Senate investigators: APPLE avoided $44 billion in taxes
Senate investigators accuse Apple of wiring together a complicated system to shield billions of dollars in international profits from both U.S. and foreign tax collectors.
A report released ahead of Apple CEO Tim Cook’s inaugural Capitol Hill appearance Tuesday alleges the tech giant took advantage of numerous U.S. tax loopholes and avoided U.S. taxes on $44 billion in offshore, taxable income between 2009 and [...]
Louisiana Governor Bobby Jindal, Nebraska Governor Dave Heineman, and Kansas Governor Sam Brownback have all called for their states to eliminate their income tax and replace it with a sales tax over the past week. They were joined yesterday morning by North Carolina, where the Senate President Pro Tempore, Phil Berger, confirmed the legislature and the Governor, Pat McCrory, would pursue serious tax reform this session. Indeed, a senate proposal [...]
The federal government notched a $1.1 trillion deficit in fiscal year 2012 — the fourth straight year over $1 trillion — according to a preliminary estimate that the Congressional Budget Office released Friday.
That’s still an improvement over 2011, when the deficit reached $1.3 trillion, and it marks the lowest deficit of President Obama’s four years in office.
The CBO report said the better picture was due to higher revenue from taxes. Spending was [...]
The Congressional Budget Office estimates the U.S. will report nearly a trillion dollar deficit for the first nine months of fiscal year 2012.
In its “monthly budget review,” the CBO reports that the Treasury Department has accrued a $905 billion deficit throughout the first three quarters of the fiscal year, which began on Oct. 1, 2011. The deficit was $66 billion less than the $971 billion deficit incurred over the same period of [...]
WASHINGON — State tax revenue growth weakened in the fourth quarter of 2011 due to weak economic conditions as well as the expiration of temporary tax increases and the stimulus provisions of the American Recovery and Reinvestment Act of 2009, the Rockefeller Institute said in a report Monday.
The preliminary data show all 50 states’ collections from major tax sources increased by 2.7% in the fourth quarter of 2011 compared to [...]
Few seem to know it, but Phase 2 of Cain’s 999 plan is the FairTax. Cain’s website says the following about the FairTax:
1.) Amidst a backdrop of the economic boom created by the Phase 1 Enhanced Plan, I will begin the process of educating the American people on the benefits of continuing the next step to the Fair Tax.
2.) The Fair Tax would ultimately replace individual and corporate [...]
David Cay Johnston is a Reuters columnist. The opinions expressed here are his own. (Repeating for wider distribution)
By David Cay Johnston
(Reuters) – Rupert Murdoch may not garner as much attention for his financial savvy as he does for his journalistic escapades, which last week led to the shuttering of Britain’s oldest tabloid. But that doesn’t make his money management any less impressive.
Indeed, when it comes to taxes, instead of [...]
Thousands of companies and nonprofits that received funds from the Obama administration’s economic stimulus program owe hundreds of millions of dollars in unpaid taxes, according to estimates in a new government report.
A Government Accountability Office investigation set for release Tuesday found that at least 3,700 recipients receiving $24 billion in stimulus contracts and grants owe more than $750 million to the government.
Corporate income taxes made up $417 million, or about [...]
Corporate income taxes are very much in the news these days. The New York Times has investigated General Electric’s tax payments (or paucity thereof). Businesses are clamoring for a reduction in the federal corporate income tax rate, which stands at 35 percent. President Obama has offered to swap lower rates for getting rid of loopholes. Everyone seems to agree that the corporate tax code is a monstrous [...]
One of the best constitutional amendment proposals I have seen in years comes from a taxpayer group in North Dakota.
Please consider Amendment would abolish ND property taxes, order Legislature to figure out new revenue plan
Backers of a constitutional amendment to abolish North Dakota property taxes believe they have enough petition signatures to put the idea on the ballot, even though the number they thought they needed has [...]
Despite reporting nearly $10 billion in domestic pre-tax profits between 2008 and 2010, the
Boeing Corporation, which was granted a contract worth as much as $35 billion to build
airplanes for the federal government earlier this week, did not pay a dime of U.S. federal
corporate income taxes during this three-year period.
?? In 2010, Boeing reported $4.4 billion in pre-tax profits, and paid just 0.3 percent of its
pre-tax income in federal [...]
NEW YORK (CNNMoney) — Democratic state lawmakers in Illinois are scrambling to pass massive personal and corporate income tax hikes Tuesday to bring their state budget back from the fiscal abyss.
Timing is critical because it will be much harder to raise taxes after Republicans take over more seats on Wednesday. The state GOP is firmly opposed to hiking taxes, preferring instead [...]