Key Findings Individual income taxes are a major source of state government revenue, accounting for 36 percent of state tax collections in fiscal year 2020, the latest year for which data are available. Forty-three states levy individual income taxes. Forty-one tax wage and salary income, while New Hampshire exclusively taxes dividend and interest income and …
A group of Ohio lawmakers has proposed to repeal the state’s gross income tax (GRT), also known as the commercial activity tax (CAT). House Bill 234 would phase out the tax in five years. Ohio’s CAT, implemented in 2005 as part of tax reform that lowered and consolidated corporate taxes, is one of the few …
Key Findings The waning pandemic and robust economic recovery have come with many benefits—plentiful jobs and fast-growing (nominal) incomes—but also serious challenges such as high and rising inflation. Rather than pushing for more fiscal stimulus or leaving it to the Federal Reserve to handle inflation through higher interest rates, policymakers should focus on boosting the …
10 Tax Reforms for Economic Growth and Opportunity Read More »
European countries – like almost all countries around the world – require companies to pay corporation tax on their profits. The amount of taxes a company ultimately pays on its profits depends on both the corporate tax base and the corporate tax rate. Today’s map shows how statutory corporate tax rates compare in European OECD …
Rising inflation has become a dominant problem for policymakers over the past year, and inflation has risen 7.5 percent in the past 12 months, according to the most recent report. Some lawmakers have proposed suspending the gas tax to reduce inflation. Rising gas prices are certainly part of the inflation puzzle, but suspending the gas …
One of the greatest challenges of legislation is recognizing when a beautiful theory must succumb to an ugly fact. The purity of conceptual policy making must take into account the real world and recognize that things that work well ‘in theory’ sometimes spectacularly fail to live up to expectations ‘in practice’. It would be great …
Formulary Distribution and the OECD Tax Agreement Read More »
Scott calls for ‘skin in the game’, but how much of whose skin? Source link
82 total views CIT VM VENKATESWARA RAO (2015) 370 ITR 212 HOB’BLE APPELLATE TRIBUNAL, AP Author Deepak Pratap Singh QUESTION: Can capital contributions from the individual partners credited to their accounts in the company’s books be taxed as cash credit in the hands of the firm, where the partners have conceded… Continue reading CIT VM …
CIT VM VENKATESWARA RAO (2015) 370 ITR 212 HOB’BLE APPELLATE TRIBUNAL, AP Read More »
50 total views Exercising discretion to grant residency on IT request cannot be arbitrary and 20% deposit is not required: HC The seizure of a bank account for the recovery of tax due has become a regular feature. It is necessary to get the residence permit to avoid seizure of the bank account. There are …
Crypto currency platform BlockFi agrees to a $100 million settlement with the SEC and several states. The company describes itself as a banking-like platform for cryptocurrency users, with an ad return of a whopping 9.25 percent. But the Securities and Exchange Commission accused the company of failing to register its retail credit product. BlockFi will …