As law-abiding citizens, Karen and I collected our tax statements, itemized charitable deductions, carefully listed our business expenses, and sent them to our accountant a few weeks ago.
There is a kind of horror that sets in when you are confronted with just how much of your hard-earned income goes to state and federal governments — who spend your money on G-d knows what.
California, once a golden land of limitless opportunity, home to a Republican majority, has turned fanatic Democrat and, of course, shape-shifted into a sink-hole of tax laws that bleeds businesses, enriches corrupt unions, and spends vast sums of public money on absurd projects like the bullet train… which no one is going to use.
The bottom line of a film budget is easy to read.
That’s why most Hollywood films are not shot in Hollywood.
Progressive/Liberal/Democrat/Socialist (what are they calling themselves this week?) Hollywood film producers quickly encamp to red states to shoot their films and TV series, even as they donate to the political party that perpetuates regressive tax laws that’s make it ruinous to shoot in California.
And make no mistake about it, the hysteria over so-called climate change, AKA the weather, is just another bait and switch to bleed even more taxes from defenseless citizens.
A tax advocacy group on Wednesday revealed that Americans spend more on taxes than their whole budget for food, clothing and housing.
The Tax Foundation, in its annual report on when the nation as a whole has earned enough to pay its taxes, announced the date as April 24.
“Tax Freedom Day gives us a vivid representation of how much federal, state, and local tax revenue is collected each year to pay for government goods and services,” said Tax Foundation Analyst Scott Greenberg. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand the cost of government. Tax Freedom Day helps people relate to that cost.”
The report’s key findings include:
— Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined.
— Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation’s income.
— Tax Freedom Day is one day earlier than last year, due mainly to the Protecting America from Tax Hikes Act of 2015, which made several business and individual tax cuts permanent.
— If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later on May 10.
Source: Washington Examiner