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Keyword: tax

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  • Tennesseans to vote on banning income taxes

    10/15/2014 12:32:04 PM PDT · by Bettyprob · 10 replies
    The Washington Examiner ^ | 10/15/2014 | Sean Higgins
    Most voters in Tennessee pay no income or payroll taxes. Next month, they will decide whether they want that to remain that way. A state ballot referendum, Amendment 3, would write prohibitions of both income and payroll taxes into the state constitution, pushed by anti-tax advocates who are worried about previous government efforts to add an income tax. For the foreseeable future, there is little chance of either tax being added in the Volunteer State. The Republicans control both the statehouse and the governor's mansion, and no one expects them to endorse either levy. Nevertheless, anti-tax advocates are concerned that...
  • Nevada Residents to Decide Fate of Mining Tax

    10/15/2014 10:35:42 AM PDT · by JimSEA · 6 replies
    mining.com ^ | 10/12/2014 | Andrew Topf
    The Nevada gold-mining industry is keeping its ear carefully tuned to what residents think of the state's mining tax. In November Nevada residents will be asked to vote on whether to remove a mining-tax cap from the Nevada constitution, which stipulates that the mining industry will pay no more than 5 percent tax on the net proceeds of minerals. If voters reject the 5 percent provision, the state legislature could impose whatever tax rate it pleases.
  • Why the Rubio-Lee tax plan is great politics — and great policy

    10/03/2014 3:26:55 PM PDT · by SeekAndFind · 37 replies
    The Week ^ | 10/03/2014 | By Pascal-Emmanuel Gobry
    The Republican Party has become the party of ideas again. You can see it in the new tax reform plan put out by Tea Party Sens. Mike Lee (Utah) and Marco Rubio (Fla.). Their plan would simplify the income tax system, setting just two rates: 15 percent and 35 percent. More importantly, it would add a $2,500 child tax credit, refundable against both income and payroll taxes, to the existing $1,000 child tax credit. This means that even families that don't pay income taxes, but do pay payroll taxes (i.e. families who work), would benefit from the tax credit. The...
  • Caveat, investor: Now feds want a bite of your mutual fund

    10/02/2014 5:59:33 PM PDT · by TurboZamboni · 16 replies
    The Citizen ^ | 9-4-14 | Paul S. Atkins
    To oversee this process, Dodd-Frank created the Financial Stability Oversight Council (FSOC), made up of the heads of the financial services regulatory agencies. The council claims very broad power to designate certain activities (like asset management) or companies and products (including mutual funds) as systemically important and subject them to Federal Reserve bank-style regulation, including leverage and capital requirements. And the council is doing just that – first with banks, then insurance companies and now, potentially, mutual funds. President Obama’s “independent” insurance expert on the council issued a blistering dissent when it designated Prudential – the nation’s second-largest life insurer...
  • Court: Obama Admin Can’t Hide Investigation into Former White House Adviser Austan Goolsbee

    09/30/2014 5:21:25 PM PDT · by Nachum · 23 replies
    Free Beacon ^ | Sep. 30, 2014 | CJ Ciaramella
    The Obama administration must acknowledge the existence of an independent investigation into former White House senior economics adviser Austan Goolsbee’s alleged unauthorized access to the Koch brother’s tax returns, a court ruled Tuesday. A federal judge ruled the Treasury Inspector General for Tax Administration (TIGTA) must disclose to watchdog group Cause of Action whether records of an investigation exist. Cause of Action filed a Freedom of Information Act (FOIA) lawsuit after TIGTA refused to confirm or deny the existence of the investigation in what is commonly known as a “Glomar response.” “The court has ruled that the federal government cannot...
  • Amazon to collect Minnesota sales tax starting Oct. 1

    09/23/2014 2:13:50 PM PDT · by TurboZamboni · 12 replies
    MPLS Star & Sickle ^ | 9-23-14 | KAVITA KUMAR
    Amazon.com Inc. will begin collecting sales taxes from Minnesota customers next week, ending a cost advantage it’s enjoyed over brick-and-mortar retailers in the state. The news also triggered a mystery. Online-only retailers don’t need to charge sales tax in Minnesota unless they have physical presence or affiliated business here. Monday’s revelation led to speculation that Amazon may open a warehouse, data center or some other operation in the state or buy an existing firm. The company was vague about what prompted the change, though it said it “will be required” to do so starting Oct. 1. “We’re considering various opportunities...
  • A gasoline tax map that explains a lot

    09/23/2014 3:39:32 AM PDT · by WhiskeyX · 60 replies
    Exxon Mobil Perspectives ^ | February 7, 2014 | Ken Cohen
    In last week’s post about ExxonMobil’s 2013 earnings, I noted that we earned about 5.5 cents for every gallon of gasoline and other petroleum products we refined, shipped, and sold in the United States. Consider this: The federal and state and local governments collected 40 to 60 cents per gallon in taxes. The American Petroleum Institute just updated their map showing the combined local, state and federal tax rate in each state as of Jan. 1, when new taxes took effect.
  • French farmers torch tax office in Brittany protest

    09/21/2014 12:19:11 PM PDT · by aMorePerfectUnion · 20 replies
    BBC ^ | 20 Sept. 2014 | unknown
    French vegetable farmers protesting against falling living standards have set fire to tax and insurance offices in town of Morlaix, in Brittany. The farmers used tractors and trailers to dump artichokes, cauliflowers and manure in the streets and also smashed windows, police said. Prime Minister Manuel Valls condemned protesters for preventing firefighters from dealing with the blaze. The farmers say they cannot cope with falling prices for their products. A Russian embargo on some Western goods - imposed over the Ukraine crisis - has blocked off one of their main export markets. About 100 farmers first launched an overnight attack...
  • David Cameron Vows More Powers for England After Scotland Vote

    09/19/2014 1:19:59 PM PDT · by george76 · 8 replies
    nbc ^ | September 19th 2014 | Alexander Smith
    Like Scotland, Wales and Northern Ireland have their own regional parliaments... However, England's lack of a similar legislative body has led to a messy situation where Scottish lawmakers can vote on issues that only affect England at the U.K.-wide Westminster parliament ... Just as Scotland will vote separately…on their issues of tax, spending and welfare, so too England, as well as Wales and Northern Ireland, should be able to vote on these issues
  • N. Dakota needs $800 million for housing, schools in wake of oil boom, state GOP says

    09/19/2014 5:39:15 AM PDT · by thackney · 55 replies
    Fuel Fix ^ | September 18, 2014 | Associated Press
    North Dakota Republicans on Wednesday unveiled an $800 million one-time spending plan to address immediate problems tied to the oil boom in the western part of the state.... The proposal includes $475 million to oil-producing counties and cities; $140 million to oil patch hub cities of Williston, Dickinson and Minot; $35 million to county schools affected by oil development; and $150 million for road projects outside of the oil patch.... Ron Ness, president of the North Dakota Petroleum Council, said infrastructure needs and a shortage of workers are the biggest challenges facing North Dakota’s energy sector. The state has more...
  • United States Ranks 32 out of 34 Countries in New Global Tax Index

    09/17/2014 8:32:14 AM PDT · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 09/17/14 | Alan Joel
    Our tax code is byzantine, our businesses are over-taxed, and our economy is continuing to suffer. We can do better. We have done better. We deserve better. The Tax Foundation released its first global stat called the “International Tax Competitiveness Index”. This index aims to measure two criteria, competitiveness and neutrality, by examining “the extent to which a country’s tax system adheres to”, these “two important principles of tax policy”. The index accounted for more than 40 tax positions and policies. In their analysis, two of the most damning reasons for ranking the United States near the very bottom of...
  • US now ranks 32nd in tax burden on business

    09/15/2014 8:50:57 AM PDT · by SeekAndFind · 17 replies
    American Thinker ^ | 09/15/2014 | Rick Moran
    There's "economic patriotism" and then there's just being a smart businessperson.The Tax Foundation has launched a new statistical benchmark that ranks the 34 most industrialized countries in the world according to 40 different tax criteria. The US came in 32nd. Only Spain and Italy finished lower. The low US ranking helps explain why inversions are becoming so popular - something that enrages President Obama and the Democrats who see all that tax money leaving the country for sunnier climes. Wall Street Journal: The Tax Foundation benchmark compares developed economies with large and expensive governments, but the U.S. would do even...
  • The Experiment Halfway Point: How Much Tax Do We Pay?

    09/15/2014 6:04:14 AM PDT · by lifeofgrace · 13 replies
    Charting Course ^ | 9/15/14 | Steve Berman
      It’s halfway through the month, and time to update you on my experiment.  To review, I chose September to capture every penny of tax we pay, and see exactly how much goes to the government.  I am only capturing direct taxes, rather than driving myself into the abyss of insanity by attempting to accrue all the corporate taxes, and second- and third-removed taxes on money we pay. A few notes on lifestyle.  My wife and I have two boys, ages 5 and 3 (about to be 4).  We live pretty modestly.  In fact, other than travel for work or...
  • Hey Dems! How's that 'war on tax inversions' going?

    09/12/2014 7:58:38 AM PDT · by SeekAndFind · 6 replies
    American Thinker ^ | 09/12/2014 | Rick Moran
    It was supposed to be the populist issue that would enrage the middle class and set them with pitchforks against big corporations who were being "economic traitors" by moving their headquarters overseas in order to avoid the high corporate taxes in America.The so-called "inversion" issue would allow the Democrats to ride a wave of popular disgust against Republicans to victory in November. Instead, as Politico points out, the issue is so much of a dud, that the Democrats have quietly de-emphasized much of the white hot rhetoric the president has used to portray corporations as "un-American" who move their operations...
  • Kill the Obama Lunch Tax: Why is the IRS targeting Free Meals?

    09/12/2014 7:31:37 AM PDT · by SeekAndFind · 46 replies
    National Review ^ | 09/12/2014 | Deroy Murdock
    As if its appetite were not insatiable enough already, Obama’s Internal Revenue Service is considering taxing the free lunch. Some companies offer workers mid-day meals on the house. This encourages their employees to stay near work, dine with colleagues, exchange ideas, avoid nosy competitors, and then return to their duties. These voluntary arrangements are among the things that attract people to high-tech companies like Apple, Google, and PayPal. According to the Wall Street Journal, “IRS auditors are now flagging the issue and demanding back taxes from companies amounting to 30 percent of the meals’ fair-market value.” So if an employee...
  • IRS Plans To Tax Free Meals Silicon Valley Companies Dole Out to Employees

    09/06/2014 4:22:15 PM PDT · by SeekAndFind · 59 replies
    International Business Times ^ | 09/06/2014 | Zoe Mintz
    Silicon Valley companies are known to cater to their hard working employees. Free yoga classes, nap rooms and meals are among the perks their workers enjoy. A recent Wall Street Journal report reveals that the Internal Revenue Service could be targeting these fringe benefits, more specifically "employer-provided meals" in the next fiscal year. In the agency’s recently released Priority Guidance Plan for 2014 to 2015, the IRS states that the free meals will now be considered a taxable fringe benefit, the same way a company car or phone is. Rather than taxing employees themselves -- an arduous if not impossible...
  • Abolish the Corporate Tax: It’s dumb, corrupt, onerous, and pointless.

    09/04/2014 7:04:44 AM PDT · by SeekAndFind · 27 replies
    National Review ^ | 09/04/2014 | Kevin D. Williamson
    The nominal corporate-income-tax rate in the United States is 35 percent, the highest in the developed world. That’s the on-paper rate. The effective corporate-income-tax rate — i.e., the actual rate — is . . . a matter of some dispute, but Martin A. Sullivan, a highly regarded economist specializing in taxation, puts it around 28 percent. Others have estimated the rate to be much lower: A Government Accountability (ha!) Office study put the figure at about 13 percent. Let’s put it at 0.00 percent. In reality, the effective corporate tax rate varies substantially from firm to firm and from industry...
  • The Punitive Economic Cost of Class-Warfare Taxation

    09/02/2014 9:14:14 AM PDT · by Kaslin · 9 replies
    Townhall.com ^ | September 2, 2014 | Daniel J. Mitchell
    IÂ’ve already shared a bunch of data and evidence on the importance of low tax rates.A review of the academic evidence by the Tax Foundation found overwhelming support for the notion that lower tax rates are good for growth.An economist from Cornell found lower tax rates boost GDP.Other economists found lower tax rates boost job creation, savings, and output.Even economists at the Paris-based OECD have determined that high tax rates undermine economic performance.And itÂ’s become apparent, with even the New York Times taking notice, that high tax rates drive away high-achieving people.WeÂ’re going to augment this list with some additional...
  • California drivers brace for costly new gas tax

    08/28/2014 6:26:11 PM PDT · by bkopto · 52 replies
    Fox News ^ | 8/27/2014 | William La Jeunesse and Laura Prabucki
    Californians already pay the nation's second highest gas tax at 68 cents a gallon -- and now it will go up again in January to pay for a first-in-the-nation climate change law. ... Estimates of the cost of the tax vary. The California Air Resources Board, the Golden State's premier anti-pollution agency, predicts the new tax will raise gasoline prices from 20 cents to $1.30 per gallon. A prominent state senator who helped author the bill estimated the cost at 40 cents a gallon. Environmental activists downplay the cost, but hail the impact. "We're going to now tackle probably 40...
  • Mark Udall’s Wife Partners with Leonardo DiCaprio to Call for Carbon Tax

    08/28/2014 6:29:14 AM PDT · by lbryce · 33 replies
    Free Beacon ^ | Auggust 28, 2014 | Elizabeth Harrington
    Democratic incumbent Sen. Mark Udall’s (Colo.) wife called for a carbon tax while appearing in a new anti-oil video produced by Leonardo DiCaprio. “People are ready for conversation,” says Maggie Fox, Udall’s wife and former president of Al Gore’s Climate Reality Project, in the Green World Rising video, entitled, “Carbon.” “They’re ready to understand that carbon pollution is causing this challenge and that there is a simple solution: put a price on carbon pollution,” she says. DiCaprio is releasing a series of environmentalist videos on climate change, the first focusing on gathering support for a cap and trade system. A...
  • The experiment: how much tax do we really pay?

    08/22/2014 5:32:51 AM PDT · by lifeofgrace · 44 replies
    Charting Course ^ | 8/22/14 | Steve Berman
    My wife and I decided to do a bit of downsizing this summer.  We went through our budget, line by line, and set up new limits for what we spend.  I am blessed with a good job, and we are not really hurting to make ends meet.  But we noticed that our spending started to spiral up, up and away.  Really, we have better things to do with our hard earned money than throw it away on stuff that doesn’t matter. It took us several years to get from the financial Thelma and Louise I was when we were first...
  • Repeal fails, tax reform upheld {Alaska Oil Tax}

    08/21/2014 2:00:33 PM PDT · by thackney · 13 replies
    Alaska Journal of Commerce ^ | 2014.08.21 | TIM BRADNER
    A referendum to roll back an oil production tax change made in 2013 was defeated by voters in the state’s primary election held Aug. 19. Ballot Measure 1, which would have reinstated the state’s previous tax known as ACES that was repealed in 2013, was voted down 52 percent to 48 percent, or a margin of about 6,800 votes, the Division of Elections reported in late results with 98.6 percent of the votes counted. Earlier in the evening of Aug. 19 the “yes” votes had a thin majority of a few hundred for repeal with about 25 percent of the...
  • Property Tax Corruption: “Taxation without Representation” in contemporary American government

    08/21/2014 4:54:59 AM PDT · by SeekAndFind · 7 replies
    American Thinker ^ | 08/21/2014 | Michael Bargo, Jr.
    If anything approaches “taxation without representation” in contemporary American government, it is property taxation.  This is because as a practical matter voters – as property owners – have no say in the amount of property taxation they endure.Harold Lasswell, a prominent U. of Chicago political science professor, once said that the country is made up of two groups: the political elites and the masses.  The exploitation of the masses is now being achieved through property taxation. Since political elites have, in most counties, complete control over issues of assessments and property taxes, they have the opportunity to exploit this power...
  • Thousands Of Firms Aren't Paying An "Obamacare Tax", IRS Audit Finds 24% Shortfall

    08/20/2014 9:37:29 AM PDT · by SeekAndFind · 8 replies
    Zero Hedge ^ | 08/20/2014 | Tyler Durden
    It appears Sen. Orin Hatch's comment that "everything from this ill-conceived tax's structure to its implementation has been a disaster," are coming true. As AP reports, an "Obamacare" tax on medical devices is falling short of its revenue target because thousands of companies aren't paying it, according to a government audit released Tuesday. An audit found the IRS received only 5,107 returns (against expectations of over 9,000) with a 24% shortfall in revenues. The tax is projected to generate $29 billion over the coming decade, so a 24 percent shortfall - if it were sustained - would be significant. As...
  • ObamaCare tax not meeting revenue target because companies not paying, audit finds

    08/19/2014 7:22:02 PM PDT · by george76 · 13 replies
    Associated Press ^ | August 19, 2014
    An ObamaCare tax on medical devices is falling short of its revenue target because thousands of companies aren't paying it, according to a government audit released Tuesday. The audit by the Treasury inspector general for tax administration says the IRS needs to do a better job policing the tax. The tax agency, however, doesn't have adequate tools to identify which companies owe it, the audit said.
  • Pay more for gas? Radical U.S. Chamber thinks you should

    08/13/2014 5:06:28 PM PDT · by ObamahatesPACoal · 38 replies
    If you think the price of a fill-up at the local service station is steep, Thomas J. Donohue will not be your favorite guy. Donohue, the President and CEO of the U. S. Chamber of Commerce, is concerned about the nation’s infrastructure. So much so, in fact, he’s written a piece titled, “Let’s pave the way for infrastructure funding,” in which he opines that it’s time to “raise the gas tax.” "The U.S. Chamber believes", he writes, "that the simplest, most straightforward way to fix the Highway Trust Fund is to raise the gas tax, which hasn’t been done in...
  • Ukraine Will Destroy Itself w/o Russia

    08/08/2014 4:17:08 AM PDT · by thackney · 17 replies
    Real Clear Energy ^ | August 8, 2014 | James Stafford
    Ukraine doesn’t need Russia to take it down—Kiev is doing fine destroying itself, most recently with a new tax code that doubles taxes for private gas producers and promises to irreparably cripple new investment in the energy sector at a time when reform and outside investment were the country’s only hope. Ukrainian President Petro Poroshenko on August 1 signed off on a new tax code that effectively doubles the tax private gas producers in Ukraine will have to pay, calling into question any new investment, as well as commitment from key producers already operating in the country. The stated goal...
  • Robert Redford Sues New York State Over $1.6 Million Tax Bill Related to Sundance Channel Sale

    08/06/2014 8:51:48 AM PDT · by C19fan · 40 replies
    The Hollywood Reporter ^ | August 6, 2014 | Kimberly Nordyke
    Robert Redford is suing New York state related to the sale of Sundance Channel. The actor-director sued the New York State Department of Taxation and Finance in Albany County Supreme Court on July 30 claiming that he's being overtaxed on money his company made when it sold off a stake in the channel in 2005.
  • The Last Refuge of a Scoundrel: Obama's 'Economic Patriotism'

    08/06/2014 6:58:10 AM PDT · by SeekAndFind · 15 replies
    Weekly Standard ^ | 08/06/2014 | Fred Barnes
    When he’s in trouble, President Obama changes the subject to the economy. And in speech after speech, he utters some version of this line: “We know from our history, our economy does not grow from the top down, it grows from the middle up.” This is a puzzling statement. I don’t know what it means, much less whether it’s true. I asked a number of economists and they were no help. “I have no idea what it means,” Douglas Holtz-Eakin, the former director of the Congressional Budget Office, says. “I am unaware of any literature supporting the proposition,” Kevin Hassett,...
  • Appeals court upholds Obamacare tax as constitutional

    07/29/2014 9:32:29 AM PDT · by jazusamo · 97 replies
    The Washington Times ^ | July 29, 2014 | Stephen Dinan
    A key appeals court on Tuesday ruled that despite including a tax, Obamacare doesn’t violate the Constitution’s requirement that all tax bills originate in the House of Representatives, giving the Obama administration another health care win. The three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia said that the Obamacare tax was “incidental” to the primary purpose of the Affordable Care Act, so it isn’t a revenue-raising measure as envisioned by the Constitution. “Some exercises of the taxing power are not subject to the Origination Clause,” the unanimous panel concluded. The issue had been in...
  • Australia abolishes divisive carbon tax

    07/17/2014 2:02:35 PM PDT · by SeekAndFind
    The Daily Times ^ | 07/17/2014
    Noah Rothman wrote up Quinnipiac’s gubernatorial poll yesterday, prompting me to wonder over at Townhall whether the polling outfit was holding back its Senate numbers for separate release. We now have our answer. A virtual deadlock, and advantage Gardner: The closely-watched U.S. Senate race is tied with 44 percent for U.S. Rep. Cory Gardner, the Republican challenger, and 42 percent for Sen. Mark Udall, the Democratic incumbent, according to a Quinnipiac University poll released today. Another 10 percent are undecided. This compares to the results of an April 24 survey by the independent Quinnipiac University showing Sen. Udall at...
  • Obama Administration Seeks End to Tax Inversion Deals: To halt rush of U.S. companies moving abroad.

    07/16/2014 1:29:38 PM PDT · by SeekAndFind · 18 replies
    New York Times ^ | 07/16/2014 | David Gelles
    The Obama administration has urged congressional leaders to take swift action to halt the rush of United States companies moving abroad. In letters sent to four lawmakers, Treasury Secretary Jacob J. Lew said the administration supported a quick fix that would halt the trend of so-called inversions, in which United States companies buy a smaller competitor and reincorporate overseas to save money on taxes. Speaking at the CNBC Delivering Alpha conference on Wednesday, Mr. Lew called for legislation that would include a package of business reforms, one of which would bring tax levels of companies in the 20 percent range....
  • RAHN: The end of the progressive income tax

    07/10/2014 5:40:08 AM PDT · by 1rudeboy · 83 replies
    Washington Times ^ | July 7, 2014 | Richard Rahn
    July 1 might go down in history as the beginning of the end of the comprehensive, progressive income tax. A progressive income tax, in which the government attempts to tax all labor income and capital income, such as interest, dividends and capital gains more than once, cannot help becoming so complex that it eventually dies of its own weight. This is particularly true when the government attempts to tax the worldwide income of its “tax persons” rather than the income located in its own territory. The complexity is caused by the never-ending attempt to define what income is and what...
  • Desire a national Fair Tax or Flat Tax!

    07/10/2014 4:06:02 AM PDT · by Texask9 · 54 replies
    Lets get fair tax passed.
  • More Fuel Efficient Cars Causing Highway Trust Fund to Go Broke

    07/07/2014 7:38:43 AM PDT · by Red Badger · 53 replies
    www.weeklystandard.com ^ | 9:24 AM, Jul 7, 2014 | By GEOFFREY NORMAN
    Washington needs more money and if it doesn’t get it, your morning commute will become: a) more expensive b) more unpleasant c) both The problem, you see, is that the Highway Trust Fund is "going broke,” by the Beltway’s curious definition of the phrase. It is sort of the way that after a round of painful “cuts,” spending somehow still goes up. The Highway Trust Fund takes in more than 18 cents on every gallon of gasoline sold in this country, so there is plenty of revenue. Just not enough to meet Washington’s needs and desires. People are driving more...
  • British public footing a Ł1bn bill - to aid the US taxman

    07/04/2014 8:00:05 PM PDT · by PotatoHeadMick · 14 replies
    The Daily Telegraph (UK) ^ | 4 Jul 2014 | Richard Dyson
    Your bank and investment provider are now officially working for the United States tax authorities – and you’re footing the Ł1bn bill. On Tuesday July 1, new US tax legislation also clicked into place – US tax legislation that applies in Britain, that is. The US-originated laws require British financial institutions to investigate and report via HM Revenue & Customs any information that may be of interest to the Internal Revenue Service, the US equivalent.
  • Obama Administration Plans To Dramatically Alter Transportation Funding For States

    07/02/2014 9:59:19 PM PDT · by Rusty0604 · 37 replies
    head9 Polotics ^ | 07/02/2014 | head9politics staff
    Starting in August, the Obama administration will dramatically revamp and cut back the formula it uses to send transportation funds to the states unless Congress replenishes the Highway Trust Fund The Department of Transportation (DOT) predicts that the fund, which has traditionally drawn its revenue from the federal gas tax of 18.4 cents per gallon, will be depleted by late August . The agency will use a previously-established formula to calculate the percentage of remaining funds that each state will receive, with new revenues coming in every two weeks as money from the gas tax comes into the fund.
  • Foreign banks to report on Americans trying to evade taxes as US FACTA starts July 1

    07/02/2014 7:15:58 AM PDT · by SeekAndFind · 27 replies
    US Foreign Account Tax Compliance Act (FATCA) that allows banks worldwide to reveal information about their depositors, takes into effect on July 1. Under the new act all foreign banks are required to reports all offshore accounts of the US citizens. Banking centers like Switzerland and Luxembourg that agreed to the US Foreign Account Tax Compliance Act (FATCA) will have to begin turning over account names and other data to US financial authorities so that they can tax unreported income. According to the Internal Revenue Service, US citizens will have fewer options to stash their cash offshore away from the...
  • District of Columbia approves 'yoga tax' as part of budget

    06/24/2014 1:25:08 PM PDT · by PoloSec · 24 replies
    Reuters ^ | June 24 2014 | Ian Simpson
    The District of Columbia Council on Tuesday approved a "yoga tax" on gymnasiums and yoga classes that has angered fitness buffs in the U.S. capital. The Democratic-controlled council voted 12-1 to give final approval to a $10.6 billion budget for 2015 that included a sales tax on gyms, yoga studios and other athletic businesses, a spokeswoman for Council Chairman Phil Mendelson said. The budget also includes a substantial income tax cut that would be offset by expanding the existing 5.75 percent sales tax to such services as tanning salons, health clubs, car washes and bowling alleys. The move is expected...
  • IRS Admits Wrongdoing, to Pay $50,000 in Leaking of Marriage Group’s Tax Return

    06/24/2014 12:16:11 PM PDT · by SeekAndFind · 49 replies
    The Daily Signal ^ | 06/24/2014 | Ken McIntyre
    Two years after activists for same-sex marriage obtained the confidential tax return and donor list of a national group opposed to redefining marriage, the Internal Revenue Service has admitted wrongdoing and agreed to settle the resulting lawsuit. The Daily Signal has learned that, under a consent judgment today, the IRS agreed to pay $50,000 in damages to the National Organization for Marriage as a result of the unlawful release of the confidential information to a gay rights group, the Human Rights Campaign, that is NOM’s chief political rival. “Congress made the disclosure of confidential tax return information a serious matter...
  • Who’s to Blame for High Airfares?

    06/24/2014 8:18:59 AM PDT · by SoFloFreeper · 25 replies
    Daily Signal ^ | 6/24/14 | Bryan Riley
    Airline ticket prices are soaring this summer. Prices are up 12 percent since 2009, even after adjusting for inflation. When customers of Spirit Airlines book their flights, they can see exactly what they’re paying for. Spirit provides a breakdown of individual factors that make up the total cost of an airline ticket, including the base fare, fuel prices, and taxes/fees (aka the government’s cut).
  • Would Monsanto move its headquarters out of the country?

    06/24/2014 4:42:07 AM PDT · by WhiskeyX · 12 replies
    St. Louis Post Dispatch ^ | 23 June 2014 7 hours ago | Tim Barker
    According to the wire service, Monsanto mulled a takeover of its $34 billion seed and herbicide rival, in part, to move its legal headquarters to Switzerland. It’s a move known as corporate inversion and it has the power to shield money held overseas from Uncle Sam’s tax collectors.
  • Don’t Raise the Gas Tax: Sen. Bob Corker's Idea is Bad Policy and Bad Politics

    06/20/2014 6:53:27 AM PDT · by SeekAndFind · 15 replies
    National Review ^ | 06/20/2014 | The Editors
    The federal Highway Trust Fund, historically, is a fund that the government can’t be trusted to spend on federal highways. Unfortunately, Senator Bob Corker (R., Tenn.) is proposing to put more money in it by raising the federal gasoline tax, a proposal he’s concocted with Senator Chris Murphy (D., Conn.). Corker’s idea is bad policy and bad politics. The politics: Gas prices are rising rapidly, taxes on fuel are regressive, and Americans, rightly, really don’t like when you raise any kind of tax at all. There’s no pressing policy reason to increase the tax. The trust fund has plenty of...
  • Senator Murphy (D-CT) proposes increase in federal gas tax

    06/19/2014 9:46:40 AM PDT · by matt04 · 15 replies
    Connecticut residents may soon be seeing more federal tax hikes in the gas and diesel purchased, the first hike in 20 years. Lawmakers in Washington, DC said the federal highway trust fund will be empty in a few months if they don't come up with a plan to refill it. Connecticut Sen. Chris Murphy and Tennessee Sen. Bob Corker proposed raising the federal tax $0.12 over the next two years to replenish the fund, however, taxpayers aren't approving of this. "That's not going to work for me. I'm a single parent, I can't afford that," said Latoya Leery. Connecticut drivers...
  • Senators propose 12-cent gas tax increase (It's Bi-partisan!- RINO's are the worst!

    06/18/2014 6:40:40 PM PDT · by Red in Blue PA · 50 replies
    WASHINGTON (AP) — Two senators unveiled a bipartisan plan Wednesday to raise federal gasoline and diesel taxes for the first time in more than two decades, pitching the proposal as a solution to Congress' struggle to pay for highway and transit programs. The plan offered by Sens. Chris Murphy, D-Conn., and Bob Corker, R-Tenn., would raise the 18.4 cents-a-gallon federal gas tax and 24.4 cents-a-gallon diesel tax each by 12 cents over the next two years, and then index the taxes to keep pace with inflation. The increase would be applied in two increments of 6 cents each.
  • Bob Corker: Another Reason to Not Support David Perdue

    David Perdue, running for the Senate in Georgia, wants to be one of those guys who reaches across the aisle to get things done. He wants to transcend partisan the way all the CEOs who get into politics claim they want to do. David Perdue also likes Bob Corker. In fact, several times Perdue has mentioned has admiration of Bob Corker. Corker is one of the guys Perdue thinks is a model Senator. Corker reaches across the aisle and gets things done. Putting his money where his mouth is, Perdue has donated to Corker several times — maxing out.
  • Minnesota governor cheers relocation of major corporation HQ to … Ireland

    06/18/2014 1:20:50 PM PDT · by SeekAndFind · 18 replies
    Hotair ^ | 06/18/2014 | Ed Morrissey
    When Rick Perry stumps for businesses to relocate, at least he’s cheering for his home state of Texas as the final destination. In Minnesota, we have the unusual experience of having a governor laud a corporation for moving its headquarters out of the state — and out of the country. Medtronic, a leading manufacturer of medical devices, acquired an Irish firm in the same sector, but will move its corporate headquarters to Ireland rather than transfer Covidien’s executive operations to Minnesota (via Gary Gross): “As I look at the project as governor of Minnesota, this is a good deal...
  • Senators propose 12-cent gas tax increase

    06/18/2014 9:48:43 AM PDT · by Olog-hai · 72 replies
    Associated Press ^ | Jun 18, 2014 12:17 PM EDT | Joan Lowy
    Two senators unveiled a bipartisan plan Wednesday to raise federal gasoline and diesel taxes for the first time in more than two decades, pitching the proposal as a solution to Congress’ struggle to pay for highway and transit programs. The plan offered by Sens. Chris Murphy, D-Conn., and Bob Corker, R-Tenn., would raise the 18.4-cents-a-gallon federal gas tax and 24.4-cents-a-gallon diesel tax by 12 cents each over the next two years, and then index the taxes to keep pace with inflation. The plan also calls for offsetting the tax increases with other taxes cuts. …
  • The Clintons: estate taxes for thee but not for me

    06/18/2014 6:31:42 AM PDT · by SeekAndFind · 22 replies
    American Thinker ^ | 06/18/2014 | Thomas Lifson
    Bill and Hillary Clinton are using perfectly legal, but complex and expensive legal strategies available only to the rich in order to avoid the estate taxes they have assured us are essential to fairness and economic justice. So much for the crusade against the 1% who are supposedly responsible for all the ills of everyone else.  Keeping Chelsea a wealthy member of the 1% is the apparent goal.Richard Rubin of Bloomberg reports: Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it. To reduce...
  • House Passes Pair of Business Tax Break Bills

    06/16/2014 7:56:17 PM PDT · by SgtHooper · 4 replies
    Accounting Today ^ | June 12, 2014 | Michael Cohn, Editor-in-Chief, AccountingToday.com
    The House passed a pair of bills Thursday to provide tax breaks to businesses. One bill, H.R. 4457, “America's Small Business Tax Relief Act of 2014,” would permanently extend Section 179 expensing of up to $500,000 after the generous bonus depreciation limit expired last year. It passed by a vote of 272 to 144. The other bill, H.R. 4453, the “S Corporation Permanent Tax Relief Act of 2014,” makes permanent the shortening of the built-in gains tax-holding period for S corporations from 10 years to five years to give S corps quicker access to capital. It also contains a basis...