Taxes Matter
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 [...]
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