Tagged Higher Taxes

The Truly Awful Idea to Tax 529 Plans

Megan McArdle: Earlier in the week, I discussed the Obama administration’s proposal to tax earnings on so-called 529 college savings plans, part of a package of tax hikes that will pay for new programs such as his proposal to make the first two years of community college free. This has been touted as a plan to hike taxes on the rich to help the middle class, but in fact it’s more of a plan to redistribute money from the upper middle class to the lower middle class. As I noted then, this proposal is not going anywhere, not just because Republican congressmen will block…

Once Upon a Time, Warren Buffett Was Barack Obama’s Favorite Billionaire

He never should have been, of course, but never mind that for a moment. Focus instead on the fact that Warren Buffett just made life very inconvenient for a White House that professed to venerate his every word, thought, gesture and action: The White House might need a new poster child for its “tax fairness” campaign. Famed billionaire investor Warren Buffett, who President Barack Obama has lauded and named a signature proposal after, is helping finance a deal that would allow Burger King Worldwide to reincorporate in Canada and potentially reduce its U.S. tax bill through a so-called inversion, the Journal reported late Monday. One of the White…

It’s Time for a Big, Giant Health Care Reform Roundup

I have been neglectful in posting about the continuing travails of Obamacare; real life demands mean less time for blogging. There is a lot of news to cover, and the news does remain bad for Obamacare fans. Let’s start with what might be the next big problem for Obamacare: Obamacare’s rollout dented the Department of Health and Human Services in just the first month. Up next year: the Internal Revenue Service. A key piece of the health care law gives Americans making less than 400 percent of the poverty line subsidies to buy insurance. But if buyers don’t alert the…

Apple’s Tax Saga Shows Why We Need to Get Rid of the Corporate Tax

Mark Kennedy explains: Apple has traditionally been known as an apolitical company. Americans should be thankful that CEO Tim Cook is abandoning that approach to come to the U.S. Senate today to push for a change to one of the most ill-advised aspects of America’s gargantuan tax code: its global corporate tax structure.It is true that Apple holds $100 billion offshore, but rather than breaking out the pitchforks, Americans should ask why one of the world’s savviest tech companies is behaving this way.The United States, unlike nearly every other advanced economy, taxes foreign earnings brought back to its shores. That…