Tax Hikes | TaxConnections

15 Mar 2022

What Is The Purpose Of An Omnibus Bill? Learn How U.S. Taxpayers 1.5T Money Is Being Spent In New Omnibus Bill

U.S. Congress Passes 1.5 Trillion Omnibus Bill

According to Google, “An omnibus bill is a single document that is accepted in a single vote by a legislature but packages together several measures into one or combines diverse subjects. Because of their large size and scope, omnibus bills limit opportunities for debate and scrutiny.”

According to the Tax Policy Center, on March 10, 2022, The House passed a $1.5 trillion omnibus spending package after pulling $15.6 billion in pandemic relief from the bill. The measure includes no tax provisions. The House also passed yet another temporary spending bill to keep the government running for another week. Without action, the federal government would have partially shut-down last Friday. It is not clear when the Senate will vote on either bill.

According to an article in Wolters Kluwer on March 11, 2022, the US Senate joined the US House of Representatives in passing the 1.5 Trillion Omnibus spending Bill providing additional IRS Funding “Extenders And Other Tax Provisions Are Not Included”.

According to Americans For Tax Reform, Americans must now pay for the following pork barrel earmarks:

Written by TaxConnections Admin | Posted in Omnibus Bill • Tax Hikes

22 Sep 2021

Job-Killing Tax Hikes Will Hurt Middle Class, Help China

U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, delivered remarks on the Senate Floor on the Democrats’ $3.5 trillion reckless tax-and-spending bill. In his speech, Crapo says the efforts to reimagine America by imposing crippling tax hikes will stunt our economic recovery, further impede labor markets, and punish low-and-middle-income workers with higher prices for everyday goods and services.

On business tax hikes:

A higher corporate tax rate would result in lower wages and reduced benefits; hit the nest eggs of everyone saving for retirement; and force consumers to pay more for everyday necessities.

Hiking the rate indisputably hits the middle class. Estimates suggest workers shoulder up to 70 percent of the corporate tax burden.

And a recent analysis performed by the nonpartisan Joint Committee on Taxation says the burden on over 98 percent of Americans who make less than $500,000 a year increases over time. Let me make that clear: 98 percent of the increase that is felt by labor, falls on those making less than $500,000 per year, and the vast majority of that on those making less than $400,000 per year.

Written by TaxConnections Admin | Posted in Tax Hikes • U.S. Senate Committee On Finance

05 Nov 2020

Tax Hikes And 2020 Election Results

The Tax Foundation does an excellent job of tracking State and Local Tax Ballot Measures. They are the nations leading tax policy organization providing research and insightful analysis. The Tax Foundation tracks the results of each state ballot measure and offers analysis on the most notable ballot measures including Arizona Proposition 208, Colorado Proposition 116, Illinois Graduated Income Tax Amendment, property tax changes in California and Colorado, excise tax changes in Arizona, Colorado and Montana, and New Jersey and South Dakota Amendments to mention a few.

Taxes are the most prevalent means of raising revenue to fund state and federal government. With all these measures on the ballot it is clear that one thing is for certain and that is taxing taxpayers to raise revenue.

Go this this link to see the U.S. State results on the ballot measures.

Written by TaxConnections Admin | Posted in State Tax Increases • Tax Hikes • TaxConnections