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Tax Like It Is July 4, 1776

Wall Street Journal op-ed: What Life Was Like in 1776, by Thomas Fleming (Former President, Society of American Historians; Author, What America Was Really Like in 1776 (2012)): Americans [in 1776] had the highest per capita income in the civilized world, paid the lowest taxes—and were determined to keep it...

Ask Lifehacker: Do I Have To Report Income On My App Sales?

Dear Lifehacker, I’m developing a paid app to be published on Google Play (my first paid app). I am wondering what do I have to know about? For example, tax and the likes, I cannot seem to find a lot of guidance on this aspects online, would you be able to help me? (And yes, I am in Australia.) More »      

Income taxes give a more accurate picture of the value of a college degree

A new study that is the first to use Social Security Administration's personal income tax data tracking the same individuals over 20 years to measure individual lifetime earnings has confirmed significant long-term economic benefitsShow More Summary

Shaviro: Taxing Potential Community Members' Foreign Source Income

Daniel Shaviro (NYU), Taxing Potential Community Members' Foreign Source Income: Recent years have witnessed rising debate, on both sides of the Atlantic, regarding how to define the category of individuals whom a given country classifies as domestic taxpayers, and who thus may be taxable on their foreign source income (FSI)...

Standard Deduction: Jeb Bush Tax Returns Recall Old Days of Shelters

Mr. Bush paid an effective tax rate of 40 percent in 2013, but his dealings in real estate allowed him to pay almost no income tax in the 1980s.

No More ‘Poor Door': New York City Bans Segregated Entrances Based On Income

Developers who get tax breaks from building affordable housing in luxury condos are banned from building segregated entrances — one for the po’ folks and one for the wealthy — to compensate for the blurred class lines created from sheltering

Expiration Of Bush Tax Cuts Cost Jeb Bush $500,000 In 2013

Jeb Bush, the former Governor of  Florida who is among the 27% of the population running for President in 2016, released 33 years worth of federal tax returns earlier today. It's a savvy move by Bush; by publicizing his income, he avoids the mistake made by past Republican candidate Mitt Romney, who [...]

On tax returns, Sanders and wife report $200,000 in income — mostly from his Senate post

Sen. Bernie Sanders (I-Vt.), who rails against the “billionaire class” on the presidential campaign trail, reported relatively modest income last year: just more than $200,000 on a tax return filed jointly with his wife. The vast majority of the couple’s income came from Sanders’s $174,000 Senate salary and Social Security benefits that both he and […]

Jeb Bush Made Millions But Gave Little to Charity

Jeb Bush released 33 years of tax returns on Tuesday evening. So how much did he give to charity over the years? Not that much. Between 2003 and 2013, Bush gave 1.5 percent of his income to charity, according to the lists of charitable deductions in the tax returns. Show More Summary

Jeb Bush Reports $7.3 Million in Income on 2013 Return

Jeb Bush’s time away from public life has been good for him, at least financially, as he and his wife, Columba, reported adjusted gross income of $7.3 million on his 2013 tax return, the last of 33 years of returns that he released on Tuesday.

2016 Budget Recap

After the legislature's 2016 Budget Bill (S2016) was passed, Gov. Christie changed it both positively and negatively. Positively he increased the Earned Income Tax Credit for the working poor from 20% to 30%, he increased the surplus from $350 million to $700 million and he accepted the legislature's addition of $66 million for Open Space. Show More Summary

GOP's Jeb Bush to release 33 years of personal tax returns

DES MOINES, Iowa (AP) — Republican presidential candidate Jeb Bush plans Tuesday to release 33 years of his personal income tax returns, including before and after his two terms as Florida governor. Campaign spokeswoman Allie Brandenburger says Bush's decision "is consistent with the high level of disclosure he has practiced during his life in public office."

A Quick Primer on Personal Income Taxes (with gifs!)

Last week, the Tax Foundation made a trip to Chicago to speak at the Council on State Taxation (COST) and National Conference of State Legislatures (NCSL) Tax Academy Policy Seminar. The event was a great opportunity to meet with state...Show More Summary

7 Changes in Income Tax Return Forms & Filings For 2015

After a lot of criticism in the past two months for the complicated Income Tax mechanism, the Government has rolled out new Income Tax Return forms and Tax filing procedures, this week. The Income Tax Department (ITD) has introducedShow More Summary

Greece's Creditors Take Aim at Shipowners

 Greece's international lenders are asking the debt-laden country to hike vessel tax, according to a report in the Financial Times. The shipping sector is a vital generator of income for Greece.

Tax, Estate Planning, Benefits Opportunities After Supreme Court's Obergefell Gay Rights Decision

Filing for a state income tax refund is one move same-sex couples can make, thanks to the Supreme Court decision in Obergefell v. Hodges.

Ex-Congressman Mel Reynolds indicted

Former U.S. Rep. Mel Reynolds has been indicted for failing to file income tax returns for four years -- 2009 through 2012.

Alberta Seeks Tax Hike

Last week, legislation was proposed in the Canadian province of Alberta that could soon change its corporate income tax rate and personal income tax starting on July 1 and October 1, respectively.  Joe Ceci, the Minister of Finance, introduced the Act to Restore Fairness to Public Revenue in an effort to implement a progressive tax structure. Show More Summary

Net Investment Income Tax Handicaps Those Meant to Benefit

The Net Investment Income Tax (NIIT), now in its third year, is becoming an ironic story of unfortunate unintended consequences. The NIIT was passed in the Health Care and Education Reconciliation Act of 2010, following the passage of the Affordable Care Act. Show More Summary

Time for a 40% top rate

Lord Lawson has called for George Osborne to lower the top rate of income tax to 40% in his July budget.  It is a timely call that echoes former times.  When Nigel Lawson, as he then was, was preparing his 1988 budget, the ASI published research showing that if he lowered the top rate from […]

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