In April, while many people were celebrating the arrival of spring, the International Consortium of Investigative Journalists disclosed the existence of 11.5 million private documents it had obtained from Panamanian law firm Mossack Fonseca. In disclosing the Panama Papers, the consortium exposed to the public the secret world of financial dealings that the wealthy, the powerful, and the criminal underworld use to hide money from, and evade taxes owed to, governments worldwide.
Tax Analysts Blog
Given that it’s a presidential election year, much of the discussion among tax policy experts will focus on the candidates’ appetites for federal tax reform. But what often gets lost in that discussion is how changes at the federal level might affect the states. The reason for this is that most states in some way conform to the Internal Revenue Code.
People often ask me the same question: When will Congress get serious about fundamental tax reform? My response is predictable You’ll know that we’re making genuine progress when lawmakers get over their knee-jerk opposition to discussing a broad-based federal consumption tax.
Republican presidential nominee Donald Trump has taken a lot of heat for proposing a tax plan that would cost at least $12 trillion over 10 years if enacted. In response to that criticism, Trump and his advisers have implied that a new, less costly plan is in the works. But Trump isn't the only candidate in the race who seems unconcerned about adding to the deficit.
Hillary Clinton, having finished in first place in a Democratic primary race with only one Democrat in it, was duly anointed by the party as its standard-bearer at its convention in Philadelphia on July 26. Her nominally independent and avowedly democratic socialist primary opponent, Bernie Sanders, who had previously declared that the country was “sick and tired” of news coverage of her use of a personal email server for receiving and sending classified documents, is apparently now resolved to also deflect attention from hacked emails showing that the top brass of the party to which he doesn’t belong actively encouraged efforts to deny him its nomination. With both email scandals thus firmly behind her, Clinton’s return to the White House seems inevitable—this time as the power on rather than behind the throne.
Start-Up New York is a prime example of a tax incentive program that did not and will not work.
Managing nonresident employees has been a challenge for companies for several years -- in part because of states’ various requirements, but also because states continue to be aggressive in locating remote employees. It is part of the continuing trend by state tax departments to ensure they are getting every dollar of available revenue. This has translated into being more aggressive in enforcing their tax codes, including their nonresident withholding statutes. Although numerous states have had nonresident withholding requirements on the books for many years, recent budget strains have spurred states to increase their enforcement efforts.
In his acceptance speech at the Republican National Convention, Donald Trump painted a very bleak picture of a dystopian United States that is spinning out of control. Citing compelling statistics, the GOP nominee highlighted rising violent crime rates, wage stagnation, continuing unemployment, and the dangerous state of the world. And then, toward the end, Trump once again called the United States "one of the highest-taxed nations in the world."
The sales tax is one of the most important sources of tax revenue for state governments. This will provide some basic information about why it’s important and some things you should know about the tax if you are studying, researching, or writing about it for the first time.
Call me old-fashioned. Call me old school. But I still adhere to the belief that a tax system should be based on a broad base and low rates. Tax everything -- a little. That system minimizes economic distortions, makes compliance and administration easier, and ultimately raises more revenue. And political machinations distorting this ideal don't work.