Our good friends up north are constantly being bashed for one reason or another ... but now it's time to celebrate something Canadian - their low tax rates. Okay, maybe not 'low' ... but if you are rich in America you may soon be envying their top-end taxes. Let's compare:

CANADA

We spoke with Manhattan Insititute's Howard Husock about how possible reductions in charitable gift tax deductions and the increase in the federal tax rate on the high-end could negatively impact charity organizations. ... read more

In a brief meeting with reporters today on Capitol Hill, House Speaker Nancy Pelosi made a few interesting comments about the proposed health care plan and the "surtax" on the rich to pay for it. Pelosi indicated she may be willing to negotiate on the tax, saying it is on the "high end" and perhaps could change. More interesting though are the follow up comments to a reporter who asked why, ... read more

High income Americans face the prospect of much higher total taxes (Federal, state and now health care tax increases).   Many of these big earners (I don't call them 'rich' because wealth isn't always analogous with income.   Many of the super-wealthy are actually living off of family fortunes and paying the much lower tax rate on capital gains) are probably a bit shell shocked and wondering who ... read more

My newly adopted home state needs money.    Bad.    So, like many other states, it is raising taxes on a variety of behaviors that it views as bad and seeks to discourage.    Those include drinking, smoking and, apparently, working. Here' the story from a few days ago: TRENTON -- The state Assembly passed legislation today that raise taxes on cigarettes, hard alcohol and wine, ... read more

The "middle class tax cut" talked up for 95% of Americans should now begin appearing in paychecks. Given the level of publicity this is receiving, I am trying to follow the story and make sure the impact is actually happening and people are seeing more money.   One viewer told me she noticed $9 extra in her check this week. So if any of you notice less Federal withholding taken from your ... read more

Lots of talk about taxes these days.   Wondering where your Federal tax dollars go?   Here is a nice chart from the Center on Budget and Policy Priorities And here's the same chart, for state spending ... read more

While the President touts his $7 per week tax cut for "95% of Americans," it looks like many states are ready and willing to take any savings right out of the taxpayer's' pocket. Numerous states are considering raising taxes to fill budget gaps, and it's not just on the rich.   According to the article, 10 states are now looking at some form of tax hike. From today's Wall Street Journal: ... read more

Excellent article in today's Financial Times by Clive Crook. The premise is that even the coming tax increase on the wealthy will not raise enough revenue to fill the holes in the budget from the proposed spending programs. As Crook writes: In short, whether it intends to or not, Congress is leaning towards making the long-term deficit even bigger. It is preparing to underwrite a large ... read more

Following up on my entry yesterday about taxes... There is an interesting graphic in today's NY Post on how everyone in New York is gonna get socked in taxes.   Costs are going up for everyone, not just the wealthy. As the graphic indicates, even just a 1% increase in taxes will cost the family an extra $4,000 per year.  Combine that with the 4.6% jump on the federal side coming in two ... read more