The Tamil Nadu government on Friday called the current division of direct and indirect taxation powers unfair in the contest to limit the direct powers of states and said this was exacerbated after the implementation of the goods and services tax (GST), while even most of the powers of indirectRead More →
UK-based Americans face cash flow issues and possible double taxation due to expatriate tax change proposed by the Biden administration Tax experts have warned that the plan could eliminate the possibility of offsetting tax paid in the UK with US bonds on the same income. The measures being considered byRead More →
By Phillippe Benoit and David R. Hill Recently, much attention has been focused on the inequalities in our tax system that allow some of the wealthiest in the United States to pay very little tax. Energy costs are another area that may raise similar concerns, as poor households sometimes payRead More →
The US Congress is turning its attention to something called the Build it Back Better (BBB) bill. Now is a good time to think critically about the political economy of our national debt. It’s good to start with a few facts and recognize what we know and what we don’tRead More →
After Elon Musk asked his Twitter followers to vote on whether he should sell 10% of his Tesla shares, the architect of the proposed billionaire tax that prompted the move dismissed the tweet as a stunt. “Whether the richest man in the world pays taxes or not shouldn’t depend onRead More →
Nirmala Sitharaman The Ministry of Finance has asked for suggestions on the taxation of industries and commercial organizations for the 2022-2023 budget, which will set the tone for the growth of the Indian economy affected by the COVID-19 pandemic. In a communication to professional and industry associations, the ministry invitedRead More →
Good tax policy and efficient administration have been a cornerstone of advocacy for the American Institute of CPA (AICPA) since its inception. In a letter sent to Congressional leaders by the Senate Finance Committee and the House Ways and Means Committee, AICPA expressed deep concern about recent proposals for theRead More →
Halloween shoppers have many delicious decisions to make before candy treats show up on their doorstep. And in many states, those choices will change the amount of taxes they pay. This example illustrates how state sales taxes can affect taxpayers, retailers, and buyers of Halloween candy in unexpected ways. TheRead More →
Given the accounting differences for global insurance companies in different jurisdictions, a new global minimum tax on some multinational companies creates the potential for double taxation for some insurance companies, according to a comment from AM Best. The Organization for Economic Co-operation and Development (OECD) announced on October 8, 2021Read More →
Did you know that in 1934, Iowa implemented the first sales and income taxes to reduce property taxes? It is never a good policy to create new taxes or raise existing taxes to reduce another tax and today the people of Iowa suffer from property taxes and taxes on salesRead More →