Japan looks likely to cut its corporate tax rate by 2 to 3 points in 2015, according to Bloomberg: Japan’s corporate income tax may be cut by more than 2 percentage points next year and reduced to less than 30 percent within five, Economy...Show More Summary
With the budget signed into law and tax extenders very nearly signed into law, how will tax season be affected? IRS Commissioner John Koskinen has some answers - and it's not all good news.
Bloomberg, IRS Freezes Hiring, Warns of Busy Signals After U.S. Budget Cuts Bloomberg, Senate Sends $42 Billion U.S. Tax-Break Renewal Measure to Obama Forbes, Disabled Veteran Sues Bank Of America Over Erroneous Form 1099-C, by Peter J. Reilly Forbes, Eight Tax Tips For Year-End Now That 'Extenders' Passed, by Robert...
Berlin gives producers a $12 million Christmas present, reversing previous cuts read more
As they prepare to take control of Congress, Republicans are looking to change the rules of the game. To lend budget-busting tax cuts the illusion of fiscal responsibility, conservatives would codify the notion that these cuts pay for themselves into congressional accounting rules. Show More Summary
The lower-gas-price-tax-cut is "unequivocally good" meme is becoming more and more full of holes by the day. All that extra disposable income means moar iPhones, moar dining-out, and moar GDP... right? Wrong! As CBS reports, a new poll finds 73% of Americans will not use any extra cash from lower gas prices to buy additional gifts. Show More Summary
Submitted by David Stockman via Contra Corner blog, Let’s see. Between July 2007 and January 2009, the median US residential housing price plunged from $230k to $165k or by 30%. That must have been some kind of super “tax cut”. In fact,...Show More Summary
Transit riders in eastern Polk will face longer waits for buses given the defeat of the November sales tax referendum to increase transit funding.
But what about the massive cajillion-dollar tax cut for American manufacturers from the oil-drop? US Manufacturing PMI collapsed to 53.7 in December, missing expectations of a rebound to 55.2 by the most on record and falling to its lowest since January 2014 - the middle of the Polar Vortex. Show More Summary
Still on deck in the Senate: It is expected this week to renew dozens of expired tax breaks, including tax cuts for business research, wind power, and foreign profits. It’s worth remembering that if a $42 billion package like this gets passed every year, the federal deficit could grow by $800 billion over ten years. Show More Summary
So far, governments have opted to deal with the problem of space junk by implementing policies to reduce the creation of more debris. But that alone won't cut it — we also need to be removing stuff from orbit. One way to cover the high costs of space junk disposal would be a $1 tax on every GPS chip in a smartphone. Read more...
TNR spent the '80s in bed with Reagan and Ollie North, backing tax cuts, proxy wars -- and screwing liberalism hard
Congress obviously didn't read the 2014 Taxpayer Attitude Survey before passing the $1.1 trillion fiscal year spending bill this weekend. The latest annual look by the Taxpayer Oversight Board at what we think of our tax system found that the majority of taxpayers support more funding for Internal Revenue Service services and enforcement. Show More Summary
Terry McCrann on the bracket creep that will choke us: …
``More than $1 trillion was erased from the value of global equities this week as oil prices tumbled, raising concern over the strength of the global economy'' -- But but but what happened to the "tax cut for consumers" narrative??? Perhaps, at the end of the day, this is about liquidation emanating from the leveraged energy financing complex. Show More Summary
More ugly news for a state that has an aggressive spending budget built on oil tax revenues, despite what Governor Jack Dalrymple has claimed. Two days ago Oasis Petroleum announced that they were cutting back their drilling operations in the Bakken region from 16 planned rigs to 6 and that they’d be cutting their 2015 capital...
Remember: deflation is bad, evil, horrible... except when it involves tumbling crude oil prices: then it is "unambiguously good" for the consumer and a "tax cut." Which is why we are moritifed to report that for the second month in a row, alcohol prices have dropped, and are down 0.1% from a year ago. Show More Summary
“One of the biggest and most public corporate inversions last summer was the deal cut by Burger King to slash its tax bill by purchasing the Canadian company Tim Hortons and then ‘inverting’ the American company to Canadian ownership. And Weiss was right there, working on Burger King’s tax deal. Weiss’ work wasn’t unusual for […]
Even as the Treasury Department's Inspector General noted a significant overpayment rate in the refundable part of the Child Tax Credit (CTC) this week, lawmakers chose -- in the pending 2015 government funding agreement -- to weaken...Show More Summary