Paying Taxes Has Its Use
There have been many instances where the rich were forced to leave their country of birth or ply to “escape” to countries with better tax laws. Tax abroad plays a huge role in where you ply your trade, whether it is acting, business or sport.
Ikea founder Ingvar Kamprad escaped his native Sweden for the country of chocolates Switzerland. He left his country of birth in the 1970”s due to the high taxes imposed by the Swedish Government, especially on those that earn a high income. The billionaire plans to return to Sweden later this year after the Swedish Government reduced their income taxes.
In Football, the English Premier League and French Ligue 1 attract some of the biggest names in the sport but the amount of tax paid on their income often play a huge role when star players are looking for greener pastures, with Spain and Russia having some of the lower income tax percentages.
Tax payer’s money has a number of uses. The rich are often the ones having to pay a lot more due to their sufficient income. The use of this money thus becomes even more important to the different countries, and it can be used to address a number of issues that the country may face at the time. It is not uncommon for residents of a particular country to jump ship to another country, and this practice won’t stop in the near future, with the worldwide economic crisis playing a huge role in people trying to have the least amount of tax deducted from their income.
Categories: Federal Tax, Income Tax, State Tax Tags:
Voters support federal spending for job programs
Voters have a strong support for the federal job programs, more specifically when the respondents are told that federal tax dollars would fund the programs. From those that were surveyed there were 72% that supported both the jobs program and the infrastructure hiring, and it was also clear that the program would be spending government money.
The public clearly support job creation proposals, and this includes a majority backing of all the party groups. They still support it even when the issue of government spending is brought up in a time when deficit reduction is one of the major priorities for the federal government.
It was reported that three-quarters of Democrats support the tax break for companies that created jobs. Furthermore, over 9 in 10 democrats show support for federal jobs and infrastructure programs. Concerning independents, 78% of them support the tax break, and three quarters of them support the jobs and infrastructure programs.
Republicans are the group most likely to support the tax break, as 88% of them said that they would do so. However, Republicans are a little bit more skeptical of the infrastructure and jobs programs, a majority of them still said that they would be baking the initiatives, even when they were told that it would cost federal tax dollars to do so. In general, both Republicans and Democrats will more than likely support federal spending for job programs, even if it’s known that government money will have to be spent in order to do so.
Categories: Federal Tax, Income Tax, State Tax Tags: federal income tax, federal tax, tax credits, tax spending
The Federal tax refunds are running behind
Tax refunds are supposed to be coming soon, and everybody obviously enjoys those wonderful little checks. However, this tax season isn’t going as planned since the amount of tax refunds is lagging.
The IRS isn’t exactly showcasing any numbers on how many federal tax refunds have been issued so far this tax season, but we know that refunds have gotten off to a bumpy start so far.
The stars simply aligned perfectly for a lag in federal tax refunds. There was a late launch to the start of the filing season, as it started on January 30, which is 8 days off of the normal start date. This happened because of a last minute, fiscal cliff tax change that got the green light by Congress. There was also the inability of taxpayers to file for credits until early March, in addition to the time-consuming analysis of tax returns. This was due to the IRS trying to improve on their efforts to filter out identity theft and tax refund fraud.
Even big companies like Wal-Mart are feeling the late start to the tax refunds. This time last year, Wal-Mart cashed out about $3 billion worth of checks that were related to tax refunds. Currently, that amount is just $1.7 billion.
Tax professionals have noticed many disappointed tax filers who can’t file their taxes yet or whose refunds are taking longer than usual to arrive. The process of the tax refunds is picking up a bit, but it still isn’t back to normal.
Categories: Federal Tax, Income Tax, State Tax Tags: federal income tax, federal tax refund, income tax, tax, tax credits, tax refund