Markets

Here’s Why You Can’t Blame The National Debt On Tax Policy

My previous commentary on US Federal debt and personal tax rates highlighted the significant difference between nominal and real (inflation-adjusted) gross federal debt. I showed that the tax cuts in the early 1980s coincided with the beginning of an acceleration in real federal debt from a relatively consistent level over […]
Here’s Why You Can’t Blame The National Debt On Tax Policy
Markets

Romanian Prime Minister: We’re Going To Tax Your Planes, Boats, And Automobiles

[credit provider=”AP”] Romanian Prime Minister Emil Boc has announced his governments intention to tax individuals with wealth over €450,000 ($584,865) 1% in a targeted tax on the country’s elite, according to Ziarul Financiar.The tax is likely to include proposals from this year, which specified that a one’s wealth included other […]
Romanian Prime Minister: We’re Going To Tax Your Planes, Boats, And Automobiles
Markets

11 New Tax Hikes Coming In 2011

[credit provider=”The White House via Flickr” url=”http://www.flickr.com/photos/whitehouse/sets/72157624332927216/”] Unless the U.S. Congress acts, there is going to be a massive wave of tax increases in 2011.  In fact, some are already calling 2011 the year of the tax increase.  A whole host of tax cuts that Congress established between 2001 and 2003 […]
11 New Tax Hikes Coming In 2011
Markets

SHOCKER: Hidden In Obamacare, There’s A Secret Tax On Gold

[credit provider=”US Army”] Bad news for goldbugs: Obamacare contains legislation that would tax coin and bullion transactions.The tax comes in an obscure section of the tax code that deals with purchases by self-employed people and small businesses. These groups will have to report all outlays over $600 — not just […]
SHOCKER: Hidden In Obamacare, There’s A Secret Tax On Gold
Markets

It Begins: France and Germany Move Towards Unified Fiscal System

[credit provider=”AP”] Germany and France made the first step today towards the coordination of their tax policies today, as German Finance Minister Wolfgang Schäuble took part in the French Cabinet meeting and made a joint statement with French Finance Minister Christine Lagarde.”The convergence between our fiscal systems is a essential […]
It Begins: France and Germany Move Towards Unified Fiscal System
News

15 Mind-Blowing Facts About Wealth And Inequality In America

[credit provider=”www.flickr.com” url=”http://www.flickr.com/photos/[email protected]/12367798″] The rich are getting richer and the poor are getting poorer. Cliché, sure, but it’s also more true than at any time since the Gilded Age.While politicians gloat about our “recovery,” our poor are getting poorer, our average wages are still falling behind inflation, and social mobility […]
15 Mind-Blowing Facts About Wealth And Inequality In America
Markets

Guns, Cigarettes, And Booze Tax Revenue Soars 40%

While other parts of the U.S. economy are generating less tax revenue due to lower corporate profits and unemployment, latest data shows that America’s federal government collected a healthy $20.6 billion from taxes on guns, booze, and tobacco in 2009.
Guns, Cigarettes, And Booze Tax Revenue Soars 40%
Markets

The Flat Tax Works — Check Out The Hong Kong Experience

[credit provider=” borteschristian via Flickr” url=”http://www.flickr.com/photos/bortescristian/4511606334/”] I read with interest the story about Romania’s flat tax failure earlier today. Using my boots on the ground experience with Hong Kong’s flat tax… I heartily disagree.The experience there has been a resounding success and sets a benchmark for US lawmakers to model […]
The Flat Tax Works — Check Out The Hong Kong Experience
Markets

The UK Just Announced A New Bank Tax

[credit provider=”AP”] The global momentum towards a tax uniquely aimed at banks continues, this time landing in the heart of the banking world, the UK.As part of emergency austerity measures that are being announced right now, finance minister Chancellor of the Exchequer has announced such a new levy.
The UK Just Announced A New Bank Tax
Markets

IT’S OFFICIAL: We’re Falling Into A Double-Dip Recession

We’re falling into a double-dip recession. The labour Department reports this morning that the private sector added a measly 41,000 net new jobs in May. (The vast bulk of new jobs in May were temporary government Census workers.) But at least 100,000 new jobs are needed every month just to […]
IT’S OFFICIAL: We’re Falling Into A Double-Dip Recession
Markets

New Tax On Wall Street To Pay For $123 Billion Jobs Bill

The bill known as H.R. 4213, The American Jobs and Closing Tax Loopholes Act, may clear Congress in the next few days. It would extend eligibility for unemployment insurance benefits, COBRA health care tax credits and other critical programs that families and communities depend on through December 31, 2010. In […]
New Tax On Wall Street To Pay For $123 Billion Jobs Bill
Tech

As US Prepares To Tax VCs Boatloads More, Fred Wilson Says Bring It On

[credit provider=”Randy Stewart” url=”http://www.flickr.com/photos/stewtopia/3705843907/sizes/l/”] The US is preparing to tax venture capitalists with a ~37% income tax rather than the ~15% capital gains tax they pay right now.Some private equity managers are screaming about the proposed new rule, but Union Square Ventures partner Fred Wilson says bring it on.
As US Prepares To Tax VCs Boatloads More, Fred Wilson Says Bring It On
News

The 10 Celebrities With The Worst Tax Problems

[credit provider=”Wikimedia”] One could easily be forgiven for getting caught up in the moment and forgetting to pay taxes for a year. It’s a simple mistake that can be overlooked as long as the situation is remedied and the debtor pays up eventually.But some celebrities think they deserve special treatment. […]
The 10 Celebrities With The Worst Tax Problems
Tech

US Prepares To Tax The Bejesus Out Of VCs

Venture capitalists, who pay themselves by taking a cut of the investment gains they’ve earned for their investors, typically pay about 15% in federal taxes though the capital gains tax.But the tax rate for VCs could soon shoot up to around 37%, reports Andrew Ross Sorkin of the New York […]
US Prepares To Tax The Bejesus Out Of VCs
News

25 Scandalous Examples Of Government Pork That Will Drive You Crazy

[credit provider=”commons.wikimedia.org” url=”http://commons.wikimedia.org”] If one thing is clear from Citizens Against Government Waste’s new Pig Book, it’s that Obama war on pork was a big clunker.The non-partisan group counted $16.5 billion in congressional earmarks for FY2010.
25 Scandalous Examples Of Government Pork That Will Drive You Crazy
News

15 Mind-Blowing Facts About Wealth And Inequality In America

[credit provider=”www.flickr.com” url=”http://www.flickr.com/photos/[email protected]/12367798″] The rich are getting richer and the poor are getting poorer. Cliché, sure, but it’s also more true than at any time since the Gilded Age.The poor are getting poorer, wages are falling behind inflation, and social mobility is at an all-time low. 
15 Mind-Blowing Facts About Wealth And Inequality In America
News

15 More ageing Billionaires Who Could Die During The Estate Tax Lapse

[credit provider=”wireimage.com”] Randa and three other Duncan children got relatively lucky when their billionaire father died during a strange one-year lapse of the estate tax.Their father, Dan Duncan, was 77-years-old. We don’t want to be morbid, but there are a slew of billionaires who are even older.
15 More ageing Billionaires Who Could Die During The Estate Tax Lapse
US

The JP Morgan-WaMu Tax Refund Debate

This morning I stopped by CNBC’s studio to talk about the extension of the tax clawback that JP Morgan is attempting to use to get $1.4 billion from the FDIC. My view: I think it stinks.
The JP Morgan-WaMu Tax Refund Debate
Markets

Why I Changed My Mind On Carried Interest

The silly season of tax policy is apparently once again upon us. Lawmakers are threatening to increase taxes on hedge funds, private equity funds, and venture capital funds by changing the tax treatment of so-called “carried interest.” Right now, all profits from the various types of alternative investments are treated […]
Why I Changed My Mind On Carried Interest
Markets

Awesome! Court Orders Bank To Pay German Tax Cheat $10 Million

VADUZ, Liechtenstein (AP) — A court has ordered a former subsidiary of Liechtenstein’s LGT bank to pay over euro7.3 million ($10 million) to a client for failing to inform him that his confidential details had been stolen and handed to authorities, thereby harming his chances of escaping criminal penalties for […]
Awesome! Court Orders Bank To Pay German Tax Cheat $10 Million