The Tax Preparation Blog

Archive for the ‘Tax Rates’ Category

Question: Illinois Democrat Govenor proposes 20% tax reduction on business to stimulate economy, whats up?

Aside form the capital spending provisions – claimed to support more than 700,000 jobs in the state – the governor’s stimulus package also includes a $300 per child tax credit for Illinois taxpayers and a 20 percent tax cut for businesses that paid corporate income tax in 2007.

http://www.herald-review.com/articles/2008/03/11/news/local/1030734.txt

Answer: Businesses are not evil…without them, there are no jobs; it sounds simple, but the burden on businesses in many states that are in grave financial problems can directly be traced to virtually punishing businesses through outlandish taxes and other ridiculous burdens.

Corporate income taxation in Illinois …

Kroger brings clarity, confusion and controversy to Illinois. (Kroger Co. v. Department of Revenue): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on May 1, 1997. The length of the article is 1316 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: The …

The taxation of corporate income, …

Study: Corporate income tax isn’t a problem

Virginia’s corporate income tax has limited impact on economic development and eliminating it would not make up for lost revenues to the state, a legislative study concluded yesterday. The tax, which takes in about $600 million a year, has come under fire from some pro-business legislators who think its abolition …

09/08/10:Gov Quinn Announces Navistar’s HQ’s will Stay in Illinois; Expansion to Support 3000 Jobs

Question: On California taxes are capital gains taxed at a special rate like federal taxes, or are they taxed the same?

as normal wages? If they are taxed at a special rate, do I need to fill out a special form like the Schedule D Tax Worksheet? My capital gains are all federal capital gains. My capital gains are from a stock sale, mutual funds, and I have interest income from a savings account.

Answer: CA does not have a special tax rate for capital gains. They are taxed the same as other income. You do not have to fill out a tax worksheet.

You don’t need to fill out CA Schedule D unless your CA capital gains are different from your federal capital gains.

Tax update: new state tax laws taking effect in 2009, 2011.(CA Tax): An article from: California CPA $9.95 This digital document is an article from California CPA, published by California Society of Certified Public Accountants on June 1, 2009. The length of the article is 1345 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Tax update:…

Bank income taxes and interest rate risk management (Finance working paper) …

The impact of the flat tax on California …

California’s Jerry Brown Inherits Schwarzenegger’s Struggle to Cut Deficit

California Governor-elect Jerry Brown faces the same dilemma over a widening budget gap that helped make his predecessor, Republican Arnold Schwarzenegger , one of the most unpopular state executives in 50 years.

Who Rules America? (Part 9)

Question: Should We Have a Flat Rate Corporate Income Tax?

Yes or No?

Explain, best answer wins 10 points…

Answer: The current tax code is a joke. More than nine thousand pages long, it is impossible to completely understand. The current tax code has many loop holes, which businesses have been able to exploit. Businesses have used the loop holes to avoid paying taxes and several corporations have actually been able to get tax rebates! This is one reason we have seen a drop in revenues from corporate income taxes. To close the loop holes we should adopt a, one page, flat rate corporate income tax rate. This will mean that all corporations will have to pay the same amount of taxes. At the same time, this one page option will close all loop holes. It is fair and more importantly, it closes loop holes. As I stated before, a lower corporate income tax rate would benefit us all. So I have come to the conclusion that the tax rate for the flat rate income tax should be 20%.
Not only is the Flat Rate income tax fair and more effective at increasing revenues, it is also cheaper for businesses. Businesses will no longer have to pay lawyers to read the huge tax code; they will no longer have to pay for numerous paper work either. Instead, they will have a simple one page tax code. As you can see, a flat rate corporate income tax will modernize our tax code to make it more efficient. It will increase revenues and lower costs for businesses on tax day…
Sources:
http://www.reuters.com/article/newsOne/idUSN1249465620080812 Businesses exploiting loop holes
http://reclaimdemocracy.org/corporate_welfare/real_tax_rates_plummet.php Tax Rebates

A Firing Line Debate: Resolved: That the Flat Tax Is Better than the Income Tax $10.00 Taped on June 6, 1995. Among the many tax-reform proposals floating about, one of the most interesting was the flat tax (which, contrary to the formulation of the above Resolution, is indeed an income tax, as opposed to a consumption tax). The version being propounded by Texas Congressman Dick Armey (and developed with the help of the National Center for Policy Analysis) would exempt from taxatio…

The FairTax Book $3.20 Wouldn’t you love to abolish the IRS . . . Keep all the money in your paycheck . . . Pay taxes on what you spend, not what you earn . . . And eliminate all the fraud, hassle, and waste of our current system? Then the FairTax is for you. In the face of the outlandish American tax burden, talk-radio firebrand Neal Boortz and Congressman John Linder are leading the charge to phase out our curr…

Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich – and Cheat Everybody Else $10.80 One of the country’s top investigative reporters reveals how the richest 1 percent of the country has rigged the tax code and other laws in its favor. Since the mid-1970s, there has been a dramatic shift in America’s socioeconomic system, one that has gone virtually unnoticed by the general public. Tax policies and their enforcement have become a disaster, and thanks to discreet lobbying by a seg…

Changes Possible for SC Personal Income Tax

The Tax and Realignment Commission approved the personal state income tax Friday to reduce tax breaks for some South Carolinians.

Raymond Gradus on a flat rate on income tax

Question: Didn’t high top-tier tax rates end the depression, win WWII, and build the post-war middle-class boom?

Extremely high government spending on manufacturing of armaments, starting in 1942, ended The Great Depression, in 1943. In 1944 and ‘45, top-tier tax rates (the highest in U.S. history) above 90% helped end the war and build the post-war middle-class boom. Top-tier tax rates remained above 50% until 1981 when tax rates were lowered from the 70% level by Reagan. They’ve remained below 50% (and often below 40%) to this day.

Did this mid-century tax policy not help create the America many still remember that existed until the ’70s? High real family incomes? Little or no family debt with higher savings? No financial market panics from 1937 to 1987? The “rich” weren’t even “hurting”, then! Were they?

Answer: Correlation does not prove causality but anyone who wants to convince me that high taxes on the rich will stop economic growth will have to explain why it did not during the post WWII period.

New Deal or Raw Deal?: How FDR’s Economic Legacy Has Damaged America $8.65 A sharply critical new look at Franklin D. Roosevelt’s presidency reveals government policies that hindered economic recovery from the Great Depression — and are still hurting America today. In this shocking and groundbreaking new book, economic historian Burton W. Folsom exposes the idyllic legend of Franklin D. Roosevelt as a myth of epic proportions. With questionable moral character and a …

The U. S. Tax Bill: Or Rates Of Internal Duties Payable On Incomes, Legacies, Manufactures, Legal & Commercial Documents, Liquors, Patent Medicines, … And After The First Day Of August, 1862…. $12.67 This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the…

The U. S. tax bill: or rates of internal duties payable on incomes, legacies, manufactures, legal & commercial documents, liquors, patent medicines, … the first day of August, 1862. Together wi $11.93 This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continu…

White House Not Budging on Tax Hikes for Wealthy

Obama administration continues to push for Congress to let the Bush tax cuts expire for the wealthiest Americans, teeing up a lame-duck standoff in Washington once lawmakers return from the campaign trail. Control of Congress Unknown on Nov. 3? Tea Party 2010 Wrap-Up Tour Kicks Off White House: Chamber OK to Help Dems OPINION: For WH, It’s All Propaganda Full Coverage: America’s Election HQ

History of income tax vlog-BTW, did you pay your taxes? I did!

Question: Which states do not have a corporate income tax?

I believe Nevada does not have a corporate income tax but are there any others? I’m not asking about personal income tax or federal taxes.

Answer: Nevada, Washington, and Wyoming

Las Vegas Corporations: Nevada: No Corporate Income Tax and No Personal Income Tax (Volume 2) $9.99 Nevada does not levy a state income tax. Nevada has no corporate income tax. Nevada has no personal income tax. Nevada has no franchise tax. Nevada gains revenue off gaming and sales tax. Nevada is a corporate haven. Corporations are encouraged with tax friendly laws in Las Vegas. Even prostitutes in legal Nevada brothels are protected with tax incentives. Prostitutes are exempt from the state ent…

Las Vegas Money: No Corporate or Personal Income Tax in Nevada (Volume 3) $9.99 Oscar Goodman might be a good firm to go to if you want to protect your investment. Not to compare Oscar Goodman to Tom Hagan, but Tom Hagan is a fictional lawyer who got his job because he was sick, homeless, and orphaned. Vito Corleone took pity on his son, Sonny’s friend, Tom, and invested in Hagan’s education to the point of sending Hagan to law school. The point is that a successful busin…

The REAL Reason Bill Gates Wants To Tax The Rich

I’m surprised that no one has yet written about how pissed off a lot of people in WA are about Bill Gates supporting this tax for the following reasons. If you were in Seattle, you would hear a lot of grips about Bill Gates from state employees and small business owners.

Sierra Nevada Land