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huffingtonpost.com Hopes for overhauling the federal tax system are fading in Washington, but in some state capitals, tax reform experiments – some far-reaching – are fast taking shape. Across the U.S. South and Midwest, Republicans have consolidated control of state legislatures and governorships, giving them the power to test long-debated tax ideas. Louisiana Republican Governor Bobby Jindal, for instance, called on Thursday for ending the state’s income tax and corporate taxes, [...] The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit? And should the CEO of GE, Jeffrey Immelt, be advising the president on business? For two years, President Obama has been talking about the need for corporate tax reform, [...] Top income tax rates: 20% in Singapore, 17% in Hong Kong, 35% in U.S. Would you give up citizenship?SINGAPORE—Facebook FB 0.00% co-founder Eduardo Saverin’s recent decision to give up his U.S. citizenship in favor of long-term residence in Singapore has drawn fresh attention to the appeal of residing and investing in the wealthy city-state and other parts of Asia, where tax burdens are significantly lighter than in many Western countries. Although the number of Americans throwing away their passports remains small, the trend has accelerated over the past two years—especially in Asian [...] “SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in April, showing monthly revenues came in $2.44 billion below (-20.2 percent) the latest projections contained in the Governor’s proposed 2012-13 Budget. “The task of crafting a credibly-balanced budget has been made more difficult by a nine-month revenue shortfall of $3.5 billion,” said Chiang. “Without a timely, financeable budget plan, the State will be [...] Back in 1950, corporations paid $3 in taxes for every $1 paid by a worker. Today, they pay 22 cents.In 2009, the United States ranked 26th out of 28 OECD countries in total federal, state, and local taxes as a percent of GDP. Only Chile and Mexico had lower tax rates. According to the Center on Budget and Policy Priorities, “federal taxes on middle-income Americans are near historic lows.” For taxpayers in the top 1%, the tax burden has fallen dramatically in recent years. At very high income levels, beginning at about the million dollar range, [...] By: Andrea Ryan Yeah! Endless debt and printed money bond issuing for everyone…until the “rendezvous with reality” arrives. Governor Pat Quinn just announced that Illinois’ day of reckoning is here. In spite of raising corporate taxes by 30% and personal income taxes by 67%, Illinois’unemployment rate increased faster than any other state last year and their pension fund remains the most underfunded, sending the state spiraling toward deeper and irreparable insolvency. For the Boston Herald, George Will [...] Illinois offers us a perfect example of what happens when you institute liberal policies, as Obama has done to the entire country: After trying to tax Illinois to governmental solvency and economic dynamism, Pat Quinn, a Democrat who has been governor since 2009, now says “our rendezvous with reality has arrived.” Actually, Illinois is still reality-averse, so Americans may soon learn the importance of the freedom to fail in a system of competitive federalism. Illinois was more [...] The US Government has had a blockbuster tax season. The numbers are stunning. Withholding is collected throughout the year with no relation to the tax due date. So far for April, withheld taxes are running 5.7% of last April through the 18th. That suggests that things are going well for the US economy so far this month. Non-withheld, individual income taxes, which are affected by the due date, were up [...] The US Government has had a blockbuster tax season. The numbers are stunning. Withholding is collected throughout the year with no relation to the tax due date. So far for April, withheld taxes are running 5.7% of last April through the 18th. That suggests that things are going well for the US economy so far this month. Non-withheld, individual income taxes, which are affected by the due date, were up [...] Recent polls show a large majority of Americans, including small business owners, are convinced that profitable corporations are not paying enough in taxes. Citizens for Tax Justice and U.S. PIRG’s Loopholes for Salepursues the intersection of corporate campaign contributions to members of Congress and the absence of Congressional action to close corporate tax loopholes and raise additional revenue from corporate taxes. The report includes the following findings: 280 profitable Fortune 500 companies collectively [...] by Sam Ro Robert Shiller has a novel idea for America. He writes in the Harvard Business Review: Here’s an audacious alternative: Countries should replace much of their existing national debt with shares of the “earnings” of their economies. This would allow them to better manage their financial obligations and could help prevent future financial crises. It might even lower countries’ borrowing costs in the long run. Basically, Shiller thinks that America could be better managed if [...] This was from one of the many higher gas price articles out there. What does everyone think of this band-aid idea? Boy are we desperate…
One idea might be a “pocketbook protection” plan, which would work as follows: If the averageprice of gas exceeds $4 a gallon, an additional, automatic payroll tax cut of 1 percent would kick in, as much as $50 per month, per person. The cut would stay [...] and… - darbikrash Judy Baar Topinka (Photo From Judy Baar Topinka Website) SPRINGFIELD, Ill. (CBS) — Illinois keeps falling farther behind on its debt. As WBBM Newsradio’s Regine Schlesinger reports, officially, the state has a backlog of more than $4.25 billion in unpaid bills. LISTEN: WBBM Newsradio’s Regine Schlesinger reports But Illinois State Comptroller Judy Baar Topinka says when one factors in other bills, the figure is closer to around $8.5 billion. Those other outstanding bills include tax refunds, [...] Success: Away from the low growth and high regulation of an America under Washington’s thumb, our northern neighbor is economically strong. As 2011 ends, Canada has announced yet another tax cut — and will soar even more. The Obama administration and its economic czars have flailed about for years, baffled about how to get the U.S. economy growing. In reality, the president need look no further than our neighbor, Canada, whose solid growth [...] First, Greece could very well be kicked out of the EU, not just the Eurozone, depriving it of its main export market. Why? Because the rest of the member nations aren’t going to be happy with Greece essentially exporting its problems by way of a much, much cheaper currency. Second, re-intriducing the drachma will be very, very difficult, most likely wiping out Greek banks, and a the savings of much of [...] SAT NOV 05, 2011 AT 08:30 AM PDT There are a lot of corporate bad guys to point at in the new report Corporate Taxpayers & Corporate Tax Dodgers (PDF). Out of 280 profitable Fortune 500 corporations the report examines, 30 paid a negative effective federal income tax rate between 2008 and 2010, while 67 paid less than [...] Washington, DC – A comprehensive new study that profiles 280 of America’s most profitable companies finds that 78 of them paid no federal income tax in at least one of the last three years. Thirty companies enjoyed a negative income tax rate over the three year period, despite combined pre-tax profits of $160 billion. These are among the findings in “Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010,” released today by [...] 1. GENERAL ELECTRIC: In 2010, their effective tax rate was -62%. Yes that is MINUS. In other words, for every dollar of profit they made, they received a $0.62 bonus from the government. 2009 = Profit = $13.3 billion – US Taxes: $0 – Tax Benefits: $1.1 billion. GE HEAD CALLS FOR LOWER CORP TAXES; BUT GE PAID ZERO! The corporate titan President Obama picked to help create millions of new jobs thinks lowering corporate taxes and eliminating all tax loopholes for U.S. companies will put more Americans to work. General Electric Chairman Jeff Immelt sits down with Lesley Stahl to discuss the creation of jobs, the U.S. business climate and his own company, [...] Warren Buffett was in the New York Times today bragging about his low effective tax rate and saying how he would like to be paying more. Fellow Forbes contributor Tim Worstall weighed in quibbling about Mr. Buffet not factoring in the corporate taxes on Berkshire Hathaway’s earnings. I’m just a simple CPA, whose firm won’t even let him sign audit reports anymore. (That’s true of [...] So we have $4B in subsidies, if we pass that along to the end consumer of gasoline only: $4,000,000,000 / (18,771,000 barrels/day * 365 days) = $0.5838 / barrel $0.5838 / 19.4 gallon gas /barrel = $0.03 / gallon of gas. Now, don’t get me wrong, I think these subsidies as well as all others should be eliminated. But this is a distraction meant to keep the masses angry and not [...] 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 [...] |
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