If you live in Germany, then you're aware of something called a Church Tax.As far as I can understand it -- forgive me if I screw this up -- here's how this works: When you pay your income taxes, a portion of it (8 or 9%, depending on where you live) is set aside by the government for your place of worship if you're Catholic, Protestant, or Jewish. Show More Summary
If you are a "retired" business owner who still receives income from your business, there is a chance for you to reduce your tax liability.
Switzerland has had consistently low tax rates and a remarkably stable income distribution, although in the last 20 years the share of top incomes has risen. This column documents that the top 0.01%’s share doubled, meaning Switzerland is similar to European countries in terms of the top 1%’s income share, but closer to the US for higher top incomes. Show More Summary
Make the most of your income tax refund, as it can do a lot of good.
Sen. Harry Reid who disgraced himself and his office by scandalously claiming Mitt Romneydidn’t pay income taxes, has suffered an embarrassing setback. Fox News reports Senate Majority Leader Harry Reid’s
The exchange I had with Jared Bernstein and subsequent comments by others have led to me do more thinking on the corporate income tax. First, just to respond to various notes and comments, I was not all upset that Jared and I disagreed. Show More Summary
ABA Journal, Former US Attorney Takes Plea in Tax-Return Case, Agrees to Pay $290K Sam Brunson (Loyola-Chicago), Tax Court: Frequent Flier Miles Are Income Detroit Free Press, 10 Things to Know About Corporate Inversions Forbes, Manny Pacquiao Lands $75 Million Blow In Tax Evasion Case, by Robert W. Wood Forbes,...
French president François Hollande is evermore himself and this is bad news for France. In his first year it was the old Socialist pattern of campaigning in left-wing poetry (for example the 75 percent tax on incomes over 1 million euros),...Show More Summary
Following up on Wednesday's post, Tax Court Approves the IRS's Taxation of Frequent Flyer Miles: Sam Brunson (Loyola-Chicago), Tax Court: Frequent Flier Miles Are Income: What does the Tax Court decision mean to you? Let’s explore the ramifications of the Tax Court’s decision in an Explainer. How can frequent flier...
Corporations are finding ways to legally avoid paying federal taxes, causing business income tax revenue to be stagnant.
Via William T. and others, a Tax Court has ruled on the taxability of points programs under certain circumstances. The Tax Court yesterday required the taxpayer to include $668 in income as reported by Citibank on Form 1099-MISC as the...Show More Summary
There's a kind of time bomb built into the Obamacare exchanges. Next year an unknown but probably significant number of low income people are going to discover they owe the IRS money through no fault of their own. Those who fail to file a tax return acknowledging this unexpected liability will lose their access to health care subsidies. Show More Summary
Richard J. Vann (Sydney), Policy Forum: The Policy Underpinnings of the BEPS Project-Preserving the International Corporate Income Tax?, 62 Canadian Tax J. 433 (2014): The OECD/G20 Action Plan on Base Erosion and Profit Shifting (BEPS) is receiving significant attention from taxpayers and national governments. Because the action plan is about...
The Tax Court yesterday required the taxpayer to include $668 in income as reported by Citibank on Form 1099-MISC as the value of an airline ticket received by the taxpayer upon redemption of 50,000 "Thank You Points" from opening a Citibank account. Shankar v. Commissioner, 143 T.C. No. 5 (Aug....
Obamacare is going to be an unexpected headache for some people when tax time rolls around next year. As the Associated Press reported this week, income changes over the course of the year could end up chewing into tax refunds without...Show More Summary
Jared has a few more points in response to my least post -- certainly very reasonable concerns. As far as his comparison of me to Mr. Burns, I'll just say "excellent!"
From Michael Mazerov of the CBPP: More Evidence That State Income Taxes Have Little Impact on Interstate Migration: The New York Times’ Upshot blog has published a fascinating set of graphs of Census Bureau data on interstate migration patterns since...
malerapaso Many Americans have traditional Individual Retirement Accounts, where your annual contributions are reduced from your taxable income, yielding a tax deduction now, but your withdrawals are taxed. And many also have Roth IRAs,...Show More Summary
I see that my friend Jared Bernstein has some more thoughtful (if mistaken) arguments on ending the corporate income tax. I recognize his concerns about giving more money to the people who have the most (hey, it’s the American Way),Show More Summary
The Center on Budget and Policy Priorities’ Michael Mazerov has a blog post out today covering the same Upshot blog migration tool we covered recently. Mazerov points out that states with no income tax appear to have done a worse job...Show More Summary