Corporate Income Taxes Knowledge Base
Should the rich pay more income taxes? As I type, this question is being asked of Democratic Presidential Candidates. They seem to have glossed over the FACT that Corporate America pays about half of what Individuals pay, using phoney offshore tax loopholes to create higher profits, eliminating American jobs as well. Should the "rich" pay more, or should Corporate America face up to their obligations? "Yay'll" never get it. Try working for peanuts, or put a sign on yourself that reads..."Will Work for Food". QUESTION REITERATED: Should the rich pay more, or should Corporate America pay more?
The federal government raises corporate income taxes in order to reduce the budget deficit? The federal government raises corporate income taxes in order to reduce the budget deficit. This change will likely ________ economic activity, which is an example of ________ policy. a.decrease; monetary b.increase; monetary c.increase; fiscal d.decrease; fiscal
What kind of corporate income taxes exist in Canada? -In CANADA- Businesses must pay which kind of income taxes? Federal Corporate income taxes? Provincial Corporate income taxes? or Municipal Corporate income taxes? (or is it just property taxes in cities?)
With the average persons income tax being around 35% or having to work four months for free? where does all this money go?.......here is a list of other taxes you pay not including income tax......... Alternative Minimum Tax (AMT) Capital gains tax Corporate income tax Estate tax in the United States Excise tax (includes taxes on cigarettes and alcoholic beverages) Federal income tax Federal unemployment tax (FUTA) FICA tax (includes Social Security tax and related programs) Gasoline tax Generation Skipping Tax Gift tax IRS penalties Local income tax Luxury taxes Property tax Real estate tax Recreational vehicle tax Road usage taxes (Truckers) Sales tax and equivalent use tax School tax State income tax State unemployment tax (SUTA) Telephone federal excise tax Vehicle sales tax Workers compensation tax
PA tax rate on corporate net income for 2008? what is the 2008 PA corporate net income tax rate that PA corporation have to pay?
Politicians and taxes...what do YOU think? What do you think??? Star and pass this along to your voting friends.... be very funny The next time you hear a politician use the word 'billion' in a casual manner, think about whether you want the 'politicians' spending YOUR tax money. A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of its releases. A. A billion seconds ago it was 1959. B. A billion minutes ago Jesus was alive. C. A billion hours ago our ancestors were living in the Stone Age. D. A billion days ago no-one walked on the earth on two feet. E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it. While this thought is still fresh in our brain, let's take a look at New Orleans It's amazing what you can learn with some simple division . . Louisiana Senator, Mary Landrieu (D), is presently asking the Congress for $250 BILLION to rebuild New Orleans. Interesting number, what does it mean? A. Well, if you are one of 484,674 residents of New Orleans (every man, woman, child), you each get $516,528. B. Or, if you have one of the 188,251 homes in New Orleans , your home gets $1,329,787. C. Or, if you are a family of four, your family gets $2,066,012. Washington, D.C .. HELLO!!! ... Are all your calculators broken?? Tax his land, Tax his wage, Tax his bed in which he lays. Tax his tractor, Tax his mule, Teach him taxes are the rule. Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirts, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he tries to think. Tax his booze, Tax his beers, If he cries, Tax his tears. Tax his bills, Tax his gas, Tax his notes, Tax his cash. Tax him good and let him know That after taxes, he has no dough. If he hollers, Tax him more, Tax him until he's good and sore. Tax his coffin, Tax his grave, Tax the sod in which he lays. Put these words upon his tomb, 'Taxes drove me to my doom!' And when he's gone, We won't relax, We'll still be after the inheritance TAX!! Accounts Receivable Tax Building Permit Tax CDL License Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Perm it Tax Gasoline Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax), IRS Penalties (tax on top of tax), Liquor Tax, Luxury Tax, Marriage License Tax, Medicare Tax, Property Tax, Real Estate Tax, Service charge taxes, Social Security Tax, Road Usage Tax (Truckers), Sales Taxes, Recreational Vehicle Tax, School Tax, State Income Tax, State Unemployment Tax (SUTA), Telephone Federal Excise Tax, Telephone Federal Universal Service Fe e Tax, Telephone Federal, State and Local Surcharge Tax, Telephone Minimum Usage Surcharge Tax, Telephone Recurring and Non-recurring Charges Tax, Telephone State and Local Tax, Telephone Usage Charge Tax, Utility Tax, Vehicle License Registration Tax, Vehicle Sales Tax, Watercraft Registration Tax, Well Permit Tax, Workers Compensation Tax. STILL THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What happened? Can you spell 'politicians!' IT'S NOT MEANT TO BE FUNNY...IT'S SO VERY SAD THIS STATE OF AFFAIRS WE ARE IN.
Exon-Mobil paid how much in income tax for 2007? Exon-Mobil Oil Corp. had 40 billion in net profit, so how much did they pay in corporate income tax?
Explain the Modigliani and Miller models of capital structure both with and without corporate incomes taxes.? Specifically, explain the relationship between debt leverage and the value of the firm and between debt leverage and the cost of capital.
What is the exact penal code requiring Americans to pay a Federal Income tax? I'm not looking for the IRS code. I'm looking for the EXACT Penal code or statute or law that requires us Americans to pay a Federal Income Tax. Individual income, not corporate profits. Thank you! Ok...so far noone here has given me a straightforward, direct, honest answer. I just want the exact statute or law or penal code or whatever. Not the typical, non-sequiteurial answers of government types. WHAT IS THE ANSWER? Again; Thank you. Are you saying then that no tax law existed until 1986? Wow...I'm sensing a lot of hostility...but no direct answer. Lot's of non-sequieurs to (sigh). But that's to be expected from gov't workers I guess. BTW...ALL answers are going onto my blog. Again; Thank you.
Is there a way to find how much a corporation paid in taxes relative to its "income?" More? there's someone claiming that major corporations pay a "disproportionate" amount of tax - claiming that they pay too much. I know she's wrong, but I can't find a place that shows where a corporate tax return is. I thought they were public record? For instance, GE, Haliburton or something like that.
how much federal revenue is taken from income taxes and corporate taxes? separately if u please.
Where could I found the a chart that plots the highest personal income tax rate and the corporate tax rate? a chart that plots the highest personal income tax rate and the corporate tax rate against the federal deficit for all years since Reagan first took office till today!!
When does a C Corp need to pay corporate income taxes and sales taxes? Monthly? Quarterly? Annually? thx? For a profitable company, how do you determine when you need to pay taxes?
How do i get a job doing corporate tax returns? Hi, thank you for looking into my quesion, I recently finished my income tax course and have received my certification. I need some advice as to where to apply for a job? I also would like to get into doing corporate tax returns in the long run, any ideas?Thank you.
how do you calculate national income and GDP from this data? Personal consumption expenditures 245 Net foreign factor income earned in the U.S. 4 Transfer payments 12 Rents 14 Consumption of fixed capital (depreciation) 27 Social Security contributions 20 Interest 13 Proprietors' income 33 Net exports 11 Dividends 16 Compensation of employees 223 Indirect business taxes 18 Undistributed corporate profits 21 Personal taxes 26 Corporate income taxes 19 Corporate profits 56 Government purchases 72 Net private domestic investment 33 Personal saving 20 the method you use should give you the same amount for the gdp and the nation income
Where could I get information about the historical development of corporate taxes and income taxation? I mean how the rate/% developed
Do you think the Tea Parties will get Obama to lower the high corporate taxes they are protesting? Obama`s income tax brake for 95% of us starts today, will Obama lower taxes for large corporations that have been hurting the most.
Do I need to file corporate taxes? My corporation only had a total income of $20,000 last year of which $16,000 was an asset. Do I need to file federal corporate income tax?
what is the highest and lowest possible tax rate in CT for corporate and personal income tax? for NJ?
Canadian Corporate Income Tax - does GIFI Field "Employee Salaries" include source deductions (CPP etc.)? For the Income Statement of a Canadian corporate income tax, does the GIFI field 9066 "Employment Salaries" include the source deductions, (Income Tax, CPP etc.), that the corporation submits to Canada Revenue? All of it?
In Calif if a small business wants to send the state income tax (from withheld employee wages) which forms? Which form or forms should be used??? I am referring to sending in the tax due on wages of employees (similar to withholding the amount in taxes due on wages to the US govt). Not referring to corporate income tax. Yeah, I visited the Franchise Tax Board website. No help there. Thanks.
We would expect a decline in personal and corporate income taxes to:? A) Shift the aggregate demand curve rightward B) Decrease consumption and investment spending C) Decrease real output D) Shift the aggregate supply curve leftward
How to record a negative (net loss) corporate income tax.? The entries to be used in recording the negative (net loss) corporate income tax.
If im in TX and I am making profit from CA clients, do I have to pay corporate income tax for CA? CA has 8.7% corporate income tax, does a company based outside of CA that makes money there have to pay the 8.7% on its profits there?
Do any cities besides NYC have a separate corporate income tax? I know that NYC has a state corporate tax and a city corporate tax, but I was wondering if any other cities in the US have the same thing?
Where do our income taxes go when we pay them? I know there are several different taxes. The taxes on gas go to build roads and bridges etc. The tax on corporate gains goes to funding our wars..and etc. But what about federal income taxes? We (Americans altogether) pay out out TRILLIONS each week and yet we have a national debt and today central banks all around the world put money into their monetary systems to prevent a Credit Crunch...why? Intelligent answers only please and any sites you can show me for more information would be helpful.
Do S Corporations pay corporate income tax in Nassau County, NY? I'm looking for the best location to form an S Corp, and within NYC they still have to pay the standard 8.85% corporate income tax. Anybody know: a) If there's a corporate income tax in Nassau County? b) How much it is? and c) Do S Corps have to pay this? Muchos Gracias in advance.
Since Repubs say Corporate taxes are high, would they accept the same personal income tax rates as Europe has? ... in order to allow our government to cut corporate taxes ? Eric, But when someone says they want Europe's low tax rates for Corporations (as republicans bring up), they are bringing it up.
Do Florida Corporations have to file for income tax with the State? I'm not concerned about sales taxes and other such, only corporate income tax.
Should we lower corporate income taxes? what do you say? Will lowering them increase the deficit? PS: America has the second largest Corporate income tax rate on earth...
Is the US Corporate Tax just another tax on Americans? The US Corporate income tax is the 2nd highest in the world. Since businesses consider the tax a cost of doing business, they simply build that into what they charge for their product or service. Also, since they have to pay the tax, they are incentivized to set up business where taxes are low. So in the end, is the Corporate tax just another stealth tax on all Americans that also starves this country of jobs? What would the consequences be if we were to eliminate the corporate income tax, both politically and economically?
decrease in income & corporate taxes, will actually increase government revenue? another question i need help with im writing an essay on all this
What are the affects of the Corporate Income tax on the neoclassical market (ECON 102)? Could someone provide simple summaries of the affects of the coporate income tax on the market. I know the Agregate Supply goes down but not sure what else?
Can anyone tell me exactly what CORPORATE Income Tax is? Its for a civics project, and i want to know exactly what it is or means because everytime i look it up, its just shows me the rates...
corporate income tax applies to what, gross profit, operating profit, or EBIT ? I'm asking this because i've seen income statement of companies which are in loss and still paying tax. How can a company be taxed if it's in loss ? please also quote internet references
New Hampshire corporate income tax laws? Does anyone know the corporate income tax laws in New Hampshire. If I set up a company in NH, I would clearly pay federal taxes but what about for state? Please include a source if you can find one. Thanks
taxes................................? Lets see what taxes Americans pay. Accounts Receivable Tax , Building Permit Tax , Capital Gains Tax , CDL license Tax , Cigarette Tax , Corporate Income Tax , Court Fines (indirect taxes) , Dog License Tax , Federal Income Tax , Federal Unemployment Tax (FUTA) , Fishing License Tax , Food License Tax , Fuel permit tax , Gasoline Tax (42 cents per gallon) , Hunting License Tax , Inheritance Tax Interest expense (tax on the money) , Inventory tax IRS Interest Charges (tax on top of tax) , IRS Penalties (tax on top of tax) , Liquor Tax , Local Income Tax , Luxury Taxes , Marriage License Tax , Medicare Tax , Property Tax , Real Estate Tax , Septic Permit Tax , Service Charge Taxes , Social Security Tax , Road Usage Taxes (Truckers) , Sales Taxes , Recreational Vehicle Tax , Road Toll Booth Taxes , School Tax , State Income Tax , State Unemployment Tax (SUTA) , Telephone federal excise tax , Telephone federal universal service fee tax , Telephone federal, state and local surcharge taxes , Telephone minimum usage surcharge tax , Telephone recurring and non-recurring charges tax , Telephone state and local tax , Telephone usage charge tax , Toll Bridge Taxes , Toll Tunnel Taxes , Traffic Fines (indirect taxation) , Trailer registration tax , Utility Taxes , Vehicle License Registration Tax , Vehicle Sales Tax , Watercraft registration Tax , Well Permit Tax , and Workers Compensation Tax. Not one of these taxes existed 100 years ago and America was the most prosperous nation in the world, had absolutely no national debt, had the largest middle class in the world and Mom stayed home to raise the kids. , , What the hell happened?
Does the corporate tax hit low income families the hardest? American households pay $3,190 on average in corporate income taxes per year. One of the most surprising findings from the Tax Foundation study is that the lowest-income households bear a large share of the corporate tax burden. In total, the poorest 20 percent of households pay more in corporate income taxes each year than they pay in individual income taxes to the IRS each April. Households earning under $23,700 in 2004 paid $271 in corporate income taxes, compared to just $171 in individual income taxes. As a share of their total tax burden, corporate taxes were 6.3 percent of low-income households’ tax bills compared to just 4 percent for individual income taxes. The only tax that hits low-income families harder than corporate taxes is the federal payroll tax, which is designed to pay for Social Security and Medicare. “What this means is that cutting corporate tax rates is not about handing money to U.S. companies,” said Hodge. “It is about providing tax relief to American families, much of which will provide enormous benefits to the nation’s lowest-income wage earners.” Should we do away with the corporate tax? http://www.taxfoundation.org/files/corporate_income_taxes_cost_families-20080818.pdf Instead of welfare, should we just eliminate the corporate tax so the poor do not have to pay this unnecessary burden. Or will Obama just send them this money in the stimulus package as a bailout.
How to make a balance between good cash flow and low corporate tax payment? I have a small company. My company pays income tax at 15%. I would like to minimize the amount of corporate income tax that my company is paying, by giving my employees more bonuses (thereby increasing expenses). I'd like to know if there's any rule of the thumb method that I can follow, to ensure that I'm not paying too much taxes. my company is a limited company. thanks alot.
Amend Corporate Income Tax Return? Can you ammend a previously filed corporate income tax return? if yes how?
income taxes at end of accounting period? the adjusting entry to record additional income taxes owed at the end of the accounting period includes: 1. debiting corporate income taxes payable and crediting income tax expenses 2. debiting factory overhead and crediting corporate income tax payable 3. debiting income tax expenses and crediting corporate income tax payable 4. debiting income tax expense and crediting factory overhead.
On line 18 of the U.S. corporate income tax return which interest expense do i report? What interest expense is used. I have interest expense for $10,000 from a loan to purchase state of arizona bonds and I have interest expense of $17,400 from other business loans. Do I add these up and include them in line 18 of the tax return or do I use one or the other. I would really appreciate any help on this. Thanks in advance.
How much of the $1.2m Focus on the Family spent on Prop 8 get subject to corporate income tax? Er, gets subject
Personal Income Tax and Corporate Income Tax (VERY simple question)...? I'm a minor so I don't pay taxes and I'm clueless about these things in general. My economics teacher said that if you pay corporate income taxes, then you don't have to pay individual/personal income taxes. He said you pay either one or the other...but another person told me that you would still have to pay both corporate and personal if you own a business. Which is true?
Is corporate income tax refund taxable? When a corporation receives income tax refund for previous taxation year, is it taxable in year it was received?
What do corporate taxes cost the average american family? Ask a typical family about the taxes they pay, and they’ll likely focus on America’s biggest and most visible taxes: property taxes at home, sales taxes at the store, and income and payroll taxes deducted from their paychecks at work. One tax they’re likely to ignore is the corporate income tax. And the reason is simple: most who pay corporate income taxes aren’t even aware that they exist. But although corporate taxes are invisible to the average taxpayer, they quietly tap family pocketbooks for nearly $370 billion per year in the form of higher prices, lower wages and poorer returns on investments. “Most people think corporate income taxes are paid by wealthy, anonymous companies,” said Scott Hodge, President of the Tax Foundation. “But as economists have been teaching for centuries, people bear the burden of corporate taxes, not companies.” Why do people not believe they pay these taxes indirectly? http://www.taxfoundation.org/files/corporate_income_taxes_cost_families-20080818.pdf American households pay $3,190 on average in corporate income taxes per year
Capital Gains or Corporate Income? I am a real estate developer. Our last project was complete just over one year ago. We sold a lot yesterday and the CPA says we will owe corporate income tax instead of capital gains. The corporation owns the property, and we are developers and builders by trade, but I thought that since we held the property over one year, that capital gains would apply. What gives??
Exactly what taxes are exempt in Dubai? Sales, corporate, income state, etc? Been hearing about Dubai for awhile and how there are no taxes. But surely there has to be some taxes. So what are people taxed on, and what is not taxed?
What kind of taxes do think we should pay? Personal income taxes? Social security taxes? Corporate income taxes? Excise taxes? Custom taxes? Estate & gift taxes? State taxes? County/city taxes? Tell me what taxes you think should exist and what taxes you think shouldn't exist.
If you were in care of all taxes which would be more importanta? 1.Identify the percentage weight that you would give to each of the following revenue sources: •Local property tax •Sales tax •Income tax •Corporate tax •Lottery or gambling revenues •User charges •"Sin tax"
If i switch title of a property from my name to an LLC, what income tax form do I file? my name would still be with the morgage. What do experienced investors that place property in LLC's usually recommond? do I file my corporate income tax for the LLC claiming mortgage interest and expenses and have the losses or gain pass through to my personal income tax 1040? are there any consequences in leaving my name on the mortgage tax and audit wise??
Why is there corporate income tax? No business pays taxes. In fact when it's all said and done, no successful business really pays for anything. Everything is paid for by the consumer. Let's say that the material and labor to make a shoe costs $5. Yes the cobbler has to pay that up front but when he sells the shoe he gets reimbursed by the purchaser. If he made a good shoe he can get reimbursed more than it cost him to make the shoe which allows him to use the excess money to buy food. The cobbler knows he needs $100/wk to eat. He also knows he can sell 5 pairs of shoes each week. Therefore he charges a mark up of $20 making the total $25/shoe. Now, if the government decides to tax the cobbler $2/shoe, will the cobbler just try to get buy on $90/wk for food? No, instead he just raises his prices to $27/shoe and his customers pay for his taxes as well. So instead of having high prices and high taxes, why not have low prices and no taxes? Rainy - With the exception of the military, law enforcement, and perhaps local roads (but just because I can't think of a way to profit from maintaining in town streets) I would happily pay a private company to perform every service now run by the government. And If you're talking about welfare programs, churches, the United Way and other non-profits are much better able to efficiently disburse funds than the government. Rabble Rouser - He would send his kids to the same schools and use the same roads to get them there. I am not really talking about completely doing away with all taxes here (though I do support that) What I am talking about is doing away with the taxing of businesses. Let the taxes be paid solely by the individuals. After all it is the individual consumers who are paying the taxes anyways, so why not let us truely know how much we are paying? Yes individual taxes may go up but prices would drop, employees would be better compensated, better products and services would be available, and you would most likely have a much improved standard of living. And I'm not talking about Wal-Mart, Enron, and Haliburton. I am talking about every business in America as they are all subject to taxes 73% of which ARE in fact small mom and pops. It's not the mega corps that're making their lives difficult; it's the taxes.
Corporate Income tax rates-India? Hi, Can someone please tell me what a foreign corporation income tax rate is for the year 2008-2009? Also, what is the capital gains tax rate and depreciation rate for office buildings? Thanks.
Democrats tax policy? Cut Corporate tax and raise taxes on income? "Rangel Tax Plan's Centerpiece Is 30.5% Top Corp Rate" http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071024%5cACQDJON200710242253DOWJONESDJONLINE001107.htm&
Why is there a corporate Income tax? No business pays taxes. In fact when it's all said and done, no successful business really pays for anything. Everything is paid for by the consumer. Let's say that the material and labor to make a shoe costs $5. Yes the cobbler has to pay that up front but when he sells the shoe he gets reimbursed by the purchaser. If he made a good shoe he can get reimbursed more than it cost him to make the shoe which allows him to use the excess money to buy food. The cobbler knows he needs $100/wk to eat. He also knows he can sell 5 pairs of shoes each week. Therefore he charges a mark up of $20 making the total $25/shoe. Now, if the government decides to tax the cobbler $2/shoe, will the cobbler just try to get buy on $90/wk for food? No, instead he just raises his prices to $27/shoe and his customers pay for his taxes as well. So instead of having high prices and high taxes, why not have low prices and no taxes? I wasn't clear. I wasn't meaning no tax at all. I just meant why not do away with corporate taxes? Bookworm - Yes he would make more profit, but only until the guy down the street lowers his prices buy $1 (still higher profit than before) and takes his customers. He will, naturally respond by cutting prices to $26 as well (or lower) to get his customers back. The customer now saves money, and the cobller has an extra $5/week which is still taxed at the individual level. Badgirl - So you really think that taxes are the government's only source of income? Pretty simplistic don't you think? Ben - That's a good point. I think it's one of the selling points for the Fair Tax. Mark D - Government loans are paid back with interest not with taxes, both hospitals in my city are privately owned, I have never used the TVA, EPA, SBA, REA, or medicare. I will not be drawing SSI when I retire. My children go to private schools. Most schools food services departments generate a profit from lunch money. I bought a ticket to ride the Amtrak. I pay money when I go to museums. I have no problems with tolls on privately owned and built roads. So far as I can tell, the only thing taxes should pay for is police and military.
Please tell me how income from a corporate bond is taxed diff. than income from a CD?? I am trying to figure out, from a tax perspective, which I am better off buying, assuming the income received from either vehicle is the same. Thanks.
Why do some people consider corporate tax breaks a bad thing? As of the 3rd qtr 2006 Exxon/Mobile made approximately 51 billion dollars, they paid approximatelty 22 billion of this in Corporate income tax net profit of approx 29 billion.If they were taxed at a higher rate wouldn't they just increase the price of oil in order to make up for it? Gitr Done. Exxon/Moblies profit margin after taxes was 11% of gross revenues that hardly seems to be price gouging.
Doesnt our government, now infected with the Pelosi/reid regime have enough taxes without wanting more? Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax, Fuel permit tax Gasoline Tax (42 cents + per gallon) Hunting License Tax Inheritance Tax Interest expense Inventory tax IRS Interest Charges IRS Penalties (tax on top oftax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Property Tax Real Estate Tax Service charge tax Social Security Tax Road usage taxes Sales Tax Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone federal excise tax Telephone federal universal service fee tax Telephone federal, state and local surcharge taxes Telephone minimum usage surcharge tax Telephone recurring and non-recurring charges tax Telephone state and local tax Telephone usage charge tax Utility Tax Local to Fed. Isnt it enough? This is only a partial list. None of these taxes existed a hundred years ago. We, at that time, were the most prosperous nation on earth. It's obvious where the liberal welfare and tax and spend schemes have taken us. Look no farther than cut and run and the massive massive pork attached by Ms. Pelosi to protecting our soliders. Simple question here really: When is enough enough, and how can we get the liberal extremists to wake up? I suppose even god loves a liberal for some reason, I just cant figure out why? Let's get it right people OK? John Edwards, pre flip flop, Hillary and other extremists VOTED FOR IRAQ, so its not Bushs war. Next, the only thing Clinton did was to take unjustified credit for the Reagan tax cuts and welfare reform(after four successive vetoes) from the Contract With America. What we "got" from Clinton was an indicted and impeached president and white house character to an all time low. Character is not built through poltical correctness, polls and confiscatory taxes. The pelosi/reid regime, through cut and run should show you that. I think it was said along time ago best, those who dont lean from history are condemned to repeat it. Obvouisly the liberals here are vieing to be first in line. Yes, Im well aware taxes pay for things. The problem is. DO WE REALLY NEED GOVERNMENT INVOLVEMENT IN ALL THE THINGS THEY PAY FOR??? THE SOLUTION WAS SELF REALIANCE LONG AGO, WHY NOT NOW???
Why do liberals like raising taxes on rich corporations? It is well intentioned, but most of the time, it is obviously just passed on to customers. http://online.wsj.com/article/SB1019000977730518160.html "...not a corporation, so you don't pay corporate taxes. Not so. While the IRS and the corporate tax code maintain this fiction, the truth is corporate income taxes are passed on to consumers.."
Canadian T2 Corporation Income Tax Return? If a U.S. corporation has income from doing business in Quebec, does the U.S. corporation have to file a T2 corporate income tax return or do they only need to file a Quebec provincial corporation return? Please provide a link with answer.
Who needs a private sector when we have a Clinton make our health-care choices? Who needs a private sector when we have a Clinton make our health-care choices? The new Hillary health-care plan is very different from the old 1993-1994 Hillary plan. It is far slyer, and far cleverer, far more well-packaged. The same arguments that applied to the old Hillary plan do not necessarily apply to the new plan. But the new health plan ends up in the same place as the old health plan — with the government running everything. Here are the primary problems with the new Hillary health plan: What Entitlement Crisis? As everyone should know by now, our nation faces a dramatic entitlements crisis that will play out over the next 30 years. Federal spending has been hovering in a fairly stable manner, around 20-percent of GDP (Gross Domestic Product), for over 50 years now, since the early 1950s. But the Federal government’s own official projections show that over the next 30 years or so, federal spending will soar to 40-percent of GDP, requiring total federal taxes as a percent of GDP to double. This is due to the exploding costs of the entitlement programs we already have, primarily Medicare, Medicaid, and Social Security. Hillary Clinton and other Democrats respond to this overwhelming crisis by proposing that we not reform any of the existing entitlements. Rather, they suggest that we endorse massive new entitlements, including for instance, National Health Insurance. Policy suggestions like this force one to wonder, are the democrats numerically illiterate? The Individual Mandate Hillary Clinton’s plan starts out very simply: she will mandate under federal law that everyone in America must buy health insurance, and by this she supposedly achieves universal coverage. The catch, of course, is that once you start down the road with this mandate, you end up with government-run health care. If you are going to require people to buy health insurance, then the next question which follows is, exactly what do they have to buy to fulfill this requirement? Suppose they buy the Fraternity Plan that pays only for unlimited beer and pizza during the weekends? Have they satisfied the requirement? The serious point is if you are going to require people to buy health insurance, then you are going to have to specify exactly what health-plan people will have to buy to satisfy this requirement. So the government has gone from telling you that you need health insurance, to telling you what kind of health-insurance coverage or plan you must have. And with Hillary, we can assume that this will be no basic, minimum plan. But Hillary continues to insist that this is not government-run health care. And this, of course, is only the beginning. Special interests will swarm to get their favored coverage in the required plan. People will merrily get used to billing everything in the plan to the insurance company. And costs will rise. People will start complaining that they can’t afford paying for this costly coverage, and whining that the government must do something. The government itself will already be paying for a lot of this coverage, and budgets will therefore explode. So the government will do something to control costs. It will start rationing. It will start telling people what services and treatments they can have, and when. It will start delaying access to new innovations. It will squeeze payments to health care providers so much that the providers will start rationing what they provide. Government guidelines will start dictating to these providers that they ration care, and how to do it. After a while, people start to realize, “hey, we have government run health care.” Don’t doubt it. This is exactly what happens with every other country that tries to mandate or provide coverage through government. They realize ultimately there must be some way to control costs. There is no market in these plans to control costs. So the government must do it through the only alternative – rationing. Indeed (we will see below), Hillary’s plan already includes the machinery for this rationing. It doesn’t help that a small band of too clever conservatives have been supporting just such an individual mandate since 1993-94, when broad objections from conservatives defeated their plan. Congratulations to these folks today. Hillary Clinton has adopted their plan, just as they were forewarned. The Employer Tax Since workers would now have to buy insurance under the Hillary plan; employers would have to pay for it wherever possible. All large companies would be required to provide health coverage for their workers (a plan, again, specified by the government), or pay a tax to the government. Already paying among the highest corporate tax rates in the industrialized world, this is just what our corporations need — another tax. Once the politicians get used to raiding this corporate cookie jar, the tax will soon be higher than the corporate income tax. When that tax burden leads to unemployment, no problem, we will just raise taxes on the rich again, and pay for more welfare. All of this will just improve the economy, the Clintons promise. The Refundable Tax Credit Where employers don’t pay for health coverage, the government will. Hillary proposes a refundable tax credit for the purchase of health insurance that will leave workers paying no more than a specified percentage of their incomes for the coverage. Hillary’s campaign is already calling this “A Net Tax Cut for American Taxpayers.” The problem with this is that the bottom 40-percent of income earners do not pay any income taxes, and the middle 20-percent now pay for very little (this is the end result of all those Republican tax cuts for the rich all these years). But the tax credit is refundable, meaning that if you don’t have enough tax liability to take advantage of the credit, the government will still send you a check for the entire credit. So the tax credit here is not giving you back your own tax money. It is giving you back other people’s tax money. So this is not, in fact, a tax cut. It is a new spending program, a new entitlement program, in fact. We already have a huge program called Medicaid to pay for health coverage for people who are too poor to pay for it themselves. The federal government is now spending close to $250 billion on this program, in addition to probably another $150 billion from the states. And these costs are just projected to explode and explode again over the next 30 years. In other words, we already can’t afford the Medicaid program as it currently stands. But what Hillary is proposing with these tax credits is a massive expansion of it. And we are back to the democratic chimeras again. Unfortunately, some conservative Republicans have recently toyed around with the idea of refundable tax credits for the purchase of health insurance as well. They have rightly been trying to change tax code incentives to get workers to own their own health insurance rather than relying on employers. Realizing, however, that the tax changes would do nothing for at least half of all workers who now pay little or no income tax, they have been considering various refundable plans to expand the help to lower income workers. The fallacy here is trying to provide assistance to the poor, and to low income workers, through the tax code. This is what Medicaid is for, and lawmakers should focus on helping those with lower incomes through reforming that program. But Hillary is not done with the refundable tax credits. She would provide such credits as well to small businesses who buy health insurance for their workers, paying for as much as 50-percent of premiums for firms with fewer than 25 employees. And she would also bail out big companies, who are now being crushed by foolish past promises to pay for health insurance for their retirees, with still more tax credits. In return, corporate big shots from these companies publicly intone that indeed, it is time for national health insurance. A better solution would be to just have the government take over these already socialized companies and finish running them into the ground. Government-Run Health Care Hillary wisely calls her plan the American Health Choices Plan. Accordingly, everyone will be “free” to choose one of the health insurance options in the Federal Employee Health Benefits Plan. But how is this not government-run health care? No company gets on the list of plans in the FEHBP without first complying with a host of federal requirements and controls. That’s alright when the government is providing insurance for its own employees. But should we be treating all workers in the economy as if they are government workers when it comes to health insurance? Is this not precisely what is meant by excessive government control? While the FEHBP embodies good policy for the federal government dealing with its own employees, excessive rhetoric from the original designers of that system (about how it is a model for all health insurance) has now brought us to the point of believing that all workers in the private economy ought to be treated as government employees when it comes to health care. Hillary will also provide, as another option, the choice of a completely government run, government financed health insurance plan. Why? And, again, how is this not government run health care? Moreover, how benign will this plan really be when she is done subsidizing it up the kazoo, and driving all the private plans out of business with her blizzard of regulatory requirements? Bye, Bye Private Insurance Hillary’s plan will also impose guaranteed issue on all private health-insurance plans. This means that insurers cannot reject anyone for their insurance, even on the grounds that the patient is already woefully sick and costly. Moreover, insurers won’t be able to charge more costly patients higher premiums. Effectively, this would necessarily end any real private insurance in America. Under these requirements, companies are no longer insuring health costs, they are simply financing health costs. Health insurers would be like fire insurers who are required to issue new policies at standard rates to those who show up to buy coverage after their homes have already caught fire. Clearly, this is unworkable. Hillary says the insurers are supposed to be in the business of spreading the risk, not cherry picking the most healthy. But when someone shows up to buy health insurance with cancer and heart disease, we are no longer talking about risks. We are talking about payout. This is not an insurance business. Rest assured, moreover, that the healthy with health insurance do not want to see the “risks” of the irredeemably unhealthy spread to them. Those without health insurance who have become uninsurable can, and should, be served through other means, such as state uninsurable risk pools that do not involve trashing the health-insurance system for everyone else. But trashing the private health-insurance market is exactly what Hillary and her allies advocate. Rationing Finally, there is the Best Practices Institute, which should be called the Ministry of Truth for health care. These folks will study all sorts of medical care, issue protocols, and standards for what is the best way to treat this or that. And don’t expect any insurers anywhere, public or private, to pay for anything other than what these folks say is the best practice. To oppose the Institute, of course, would just be to pay for waste and inefficiency. So this is the ideal mechanism for imposing the inevitably necessary rationing. New, expensive medical breakthroughs will be overlooked, or delayed. If your doctor has a brilliant insight on how to treat you, no problem. All you have to do is go to the Best Practices Institute in Washington, explain why this treatment is the right one for you, and get the regs changed. In this brave new world, life insurance will be a lot more valuable to people than health insurance. Insurers, now all under the control of government, will also impose rationing by squeezing reimbursements to health providers, with the limited funds the new system will allow them, until the providers themselves cut back. This is what the government already does with Medicaid, and increasingly with Medicare. And there is so much more. In Hillary’s three speeches and three papers on her website, she outlines dozens of new health care requirements in her new system, which will not be government run. The government is all wise and all knowing, and just needs to make sure the rickety old health-care system gets it all right, as it is dragged into the 21st century. And when Hillary gets done with those fascist drug companies, you can forget about any new breakthrough drugs coming to market in the future, running up costs. But remember, the system is not government run, and don’t let those nasty Republicans tell you otherwise.
Do I need to pay taxes on an internet business if my servers and business are offshore but I work in the US? I am considering starting an online business that would make money exclusively from online advertising. I am the sole employee and I am located in the US - I have some writers also freelancing in the US. I wanted to know if I can avoid paying us taxes on my corporate income if I locate my servers offshore and incorporate my business offshore.
Is "Corporate Welfare" a myth? A common assumption, based on theoretical models of tax incidence, is that capital (i.e. shareholders) bears the burden of the corporate income tax. Recent empirical work using cross-country data on corporate taxes and wages suggests reconsidering this assumption; labor may actually bear a substantial burden from the corporate income tax. - Treasury research paper, "A Review of the Evidence on the Incidence of the Corporate Income Tax," http://www.treas.gov/offices/tax-policy/library/ota101.pdf Empirical evidence from three different studies cited in the paper includes: 1. It is estimated that 61% of any additional corporate tax is passed on in lower wages in the short run, and around 100% in the long run. 2. Using cross-country panel data from the Luxembourg Income Study, it is estimated that a 10% increase in the corporate tax rate decreases annual gross wages by 7% percent. 3. The results in this paper suggest that corporate tax rates affect wage levels across countries, and that higher corporate taxes lead to lower wages. A 1% increase in corporate tax rates is associated with nearly a 1% drop in wage rates. High Corporate Taxes = Lower Wages
Was income tax found to be unconsitutional ? Yes when did it change? INCOME TAX History and Purpose of the Amendment The ratification of this Amendment was the direct consequence of the Court's decision in 1895 in Pollock v. Farmers' Loan & Trust Co., 1 whereby the attempt of Congress the previous year to tax incomes uniformly throughout the United States 2 was held by a divided court to be unconstitutional. A tax on incomes derived from property, 3 the Court declared, was a ''direct tax'' which Congress under the terms of Article I, Sec. 2, and Sec. 9, could impose only by the rule of apportionment according to population, although scarcely fifteen years prior the Justices had unanimously sustained 4 the collection of a similar tax during the Civil War, 5 the only other occasion preceding the Sixteenth Amendment in which Congress had ventured to utilize this method of raising revenue. 6 During the interim between the Pollock decision in 1895 and the ratification of the Sixteenth Amendment in 1913, the Court gave evidence of a greater awareness of the dangerous consequences to national solvency which that holding threatened, and partially circumvented the threat, either by taking refuge in redefinitions of ''direct tax'' or, and more especially, by emphasizing, virtually to the exclusion of the former, the history of excise taxation. Thus, in a series of cases, notably Nicol v. Ames, 7 Knowlton v. Moore, 8 and Patton v. Brady, 9 the Court held the following taxes to have been levied merely upon one of the ''incidents of ownership'' and hence to be excises: a tax which involved affixing revenue stamps to memoranda evidencing the sale of merchandise on commodity exchanges, an inheritance tax, and a war revenue tax upon tobacco on which the hitherto imposed excise tax had already been paid and which was held by the manufacturer for resale. Because of such endeavors the Court thus found it possible to sustain a corporate income tax as an excise ''measured by income'' on the privilege of doing business in corporate form. 10 The adoption of the Sixteenth Amendment, however, put an end to speculation whether the Court, unaided by constitutional amendment, would persist along these lines of construction until it had reversed its holding in the Pollock case. Indeed, in its initial appraisal 11 of the Amendment it classified income taxes as being inherently ''indirect.'' ''[T]he command of the amendment that all income taxes shall not be subject to apportionment by a consideration of the sources from which the taxed income may be derived, forbids the application to such taxes of the rule applied in the Pollock case by which alone such taxes were removed from the great class of excises, duties, and imports subject to the rule of uniformity and were placed under the other or direct class.'' 12 ''[T]he Sixteenth Amendment conferred no new power of taxation but simply prohibited the previous complete and plenary power of income taxation possessed by Congress from the beginning from being taken out of the category of indirect taxation to which it inherently belonged.'' 13 Footnotes
What is the best way to to file corporate tax for small startup in Ontario? Hi, I have a (very) small startup that I've incorporated in Ontario. I need to file income tax, which I believe means a T2 and a CT23. I don't want to spend $170 for QuickTax. What are my options? Can I do this myself (manually)? Thanks, George
How many taxes are enough ? TODAYS TAXES Air Travel Taxes / 911 Funds Accounts Receivable Tax Building Permit Taxes and Fees Capital Gains Tax License Tax & Fees Cigarette Tax Corporate Income Tax Court Fines (indirect taxes) Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing/Hunting License Tax Food License Tax Fuel permit tax Gasoline Tax (42 cents per gallon) Hunting License Tax Inheritance Tax Interest Expense (tax on the money THEY paid tax on already) Access Fees to Parks Water/Cable Bills Marked up 30% by every City Penalties (tax on top of tax) Liquor Tax Local Income Tax Luxury Taxes Marriage License Tax Medicare Tax Property Tax Real Estate Tax Septic Permit Tax Sales Tax Social Security Tax Single Business Tax Road Usage Taxes (Truckers) Recreational Vehicle Tax Road Toll Booth Taxes School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Ttaxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Non-Recurring Charges 911 Tax Telephone State and Local Tax Telephone Usage Charge Tax Toll Bridge Taxes Toll Tunnel Taxes Traffic Fines (indirect taxation) Trailer Registration Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Water craft Registration Tax Well Permit Tax Workers Compensation Tax COMMENTS: Not one of these taxes existed 100 years ago and our nation was the most prosperous in the world, had absolutely no national debt; had the largest middle class in the world and Mom stayed home to raise the kids. My solution is a strait sales tax, say 30%, so all can pay for the American dream, equally. This lady down the street gets about $6k a month, from child support, ssi and/or ssd. Total taxes paid about $800 a year in property taxes on her rent. ANY THING that is required by the government, fee's, permit's, that cost money is a tax. Yes there is a well permit tax http://marathon.mi-twp.org/mt_residential_plumbing.pdf
Do we pay enough taxes? Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax (42 cents per gallon) Gross Receipts Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Sales Tax Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Taxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Non-recurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax
Ok I want to incorporate by business, but not in the state I live in.? None of my clients are in my home state and the state Ilive in (TN) seems to have alot more taxes involved with incorporation than a few other states I've looked into. For example I've read they have corporate franchise and corporate income tax plus individual income tax.Not only that I have privacy concerns and would rather incorporate somewhere certain people aren't so apt to look. I was thinking FL..I have read FL has no individual income tax just a corporate tax rate that is pretty low at 5.5%Any suggestions?
TAXES this is sad but true? (long but worth the read)? Willys cynical thought for the fugging day; People who love sausage and respect the law should never watch either of them being made! TAXES What Happened? At first I thought this was funny...then I realized the awful truth of it. Be sure to read all the way to the end! Tax his land, Tax his bed, Tax the table At which he's fed. Tax his tractor, Tax his mule, Teach him taxes Are the rule. Tax his cow, Tax his goat, (See Devo & RR you ain't immune! LMAO) Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he Tries to think. Tax his cigars, Tax his beers, If he cries, then Tax his tears. Tax his car, Tax his gas, Find other ways To tax his ass Tax all he has Then let him know That you won't be done Till he has no dough. When he screams and hollers, Then tax him some more, Tax him till He's good and sore. Then tax his coffin, Tax his grave, Tax the sod in Which he's laid. Put these words upon his tomb, "Taxes drove me to my doom..." When he's gone, Do not relax, Its time to apply The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax (99% of price of cigarettes is tax! I remember they sold for 25 cents!) Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax, Fuel permit tax Gasoline Tax - 42 cents per gallon (I remember 1972 a fawking gallon cost 39.9 cents!) Hunting License Tax Inheritance Tax Interest expense Inventory tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Property Tax Real Estate Tax Service charge taxes Social Security Tax Road usage taxes Sales Tax Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone federal excise tax Telephone federal universal service fee tax Telephone federal, state and local surcharge taxes Telephone minimum usage surcharge tax (WTF is this? You mean if nobody uses the phone I get taxed? Am I the only 1 that's weird to?) Telephone recurring and nonrecurring charges tax Telephone State and local tax Telephone usage charge tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft registration Tax Well Permit Tax Workers Compensation Tax COMMENTS: Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What happened??? And I still have to "press 1" for English I hope this goes around the world 10 times....... http://www.willyblues.com/
Cost of Universal health care in France? Would you want to pay the taxes they do? Components of taxation > Corporate income tax: u6.6% Components of taxation > Goods and service tax: 25.4% Components of taxation > Personal income tax: 17.3% Components of taxation > Property tax: 6.8% Contribution by poorest 30%: 8.7% Contribution by richest 30%: 67.9% Total tax wedge > Single worker: 48.3% Total taxation as % of GDP: 45.3 % of GDP Value Added Tax > Lower rate for dwellings: YES Value Added Tax > Standard rate: 20.6%
Who here supports big government/waste and goes along w/ the income tax that has NO legal basis for workers? Do you all enjoy paying income taxes when not a single penny of it goes to anything other than the interest on the massive debts that the government has racked up? Gas taxes pay for our roads, local taxes pay for education, and corporate tax pays for the military. Our government operated just fine for its first 200 years WITHOUT an income tax. Then later the income tax was needed to support the brilliant idea of government taking loans from the private Federal Reserve that can print money out of thin air and then charge our government billions in interest on the money when our government has Constitutional Authority to tender its own money interest free. Why are people being robbed blind and no one is bothering to do anything about it?? Clearly ignorance is bliss for some people. "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford With trillions of dollars in "unaccountable adjustments" (missing money) do you REALLY think the Federal Reserve gives back any money to the US Treasury? Have you checked their books? Blind faith isn't going to get you anywhere.
About paying Income Tax? We all pay income taxes. However it is "voluntary" that you have to file an income tax return. Why is it that they tax us on our labor, when in fact they cannot? However they can tax on corporate gains. So are we in reality considered individual corporate entities? the reason i pose this question is something i found a bit peculiar. If you get a chance pull out your wallet and/or open your purse and look at your name on your social security cards, Drivers license and credit cards. Also look at your marriage licenses and birth certificates as well. Is your name in all CAPITAL LETTERS on all of these documents? They never want to seem to answer the question at the IRS showing a law requiring a person to have to pay an income tax. However do you think by considering all of us as individual corporate entities they construe income made through our own personal labor as in fact a corporate gain? And if this were the case shouldn't a natural born citizen be able to deny corporate status? Wouldn't this in fact free us as individuals from the IRS and Social security as well? We are flesh and blood human beings, not individual corporate entities correct? Wouldn't this in fact be considered fraud? to informat: Can you then show me a law then requiring the average american worker to pay an UNapportioned tax then? Also the supreme court holds that the XVI amendment did not empower the federal government to levy a new tax.
the bloated welfare states of France and Sweden have lower corporate rates and generally better corporate tax? Now that recession-warning lights have begun to blink, Democrats should give tax hikes a rest. As tax-happy Democrats might have noticed, the stock market resembles a kindergartner on a swing set: half-giddy, half-scared, and hyperactive. Meanwhile, payrolls sagged by 4,000 positions last month. Not since August 2003 has America created no new jobs. Fifty-two economists in September 13’s Wall Street Journal offered a 36-percent average probability of recession by next September, up from 28-percent in August. Oil hit $81.93 per-barrel Wednesday — hardly good news. And the tumultuous home-mortgage industry suffered 243,497 foreclosure listings last month, up 115-percent versus August 2006, RealtyTrac.com reports. This mess triggered 12,000 layoffs, just at lender Countrywide Financial Corp. To prevent tight credit from suffocating the economy, the Federal Reserve Board Tuesday hastily administered a 0.5-percent federal-funds-rate reduction. Amid these worrisome omens and genuine human suffering, the last thing America needs is for congressional Democrats to stuff a pillow over the economy’s face. But they can’t control themselves. “Through 2012, the Democratic Congress’ new budget raises taxes $217 billion,” the National Taxpayers Union’s Pete Sepp calculates. “If no surpluses appear that year, another $175.5 billion tax hike automatically kicks in.” This $392.5 billion includes a halving of the per-child tax credit, restoration of the marriage penalty, a 50-percent leap in the low-income tax bracket (10-percent under Republicans; 15-percent under Democrats), and the resurrection of the Death Tax — from 0 to 55-percent. After August’s tragic Minneapolis bridge collapse, House Transportation chairman James Oberstar (D., Minn.) proposed a “temporary” nickel-a-gallon federal gasoline-tax increase. Never mind that existing gas-tax revenues vanish into narcissistic pork projects rather than urgent infrastructure repairs. Such a tax hike would “cost American motorists an estimated $25 billion over the next three years,” NTU reckons. Democrats cannot plea that soaring deficits require tax hikes to absorb red ink. Indeed, the federal budget gap narrowed from $413 billion in 2004 to $158 billion today, proving that the best deficit medicine nearly always is to limit taxes and consequently unleash American enterprise. A thinner federal slice of a bigger economic pie usually yields revenues exceeding pre-tax-cut levels. Federal receipts have zoomed 7-percent this year. “The tax cuts are working exactly as intended,” Heritage Foundation analyst Brian Riedl argues. “Lower tax rates have increased the incentives to work, save, and invest, and as a result, the economy has grown faster than expected.” He adds: “Concerns that the Bush tax cuts would lead to a long-term shortfall of government revenues have proven false …Tax revenues in 2007 are now estimated to be $70 billion above the level projected even before the 2003 tax cuts. In other words, tax revenues are now above their pre-tax cut baseline.” Democrats cannot deny what happened after President Bush and Capitol Hill Republicans slashed maximum capital-gains taxes from 18 to 15-percent in 2003. Rather than dwindle $5.37 billion between 2003 and 2006, as the congressional Joint Tax Committee’s antique, static-analysis model wrongly predicted, revenues actually advanced $53 billion. Foreign economic ministers understand these lessons and are lowering taxes as if Franklin Roosevelt never lived and Ronald Reagan never died. “Sweden and Russia last year eliminated their estate taxes because they said the tax was economically counterproductive,” economist Stephen Moore wrote in the August 31 Wall Street Journal. “In Germany under Chancellor Angela Merkel, the corporate tax rate has been reduced to less than 30 percent from 39-percent.” Poland recently chopped its business tax from 27-percent to 19. Even Hanoi gets it! Thanks to corporate-tax relief, “the business environment will become more and more attractive, resulting in increased investment,” Vietnamese tax chief Nguyen Van Ninh told Moore. While America’s corporate tax levitates at 35-percent, seven European Union nations have lowered business levies this year. The EU-average corporate tax is 24.2-percent. “Further corporate tax rate cuts are being implemented in Germany, Estonia, Spain, and the United Kingdom, and rate cuts are being discussed in the Czech Republic and France,” observes Cato Institute senior fellow Dan Mitchell. “Even the bloated welfare states of France and Sweden have lower corporate rates and generally better corporate tax systems than America.” Democrats thus resist global pro-market trends, even among progressive governments long on social solidarity and short on “reckless cowboyism.” But, for most Democrats, these facts and numbers are irrelevant. Taxes are not about merely funding vital government duties and basic public services. They are meant to punish the wealthy, “correct” personal behavior, and distribute universal largesse. Thus, Democrats itch to raise taxes on highly lucrative private-equity partnerships, from 15 to 35-percent. True to form, the Democratic Senate voted in August to hike cigarette taxes 156 percent, from 39 cents to $1 per pack. This would ignite a massive explosion in the State Child Health Insurance Program. The Democratic House extended government medicine to kids in families of four earning quadruple the Federal Poverty Line, or $82,600 — twice today’s threshold. The House also redefined “child” as an eligible boy or girl …up to age 25. While America’s economy clings from a ledge, Democrats dance on its fingertips. When the donkey party promises “change,” it delivers — good and hard.
Is there serious discussion underway in yr state re: significantly reducing or eliminating state income taxes? I understand this to be the case in both Georgia and North Carolina as these two states attempt to support the continued rapid growth of their economies. Is there any discussion that you're aware of by responsible parties in your state? In my state, NH, there has been a longstanding push to institute an income tax. With Democrats now in charge of both houses of the legislature as well as the governorship, I expect that this effort will continue with renewed vigor. One reason I and many others like me came to this state was because it's in dead-last place in terms of total taxation - personal, corporate, estate, etc. This has resulted in a relatively small state government focused on basic requirements (health, welfare, safety, roads, air & water) instead of the one I had in California that spent most of its time looking for ways to raise more money to spend. The purpose of my question is to identify states that are moving in the right direction in case I decide to relocate. I know some of you disagree with my position vis-a-vis state income taxes. Feel free to express your disagreement. All that I ask is that you keep it civil - otherwise, as per the usual, you will be reported.
Is federal income tax legal? Where is the law? I guarantee no one can find it!!? Do you know who Ed and Elaine Brown are? They have boycotted income tax ....the courts could not find where this is legal tax. Gas taxes pay for our roads, local taxes pay for education, and corporate tax pays for the military. Our government operated just fine for its first 200 years WITHOUT an income tax. Then later the income tax was needed to support the brilliant idea of government taking loans from the private Federal Reserve that can print money out of thin air and then charge our government billions in interest on the money when our government has Constitutional Authority to tender its own money interest free. We need Ron Paul, that is why he wants to abolish the fed and IRS.
These are taxes that I pay every year, do you have any more? Federal Income Tax State Income Tax State Sales Tax City Sales Food Tax Ownership Tax Use Tax RTD Tax Hotel Tax Airport Tax Alcohol Tax Tobacco Tax Small Business Tax Medicare Medicaid Property Tax Capital Gains Tax Heavy Duty Road Tax Gasoline Tax Dividend Tax County Tax FTC Tax Utilities Tax Corporate Tax Inventory Tax Excise Tax 911 Tax FET Tax I forgot I also pay a seat tax to attend a Bronco game
Did anyone catch the section on Corporate Tax on BBC news tonight? I was absolutely amazed about how many of the highest earning companies avoid Corporate Tax through loopholes in the tax system. I dont remember the exact figures but over 200 of our richest companies dont pay corporate tax.... Wheres the justice in that?? Smaller businesses can't utilize the same loopholes in the system because they can't route money into pension funds etc.. The BBC tonight showed how a company who made a profit off £100m could route the money to avoid corporation tax. Thats not at all the larger companies say they make up for this through employment, and what the government makes through income tax, but isnt that the working class hard earned tax money, and shouldnt be a valid reason.... Can anyone find an article about it? I can't seem to find one To be honest i have a perfect right to be surprised about this, now im not naive to the fact that taxes get dodged, but with such a money thirsty government, how could they let billions of pounds slip through their fingers? But then again, i suppose it is just another example of the Bourgeosie surpressing the Proletariat, that could ol Marxist theory comes through again...
Flat sales tax rate instead of an income based tax system? im not a finacial guru by any means, but, if a flat sales tax rate was implemented (say 23%, rather than the average 7%) rather than taxing income, what would the ramifications be? would our businesses be able to flourish without the burden of corporate taxes, and the ability to write off almost all expenses tax exempt? or would the working class suffer as a result of higher prices (keep in mind that your paycheck would be 25% bigger)? or would the government be crippled by the possibility of less income from taxes? would the stock market skyrocket along with interest rates? or vice versa?
Compute incremental net income & cash flow of the investment for each year. What is NPV assume 12% disc. rate? The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated below. Cash flows are in $ thousands, and the corporate tax rate is 34 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. Year 0Year 1Year 2Year 3Year 4 Investment$10,000———— Sales revenue—$7,000$7,000$7,000$7,000 Operating costs—2,0002,0002,0002,000 Depreciation—2,5002,5002,5002,500 Net working capital 200250300200 (end of year)
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