by Linda Beale Romney Reveals His Tax Rate Is ‘Probably Closer to 15 Percent Source for this article: Emily Friedman, Romney Reveals His Tax Rate Is ‘Probably Closer to 15 Percent’”, ABC News, Jan. 17, 2012. At a press conference following the GOP debate last night, GOP presumed favored candidate Mitt Romney acknowledged for the first […]
by Linda Beale Offshored Assets still in IRS cross-hairs but new disclosure program available As most who follow the issues are aware, the IRS has been focusing for some time on the foreign bank accounts of US taxpayers. The big break came when the IRS was able to get some data from UBS, including information […]
by Linda Beale Romney’s Tax Plan Helps the 1%, Hurts the Bottom 40% In spite of having to suffer some closer view of his Bain Capital time–during which the self-proclaimed “job creator” businessman did a lot of job cutting and destruction of going concerns so that his investors could make more money, Romney continues on […]
by Linda Beale Italy now backs a financial transactions tax Germany and France are already on board in support of a financial transactions tax, and one outcome of the meeting of Italy’s new leadership with Chancelor Merkel is that Italy is on board. See AP, Italy Backs Financial Transactions Tax, New York Times, Jan 11, […]
Andrew Sullivan writes something interesting.* No not that Andrew Sullivan, this Andrew Sullivan at Reuters. Fairly excerpted, I think. in October 1993, Bain Capital, co-founded by Mitt Romney, became majority shareholder in a steel mill that had been operating since 1888. It was a gamble. The old mill, renamed GS Technologies, [skip] a federal government […]
by Linda Beale IRS proposes new innocent spouse procedures In a press release IR 2012-3 (Jan. 5, 2012), the IRS has issued Notice 2012-8 announcing a new revenue procedure updating Rev. Proc. 2003-61. The IRS describes the effect of the procedure as follows. This proposed update to Rev. Proc. 2003-61 addresses the criteria used in […]
by Linda Beale CRS reports on repatriation tax holiday impact Shortly before the Christmas holiday, CRS released a report by Donald Marples and Jane Gravelle on the possibility of a second repatriation tax holiday for multinational corporations. Download Marples and Gravelle. tax cuts on repatriation earnings as economic stimulus. an economic analysis. 122011.c The holiday […]
by Linda Beale Romney’s Tax Plan–good for the wealthy, not so good for everybody else The Tax Policy Center has done an analysis of Romney’s plan for US taxation. SeeThe Romney Plan. It doesn’t look bad at all for the wealthy. In adding at least $600 billion to the U.S. deficit by 2015, Romney would […]
by Linda Beale Corporatism and taxes Corporatism is the term used to describe a economic and governmental approach that favors large entities over people, including adopting rules and regulations to suit the regulated entities, tilting legislation to protect corporate entities that might otherwise be considered to be causing harm to the public good, and allowing […]
by Mike Kimel (Update: Naked Capitalism notes Mike’s post is the top read of the day in ‘links’) In recent years, there have been a number of studies showing that generational income mobility is particularly low in the US. To quote this 2006 study by Tom Hertz: By international standards, the United States has an […]