“In Boston, it’s really like $48 million with the millionaire’s tax, so $54 million in Dallas is really like $58 million in Boston and $63 million in L.A. “It was a little strategic on that end,” Williams continued. This is hardly an unusual step. In a column for Forbes, ...
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To put it simply, income tax can be defined as a tax charged on the annual earnings of any eligible citizen of the country. The amount of tax charged from each taxpayer depends on the income earned by the individual over a financial year. The calculation of tax applicable is done on the...
Financial statements help companies assess several aspects of the business, from profitability (income statement) to how assets are sourced (balance sheet), andcashinflows and outflows (cashflow statement). Financial statements are also mandatory to companies for tax purposes. They are also used by...
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Adam Michel of the Cato Institute recently wrote an in-depth study on the OECD’s proposed business tax cartel and explained why the United States should not participate. I recommend that people read that report. But for those who have limited time, I’m going to share some excerpts from ...
“We hope that you will be doing our Income Tax for many years.” –Louis and Vera “No one explained this to us like you have.” –Shane and Denise “I don’t know what we would do without you!” –Denise and Paul “You have been a life saver for our business.” ...
Benjamin Franklin once wrote: “In this world nothing can be said to be certain, except death and taxes“. Income tax is something that can hardly be avoided by a profit-making company. You might find filling-in the tax return a demanding task because everything must be correct – otherwis...
Incapital gains tax If one defines income as the sum of the change in a taxpayer’s consumption and the change in his or her net worth, then capital gains should logically be taxed as ordinary income. If the definition of income operative in the British tax system is accepted, capital gai...
Negative Income Tax Explained To get a negative income tax subsidy, the needy would, along with other taxpayers, simply fileincome tax returns. The IRS’ computerized system could then quickly and objectively identify taxpayers with income below the threshold as eligible for help. NIT proponents env...