Taxes Matter
Are Taxes Forcing 2011 HGTV Dream Home Winners to Sell?
It was just announced that the winners of the 2011 HGTV Dream Home in Stowe Vermont have put their house up for sale . . . for a cool $3,795,000. However, this clip from the story makes you wonder if property taxes aren’t to blame: The annual taxes on the home are $27,720, according to [...]
Income Tax Consequences of Winning HGTV 2012 Dream Home in Midway, Utah
photo credit: Hammer51012 Another year and another HGTV Dream Home. This year’s HGTV 2012 Dream Home is a river-front home in Midway, Utah. According to the HGTV contest rules, it comes with a home and furnishings (valued at $1,500,000), cash ($500,000) and a 2012 GMC Terrain SLT2 ($38,755, shown above) for a grand package valued at a [...]
Taxes Matter 13: Maine’s Sales Tax, Tax Zappers and the Laffer Curve, Oh My!
photo credit: OhMyGouda in Florida I just posted this on The Maine Heritage Policy Center’s blog (Maine Freedom Forum), but I also wanted to share this with Wealth Alchemy’s audience because so many of you will likely be seeing this debate coming soon to your own state. Also, we all need to realize that the [...]
Income Tax Consequences of HGTV Urban Oasis Home
photo credit: John Picken As promised, this post follows-up on “The diy Network’s Blog Cabin Giveaway and Tax Nightmare” post from a few days ago. However, I’ve changed the approach to the tax calculation to focus just on the income tax ramifications for two reasons: The income tax simply dominates the overall tax consequences of [...]
The diy Network’s Blog Cabin Giveaway and Tax Nightmare
photo credit: kenteegardin Starting August 15, 2011, folks across the country began entering the diy Network’s Blog Cabin Giveaway that will award a lucky winner with a renovated, waterfront 1905 farmhouse on 16 acres on the Chesapeake Bay in Virginia. While this might be your dream home, beware because it also comes with a tax [...]
Capital Gains Roller-Coaster and the Size of Government
New 2009 data from the IRS shows how foolish it is for government to tax capital gains income. As shown in the chart below, capital gains income for 2009 is now back to 2002 levels ($224 billion). Of course, thanks to the housing bubble, this is after a massive run-up in capital gains income to [...]
Taxes Matter 12: Tax Rates and Migration
photo credit: akeg A new study by Antony Davies and John Pulito, from the Mercatus Center, find that tax rates do influence the migration of people across state and county lines (pdf). They found that: This paper explores the relationship between high-income tax rates and the interstate migration of high-income households. Controlling for property-tax rates, [...]
Cut Federal Spending, Don’t Raise Taxes
photo credit: SOGKnives In my previous blog blasting Nouriel Roubini for suggesting that Uncle Sam should raise taxes to close the budget deficit, I made this statement: “Tax increases will only hamper the ability of the economy to recover and worsen our fiscal condition in the long-run.” Of course, you don’t have to take my [...]
Amazon Tax Update: Fatwallet Flees Illinois
Illinois also recently enacted the Amazon tax . . . here is a mini-documentary of Fatwallet.com‘s five mile move from Illinois to Wisconsin. Hat tip to Illinois Policy Institute: As news that Amazon.com is seeking to challenge the new California law attacking online affiliates via a ballot initiative, it’s worth remembering that Illinois passed its [...]
Taxes Matter XI: The Amazon Tax and Business Location
photo credit: Paul-in-London As if we need more evidence that taxes influence behavior . . . check out this story from the Chicago Sun-Times: “Amazon Directs Business Toward State Not Collecting Online Sales Tax.” Amazon.com Inc. says it plans to open a fourth Arizona distribution center, giving the state a nod for its hands-off stance [...]
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