Taxes

Taxes vs Tariffs

Are Some Forms of Taxation Worse Than Others for the Economy?

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All taxation is generally bad for the economy…this is why virtually every administration that’s tried tax cuts has found them to be stimulative to the economy, going all the way back to at least JFK. Now, as the question suggests, there are different ways government takes resources out of the private sector, and they all have different characteristics regarding exactly who they harm.

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The IRS’s Job Is To Violate Our Liberties

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“What do you expect when you target the President?” This is what an Internal Revenue Service (IRS) agent allegedly said to the head of a conservative organization that was being audited after calling for the impeachment of then-President Clinton. Recent revelations that IRS agents gave “special scrutiny” to organizations opposed to the current administration’s policies

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Income Taxes

The 100th Anniversary of the Federal Income Tax

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1913 is a year that will live in infamy. On March 1st, 1913, the 16th Amendment took effect providing for a 1% Federal Income tax and on December 23rd President Woodrow Wilson signed the Federal Reserve Act into law. Perhaps an effort to keep tabs on the Federal Reserve is what inspired the Department of Labor to begin tracking inflation that same year. Incidentally, that same year the department of Commerce and the department of labor split into two separate departments. Now 100 years later the average Federal Income Tax rate in 2011 was 11.8%. The top 5 percent of earners paid approximately 58.7 percent of federal individual income taxes while paying an average effective tax rate of 20.46%. The bottom 50% paid an effective Federal Income Tax rate of 1.85%.

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Business Taxes

New Factors Affecting Your Business this Tax Season

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In the current tax season, one of the greatest challenges of business, especially in the US, is the inevitable tax increase especially since the government is likely to implement the increases hand in hand with government spending cuts. This situation is causing a high level of uncertainty in business taxes and could potentially have significant repercussions. In view of the uncertainty in this tax season, it is also important for you to understand how various factors may affect your business’ bottom line.

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FATCA

Protect Yourself from the Effects of FATCA

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How will the U.S. Foreign Account Tax Compliance Act (FATCA) impact you? In an attempt to wring every last tax dollar out of Americans the Obama administration enacted FATCA into law on March 18th, 2010. With its 30% withholding Tax, it sent shock waves throughout the world. It is estimated that this law would cost global banking institutions between

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‘Fiscal Cliff’ … an Illusion or Reality?

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Fiscal Cliff- We do get these buzz phrases about the economy, don’t we? A special jargon of the financial press and the commentariat, shorthand expressions intended to suggest the speaker has an especially intimate understanding of economic events. Note: See Optio Money’s Financial Jargon directory and Mortgage Jargon Directory for help with the Jargon. Federal

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