At least one industry insider is throwing cold water on rumours Wall Street is threatening to cut off donations to the GOP as a result of a sweeping tax reform proposal released this week by Rep. Dave Camp, the Republican chairman of the House Ways and Means Committee. In a […]
Democratic New York Congressman Charlie Rangel introduced a bill in the House of Representatives Thursday that would make substantial changes to the Earned Income Tax Credit. Rangel’s bill, the EITC for Childless Workers Act of 2014, would expand aid to singles, individuals without children, and would extend the EITC to […]
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, […]
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 […]
One of the most challenging and important issues in the U.S. right now is the rise of income inequality. The country’s highest earners are taking home a bigger percentage of the national income than ever before. This trend is hurting the economy — because the middle class consumers who spend […]
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 […]
The theory sounds great. It just doesn't happen to be true.
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 […]
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 […]
Let the hand wringing commence.
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 […]
Oh wait, you didn't know that?
After the financial collapse, the US faced a problem in terms of how to stimulate the economy. The Fed had reduced interest rates to basically zero, and so it was forced to use additional, quasi-experimental tools to keep pumping. And these measures have had limited, and somewhat unpredictable effects. Meanwhile, […]
For weeks, the excise tax on medical devices has been discussed as a provision of the Affordable Care Act that might be delayed or repealed as part of a deal to reopen the government and raise the debt ceiling. But according to Politico, Senate Republicans and Democrats are discussing a […]
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 […]
Don't quit your day job.
A "family friendly" tax plan.
This recovery is terrible for the masses, but it hasn't been good for the rich.
Get the full picture.
Gays can now pay marriage penalties, just like straights.
A $US26 million stimulus.
Tax liens are no joke.
And away from the U.S. tax man.
He's hired a famous lawyer to help him.
Investors would love to see that cash freed up.
But it should be.
He'll be OK.
The legendary James Simmons is in the hot seat.
You don't need an MBA.
Threatening the gay spouse of a government official is now a federal crime.
Discussions of tax progressivity tend to have a low ratio of signal to noise. The following chart should clear up a few things.
This doesn't help middle America.
Obamacare is a transfer from the healthy to the sick and the young to the old. Duh.
It may be crooked but it's the only game in town.
Bad, bad memories of the fifties.
You may notice a couple of patterns.
And no wonder! Ireland gave the company a humongrous tax break.
This is not simple.
Something is seriously wrong here.
"I'm offended by the tone and tenor of this hearing."
He doesn't want to pay 35% in taxes.
Stretch it out.
Why are any partisan groups getting non-profit status?
Kick back in Appalachia.
And why it's so cheap in Missouri.
We judge them on health, education, and leisure.
"I abandoned greed, corruption and compromise."
Clearly, they know what they're doing.
"Our hearts go out to those affected by the terrible tragedy."
It's not pretty.
Double the cost, time.
And it's worth $917 million.
Think about who wrote the tax code.
Your ultimate guide.
An unprecedented donation to the Met.
Implement the Buffett Rule. No more carried interest.
This is politically treacherous territory.
They'll hit employers and consumers directly.
The many pitfalls of health care reform.
You'll be jealous.
Show them your checkbook.
The West is the best.
Traders and merchants better pay attention.
This is no time to panic.
The US now has the highest corporate tax rate in the OECD.
Special treatmnet for professional sports and Hollywood.
What actually triggers an audit?
It could save Americans $2 billion.
Calling tax breaks for craft brews "a giveaway."
On the wealthy, of course.
They call it a "massive expansion of the U.S. government."
The next big surprise in the U.S. economy.
"Frivolous" use of taxpayer dollars.
Invest in yourself.
[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 […]
It sounds like an e-mail scam, but this one is actually true.
[credit provider=”Reuters”] Closely-followed billionaire hedge fund manager John Paulson’s firm released a statement that he has no intention to relocate to Puerto Rico to avoid taxes. Here’s the release:
[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 […]
[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 […]
[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.
[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 […]
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 […]
[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 […]
[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.
[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 […]
[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.
[credit provider=”Merlijn Hoek / Flickr” url=”http://www.flickr.com/photos/[email protected]
/254671889/”] New data released by The Commerce Department shows personal income dropped by 3.6 per cent in January, for a total loss of $505.5 billion.This should come as no surprise.
OK, maybe the title to this post is slightly inflated, but only slightly.
[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 […]
[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 […]
[credit provider=”Fox News”] Sen. Ron Johnson (R-Wis.) said that John Boehner’s role as Speaker of the House could be in jeopardy if he allows more revenues to be part of a deal to avert the sequester, giving a sense of how far Republicans are willing to go to stick to […]
If there are fewer than seven figures on your paycheck, it’s time to breathe easy. Research shows the IRS couldn’t be bothered by anyone short of a millionaire.
[credit provider=”Creative Commons” url=”http://www.flickr.com/photos/waltercallens/3968800811/sizes/m/in/photostream/”] Country keen to address reputation for bureaucracy and attract foreign talent.Russia could find itself on the expat radar screen after its government relaxed immigration laws this month
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[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 […]
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