Markets

IMF: Taxing The Rich Is Good For The Economy

The International Monetary Fund came out Wednesday in support of the fight against income inequality, with Fund economists saying income redistribution efforts can strengthen economic growth. Plunging into a debate over the gap between rich and poor that is fueling political battles from the United States to Brazil to Thailand, […]
IMF: Taxing The Rich Is Good For The Economy
Markets

4 Surprising Ways Taxes Can Affect Your Credit

Most people disdain a steep credit card or tax bill, but few fully appreciate the myriad ways that taxes and credit are intertwined. To get a better idea of the overlap, we talked to Ken Lin, CEO of CreditKarma.com. He provided the following four examples you’ll want to be mindful […]
4 Surprising Ways Taxes Can Affect Your Credit
News

No, The Rich Do Not Pay ‘All The Taxes’

CNBC ran a story yesterday with the headline “The rich do not pay the most taxes, they pay ALL the taxes.” The story has thousands of Facebook shares. And its premise is completely false. The article goes on to present data regarding the federal personal income tax, which is indeed […]
No, The Rich Do Not Pay ‘All The Taxes’
Markets

7 Money Moves You Should Tell Your Tax Preparer About

When it comes to making your money work for you, transparency is key. Just like it’s important to disclose potentially embarrassing life events to your wealth advisor, it’s equally, if not more, important to be honest with your tax preparer. However, that’s not always the case. In a 2011 IRS […]
7 Money Moves You Should Tell Your Tax Preparer About
News

6 Reasons To Just Totally Eliminate The Corporate Income Tax

Senate Finance Committee Chairman Max Baucus released a draft proposal yesterday for reforming the U.S. corporate tax code. In it, he proposed lowering the current corporate rate from 35% to less than 30% (he didn’t specify an exact rate). In a perfect world, we would eliminate the corporate income tax […]
6 Reasons To Just Totally Eliminate The Corporate Income Tax
Markets

21 Charts On US Inequality That Everyone Should See

It’s not just Occupy Wall Street protesters that are worried about wealth and income inequality. Now people like Bill Gross, manager of the world’s largest bond fund at Pimco, are warning that the problem is making the U.S. less productive, while star investors like Jim Chanos worry that people will […]
21 Charts On US Inequality That Everyone Should See
Markets

MAP: Here Are The Countries That Collect The Most And Least In Taxes

Everyone loves to complain about taxes, but folks in some countries have a much greater right to complain than others. Business Insider’s Walter Hickey recently put together a guide to the global economy in a series of maps. The data is based on information from the site Countrylicious. One of […]
MAP: Here Are The Countries That Collect The Most And Least In Taxes
Markets

In 1941, The Federal Reserve Wrote A Letter Explaining Why The Cyprus Bailout Was Such A Terrible Idea

[credit provider=”Wikimedia” url=”http://en.wikipedia.org/wiki/File:FDRfiresidechat2.jpg”] The main reason why people are going crazy this morning over the “Troika’s” (EU, IMF, ECB) bailout of Cyprus is the one-off 9.9 per cent tax all Cypriots with over 100,000 euros will be charged, and 6.5 per cent if you have less. It seems shocking, but the concept […]
In 1941, The Federal Reserve Wrote A Letter Explaining Why The Cyprus Bailout Was Such A Terrible Idea
Markets

Five Legitimate Tax Deductions We Still Can’t Believe

[credit provider=”Flickr via tscherno” url=”http://www.flickr.com/photos/tscherno/2580636892/in/photostream/”] Legend has it that an exotic dancer was once allowed to deduct the cost of ‘enhancements’ as a business expense.That one may just be a popular tax-geek myth — but there are plenty of verified, documented cases of weird and wonderful tax deductions our fellow […]
Five Legitimate Tax Deductions We Still Can’t Believe
Markets

A Huge H&R Block Error Could Delay 600,000 Tax Refunds

[credit provider=”By alishav on Flickr” url=”http://www.flickr.com/photos/alishav/4524109741/sizes/l/in/photostream/”] America’s largest tax preparation company, H&R Block, has confirmed that a glitch in its online tax software could delay refunds for some 600,000 taxpayers.In a mea culpa on its Facebook page Wednesday morning, the company said something went wrong with a specific tax form […]
A Huge H&R Block Error Could Delay 600,000 Tax Refunds
Markets

Swiss Financial Adviser Accidentally Mails The US A List Of Clients Who Were Avoiding Taxes

[credit provider=”AP Images” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=swiss%20flag&showact=results&sort=relevance&intv=None&sh=10&kwstyle=and&adte=1324302880&pagez=60&cfasstyle=AND&rids=4f0bea3e4b734a3f9b59c8fdc07a7869&dbm=PY2009&page=1&xslt=1&mediatype=Photo”] Whoops. A Swiss financial adviser accidentally mailed a list of clients he was helping to skirt U.S. taxes, a missive that subsequently found its way to the hands of the U.S. government, according to Bloomberg.
Swiss Financial Adviser Accidentally Mails The US A List Of Clients Who Were Avoiding Taxes
Markets

This New Puerto Rican Law Makes Wealthy People Want To Move There To Avoid Taxes

[credit provider=”Flickr/mark_donoher” url=”http://www.flickr.com/photos/donohermark/4344344794/”] Billionaire hedge funder John Paulson, who famously bet against the subprime housing market, is reportedly weighing a move to Puerto Rico to take advantage of a new tax law there, Bloomberg News reported citing unnamed sources familiar with his plans. According to Bloomberg News, the new law makes […]
This New Puerto Rican Law Makes Wealthy People Want To Move There To Avoid Taxes
US

How To Screw Up Your Tax Refund In 7 Steps

It’s almost too easy to screw up a tax return these days. And trust us, you don’t want to go there. Not only could mistakes lead to a slower or smaller refund, but you could be begging for a visit an IRS auditor. Here are seven easy ways to screw […]
How To Screw Up Your Tax Refund In 7 Steps
News

Colorado Governor Is Disappointed With The Effects Of Pot Legalization

[credit provider=”Christina Farr/Business Insider”] Colorado, one of two states in the country to legalise recreational use of marijuana in November’s locations, is not making money on pot sales.”We’ll consider ourselves lucky if we break even between the cost of regulation and the unintended consequences,” Governor Hickenlooper said. By unintended consequences, he means things […]
Colorado Governor Is Disappointed With The Effects Of Pot Legalization
News

Six Bizarre Taxes That Congress Could Pass This Year

[credit provider=”Flickr/incase.” url=”http://www.flickr.com/photos/goincase/5227333385/”] It’s tax time!And while you’re busy scrambling to get together your return for this year, a new Time article points out six new (incredibly strange) taxes that may be coming your way in the very near future.
Six Bizarre Taxes That Congress Could Pass This Year
Tech

Denmark: Hey Microsoft, You Owe Us $1 Billion

[credit provider=”OnInnovation / flickr” url=”http://www.flickr.com/photos/oninnovation/4996837080/sizes/l/in/photostream/”] COPENHAGEN, March 4 (Reuters) – Denmark wants Microsoft to pay 5.8 billion Danish crowns ($1 billion) in back taxes in one of the biggest tax cases in the country’s history, local media reported on Monday.The Danish tax authority is in negotiations with Microsoft over unpaid […]
Denmark: Hey Microsoft, You Owe Us $1 Billion
Markets

These New Tax Rules Matter Now More Than Ever

[credit provider=”Flickr/taylormariephotography”] If there’s a mantra to live by this tax season, it’s plan for change.The first step in getting ready for April 15 is to take stock of any life events that happened last year that could affect your return.
These New Tax Rules Matter Now More Than Ever
Markets

This Is The Worst Tax Mistake You Can Make

[credit provider=”Flickr / OkayCityNate” url=”http://www.flickr.com/photos/okaycity/308930436/in/photostream/”] If you’re waiting to file your taxes until the last minute, you’ve got plenty of company. The IRS says that 20 to 25 per cent of taxpayers file within two weeks of the April 15 deadline, while another 7 per cent get an extension. But those who […]
This Is The Worst Tax Mistake You Can Make
Markets

A ‘Perfect Storm’ Of Roadblocks Could Mean More Tax Refund Delays This Year

[credit provider=”By factoids on Flickr” url=”http://www.flickr.com/photos/factoids/560185398/sizes/l/in/photostream/”] Thanks to a “perfect storm” of roadblocks this year, tax season is getting off to a rockier start than usual, the Sacramento Bee’s Claudia Buck reports.For starters, the endless debates over the Fiscal Cliff stalled tax season by a full eight days. As a […]
A ‘Perfect Storm’ Of Roadblocks Could Mean More Tax Refund Delays This Year
Markets

7 Money Moves You Should Never Hide From Your Tax Preparer

[credit provider=”Flickr via doc_for_matt” url=”http://www.flickr.com/photos/[email protected]/4273011999/sizes/m/in/photostream/”] Not to be pessimistic, but it’s safe to assume that not every taxpayer is 100 per cent truthful when it comes time to fill out their tax returns. In a 2011 IRS report, twice as many Americans (8%) said a little fibbing on tax returns is fine compared […]
7 Money Moves You Should Never Hide From Your Tax Preparer
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