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Ford's second quarter profit swells on tax changes

Ford Motor Co. had a better-than-expected second quarter despite lower sales and upheaval in its executive ranks. Net income rose 4 percent to $2 billion, thanks in part to a … Click to Continue »

Hawaii Hikes Income Taxes to Pay for Earned Income Credit

On July 10, Hawaii Governor David Ige (D) signed a bill that significantly alters Hawaii’s tax code. The bill, HB 209, has two main provisions. Together, the provisions implement a state-level Earned Income Tax Credit and reinstate top marginal individual income tax rates that had been allowed to expire. While the tax credit is widely […]

What The Law Says About Unrelated Business Taxable Income In Non-Real Estate Investments

Understand the impact of unrelated business taxable income rules to avoid getting on the wrong side of the tax man.

Do Taxes Affect Marriage? Lessons From History

Edward G. Fox (NYU), Do Taxes Affect Marriage? Lessons from History: This Article investigates the effect of taxes on marriage formation using a natural experiment generated by the income tax’s halting movement from individual taxation of married couples to joint taxation. The 1948 Revenue Act was the first to explicitly...

Suit filed over new income tax for wealthy Seattle residents

As expected, attorneys have filed a lawsuit challenging Seattle's new ordinance to tax high-income earners. Multiple news outlets reported Friday that the suit was filed on behalf of Seattle resident … Click to Continue »

Weekly SSRN Tax Article Review And Roundup

This week, David Gamage (Indiana) reviews a new draft article by Regina Herzlinger (Harvard Business School) and Barak D. Richman (Duke Law), Evaluating Changes to the Income Tax Code to Create Consumer-Driven Health Insurance Competition. The intersections between taxation and health policy have become increasingly important to political debates in...

Gross Income from Dating?

A reader has added another television court show episode to the list of those on which I cannot help but comment. The list is getting longer, and includes posts such as Judge Judy and Tax Law, Judge Judy and Tax Law Part II, TV Judge...Show More Summary

IRC § 457A, Literal Income And Substitution Effects, And The Kübler-Ross Five Stages Of Taxes

Matt Levine, Money Stuff (Bloomberg): Tax Bills and Libor Witnesses There is a widespread belief that taxes discourage economic activity. If you tax cigarettes, that will reduce smoking; if you tax labor income, that will reduce work; if you tax capital gains, that will reduce savings; if you tax estates,...

Justice considers recalling Legislature this year

Gov. Jim Justice says he's considering recalling the West Virginia Legislature this year to again consider exempting veterans' pensions from state income taxes and adding a 5 percent surcharge to … Click to Continue »

How High Are Individual Income Tax Collections in Your State?

The individual income tax is the third largest source of tax revenue for state and local governments, accounting for 22.9 percent of collections in fiscal year 2014. Property taxes and sales taxes comprise larger shares of state and local tax collection at 31.3 percent and 23.3 percent respectively. This week’s map shows the combined state […]

Treasury moves ahead with plan to tax money earned overseas

The South African Revenue Service has published its proposed amendment to tax the income of South Africans working overseas. Tertius Troost, Tax Consultant at Mazars says that the proposed amendment will affect most South African tax resident employees working abroad. Show More Summary

Liscow & Woolston:How Income Taxes Should Change During Recessions

Zachary D. Liscow (Yale) & William A Woolston (Stanford), How Income Taxes Should Change During Recessions, 70 Tax L. Rev. (2017): This paper offers recommendations for how the design of labor income taxes should change during recessions, based on a simple model of a recessionary economy in which jobs are...

Taxing Businesses: Pass-through businesses

Part one of my series: Taxing Businesses In my earlier post on the number of returns and net income by business structure, you can see the share of business returns filed by C corporations has dropped 16.6% to 4.9% 1980-2012 with pass-through businesses filing the majority of business returns. Show More Summary

Liberals aim to crack down on private corporate tax loopholes

Plans aim to prevent some business owners, particularly wealthy ones, from distributing income among family for tax-savings purposes The post Liberals aim to crack down on private corporate tax loopholes appeared first on Macleans.c...

Arkansas judge temporarily suspended over tax charges

Arkansas' highest court has ordered that a judge accused of failing to pay state and federal income taxes be temporarily suspended with pay. The state Supreme Court on Monday ordered … Click to Continue »

40% of Greeks Slammed by New Taxes; Many Will Pay More Than Gains In Earnings

``In some cases the annual difference in the tax due is more than the difference between the incomes of 2015 and 2016. For instance, a taxpayer with incomes of 66,000 euros in 2015 and 76,000 euros in 2016 is now forced to pay tax amounting to 21,646 euros, against 10,692 euros last year. Show More Summary

Seattle Lawmakers Pass Tax On Highest Earners; Mayor Eager To Be Sued

Reuters: Seattle Lawmakers Pass Tax on Highest Earners; Mayor Eager to be Sued Seattle's city council unanimously passed a pioneering income tax on the city's highest earners on Monday, a measure that has become a clarion call for Democrats there even though it is likely to face a swift legal...

Which states have estate and inheritance taxes?

last weekNews : USAToday: News

A handful of states impose estate taxes at various income thresholds. A few others impose inheritance taxes, which are paid by heirs.        

Seattle Passes Municipal Income Tax; It is Almost Certainly Illegal

Washington is one of the seven states that goes without an individual income tax, and most residents are pretty proud of that. In fact, voters in the state have voted down a constitutional amendment to allow a graduated income tax five times. That could change though, as the Seattle City Council this week passed a […]

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