Coca-Cola CEO Muhtar Kent has lashed out at a proposed federal tax on soda as “outrageous” and something akin to the policies that landed former Communist regimes in the dustbin of history. “I have never seen it work where a government tells people what to eat and what to drink,” he said. “If it worked, the Soviet Union would still be around.”
taxes
Recession Hits Casinos, Hurting State Tax Revenues
By 9.10.09
States that put it all on double zero and let it ride may start wishing they’d listened to Ace Rothstein, and walked out instead of choosing to take the money — and the hammer. The casino industry — once considered recession-proof — is starting to feel the pinch of the current downturn. The New York Times reports that some of the biggest gambling havens, including Nevada, New Jersey and Illinois, have seen massive drops in gambling-related tax revenues. New Jersey’s take was down $62 million, Nevada dropped $122 million, and Illinois spun and lost $166 million in tax revenues.
Four Stimulus Benefits That Will Expire Soon
By 8.31.09
Kiplinger lists four ways you can still get some cash back from the government, although you’d better get a move on if you want to qualify. Included are a first-time home buyer’s credit that goes away November 30th, a new car tax credit, a COBRA premium subsidy for people laid off, and a slight unemployment payment benefit.
UBS Rats Out Thousands Of Potential Tax Evaders To The IRS
By 8.20.09
Bad news for tax evaders! UBS has reached an agreement with the IRS to turn over the names of 4,450 “U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce a total 10,000 account identities,” says the WSJ.
Save Money by Shopping on Tax Holidays
By 7.30.09
How would you like to save 4% to 7% on many of your back-to-school purchases? Or maybe you aren’t a student but have some fall clothing shopping to do and would like those savings yourself. Or you’re been putting off that computer purchase for a few months. Well, with the tax holidays many states are offering, now may be your time to pounce and buy, buy, buy.
Homeless? If You Can Prove There's A Relative Who'll Take You In, NYC Will Pay Your Way
By 7.29.09
NYC wants to have less homeless people — even if that means buying them a one way ticket out of town. The NYT says that the Bloomberg administration has paid for 550 homeless people to leave the city — including flying people to “Paris ($6,332), Orlando ($858.40), Johannesburg ($2,550.70), or most frequently, San Juan ($484.20).”
Updated: Bounty Hunters Are No Longer Coming After You For Back Taxes
By 7.13.09
The IRS had been placing bounties on the heads of deadbeat taxpayers for the past few years, giving debt collection agencies a 25 percent cut of delinquent debts they rounded up. But since March, the IRS is no longer supporting the program. Thanks to Samuel for pointing out the announcement.
No More Amazon Referrals For North Carolina Residents
By 6.17.09
This morning, Amazon e-mailed all North Carolina residents who are part of its Associates program to notify them that their accounts will be terminated in the next few weeks.
Congress Considers Partially Removing Tax Exemption On Employer Provided Health Benefits
By 6.9.09
While details of such an approach are still sketchy, it would likely involve employees paying tax on a percentage of their employer-provided health benefits. So if Congress decided that all such premiums in excess of $11,000 for family plans would be taxable income, and your company paid premiums worth $16,000 for your coverage, you’d have to pay taxes on $5,000.
First-Time Home Buyers: Use $8k Tax Credit For Down Payments Or Closing Costs?
By 6.3.09
BusinessWeek has an interesting article about a little known program that will allow first-time home buyers (technically, those who have not owned a home in three years) to use the 8k tax credit to offset down payments or closing costs.
Tax-Saving Moves For 14 Big Life Events
By 6.2.09
Life is full of surprises and challenges. Luckily, there’s a tax form for just about all of them. Via Kiplinger’s, here’s 14 major life events that allow for smart tax-saving moves, and how to make those moves.
A Value-Added Tax In America? What?
By 5.27.09
The Washington Post writes that a national sales tax, known in other countries as a value-added tax or VAT, is getting some attention in DC, even among Democrats, who traditionally don’t favor regressive taxing schemes. The article notes some pros and cons about a VAT, as well as the small problem that imposing a 25% sales tax on everything would be political suicide.
When It Comes To Charity, Poor Give Too Much, Get Too Little
By 5.25.09
One reason rich people stay rich is they don’t go wasting it on silly things such as charity. Likewise, a factor that keeps poor people poor is they give too much of what little they have away.
The IRS Isn't Sure Who They Hired Or Why Your Sensitive Tax Documents Are Filed In Dumpsters
By 5.24.09
Here are three things you didn’t want to know: 1) The IRS doesn’t always conduct background checks on the employees contracted to handle your sensitive tax documents; 2) Those contracted employees regularly toss your sensitive tax documents into dumpsters without first shedding them; 3) The IRS doesn’t really know who’s in charge of conducting background checks on contracted employees, or who’s responsible for keeping your sensitive tax documents shredded and out of dumpsters. At least that’s what the Treasury Inspector General‘s office uncovered when it audited everyone’s favorite auditors.
Banks Use Life Insurance Policies To Fund Executive Bonuses
By 5.22.09
Here’s a morbid bit of creative accounting, courtesy of the Wall Street Journal: if you work for Bank of America, J.P. Morgan Chase, or Wells Fargo, your employer may have taken out a life insurance policy on you.
By 5.19.09
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New Tax Break & More Grant Money For Students The new tax cut, which was included in the stimulus package that passed earlier this year, actually beefs up an old college tax break, the Hope Scholarship Credit, says Eric Smith, spokesperson for the Internal Revenue Service. [Consumer Reports]
Justice Department Takes Aim At Mean Commenters
Attention mean commenters: watch what you say or the Justice Department will hunt you down. Seriously! The U.S. Attorney in Nevada subpoenaed the Las Vegas Review-Journal to reveal the identities of two anonymous commenters whose statements could be read as mildly threatening to jurors involved in a tax case, if you’ve never read internet comments before.