To Tax or Not to Tax - This is the Question

To tax or not to tax - this question could have never been asked twenty years ago.

Historically, income tax is a novel invention. Still, it became so widespread and so socially accepted that no one dared challenge it seriously. In the lunatic fringes there were those who refused to pay taxes and served prison sentences as a result. Some of them tried to translate their platforms into political power and established parties, which failed dismally in the polls. But some of what they said made sense.

Originally, taxes were levied to pay for government expenses. But they underwent a malignant transformation. They began to be used to express social preferences. Tax revenues were diverted to pay for urban renewal, to encourage foreign investments through tax breaks and tax incentives, to enhance social equality by evenly redistributing income and so on. As Big Government became more derided - so were taxes perceived to be its instrument and the tide turned. Suddenly, the fashion was to downsize government, minimize its disruptive involvement in the marketplace and reduce the total tax burden as part of the GNP.

Taxes are inherently unjust. They are enforced, using state coercion. They are an infringement of the human age old right to property. Money is transferred from one group of citizens (law abiding taxpayers) - to other groups. The recipients are less savoury: they either do not pay taxes legally (low income populations, children, the elderly) - or avoid paying taxes illegally. But there is no way of preventing a tax evader from enjoying tax money paid by others.

Research demonstrated that most tax money benefited the middle classes and the rich, in short: those who need it least. Moreover, these strata of society were most likely to use tax planning to minimize their tax payments. They could afford to pay professionals to help them to pay less taxes because their income was augmented by transfers of tax money paid by the less affluent and by the less fortunate. The poor subsidized the tax planning of the rich, so that they could pay less taxes. No wonder that tax planning is regarded as the rich man's shot at tax evasion. The irony is that taxes were intended to lessen social polarity and friction - but they achieved exactly the opposite.

In economies where taxes gobble up to 60% of the GDP (France, Germany, to name a few) - taxes became THE major economic disincentive. Why work for the taxman? Why finance the lavish lifestyle of numerous politicians and bloated bureaucracies through tax money? Why be a sucker when the rich and mighty play it safe?

The results were socially and morally devastating: an avalanche of illegal activities, all intended to avoid paying taxes. Monstrous black economies were formed by entrepreneuring souls. These economic activities went unreported and totally deformed the processes of macroeconomic decision making, supposedly based on complete economic data. This apparent lack of macroeconomic control creates a second layer of mistrust between the citizen and his government (on top of the one related to the collection of taxes).

Recent studies clearly indicate that a reverse relationship exists between the growth of the economy and the extent of public spending. Moreover, decades of progressive taxation did not reverse the trend of a growing gap between the rich and the poor. Income distribution has remained inequitable (ever more so all the time) - despite gigantic unilateral transfers of money from the state to the poorer socio - economic strata of society.

Taxes are largely considered to be responsible for the following:

  • They distorted business thinking;

  • Encouraged the misallocation of economic resources;

  • Diverted money to strange tax motivated investments;

  • Absorbed unacceptably large chunks of the GDP;

  • Deterred foreign investment;

  • Morally corrupted the population, encouraging it to engage in massive illegal activities;

  • Adversely influenced macroeconomic parameters such as unemployment, the money supply and interest rates;

  • Deprived the business sector of capital needed for its development by spending it on non productive political ends;

  • Caused the smuggling of capital outside the country;

  • The formation of strong parallel, black economies and the falsification of economic records thus affecting the proper decision making processes;

  • Facilitated the establishment of big, inefficient bureaucracies for the collection of taxes and data related to income and economic activity;

  • Forced every member of society to - directly or indirectly - pay for professional services related to his tax obligations, or, at least to consume his own resources (time, money and energy) in communicating with authorities dealing with tax collection.

Thousands of laws, tax loopholes, breaks and incentives and seemingly arbitrary decision making, not open to judicial scrutiny eroded the trust that a member of the community should have in its institutions. This lack of transparency and even-handedness led to the frequent eruption of scandals which unseated governments more often than not.

All these very dear prices might have been acceptable if taxes were to achieve their primary stated goals. That they failed to do so is what sparked the latest rebellious thinking.

At first, the governments of the world tried a few simple recipes:

They tried to widen the tax base by better collection, processing, amalgamation and crossing of information. This way, more tax payers were supposed to be caught in "the net". This failed dismally. People found ways around this relatively unsophisticated approach and frequent and successive tax campaigns were to no avail.

So, governments tried the next trick in their bag: they shifted from progressive taxes to regressive ones. This was really a shift from taxes on income to taxes on consumption. This proved to be a much more efficient measure - albeit with grave social consequences. The same pattern was repeated: the powerful few were provided with legal loopholes. VAT rules around the world allow businesses to offset VAT that they paid from VAT that they were supposed to pay to the authorities. Many of them ended up receiving VAT funds paid the poorer population, to which these tax breaks were, obviously, not available.

Moreover, VAT and other direct taxes on consumption were almost immediately reflected in higher inflation figures. As economic theory goes, inflation is a tax. It indirectly affects the purchasing power of those not knowledgeable enough, devoid of political clout, or not rich enough to protect themselves. The salaries of the lower strata of society are eroded by inflation and this has the exact same effect as a tax would. This is why inflation is called the poor man's tax.

When the social consequences of levying regressive taxes became fully evident, governments went back to the drawing board. Regressive taxes were politically and socially costly. Progressive taxes resembled Swiss cheese: too many loopholes, not enough substances. The natural inclination was to try and plug the holes: disallow allowances, break tax breaks, abolish special preferences, eliminate loopholes, write-offs, reliefs and a host of other, special deductions. This entailed conflicts with special interest groups whose interests were duly reflected in the tax loopholes.

Governments, being political creatures, did a half hearted job. They abolished on the one hand - and gave with the other. They wriggled their way around controversial subjects and the result was that every loophole cutting measure brought in its wake a growing host of others. The situation looked hopeless.

Thus, governments were reduced to using the final, nuclear-like, weapon in their arsenal: the simplification of the tax system.

The idea is aesthetically appealing: all tax concessions and loopholes will be eliminated, on the one hand. On the other, the number of tax rates and the magnitude of each rate will be pared down. Marginal tax rates will go down considerably and so will the number of tax rates. So, people will feel less like cheating and they will spend less resources on the preparation of their tax returns. The government, on its part, will no longer use the tax system to express its (political) preferences. It will propagate a simple, transparent, equitable, fair and non arbitrary system which will generate more income by virtue of these traits.

Governments from Germany to the USA are working along the same lines. They are trying to stem what is in effect a tax rebellion, a major case of civil disobedience. If they fail, the very fabric of societies will be affected. If they succeed, we may all inherit a better world. Knowing the propensities of human beings, the safe bet is that people will still hate to see their money wasted in unaccounted for ways on bizarre, pork barrel, projects. As long as this is the case, the eternal chase of the citizen by his government will continue.

About The Author

Sam Vaknin is the author of "Malignant Self Love - Narcissism Revisited" and "After the Rain - How the West Lost the East". He is a columnist in "Central Europe Review", United Press International (UPI) and ebookweb.org and the editor of mental health and Central East Europe categories in The Open Directory, Suite101 and searcheurope.com. Until recently, he served as the Economic Advisor to the Government of Macedonia.

His web site: http://samvak.tripod.com

In The News:

Want an income tax cut? Read this Budget story of a villager  Economic TimesLike every year, taxpayers will expect a cut in income tax from Finance Minister Arun Jaitley in his Budget 2019-20. A finance minister not providing tax relief is ...
Top 5 reasons to file your taxes early  AOLEvery April, many taxpayers wait until the last minute to file their federal income tax returns. Despite this tendency, there are many reasons to file your taxes early ...
Taxes in Retirement: How All 50 States Tax Retirees  Kiplinger's Personal FinanceWe rated every state plus D.C. based on how retirees are taxed including taxes on Social Security and other retirement income, as well as tax exemptions for ...
45 US Economists Call For Ever-Rising Taxes On Carbon Fuel — What Modi Has Been Doing Since 2014  SwarajyaHigher petro-taxes are good not only for the fisc, but the entire renewable energy sector.
One GST, nine taxes  BusinessLineAfter the 32nd meeting of the GST Council, the government will find itself in a uncomfortable position to defend the catch-line “One Nation, One Tax” for GST.
Income Tax: Definition, Brackets and State-By-State Differences  TheStreetThe taxes on the earnings you made over the year are known as income tax. How is it calculated and how much are federal vs. state income taxes?
The 70 Percent Solution: What Are Taxes For?  BloombergQuint(Bloomberg Opinion) -- Representative Alexandria Ocasio-Cortez's proposal to tax income above $10 million at 70 percent has generated a lot of debate.
Government shutdown 2019: how tax refunds and returns will be affected  VoxThe government shutdown may not stop tax refunds, or tax returns, after all.
Taxes in US Are Low Overall But Not for High Earners  BloombergHigh, progressive income taxes and low consumption taxes add up to a system that generates lots of complaints and not so much revenue.
5 Ways to Avoid Taxes on Social Security Benefits  Kiplinger's Personal FinanceYou may need to pay income taxes on a portion of your Social Security benefits, based on your income. But knowing the rules and a few key strategies can help ...
China to cut taxes, keep policy flexible to counter slowdown  Economic TimesChina plans to slash taxes, step up spending and provide ample financing to private and small enterprises to help counter the country's worst slowdown since ...
Update on tax refunds, auto recalls and shutdown  Yahoo FinanceIn this week's Family First segment, Jeanie Ahn has what you need to know about taxes and auto recalls ahead of the weekend.
Alexandria Ocasio-Cortez Has the Better Tax Argument  The AtlanticA 70 percent marginal rate could help, not hurt, innovation.
Government to further ease framework to exorcise angel tax demons  Economic TimesThe government is open to further easing the simplified framework that will allow startups to seek exemption from the so-called angel tax to address concerns ...
How income tax slabs have changed since Independence - We've come a long way  Economic TimesFrom an eye-watering 97.75 per cent as the highest tax rate and 11 tax slabs, to 30 per cent as the highest rate and three slabs, India and her taxpayers have ...
Government eases process for startups to seek tax exemption on angel fund investments  Economic TimesThe government has eased the procedure for seeking income tax exemption by startups on investments from angel funds and prescribed a 45-day deadline for a ...
Section 80C limit: Should you use only life insurance to save taxes?  Moneycontrol.comIt is not mandatory to save tax 'only via' insurance. Combination of other investment products (PPF, ELSS, etc.) will produce better results for you and your ...
Will interim Budget 2019 reduce your tax?  Economic TimesRumours are rife that the government will try to woo the middle class with major tax cuts in its last Budget before the polls.
These shutdown hurdles could mess up your tax refund  CNBCYou have two weeks until tax season opens, and the partial federal government shutdown is still ongoing. While the IRS says you will get the refund you're owed ...
Easy Income Tax: Direct tax reform remains an unfinished agenda, it must be the next government's priority  Times of IndiaThe Union cabinet sanctioned, on Wednesday, Rs 4242 crore to strengthen and enhance the technology backbone of the income tax department. Once done, it ...
Keki Mistry calls for lower taxes to end black money  Economic TimesMUMBAI: There is a need to bring down the tax rates from the current high levels as it will help in improving revenue collection and reduce black money ...
All the Tax Deductions You Can Take for 2018  LifehackerThis tax season promises to be an...interesting one, with the government shutdown and new tax law provisions colliding to create a perfect storm of confusion ...
How To Save Taxes under Section 80C in 2019?  MoneylifeJanuary is the start of a new calendar year; but for many people, it is also the start of the search for a tax-saving product for the current financial year.
64000 Virginians lose pay during shutdown, state loses taxes  Loudoun Times-MirrorVirginia's secretary of finance says the partial government shutdown has cut off pay for more than 64000 state residents and could squeeze benefits programs.
No new taxes: The math behind the governor's pledge  News3LVWednesday night as he unveiled his agenda and his proposed budget, Gov. Steve Sisolak, D-Nevada, said this during his state of the state address in Carson ...
MNCs in a fix over ‘dual’ tax notices  Economic TimesThe income tax department has a backup plan if things don't go its way when making a demand on companies — a safety net in the form of protective notices.
How tax brackets actually work  VoxA few weeks ago, we published a quick visual explainer on how tax brackets actually work. It was in reaction to this tweet from Rep. Steve Scalise (R-LA), who ...
Jared Polis cheers a GOP tax cut plan, and his political allies shudder  The Colorado SunColorado Gov. Jared Polis wants to cut taxes -- like Republicans -- but the move is drawing concern from advocates who believe the state needs to spend the ...
Prominent Economists And Reporters Misrepresent Carbon Tax Proposals  ForbesDespite major electoral and political setbacks for carbon tax proponents in recent months, both at the state level and internationally, academics and some ...
Here is how to maintain tax discipline in the last quarter of the fiscal  Moneycontrol.comDo timely submit the proof of any tax saving investment you have made or deduction you are eligible to, so that excess deduction of taxes doesn't take place.
Alexandria Ocasio-Cortez has kick-started the Democratic tax debate with her 70% marginal rate idea  CNBCAfter three decades with top rates below 40 percent, a big hike from today's 37 percent poses risks politically and perhaps economically.
The man who came up with Income Tax in India - A controversial move  Economic TimesJames Wilson, the Scotsman who created India's first Budget, introduced the income tax act in 1860. This created a big controversy. Wilson argued since the ...
Assessment order passed on taxes of Rahul, Sonia but not given effect, I-T informs SC  Economic TimesThe Income Tax department informed the Supreme Court Tuesday that an assessment order (AO) with respect to the tax of top Congress leaders Rahul Gandhi ...
Government shutdown 2019: how tax returns and refunds will work  VoxUpdate: Since this article published, the IRS has released another contingency plan. You can read about it here. The federal government remains partially shut ...
King County property tax bills are coming, and the housing market slowdown won’t lower your bill  Seattle TimesThe single biggest reason your property taxes go up is because of voters and politicians raising rates — not because home values have skyrocketed in recent ...
Hansen: Want lower Nebraska property taxes? We need to have a chat about income taxes  Omaha World-HeraldIf you are a Nebraskan reading this, you are most likely in the same state income tax bracket as Warren Buffett, Walter Scott and Gov. Pete Ricketts. Here's why ...
Taxman issues prosecution notices to MNCs to meet steep revenue targets  Economic TimesExperts say mechanical approach led to slapping of notices even for small tax issues.
Haradinaj gets no guarantees, won't revoke taxes - reports  B92Although the main reason for the visit of the EU official, in charge of enlargement negotiations and neighborhood policy, was the abolition of Pristina's trade ...
Chris Hansen owes $250,000 in taxes, $60,000 to American Express and over $1 million for mortgage  Daily MailChris Hansen owes $57931.72 to American Express, $126356.35 to TD Bank, over $15000 to Ally Financial and $1078164.73 to US Bank Trust according to ...
70% Tax Rate? Another Awful Idea From Congress' Socialist Caucus  Investor's Business Daily70% Tax Rate: A new poll shows that most Americans support the idea of raising the marginal tax rate to 70% or higher on the very highest incomes. It shouldn't ...
SC seeks Centre’s response on Vodafone’s tax refund plea  LivemintNew Delhi: The Supreme Court on Monday agreed to hear Vodafone's plea seeking directions to the income tax department to expeditiously process its claim for ...
More taxes for China's super rich will narrow income gap  Global TimesWill the world's trust industry become a major beneficiary of China's newly reformed tax regime, as the country's super rich rack their brains over ways to evade ...
The Hidden Tax on Middle-Class Vacations  BloombergMassachusetts is the latest state to make it difficult for people who rent and lease summer cottages.
Maximizing tax deductions for the business use of your car  AOLThe business use of your car can be one of the largest tax deduction you can take to reduce your business income.
America is discussing raising taxes for the rich. Should India consider this too?  Scroll.inIndia's direct tax collections and tax to GDP ratio are significantly lower than those of other large economies.
Budget 2019: Why there is a strong case to lower income tax rates in India  The Financial ExpressOn a practical basis, there are many reasons why there should be further easing of both the income tax rates as well as the exemption limits.
Withheld too little tax in 2018? The IRS might give you a pass on penalties  CNBCIf you failed to withhold sufficient taxes from your pay in 2018, the IRS might grant you some forgiveness. The tax agency said on Wednesday it would waive the ...
Quick Refunds to Pre-Filled Forms: 2020 Tax Payers Look Out  The Better IndiaIn 2020, the goverment with the help fo tech giant Infosys plans to bring about a series of changes in the manner in which Income Tax returns are filed.
The 27 US states where millionaires face the highest taxes  Business InsiderHow much state income tax you owe varies by state. Using the Tax Foundation, we found the states where millionaires face the highest taxes.
Allentown Mayor Ray O'Connell's talks taxes in his first State of the City address  Allentown Morning CallAllentown Mayor Ray O'Connell worked Friday to make the case for the 27 percent tax increase that will be enacted for city residents this year during his annual ...
Interim Budget: Will Arun Jaitley tinker with income tax slabs?  Economic TimesWill interim budget 2019 increase the tax-exemption limit? This is the question on many taxpayers' minds. If rumours are to be believed, the interim budget could ...
Market Movers: Angel tax relief, MNCs have a tax pain & May wins trust vote  Economic TimesHeres a lowdown on top macro triggers that may move market on January 17, 2019.
Oyo gets income tax notices for inaccurate filing  Economic TimesNEW DELHI: Softbank backed Oyo Hotels & Homes has been sent income tax notices for furnishing inaccurate particulars of income, sources familiar with the ...
Multinational corporations asked to pay 15% higher tax on ad spend  Economic TimesThe tax department has increased demand on advertising, marketing and sales promotion (AMP) expenses of multinationals by about 15%, said people with ...
Why Republicans Fell in Love With Tax Cuts  BloombergA new book proposes the shocking explanation that maybe it was just because they wanted to get elected.
IRS to waive under-withholding penalties for some taxpayers after Trump tax changes  USA TODAYThe Internal Revenue *Service* will waive penalties against taxpayers who withheld too little of their pay for taxes last year.
Budget in a minute: Types of taxes that earn government revenue  Moneycontrol.comThe government's primary sources of revenue are direct and indirect taxes. In the run-up to Budget 2019, Gaurav Choudhury, Deputy Executive Editor at ...
Proposed bill would increase cigarette taxes to raise SC teachers' pay  Live 5 News WCSCThe proposed bill suggest cigarette tax should be increase by five cents on each cigarette that will help increase pay raises for South Carolina teachers.
'The huge downside of Oregon's tax system is its volatility: It just fluctuates wildly'  KVALSPRINGFIELD, Ore. -- How did we get here? And where can we go now? Those were the key points Thursday for three former state house members who've ...
Should I invest in NPS to save more taxes?  Economic TimesI have already invested in LIC and other tax saving schemes under Section 80C. I have two ELSS investments as well. I wanted to know if I should also invest in ...
Income Tax return processing time to reduce from 63 days to just 1 day  Business StandardThe Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return ...
Why you could pay more in income taxes and for shopping online in 2019  AZCentralState legislatures might try to tax more items this year, from sports betting to marijuana. Here are some current trends.
North Dakota Senate passes bill to fund school safety with property...  Grand Forks HeraldBISMARCK — The North Dakota State Senate on Friday, Jan. 18, passed a bill that would allow school districts to develop school safety plans and collect ...
The Democrats’ Latest Idea on Taxes Will Only Help Trump  BloombergA top marginal income tax rate of 70 percent is bad economics and even worse politics.
White House promises tax refunds will go out, but there's hardly anyone at the IRS to do the work  CNBCA Trump administration official said Monday that federal income tax refunds would indeed go out despite a large part of the government being shut down.
Property Tax Rates: How MA Ranks Nationwide  Boston, MA PatchHow MA Property Tax Rates Rank Nationwide - Boston, MA - The folks at 24/7 Wall St. reviewed the effective property tax rate for all 50 states. See how much ...
Saving income tax: 'Focus on choosing the right product; NPS a good long-term bet'  Moneycontrol.comNPS is a great long-term product that offers lots of flexibility to invest in multiple assets, with low charges.
Tony Evers and Republican lawmakers battle over taxes, health coverage  Milwaukee Journal SentinelAssembly Republicans released a plan that provides a different way to deliver an income tax cut promised by Gov. Tony Evers, who swiftly rejected it.
How Wealthy Americans Like Jack Benny Avoided Paying a 70% Tax Rate  Wall Street JournalNew York Rep. Alexandria Ocasio-Cortez's recent call for a top income-tax rate of 70% harks back to an era when the top rate was that much or more—and ...
Decoded: How to minimise your tax outgo while filing income tax returns  India TodayFrom claiming House rent allowance to returns on tax-free investments, many benefits can be claimed if individuals are adept at the process.
Get income tax refund in one day from 2020  Times NowOnce the new system gets in place, taxpayers will get a pre-filled form in their income tax account with their name, PAN and other details.
Cryptocurrency and Taxes: How to Use 2018's Losses to Your Advantage  Bitcoin NewsTaxes have been a hot topic in the cryptocurrency world this year. Many countries have been trying to figure out how to tax crypto assets, while traders.
For Tax Purposes, ‘the Rich’ Are People Who Earn More Than You Do  BloombergRecent history shows that when rates go up, more high earners get to be classified as “middle class.”
Tax Cut Is Better (for Companies) and Worse (for Everyone Else)  BloombergPresident Donald Trump and the Republicans' tax cut is proving to be vastly more generous for corporate America, and vastly more expensive for taxpayers, ...
Nevada Republicans say Sisolak tax renewal plan gives them leverage  Las Vegas Review-JournalCARSON CITY — Nevada Gov. Steve Sisolak fleshed out his spending requests Thursday with the release of an $8.9 billion proposed budget that puts the cost ...
With the right guiding principles, carbon taxes can work  The Conversation - USLike most economists, I favor taxing carbon dioxide to cut carbon pollution. A carbon tax makes fossil fuels like oil and coal more expensive. That, in turn, leads ...
How the government shutdown affects tax returns  KSNT NewsHave you received your W-2 yet? If so, local experts say to act fast.
Tax Planning For Complete Beginners  News18How can we start planning and saving on taxes? For starters, we need to calculate our total income that is earned from all sources including salary, property, ...
Incentivise, not tax, angel investors: Amitabh Kant  Economic TimesThe government needs to incentivise angel investors eyeing startups and not tax them to give a boost to Prime Minister Narendra Modi's flagship Startup India ...
Raimondos $9.9 billion budget would extend sales tax, raise fees, add health-insurance mandate  The Providence JournalPROVIDENCE — Governor Raimondo on Thursday rolled out key details of a proposed $9.9-billion budget that calls for a slew of new sales taxes and fees, ...
Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies  Bitcoin NewsThe Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly ...
Don't make this tax-saving error again  Morningstar IndiaIt's that time of the year when the tax season comes to an end. It is also the time when individuals realise that procrastination is a bad idea when it comes to ...
American Companies Can Now Settle Payroll Taxes In Cryptocurrency via Bitwage  Bitcoin NewsInternational cryptocurrency payroll *service* provider Bitwage has announced that it has partnered with Texas-based Simply Efficient HR. The move will.
Frederick residents could pay higher taxes if rate isn't lowered  The Winchester StarWINCHESTER — Frederick County residents could be paying higher real estate taxes if the county doesn't lower its tax rate.
Year 2018 in review: LTCG, changes in direct taxes and a late NPS bonanza  Moneycontrol.comThe standard deduction of Rs.40000 meant that a pensioner who is at the highest tax bracket of 30% would save Rs.12000 of taxes.
Angel Tax: Government, Babus Not In Sync With India's Start-Up Story, Says R Chandrashekhar  NDTV NewsThe country's tax laws have some of the biggest names in its tech start-ups worried. Rajan Anandan of Google, along with ten other signatories including ...
Baker seeks hike of transfer tax to protect properties  Gloucester Daily TimesBOSTON — Gov. Charlie Baker plans to proposed an estimated $137 million annual increase in the excise tax paid on real estate transfers, a proposal he said ...
What UK Bitcoin Investors Should Know as Tax Deadline Approaches  Bitcoin NewsThe deadline for submitting tax returns in the UK is Jan. 31, 2019. If you hold investments in bitcoin or any other cryptocurrency it is important to be The deadline ...
Taxman on a refunds spree as income tax returns hit record high in FY19  Economic TimesNEW DELHI: The current fiscal year is likely to be a watershed for income tax compliance and the tax department is returning the favour with quick refunds.
Alexandria Ocasio-Cortez floats 70% tax on wealthy to pay for 'Green New Deal'  CNBCRep. Alexandria Ocasio-Cortez of New York says her plan to transition the United States away from fossil fuels would require people to "start paying their fair ...
How much tax you will pay on lottery tickets, these ministers will decide  The Financial ExpressWith an aim to address the disparity on tax structure, a Group of Ministers (GoM) on issues related to lottery has been constituted on Wednesday.
Arizona lawmakers can stop ASU's property tax dodges. Here's how  AZCentralThe Arizona Legislature should make commercial entities pay property taxes. No exceptions.
Ficci for cut in corporate tax rate in Budget  Economic TimesNew Delhi: Industry chamber Ficci Sunday recommended the government to cut corporate tax rate across the board to 25 per cent irrespective of turnover in the ...
Gov't shutdown stokes worries about tax returns  News 12 BronxThe lingering government shutdown has New Yorkers wondering how it will impact their tax returns this season.
Juventus Ronaldo expected at Madrid court on Tuesday for tax fraud trial  ESPNJuventus forward Cristiano Ronaldo is expected back in Madrid on Tuesday to attend a trial for tax evasion in which Spanish prosecutors are asking for a ...
Fiscal trouble: Fallout of lower tax revenues could hurt private investment and growth  The Financial ExpressWeighed down by lower tax revenues, empty non-tax revenue coffers and expenditure compression, the fiscal fallout could hurt private investment and growth.
Tax Deductions That Went Away This Year  InvestopediaHere are the tax deductions that went away with tax reform.
Denmark's Tax Agency to Collect Information About Bitcoin Traders  Bitcoin NewsDanish tax authorities will soon be going after cryptocurrency traders in the country and beyond. The plan is to collect data from local bitcoin exchanges Danish ...
Legislation looks to make some items sales-tax exempt to help seniors, disabled live independently  WWSBSARASOTA (WWSB) - Legislation filed at the state capitol would create sales-tax exemptions on several items that can help seniors and disabled Floridians live ...
Inheritance tax: Sharing's easier minus arm-twist  Economic TimesProposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists. But finance minister ...

Estate Taxes - It Pays to Plan Ahead

Estate taxes. It's not enough to simply know they exist,... Read More

Tax Reduction Tips

In the rush to get tax returns prepared and filed... Read More

Understanding Basic Tax Terms

If your like many, you don't always understand what people... Read More

Tax Trap #3 -- IRS Penalties, Interest and Love Letters

As a small business owner or self-employed person, one of... Read More

Need an Offshore Sales Office in a Tax Free Environment?

The 100 year old investment-banking firm of... Read More

Truly Bizarre Taxes: The Tax on Illegal Drugs

One can never underestimate the enthusiasm that politicians have for... Read More

Tax Secrets - How Drew Miles Helped Me

How about a Tax Tip?As we all know Taxes are... Read More

Slash Tax when Buying a Business

When buying a business, how the "purchase price" is made... Read More

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More

Insider Guides to IRS Audits!

Ever wish that, as a business owner, you knew exactly... Read More

E-commerce Taxation

The means and types of businesses have transformed with advent... Read More

Tax Audits: What Signs Make You More Likely to be Audited by the IRS?

It's a major fear for most Americans: A notice from... Read More

Need a Copy of Your Tax Return Information?

Taxpayers have two easy and convenient options for getting copies... Read More

IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction

The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More

Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle... Read More

Military Reservists, Enlistees May Get Deferral of Back Taxes

Reservists called to active duty and enlistees in the armed... Read More

Surprising Truths About Tax Preparers

Choosing the right tax preparer for your business is a... Read More

Get Uncle Sam To Pay $36,000 For Your Childs Education!

Let's assume that you would like to begin saving for... Read More

Tax Records - What You Should Keep And For How Long

Many taxpayers are confused about how long they should keep... Read More

Where to Find Tax Breaks for Your Home Based Business

April 15th looms in front of most people every year... Read More

Send Your Kids To Summer Camp and Write It Off

If you paid someone to care for a child so... Read More

Gambling Income and Expenses - Tax Requirements

Hit a big one? With more and more gambling establishments,... Read More

Your IRS Tax Appeal Rights

Are you in the middle of a disagreement with the... Read More

Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)

Background issues of access to recordsTo assess the records at... Read More

Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes

With the massive losses caused by Katrina, the economy of... Read More