Masthash

#tax

Nangeli - Wikipedia

"Mulakkaram" was a term to distinguish female taxpayers from males, and "the #tax was not based on the size of the #breast or its attractiveness, as Nangeli's storytellers will claim, but was one standard rate charged from women". Covering breasts was not a fashion in #Kerala at that time. Victorian standards of morality penetrated into the society decades later via the #British colonialists, which led to subsequent class-struggles for the right of the lower caste to wear upper cloth.["
https://en.wikipedia.org/wiki/Nangeli#:~:text=Mulakkaram%22%20was%20a,upper%20cloth.%5B

1 hour ago

UK on track for record #tax levels, #IFS think tank says

After 13 years of "the party of sound money" being in charge, this is where we are.....

And of course GDP growth is bumping along either side of zero, and inequality has measurably increased

It is not future generations that will be worse off - it is current ones!

Absolutely the worse period of govt in my lifetime - bar none!

#toriesOut

https://www.bbc.co.uk/news/uk-politics-66945729

King Mob
3 hours ago

£3,500 a year tax rises.

For what?

Even if this is half-true, this will propel even more families - WORKING FAMILIES - into destitution and extreme poverty in the UK.

The brunt of this economic catastrophe in the UK falls upon the POOREST in society.

It's about time that the EXCESSIVELY WEALTHY were taxed equitably. Their greed should not be at the expense of the MISERY of the poor.

But we know thet the UK - one of the most economically UNEQUAL countries in the world - exists to maintain the riches of the excessively wealthy.

Those of us who are not excessively wealthy are being screwed. And they're laughing at us as they do it!

#UKpolitics #IFS #inequality #tax #taxation #Tories #uk

Newspaper headline that says:
UK households face tax rise of £3,500 a year by next election, finds IFS

So much for the #Tories narrative of being a low-tax party...

by next year the proportion of national income taken by #taxation will have risen from 33% to 37% over four years... to be absolutely clear, I have no problem with such rates of UK #taxation, the bigger Q. is what it is being used for.

All Govt.s 'tax & spend'... so don't obsess about the #tax element lets obsess about the absolutely disastrous spending strategy undertaken by the #Tories...

https://www.theguardian.com/politics/2023/sep/29/uk-households-face-tax-rise-of-3500-a-year-by-next-election-finds-ifs

Nina Cried Power
5 hours ago

Calling out high taxes is a misdirection because the response is for tax cuts which hit already underfunded public services.
Look instead at revenue.
Revenue from privatisation is never recovered.
Look at avoidance enjoyed by the highest earners.
Look at tax on income from wealth that is a fraction of income from working.
#tax #TaxTheRich

Nonilex
17 hours ago

A Manhattan jury ultimately found the #TrumpOrganization #guilty of #criminal #tax #fraud.

In total, the AG's office plans to call 28 #witnesses to present their case in the upcoming trial, & also listed 25 additional witnesses they could use on rebuttal….

In their #witness list, #Trump & his co-defendants reserved the right to call >130 witnesses (delay tactic)…, incl’g Trump & his adult sons.

While witness lists were updated after Engoron's ruling, they might change as the #trial proceeds.

Nonilex
17 hours ago

“These are people who essentially blow raspberries at the IRS,” Wyden told me. “They’re sophisticated people. They know this is wrong, wrong, wrong. And they do it anyway.”

The data underscores that when the IRS is #underfunded, #wealthy #tax #cheats benefit in a big way. An underfunded #IRS is what #Republicans are advocating for.

Nonilex
17 hours ago

Nearly 1k tax filers who earn >$1 million per year have still not filed #federal #tax returns for at least one year from 2017 to 2020, acc/to #IRS data provided to #Senate #Finance Cmte Chairman Ron #Wyden.

What’s more, the 2k people who represent the highest-income non-filers in one or more of those years owe a total of more than $900 million in federal taxes, the data shows.

The European Network
1 day ago

France is exploring ways to cap electricity prices without falling foul of EU subsidy rules, including a possible windfall levy to deliver President Macron’s pledge to “take back control” of prices.

Under consideration is for the state to redistribute some of power producer EDF’s revenues. This would echo emergency measures authorised by Brussels during the energy crisis to collect “excess profits” when prices soared.

https://www.ft.com/content/37f01a3f-39d7-4a9f-9120-cc1e2cd79c1f

#France #Energy #EnergyPrices #Windfall #Tax

President Emmanuel Macron wearing an EDF hardhat.
Court of Justice of the EU
2 days ago

#EUGeneralCourt annuls the @EU_Commission ’s decision declaring the #Spanish #tax scheme on the deduction for indirect acquisitions of shareholdings in foreign companies unlawful 👉 https://curia.europa.eu/jcms/jcms/Jo2_7052/

Meanwhile off the coast of #Scotland development has stopped on the fourth largest #offshore #windpower project in the UK.

Rapid #inflation in costs & no Govt. response on the earlier agreed Green Tax levy on such developments (to recognise the impact of such increased costs) means that like #Vattenfall before it, Community Winpower had decided it cannot continue.

Rather than focus on #IHT, this is the #economic & #tax issue #RishiSunak should have focussed on!

#sustainableenergy is vital!

Why is #RishiSunak interested in reforming #inheritancetax, a #tax which is paid by less than 4% of estates annually... well, perhaps its do with the fact that most people who pay IHT live in constituencies that have a #Tory MP.

As we hurtle towards the next #election, his sudden interest in inheritance(s) make sense.

The problem he faces is this is just so easy to fit into a narrative of a party only interested in helping the rich(est); a slogan handed to Labour on a plate!

h/t FT

Adi
4 days ago

The crypto landscape in India has transformed significantly since the introduction of TDS in 2022. CoinDCX's CEO, Sumit Gupta, is leading the charge to reduce TDS from 1% to 0.01%. 🚀 #Crypto #TDS #Tax

https://www.tronweekly.com/india-crypto-tax-reform/

Peter Nimmo
4 days ago

Richard Murphy's #tax stuff is very good. But the replies to this toot about #HS2 suggest he's on the wrong track about #rail policy
https://mas.to/@RichardJMurphy/111124452182793640
RichardJMurphy@mas.to - HS2 was always a white elephant https://www.taxresearch.org.uk/Blog/2023/09/25/hs2-was-always-a-white-elephant/. We never needed a fast train route to London. What we needed were working trains across the whole country and a functioning national grid.

Pedestriansfirst
5 days ago

Rishi Sunak is reportedly considering an inheritance tax cut. Of course he is. £7.2bn more for the top 4%. #tories #tax

Tengrain 🇺🇦
5 days ago

Every #billionaire represents a #tax policy failure.

Or, as Fran Lebowitz says (paraphrasing), “No one earns a billion dollars, they STEAL it."

IT News
1 week ago

Surprise Fed Move Ignites Interest Rate Hike Buzz - On Wednesday, Federal Reserve officials took the market by surprise when they hint... - https://readwrite.com/surprise-fed-move-ignites-interest-rate-hike-buzz/ #interestratehikebuzz #federalreserve #readwrite #tax

Martin Nutty
1 week ago

Of all the low down scummy #bank #fees, I think I hate the NSF fee the absolute worst.

Back in the day, it made sense when electronic transactions didn't exist and while cheques could be routed electronically due to their routing number, a human still had to process it. There was cost associated with the bounce.

But $48 for dipping $2 into #overdraft on a $15 purchase these days? Cmon. It costs the bank *nothing* (ok a few electrons of server power). The true definition of a #tax on the #poor.

CryptoNewsBot
1 week ago

South Koreans Report Over $98 Billion in Overseas Crypto Assets - South Korean tax payers have declared some 131 trillion won (more than $98 billion... - https://news.bitcoin.com/south-koreans-report-over-98-billion-in-overseas-crypto-assets/ #cryptocurrencies #overseasaccounts #taxdeclarations #cryptocurrency #cryptoassets #southkoreans #southkorean #southkorea #taxpayers #accounts #crypto #taxes #tax

Xerophile
1 week ago

US House #FreedomCaucus Holds #Shutdown Talks in a #Tax Cheat’s Home. The Neighbors Are Pissed. | Roger Sollenberger, The Daily Beast

#USpol #HFC #Fraud #GOP #J6 https://www.thedailybeast.com/freedom-caucus-holds-shutdown-talks-in-a-tax-cheats-home-the-neighbors-are-pissed

Via Baltica
1 week ago

The Bank of #Estonia criticised the #government's plan to replace the country's self-imposed budgetary discipline rules with the EU's less stringent #budget rules. Also, the central bank criticised the government's agreement with commercial #banks to postpone a planned new bank #tax.

https://viabaltica.fi/estonia-central-bank-criticises-relaxed-budget-rules-bank-taxation/

The European Network
1 week ago

A European tax on the richest 0.5% could bring in over €200 billion a year.

Two weeks after the launch of a broad appeal by economists and politicians to tax extreme wealth in the name of tax justice at the G20 summit – co-signed by 139 American and British millionaires ready to contribute – the Greens/European Free Alliance group in the European Parliament published a study urging a move "from slogan to reality."

https://www.lemonde.fr/en/economy/article/2023/09/20/a-european-tax-on-the-super-rich-could-bring-in-over-200-billion-a-year_6137895_19.html

#Europe #Tax #Wealth #Greens #EuropeanParliament

Linda
1 week ago

https://pro.politico.eu/news/168908 #EuropeanCommission wins courtcase on illegal #tax evasion by multinationals in Belgium. #inequality

Andrew Leahey
1 week ago

This week I argue for using property #tax reform and #AI for good.

"Housing costs have climbed … with the average US home sale price up 47.5% from Q4 '20 to Q4 ’22. The crunch … is felt acutely by buyers of mid-range and working-class housing.

...

Inequitable property assessments contribute to this issue [and] inequity cuts in favor of higher earners; more expensive properties are frequently undervalued, while less expensive properties are overvalued.”

@law #lawfedi

https://news.bloomberglaw.com/tax-insights-and-commentary/lets-use-ai-and-property-tax-reform-to-alleviate-housing-costs

Dallman Ross
1 week ago

Please RSVP: Congressman Don Beyer on the #Tax Simplification for Americans #Abroad Act https://www.democratsabroad.org/tax_simplification_event?recruiter_id=99836

#expat

RememberUsAlways
1 week ago

Has #elonmusk considered charging the #bots ?

Has he considered a throttle #tax or is this suggestion old?

Strypey
1 week ago

The IRD flowchart used to determine the correct tax code asks;

"Is your annual income from all sources likely to be $14,000 or less"

That's about $280 a week. That's less than the lowest benefit rate for anyone over 19, before you add accommodation supplement. It wouldn't even cover rent, utilities, and food in 2023.

Do you think they're asking time travellers from the 1990s?

#Aotearoa #NZ #Tax #TaxCodes #IRD

US president's son accuses two IRS agents of wrongly sharing his tax information in effort to 'embarrass' him.#Courts #Politics #Tax #UnitedStates #US&Canada
Hunter Biden sues US tax agency over disclosures of personal information

So lets get one thing straight this evening... the UK is not a #tax country, whatever some people claim. So when, there is talk of the impossibility of raising #taxes, lets be clear that other countries seem to have managed it rather well & are doing a lot better in many other aspects of their daily political economy than we are....

So lets ignore the calls to lower these high tax rates & be clear about the political interest(s) at play!

[apologies for the scale of the chart]

Chart: The UK is not a heavily taxed society in com,prason with many of its peers. Government revenues as % of GDP

Chart shows in share of GDP raised in tax, UK is below France, Denmark, Belgium, Austria, Italy, Sweden, Germany, Netherlands, Spain & Canada... but above Japan, Australia, Switzerland, USA & S.Korea
steve mookie kong
2 weeks ago

Ouch Jersey friends.

Also...

Notably, relatively low-tax states like New Hampshire and Texas are amongst the states with the highest effective property tax rates. Since neither state levies income taxes, they’re more reliant on property taxes to pay for a greater share of government services.

https://www.cnbc.com/2023/09/16/us-states-where-property-taxes-are-highestnew-jersey-is-no-1.html

#taxes #tax

#businesses being pushed into administration is on the rise, but perhaps most interestingly the agent of bankruptcy in a large number of cases is the #HMRC.

While other creditors may find it hard to enforce repayments on troubled firms facing multiple challenges, from the #costoflvingcrisis to #energy prices hikes, the state (in the form of the #tax inspectors) has all the powers it needs to get itself at the front of the queue of creditors... a sign of the times?

https://www.theguardian.com/business/2023/sep/15/number-of-uk-companies-going-bust-in-august-rises-by-a-fifth

Hi! 👋 While I've been on Mastodon for a few months, I'm new to sciences.social, so this is an #Introduction.

I study #nonprofit organizations and charitable #giving and how they are affected by public policy. I am interested in understanding giving as a form of #altruism that can be affected by things like #tax treatment of charitable gifts, #inequality, and the behaviors of the receiving charities and other #institutions.

1/

smeg
2 weeks ago

Property taxes are regressive.

How Our Property Tax System Robs The Poor to Pay For The Wealthy
https://www.youtube.com/watch?v=8MjjHKIlKko
#tax #taxation #realestate #generationalwealth #regressive

John Earle
2 weeks ago

Millions on Universal Credit may lose hundreds of pounds as Rishi Sunak threatens cut | Mirror Online | Vox Political
https://voxpoliticalonline.com/2023/09/12/millions-on-universal-credit-may-lose-hundreds-of-pounds-as-rishi-sunak-threatens-cut-mirror-online/

The usual, attack those at the bottom, to pay for the mistakes of those at the top.
#EnoughIsEnough

#Rishi Sunak #Universal Credit #cut #inflation #tax #rich #donor #general #election #support

Graham Downs
2 weeks ago

More about this potential "Foreign employers must deduct PAYE" thing: https://www.crs.co.za/2023/07/08/sars-has-foreign-employers-in-its-crosshairs/?utm_source=Mastodon

I mean, it's completely ridiculous. So many people will be out of a job if this comes through. *I* will probably be out of a job if this comes through. :(

I was actually thinking of this the other day. Knowing South Africans and our reputation for getting around ridiculous, inane, corruption-addled government policies, I figured it was only a matter of time before someone started a company specifically for foreign employers to partner with. :P

#SouthAfrica #tax #SARS #RemoteWork

Chris Slane
2 weeks ago

Relief for the squeezed middle...
Large corporates who benefitted from generous govt. covid support + windfall profits must now be anticipating sweet tax relief. But wait... Prefu says no?

#NZpol #cartoon #tax @Listenermag

#NZpol #greedflation @nzlistenermag

Cartoon depicts an obese 'corporate' pig in a suit wearing a white shirt splattered with debris easing his belt labelled 'Tax Relief' after ingesting gross amounts of cash from a plate labelled 'Pandemic Profits'. "Phew, finally some relief for the squeezed middle." Title Greedflation'
TapTap 🎮
3 weeks ago

Deleted my mint.com account today, recommend anyone else do the same along with Turbo Tax.

Forgot I had it, they stopped working with Fidelity accounts a good while ago. They're owned by Turbo Tax who is pretty much literally why the IRS doesn't just send you a bill automatically.

#mintdotcom #mint #intuit #turbotax #tax

Jenna
3 weeks ago

Does anyone have insight into how to set up a "feeder organization" - a business where all profits are donated to charity in the US? Or can recommend a good #tax person who might know?

#charity #advice #askfedi #lawfedi

Peter Henry
3 weeks ago

"Treating a capital gain as income #tax is an apparently attractive reform that might raise £12Bn p.a."

The truth is there will never be a level playing field for the poor - the rich will just find another tax avoidance scheme.

Pensioners are already suffering from galloping #inflation - the thought of new government coming up with new cunning retrospective tax legislation is nightmare.

e.g. In any other country raising women's retirement age would have caused riots

@samloonie

#PierrePoilievre says he's going to "ax the #tax" on #gasoline, to lower the price at the pump. What he doesn't say is that his #oil-industry friends will raise the resulting price, pocketing even MORE #profit. Nice, huh?

#ConservativesAreTheProblem
#CONservatives #fuel
#CANpol #CANpoli

Andrew Leahey
3 weeks ago

This week in Insights I talk about the success of the WA capital gains tax, and what it might suggest for other states facing budget crunches. Read: Don't hike sales tax, opt for cap gain.

"In 2021, WA passed a 7% capital gains tax on the sale or exchange of stocks, bonds, or other assets in amounts greater than $250k. The tax was expected to bring in as much as $250m in its first full year. Actual receipts totaled nearly $850m.”

#lawfedi @law #tax #policy #economics

https://news.bloombergtax.com/tax-insights-and-commentary/week-in-insights-capital-gains-taxes-deserve-more-consideration

#PierrePoilievre says he's going to "ax the #tax" on #gasoline, to lower the price at the pump. What he doesn't say is that his #oil-industry friends will raise the resulting price, pocketing even MORE #profit. Nice, huh?

#ConservativesAreTheProblem
#CONservatives #fuel
#PeePeeIsActuallyALittleShit
#CANpol #CANpoli

Greg W.
3 weeks ago

With Funds Opposed by #GOP, #IRS to Target Ultrawealthy Tax Delinquents

"This news stands in stark contrast to the approach taken by House #Republicans, who want to allow #wealthy #tax cheats to continue business as usual," said U.S. Senate Finance Committee Chair Ron Wyden.

The U.S. Internal Revenue Service on Friday won praise from congressional Democrats and progressive groups for announcing "a sweeping, historic effort to restore fairness in tax compliance...

https://www.commondreams.org/news/irs-targeting-rich-tax-cheats

Nonilex
3 weeks ago

Justice #Alito on Fri rejected demands from #Dem #lawmakers that he #recuse himself from a #tax #lawsuit after a #lawyer involved interviewed him for the (#Murdoch owned) #WSJ.

In an #unusual 4p stmnt attached to an otherwise routine list of orders concerning pending cases, Justice Alito dismissed calls for him to step aside as “unsound.”

#CourtReform #Corruption #JudicalEthics #law #legal #judiciary
https://www.nytimes.com/2023/09/08/us/politics/alito-recusal-wall-street-journal.html?smid=nytcore-ios-share&referringSource=articleShare

ProPublica
3 weeks ago

A Federal Trade Commission judge ruled this week that #TurboTax parent company Intuit deceived consumers when it ran ads for “free” tax products for which many consumers were ineligible.

The #FTC began investigating TurboTax in 2019 in response to ProPublica's ongoing TurboTax Trap series, which detailed the ways #Intuit has kept taxpayers from accessing free & easy #tax filing:

https://www.propublica.org/series/the-turbotax-trap

California lawmakers approved legislation on Thursday to impose a new #tax on #firearms and #ammunition sales to help finance gun-violence #prevention and #education programs.

The legislation, Assembly Bill 28, would impose an 11% tax on dealers and manufacturers for sales of guns and ammunition, and is one of a small number of major #gun #control measures still moving through the Legislature this year.

It’s the first time that Democrats have successfully sent a firearms tax proposal to the governor.

https://www.latimes.com/california/story/2023-09-07/california-guns-firearms-tax-ammunition-dealers-manufacturers-jesse-gabriel-democrats-gavin-newsom

Colin Macleod
3 weeks ago

@RichardJMurphy Wow - an actual non-mythical Brexit Benefit!
#brexit #ukpolitics #tax

Nonilex
3 weeks ago

The #refuge is believed to sit atop ~11B barrels of #oil, but is also home to grizzly & polar bears, snowy owls, migrating waterfowl & herds of moose & caribou. Canceling the leases is likely to set the stage for a #legal battle over the land’s fate.
In 2017 #Congress passed,& #Trump signed, a #tax #law that not only authorized but required leasing in the #wildlife refuge. The move overturned 60 yrs of #protections for the largest remaining stretch of untouched #wilderness in the #UnitedStates.

Frederik Borgesius
3 weeks ago

‘Swedish criminal gangs using fake Spotify streams to launder money’

I’m definitely not a specialist in money laundering. But this seems a cumbersome way to launder money.

‘in Sweden, amassing a million streams pays about 40,000 to 60,000 kronor (£2,800 to £4,300).’

https://www.theguardian.com/technology/2023/sep/05/swedish-criminal-gangs-using-fake-spotify-streams-to-launder-money
#tax #law #sweden #tech

Daniel AJ Sokolov
3 weeks ago

@Flipboard @CBC @globeandmail @hakaimagazine @thetyee @AileenLalor A risky strategy, if you do this for free. The government may come and #tax you, too, for supporting #Canadian #media.

Matt Hodges
3 weeks ago

"Instead of growing and growing, as it always had before, spending per Medicare beneficiary has nearly leveled off over more than a decade [...] Most of those reductions came from a category the budget office calls 'technical adjustments,' which it uses to describe changes to public health and the practice of medicine itself [...] It’s so much money that almost no major legislation passed during this period comes close in scale."

https://www.nytimes.com/interactive/2023/09/05/upshot/medicare-budget-threat-receded.html

#healthcare #medicare #policy #tax

Andrew Leahey
3 weeks ago

Pretty simple and straightforward proposition in this week's column: The federal student lunch program that existed during the COVID emergency worked. Bring it back.

"It’s a national problem, and the solution must come at the national level. While programs such as the one in Massachusetts are short-term wins, the risk of politicizing the issue outweighs the benefits.”

#lawfedi @law #policy #tax

https://news.bloombergtax.com/tax-insights-and-commentary/states-that-tax-rich-to-pay-for-school-lunches-make-risky-move

Mojo ♻️
4 weeks ago

#PaulKeating envisaged a #superannuation system which funded the aged in retirement. It has turned into a giant #tax shelter where wealth is captured and passed on to descendants, and where falling home ownership was not factored in. #ausecon

https://michaelwest.com.au/?p=371180

Ang Black
1 month ago

All you #FOSS people out there, whose got recommendations for free, no-BS, no income limit #tax software/services for us cursed with US #taxes?

I know its another 6+ months away but would be great to prepare for #taxseason now.
Or, maybe those who got the skills or know US tax law could make something

MessagingMatters
1 month ago

@BBC #MAGA stupidity #tax

Simon Lucy
1 month ago

A straightforward version of the Shadow Chancellor's policy.

We are fucked.
We won't know how fucked until we're in office.
We won't know what we have to do for maybe 6 weeks.
Then we will have to do exactly what we have to do to get unfucked.
After that we will have to concentrate on what we should do to not get fucked again..
Only then will we be able to attempt the things we want to do (which we may fuck up).

#Politics #LabourParty #ChancelloroftheExchequer #Tax #FinancialPolicy

Kailee ♾️
1 month ago

Zillow reports ⁦criminal defendant
Donald sold Mar-a-Lago to Don Jr for $422 million before the old man’s latest arrest. The price seems greatly inflated. Trump bought it, furniture & all, with an unrecorded $10 million mortgage. There’s a tax story, and maybe a tax crime in this.

#fraudulent #conveyance #tax #crimes

King Mob
1 month ago

Taxation.
History.

After the devastation of World War One, between 1917-1926 the UK government introduced the "excess profits duty" (tax) of 80% of profits above "pre-war standard profits".

Today, when grotesque profits are being made by big business out of the (so-called) "cost of living crisis", surely it's time for a similar period of excess profit tax?

Surely, it's big businesses "duty" to help us all out in this time of crisis?

Or is this only a "crisis" for the poor?

I won't hold my breath.

#WindfallTax #profiteering #capitalism #BigBusiness #tax #ExcessProfitsTax #profiteering #CostOfLivingCrisis #uk #ukPolitics

Alex Kidman
1 month ago

How is TikTok implicit in a multi-billion dollar tax fraud? Why did Dell and DoorDash cop huge regulator fines? Why is Google search getting worse?

This week's show features special guest host @leighlo talking search, tax scams, banana slicers, consumer law and more -- listen and subscribe today!

#podcasts #australia #TikTok #tax #google #search #AI #banana

https://verticalhold.com.au/2023/08/18/tik-tok-tax-dell-and-doordash-get-whacks-google-search-shows-some-cracks-vertical-hold-ep-442/

A tablet with the Google logo on it.

"We should take money from the rich and give it to the government that spends more on bombs than any other in history" ~ a well-meaning person

#capitalism #taxtherich #eattherich #tax

Former #MI6 intelligence officer who spent years countering Russian espionage:

"This is #Londongrad. The activity has further sunk into the shadows after the #war, but this is still very much Londongrad”

Another former intelligence officer with a vast experience focusing on #Russia:

“I’m not aware of any significant uplift in resources to deal with it. The tools to do so are all available, but it takes resources, tenacity, and political will.”

#oligarchs #London #tax

https://inews.co.uk/news/londongrad-russian-spying-shadows-capital-2545696

OddOpinions5
2 months ago

@georgetakei
Does anyone know why Justice Thomas isn't violating tax law on gifts ?
as far as I know, if you get a gift of more then $15,000 in any year, you owe tax on the amount over 15k

so if you get a holiday worth 30K, you owe tax on 15K

#JusticeThomas #ClarenceThomas #Scotus #Tax #GiftTax #IRS #TaxLaw

FINALLY!

#France is raising taxes on flights to pay for trains

Countries affected by #fires should follow this: #Portugal #Spain #Greece #Italy

"If you fly from Paris to Barcelona the #airline not only pays no VAT, but is also exempt from kerosene #tax. If you make the same journey by #train, the rail company will pay an #energy tax and passenger #VAT. This means higher costs for the company which are usually reflected in ticket prices."

#FossilFuelsKill #TaxFlights

https://www.euronews.com/green/2023/08/10/france-is-raising-taxes-on-flights-to-pay-for-trains-should-other-european-countries-do-th

Andrew Leahey
2 months ago

It entails "donating" valuable property to a museum you own, which is open to the public as little as possible.

"Many tax abuses are roll-the-dice schemes—the transaction or plan is in a gray area or outright restricted, but the chance of being caught is so slim that a rational actor would proceed in hopes of falling through the cracks. These quasi-museum and art collection schemes are a quintessential example of this decision-making process."

#lawfedi @law #tax

https://news.bloombergtax.com/tax-insights-and-commentary/jewel-box-museums-are-the-wealthys-latest-tax-dodge-scheme

Pete
2 months ago
Andrew Leahey
2 months ago

In this weeks Week in Insights, I look at Finland's progressive traffic ticketing system as an example of what is possible for #tax #policy.

"Finland runs a ‘day fine’ system that divides a driver’s daily income by two and applies a progressive rate to the fine, leading to whopper speeding tickets such as a former corporate director’s $103,000 payout for a 25 km/h violation. No drivers can simply ‘price in’ the cost of being ticketed.”

#lawfedi @law

https://news.bloombergtax.com/financial-accounting/week-in-insights-tax-progressivity-can-go-further-than-we-think

FediThing
2 months ago

International sales tax advice needed!

I have a tip jar for my accounts and websites ( @feditips, https://fedi.tips etc) which I mainly use to cover their costs. One of them is through ko-fi, the other is through liberapay. Income tax is not an issue, I declare what I get to my country's government as part of my tax return.

The problem I have is that my payment processor is now informing me I might (or might not) have to keep track of sales tax on donations:

-This would be incredibly complicated, it would mean registering with dozens of different countries.

-The total amount from each country is tiny, usually a few euros per year. The largest one is a few hundred per year.

-I'm not selling anything, there are no perks for donors. The services will happen regardless of whether anyone tips me.

-I'm not earning enough to have an accountant.

-I can't find any advice on this situation!

Can anyone help?

#AskFedi #Tax #Taxation #SalesTax #VAT #KoFi #LiberaPay #Accountancy #Accountants #Money

ProPublica
2 months ago

How the Ultrawealthy Use Private Foundations to Bank Huge Tax Breaks While Giving the Public Little in Return
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It’s a simple bargain: The rich get huge #tax breaks by donating #art, property and company shares to benefit the public. But some donors collect millions while offering little or no public access.

#Taxes #Wealth #Charities #Nonprofit #IRS #Museum #RealEstate #IncomeTax

https://www.propublica.org/article/how-private-nonprofits-ultrawealthy-tax-deductions-museums-foundation-art?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post

Each year around $300 billion of #tax revenue is lost to governments through #corporations' 'tax planning' & transfer pricing arrangements; a further $170 billion is lost through the actions of the global elite 'managing' their money for 'tax efficiency';

@taxjusticenet is urging a move of global tax affairs from the OECD (which has been a slow mover on reform) to the #UnitedNations.... but certainly a new strategy to hep developing countries regain tax income is needed!
https://taxjustice.net/press/world-to-lose-4-7-trillion-to-tax-havens-over-next-decade-unless-un-tax-convention-adopted-countries-warned/

Jocelyn
2 months ago

#TheGuardian : "#Flying in #Europe up to 30 times cheaper than #train, says #Greenpeace"

"#Airlines pay no taxes on kerosene and little #tax on tickets or VAT. Their emissions are only priced for #flights within Europe – at a level below the social cost of #carbon… European governments lost out on €34.2bn from poor #taxation on #aviation in 2022. The “tax gap” is set to rise to €47.1bn in 2025, the report found."

#Climate #rail @greenpeace

https://www.theguardian.com/environment/2023/jul/20/flying-in-europe-up-to-30-times-cheaper-than-train-says-greenpeace

ProPublica
2 months ago

NEW: How Harlan Crow Slashed his Tax Bill by Taking Clarence Thomas on Superyacht Cruises
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In lavishing gifts on the #SupremeCourt justice, the billionaire #GOP donor may have violated #tax laws, according to tax experts.

#HarlanCrow #ClarenceThomas #SCOTUS #Taxes #News

https://www.propublica.org/article/harlan-crow-slashed-tax-bill-clarence-thomas-superyacht?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post

So the good news is that fiscal drag (which is slowly making more & more of us higher-rate #taxpayers), is also catching up with Non-Doms.... raising their contribution to the exchequer to a record £12.4bn

The bad news, the average #tax saving my a Non-Dom is around £125,000.

Labour have pledged to abolish Nom-Dom status (with some flexibility for genuine cases) & research suggests that if ended few current Nom-Doms would leave the UK....

Mrs Sunak's chums will (like her) stay put!