plans on securing $1 billion in revenue by raising the state income tax, and likely instating another sales tax hike to cover the rest.

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A Tale of Two Tax Plans
Posted By: Lee Schalk - 01/11/13

Louisiana Governor Bobby Jindal emerged as a taxpayer hero this week, while Virginia Governor Bob McDonnell rightly faces heavy criticism from all sides thanks to his tax hike plan unveiled Monday. Yesterday, Jindal boldly proposed a complete elimination of the Pelican State’s income and corporate taxes, a job-creating move that would keep more taxpayer dollars where they belong – in people’s wallets. These reforms would quickly give the State’s economy a boost and make Louisiana one of the most business-friendly places in the Nation.

Virginia, on the other hand, is stuck with McDonnell’s burden-shifting tax hike that attempts to address the State’s transportation financing woes. On behalf of taxpayers everywhere, the National Taxpayers Union applauds Governor Jindal for his excellent proposal and urges other governors (we’re looking at you, Gov. McDonnell) to take notes. The straightforward, transparent reforms laid out by Jindal are the stuff taxpayer heroes are made of.

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The Late Edition: January 9, 2013 Tips to make up for the payroll tax hike, and a look at the complexity of the tax code.
Posted By:  - 01/09/13

Today’s Taxpayer News!

This article from Time offers ten tips to recoup the money you’re losing each week as a result of the payroll tax hike.

The Washington Post examines the issue of tax complexity and its ill effects.

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Pete Sepp on What the "Fiscal Cliff" Package Means for You (AUDIO)
Posted By:  - 01/03/13

NTU’s Executive Vice President Pete Sepp speaks on WND radio and explains how the Fiscal Cliff package passed late Tuesday night will affect all taxpayers.

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The Late Edition: January 2, 2013
Posted By:  - 01/02/13

NTU hopes everyone enjoyed the winter festivities and welcomes you to the first Late Edition of the New Year!

As most Americans have likely heard, Congress ushered through a bill intended to blunt the economic impact of tumbling over the Fiscal Cliff late Tuesday. Check out this article from the Washington Post listing a number of the more odd expenditures in the final deal.

Retiring Congresswoman Sue Myrick of North Carolina will be leaving public service with an annual pension of approximately $48,000, according to NTU estimates.

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