Aka “The world’s best tax law firm.”
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
I Give Up – Pay Anything… | ||||
|
Aka “The world’s best tax law firm.”
The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
I Give Up – Pay Anything… | ||||
www.thedailyshow.com | ||||
|
Earlier:
GE Seems to Have Its Tax Planning Figured Out
Yesterday we learned how President Obama would pay for his jobs bill. If you make more $200k ($250k for marrieds), have carried interest income, have a corporate jet or are an oil & gas company, you probably won’t be too happy with the ideas put forth.
If any of these proposals sounds familiar, that’s because they’ve been put through the ringer already and they weren’t received warmly. It’s unlikely that this time around will be any different.
Considering all that, Christopher Bergin at Tax.com is perplexed:
What I can’t figure out is why the Obama administration keeps trying the same thing over and over again expecting different results.
Joe Kristan only goes so far to call these recycled ideas “lame” but if you hold Rita Mae Brown in high regard, then the President definitely has a screw loose.
President Obama’s Tax Plan: ‘No Games, No Politics, No Delays’ — No Chance [Christopher Bergin]
You’re welcome!
Visit msnbc.com for breaking news, world news, and news about the economy
Everybody got it?
“It’s not hard. Not even hard for me.”
“I used to do my own taxes but now everybody thinks it’s too dangerous.”
“The American People pay me a really good salary. I don’t deserve a tax break.”
Then there’s the Joseph Robinette Biden, Jr. kitchen table talk; you know the drill.
[via TaxProf]
The following post is republished from AccountingWEB, a source of accounting news, information, tips, tools, resources and insight — everything you need to help you prosper and enjoy the accounting profession.
The worldwide decline in top personal income tax rates over the past seven years generally appears to have come to an end, as this year’s average rate increased 0.3 percent globally, according to KPMG International’s 2010 Individual Income Tax and Social Security Rate Report, released this we remained static in most locations, including the United States, the finding of an upward moving trend in the KPMG report suggests some governments are beginning to opt for a personal tax rate increase to help combat deficits and raise additional revenue.
“In the current economic environment, as many countries are faced with increasing budget deficits, they need funding for various economic stimulus packages,” said Ben Garfunkel, national partner in charge of KPMG LLP’s (U.S.) International Executive Services practice. “Our study indicates that many of these countries are levying tax increases on their highest earning taxpayers in order to increase revenue. We also see governments becoming increasingly sophisticated and rigorous in the framing and application of their tax rules.”
According to the KPMG report, the majority of rate movement in 2010 originated in Europe. The United Kingdom implemented a 10 percent increase raising its top rate from 40 percent in 2009-10 to 50 percent in 2010-11 — the highest rate increase seen globally this year.
Other Western European governments have followed suit in an attempt to increase tax revenues. Iceland, amid the collapse of the banking sector, replaced its flat tax regime with a progressive approach raising the top personal income tax rate by approximately nine percent.
Greece, in response to public deficit concerns, raised its top rate by five percent. Portugal, and, most recently, France raised top rates by three percent and one percent, respectively, to help address budget shortfalls. Ireland’s top rate also increased by one percent in 2010.
Striking the Right Balance
“Personal tax rates can be a crucial deciding factor when evaluating where to locate workforces or the costs associated with international assignment programs,” said Garfunkel. “Tax authorities are trying to strike the right balance as they face increasing pressure to identify and secure greater revenues, while also trying to attract businesses to set up operations in their country.
“High income earners typically have the talent and credentials to migrate to countries that have lower personal income tax rates and a need for skilled labor,” added Garfunkel. “Attracting such individuals — including their tax revenues and disposable income — using a competitive personal tax rate, while also trying to address budget deficits, is a challenge, especially in the current economic environment.”
Top Rates Decrease in Some Countries
Some countries are decreasing their top personal income tax rates. Denmark opted to introduce a stimulus package in hopes of increasing consumer spending and as a result, decreased its top rate by almost seven percent. Croatia, this past July, also dropped its top rate by five percent.
Other report findings include:
• The low flat tax initiatives of Eastern European governments have stagnated. Estonia has abolished its plan to reduce its flat tax rate to 18 percent by 2012, while Latvia increased its flat tax from 23 percent in 2009 to 26 percent in 2010.
•Average top rates in Asia-Pacific declined by 0.4 percent in 2010. New Zealand and Malaysia dropped their rates by five percent and one percent respectively.
•Although the average rates for Latin America jumped 0.8 percent in 2010, personal income taxes continue to remain relatively low in Latin America.