Doug Powers of Michelle Malkin’s blog writes that actor Will Smith supports President Obama’s call for America’s top earners to pay more taxes but thinks France’s 75% top tax rate is too high: Here’s a brief transcript from an interview with Smith that ran on French television. Video via Real Clear Politics: Will Smith: I [...]
Tags: Politics of Taxes · Tax Policy
Tax Policy Blog reports that the Maryland legislature is considering whether to pass a law that would raise tax rates on wealthy individuals. And what is considered wealthy in Maryland? $100,000.00 of annual income: Maryland’s tax special session began today; expect more analysis on it from us tomorrow. However, we just received detail on S.B. [...]
Tags: State Taxes · Tax Policy
Roger Russell of WebCPA reports that Eduardo Saverin, a co-founder of Facebook, has renounced his U.S. citizenship prior to the company going public in a move apparently designed to limit his U.S tax liabilities: The Brazilian-born resident of Singapore took the action last year, and his name appears on an IRS list of people who [...]
Tags: Tax Policy
A few days ago the Senate failed to pass Senate bill S. 2343, the “Stop the Student Loan Interest Rate Hike Act of 2012 which would have limited the ability of S corporation shareholders to classify payments made to them by their corporations as distributions thereby avoiding self employment tax. Tony Nitti has the story: The bill would have [...]
Tags: Legislative Watch · S Corporations · Tax Policy
Kevin Duncan of The Tax Foundation writes in Americans Paying More in Taxes than for Food, Clothing, and Shelter: In 2012, Americans will pay approximately $4.041 trillion in taxes, which is $152 billion, or 3.9%, more than they will spend on housing, food, and clothing. … Between 1929 and the early 1980s, aggregate tax collections [...]
Tags: News · Tax Policy
The tax-the-rich left finally has the conclusive proof it has been seeking that it is absolutely, unequivocally the right thing to do for the United States to increase taxes on the rich: France is doing it. Charles Riley of CNNMoney says that “raising taxes on the rich isn’t just an election year issue in the United States — it’s [...]
Tags: Politics of Taxes · Tax Policy
David Rosenberg On Taxation-Shock-Syndrome: While nothing is more certain than death and taxes (and central bank largesse), David Rosenberg of Gluskin Sheff uncovers The Unlucky seven major tax-related uncertainties facing households and businesses that will likely lead to multiple compression in markets (rather than the much-heralded multiple expansion ‘story’ which appears to have topped the [...]
Tags: Tax Policy
