Tax review to press for company rate cut Sep 19, 2009
The review will spell out the case for a wealth tax and an inheritance tax, but will find that the extensive exemptions that would be needed to make taxes popular and administratively simple would limit the amount of revenue they could raise. Payroll tax, widely criticised in submissions to the panel, will be supported by the review, which will recommend broadening it by withdrawing some exemptions. (Sydney Morning Herald -- Business)
Prince Harry Turns 25; Eligible For Inheritance Sep 16, 2009
With inheritance tax deducted, the estate was valued at nearly 13 million pounds 12 years ago, but its present value has not been disclosed. Under the will, the princes are entitled to all the income from their part of the estate when they are 25. (Newsmax)
Prince Harry turns 25, gains access to more of inheritance Sep 16, 2009
With inheritance tax deducted, the estate was valued at nearly 13 million pounds 12 years ago, but its present value has not been disclosed. In today's currency markets, that would be worth nearly $22 million. (USA Today -- Life)
The '$300m' star trader defends bonus payouts Sep 15, 2009
And he's a supporter of inheritance tax. "It's very good for society and incentivises production rather than protecting the interests of certain families. If you're going to tax somebody, then tax inheritance. I'm not sure my kids deserve my money, or at least deserve it without a healthy government tax. The US tax collectors - the Internal Revenue Service - must be rubbing their hands in glee at the thought. You can hear the full interview with Adam Levinson on Business Daily on the BBC World... (BBC News -- Business)
Success & Service - Modesto attorney Gianelli inducted into law school hall of fame Sep 13, 2009
He was named boss of the year by the County Legal Secretaries and served as president of the California Association of Inheritance Tax Referees, the Memorial Hospitals Association of Stanislaus County and the Modesto Rotary Club. Gianelli died in February at age 80. (Modesto Bee, CA)
Bavaria Wants to Cut Inheritance Tax to Lure Wealthy, FT Deutschland Says Sep 10, 2009
Bavaria Wants to Cut Inheritance Tax to Lure Wealthy, FTD Says - Bloomberg ... Bavaria Wants to Cut Inheritance Tax to Lure Wealthy, FTD Says ... Sept. 10 (Bloomberg) -- Bavaria wants to cut inheritance tax within its borders to lure wealthy private investors, the reported, citing plans of the state government. (Bloomberg -- Germany)
Domestic partnership dispute in Olympia court Sep 9, 2009
GG wrote on Sep 8, 2009 4:52 PM:" Kelso Lesbian,Married heterosexual couples have to pay inheritance tax when their spouse dies, it is the law and the state of WA requires it. So your "wife" will still have to pay it if you are "married". It is the LAW. The Federal inheritance tax (death tax) expires with the 2011 tax cuts implimented by Bush expire and Obama will not renew the tax cuts. So a trust fund set up is the only recourse. A widow gets her husband SS only after age 60. It does not... (Longview Daily News, WA)
* Standard Chartered Bank branches out Sep 8, 2009
The global financial services provider said it saw substantial market potential in Taiwan because it has seen capital returning since the government cut the inheritance tax to a flat rate of 10 percent. The company will take a leading role in private banking in Taiwan and [hopes to double] our assets under management over the next three years, Peter Flavel, global head of Standard Chartered Private Bank, told a media briefing. (Taipei Times, Taiwan -- World Business)
A 'Budget Built On Toothpicks' Sep 5, 2009
5 percent if the threshold for the inheritance tax were increased from $2 million to $3. 5 million. (New Milford Times, CT)
Remember the socialist origins of Labor Day! Sep 5, 2009
Therefore, I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective - a graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate. - Teddy Roosevelt. (Atlanta Journal-Constitution -- Opinion)
Conn. House passes $37.6B 2-year budget Sep 1, 2009
Her latest budget also called for eliminating the state's inheritance tax. The Democrats, however, raised the taxable threshold for affected estates from those worth $2 million to those worth $3. (Anchorage Daily News)
The Republican Death Machine Aug 30, 2009
In a 2001 paper titled "," Wojciech Kopczuk and Joel Slemrod examined 13 tax changes since 1917 and concluded that "for individuals dying within two weeks of a tax reform, a $10,000 potential tax savings increases the probability of dying in the lower-tax regime by 1.6 percent." A done in Australia, which abolished its inheritance tax in 1979, reached the same conclusion: "a statistically significant effect of the abolition of inheritance taxes on the number of deaths." More than half the... (Slate)
* More money is flowing back to Taiwan: Schive Aug 28, 2009
Taiwanese are repatriating money at an unprecedented rate since the government lowered the inheritance tax and ties with China have improved, boosting stocks, Taiwan Stock Exchange Chairman Schive Chi (a) said. Citizens brought home US$6. (Taipei Times, Taiwan -- World Business)
Rell's New Plan: Tax Millionaires, Eliminate Inheritance Tax Aug 27, 2009
In a dramatic change to break a budgetary logjam, Republican Gov. M. Jodi Rell offered a new budget plan Wednesday that would tax millionaires, eliminate the state's inheritance tax, and cut the sales tax from the current 6 percent to 5. 5 percent. (FOX61, CT)
BMW-Riding Finance-Minister-in-Waiting Says Merkel Must Back Tax Overhaul Aug 27, 2009
The FDP also wants to revamp inheritance tax on family businesses, which Solms said is driving lots of business people abroad. . (Bloomberg -- Germany)
Colorado called 'tax friendly' for retirees Aug 25, 2009
There is no state inheritance tax, and the state estate tax does not apply to those who died after Jan. 1, 2005, the report said. On the other hand, Kiplinger noted that in Colorado, seniors must add back the portion of Social Security benefits not taxed by the federal government to calculate their eligibility for certain state tax breaks. (Denver Business Journal, CO)
Peach State great for retirees Aug 21, 2009
In Georgia, there is no inheritance tax and only a limited estate tax, Kiplinger. com noted. (Atlanta Business Chronicle, GA)
Disney sets out to make 'The Passion for kids' Aug 15, 2009
Grieving families will be hit by a new stealth tax next month as the Government raises the interest rate on inheritance tax ... Some facts about inheritance tax. (Yahoo News -- 'The Passion of the Christ')
Bereaved families hit by tax hike Aug 15, 2009
Inheritance tax is payable on estates worth more than 325,000. Bereaved families will have to pay 3% interest on late payments of inheritance tax from next month, HM Revenue and Customs has confirmed ... Inheritance tax is levied on estates, including assets such as property, possessions, money and investments, worth a total of more than 325,000. (BBC News -- UK)
Reprieve is near for delinquent taxpayers Jul 27, 2009
Under the measure, which Gov. Ted Kulongoski recently signed into law, the amnesty period would run from Oct. 1 through Nov. 19 for those who have unpaid personal, corporate or inheritance taxes ... The amnesty applies to tax years 2007 and before, and it also covers unpaid inheritance tax for deaths occurring before Jan. 1, 2008. (Coos Bay-North Bend The World, OR)
* Cabinet reaches consensus on closing tax loophole Jul 25, 2009
TAX REFORM: Investment-linked insurance policies may no longer be free from income, gift and inheritance taxes if the Executive Yuan approves the proposal By Crystal Hsu STAFF REPORTER Saturday, Jul 25, 2009, Page 1. The Cabinets Tax Reform committee yesterday reached a consensus to impose income, gift and inheritance taxes on investment-linked insurance policies to close a loophole that allows for tax evasion ... The committee recommended separating investment-linked insurance policies from... (Taipei Times, Taiwan)
Secret royal wills to be reviewed Jul 25, 2009
"The Queen Mother left everything she had to the Queen as she is the only person who doesn't have to pay inheritance tax," he said. If the wills were to made public, he said the Royal Family might opt, like a number of famous people, to leave a letter for their executors, which does not have to be published. (BBC News -- UK)
Tax increase would stifle Illinois growth Jul 17, 2009
This is the economic equivalent of taking all the 2008 tax revenue from the sales tax, cigarette tax, liquor tax, inheritance tax, corporate franchise tax and fees and insurance taxes and fees and dumping that money into Lake Michigan. Not a smart move. (The Pantagraph newspaper)
How California got into its sorry state Jul 11, 2009
Another revenue drop came in 1982, when voters passed an initiative abolishing the state inheritance tax. Before that, California had taken in nearly $1 billion a year in estate taxes. (Hanford Sentinal, CA)
Time running out on federal estate-tax laws Jul 10, 2009
Eight states don't collect a tax on a deceased person's estate but rather impose an inheritance tax on assets received by recipients. Inheritance-tax states include Indiana, Maryland, New Jersey and Pennsylvania. (AZCentral -- Business)
Pennsylvania Revenue Department Releases Fiscal Year 2008-2009 Collections Jul 2, 2009
7 million in inheritance tax, $10. 6 million below estimate, bringing the fiscal year total to $772. (PR Newswire)
Land Prices Decline for First Time in Four Years as Credit Markets Tighten Jul 1, 2009
The land values determined by the agency are used to calculate inheritance tax and for other taxation purposes. To contact the reporter on this story: in Tokyo at. (Bloomberg -- Japan)
New Laws About To Take Hold In MD Jul 1, 2009
(AP) -- Domestic partners who co-own homes will be exempted from the Maryland state inheritance tax, under a new law taking effect this week. Other laws taking effect in Maryland on Wednesday will require state employees who benefit from a union contract to pay costs associated with collective bargaining efforts. (W-USA News, DC)
Candidate John Kasich seeks to phase-out state income tax Jul 1, 2009
To improve the economy in Cleveland and Ohio, Kasich wants to gradually phase out the state income tax and eliminate the inheritance tax. Both taxes punish success and drive out small business and the rich, serial entrepreneurs whose energy, innovative ideas, and charitable giving Ohio needs, Kasich said. (Cleveland Jewish News, OH)
Thai government's great gambit Jun 27, 2009
ATol: You earlier broached tax reforms that would have equally gone after establishment interests through the proposal of an inheritance tax ... But philosophically I feel, number one, in practice it's hard to go after the inheritance tax and the truly rich can get away with it and it will be those somewhere in the middle that will end up paying. (Asia Times Online)
Discussion - Ghana to become a Tax Haven Jun 24, 2009
The second question I would like to raise is, are tax laws being changed only to allow businesses and banks to more easily operate in Ghana or have the tax laws changed to, for instance, affect a wide range of tax options such as personal income tax, capital gains tax, capital transfer tax, inheritance tax, VAT and wealth tax as examples. It is known that expats often are attracted to countries where there is a broad spectrum of tax advantages, perhaps the government can make money by increasing... (Ghana Web, Ghana)
Should city officials welcome gun manufacturers as it seeks to attract employers? Jun 19, 2009
Handgunner wrote on Jun 16, 2009 7:46 PM:" Why would firearms manufacturers choose to operate in the high-tax climate of Iowa? South Dakota already has a cluster in firearms manufacturing not to mention tax advantages - no corporate income tax, no state personal income tax, no inventory tax, no state inheritance tax, etc. ". Adam wrote on Jun 16, 2009 12:53 PM:" I dont know as there are fireworks in S.Dak. but we can't have them in Iowa. . So maybe the firearms mfg. should be in S.Dak. too as... (Sioux City Journal)
* Tax committee frowns on credits Jun 18, 2009
The tax reform committee has thus far scrapped income tax breaks for military personnel and schoolteachers, lowered the corporate income tax rate from 25 percent to 20 percent and slashed the inheritance tax to a flat 10 percent. This story has been viewed 284 times. (Taipei Times, Taiwan -- Business)
Risk toolkits to support agents Jun 16, 2009
HMRC intends to develop a series of similar toolkits for agents covering the risks in Marginal Small Company Relief, capital allowances (plant and machinery), Capital Gains Tax (land and property), personal and private expenditure and Inheritance Tax. During the pre launch period, HMRC are keen for practitioners to test the toolkits, so that they can be refined and developed further before launch to the wider agent community. (Accounting Web, UK)
Column: Estate tax changes on the way Jun 5, 2009
Massachusetts residents who died before January 1, 1976 had to deal with the Federal estate tax as well as the Massachusetts Inheritance Tax. The Massachusetts inheritance tax was a tax paid by the person who inherited money or assets. (Saugus Advertiser, MA)
Hospital Car Parking Fees Top the List of Life's Biggest Injustices May 30, 2009
Inheritance Tax came second on the public's unfair hit list, closely followed by Council Tax third, while tax on savings, National Insurance and Road Tax all made the list. Zack Hocking, Head of ISA's at The Co-operative, said: "The research confirms that there are many charges the public 'begrudgingly' has to pay for. "Unsurprisingly taxes are a bone of contention, with even tax on savings coming above prescription charges and dentists bills. (PR Newswire)
Just a few observations to consider May 24, 2009
Phil wrote on May 23, 2009 7:27 AM:" conservativeUS - I see ewe, I mean you, and Mr. Clayson stopped your little ritual long enough for ewe, I mean you, to get out a few bleatings from the pen.Oh yes, how hard the right works! No bid contracts in Iraq to set up facilities that electrocute our own troops - that's hard! Change the inheritance tax laws so they can pass along more and their kids work less - that's hard! Loan your private Enron jet to Bush for his campaign and then scam Californians... (Waterloo-Cedar Falls Courier)
Reasons to back tax reform May 24, 2009
Estate or Inheritance Tax. By setting up a grantor-retained annuity trust (GRAT) you can avoid paying an estate tax all together. (Logan Herald Journal, UT)
* [MA YING-JEOU'S FIRST YEAR] : Economy slumps as unemployment soars to new high May 20, 2009
Lin also lauded the reduction of inheritance tax, which he said lured more than US$20 billion in capital home and invigorated the equity market despite poor economic fundamentals. The prospects remain uncertain but appear less dismal now, Lin said. (Taipei Times, Taiwan -- Taiwan)
‘The permanent Republican majority’ May 19, 2009
He can suggest that wants to reform health care, control mileage on automobiles, control corporate salaries, raise taxes on IRA distributions, re-instate the inheritance tax, spend us into the next century. but when the economy improves, and it would have without all of the trillions that the Chinese lend us, the electorate will be interested in other things. (Atlanta Journal-Constitution -- Opinion)
* Bourse surges past 6,500 points May 19, 2009
Capital flight had also slowed since the inheritance tax was cut late last year, Chen said. This story has been viewed 319 times. (Taipei Times, Taiwan -- World)
More than a mountain May 13, 2009
According to Buddy, the family sold 7,000 acres to Mount Taylor Development Company in order to pay an inheritance tax. The 14,000 plus acres the Elkins own is within the proposed state Traditional Cultural Property. (Grants Cibola County Beacon, NM)
* NT dollar rises to highest this year May 12, 2009
Jack Huang (), head of research at SinoPac Financial Holdings Co (), attributed the NT dollars rise to a continued influx of hot money and capital repatriation after the government cut the inheritance tax to a flat 10 percent, from a range of 2 percent to 50 percent. The benchmark TAIEX rose 63. (Taipei Times, Taiwan -- Sports)
Gordon Brown: A hunted man May 9, 2009
This took a hit in 2007 when he ducked a snap election and appropriated the Tories pledge to cut inheritance tax, an idea that offended his instincts but looked a vote-winner. It has since been diminished further by tax changes designed more to wrong-foot the Tories than to raise money. (The Economist)
* Minister opposed to tax cuts for special accounts May 6, 2009
The inheritance tax has been set at a flat rate of 10 percent from a range of 2 percent to 50 percent, while business income tax has been cut from 25 percent to 20 percent, Lee said. Meanwhile, the government has raised deductible sums on taxable income for everyone, he said. (Taipei Times, Taiwan -- Sports)
Pennsylvania Revenue Department Releases April Collections May 3, 2009
5 million in inheritance tax, $8. 8 million below estimate, bringing the year-to-date total to $639. (PR Newswire)
Alistair Darling urged to get a g... Apr 20, 2009
It urges a 50 per cent tax rate for those earning more than 150,000 a year as well as a reversal of recent changes to the rules on inheritance tax, a move it says would save 1 ... Institute for Public Policy Research Reassert the moral case for taxation, introduce 50 per cent tax on those earning more than 150,000 a year, reverse changes to inheritance tax and increase personal tax-free allowance by 1,000. (New York Post -- Business)
* Interest in acquiring real estate revives, survey shows Apr 17, 2009
A series of interest rate and inheritance tax cuts has led an increasing number of people to express interest in buying property, with many no longer expecting a sharp decline in housing prices, a survey showed yesterday. The survey, conducted by Evertrust Rehouse Group (y), found that 60 percent of respondents said the next six months would be an opportune time to acquire real estate, up from 54 percent at the end of last year. (Taipei Times, Taiwan -- Sports)
A big, fat NO!’ Apr 16, 2009
I m against the carbon tax and cap-and-trade, and the inheritance tax, we should let that go. 447-4080 or. (Helena Independent Record)
Congress Bails Out the Superrich Apr 16, 2009
5 million exemption in the United States, the inheritance tax exemption in Britainconsidered by many Europe's most laissez-faire economyis. Lest anyone worry about the financial viability of America's superrich, the current tax laws have spawned an entire industry of tax and estate lawyers whose job it is to save the wealthy huge amounts of inheritance tax ... When those stocks rise in value, the children don't owe any inheritance tax. (Slate)
Maryland Tax Break for Gay Partners Gets Approval Apr 14, 2009
- Gay domestic partners who co-own homes will be exempted from the state inheritance tax, under legislation approved by the Maryland General Assembly ... There is no state inheritance tax on property passing to spouses, children, parents, grandparents, stepchildren or stepparents and siblings under current Maryland law. (ABC 7 News, DC)
New capital gains, estate taxes approved by N.H. House Apr 10, 2009
The 8 percent inheritance tax exempts the first $2 million and exempts spouses. In 2003, New Hampshire repealed an 18 percent tax assessed on every penny of any inheritance left to all but children, grandchildren, stepchildren and spouses. (Seacoast New Hampshire)
TN ranks 9th in economic competitiveness Apr 10, 2009
The study ranked Tennessee 30th in compensation costs, 47th in sales tax burden and 50th in the estate and inheritance tax policies category. The state did receive a No. 1 ranking for its lack of an income tax, state minimum wage rate and its polices on unions as a Right-to-Work state. (Memphis Business Journal, TN)
Events honor fallen officers Apr 8, 2009
Filings of inheritance tax returns will not be accepted from 2 p.m. tomorrow until Monday. Mortgage foreclosure hearings with Common Pleas Judge Michael E. McCarthy are canceled and will be rescheduled at a later date. (Pittsburgh Post-Gazette, PA)
Less willing? Apr 8, 2009
FIVE TIPS Talk it through with family Write a new will Use a codicil to change an existing will Consider the Inheritance Tax threshold Leave what you think is appropriate. Yet without this vital income, many charities would struggle. (BBC News -- Business)
America on her knees Apr 6, 2009
"http://www.heritage.org/index/Country/DenmarkThe tax rate you posted is from an article in 2007. The economic freedom index is from 2009 and as quoted above states the top income tax rate is 59%.http://www.taxindenmark.com/article.31.htmlIncome Tax in Denmark 2009Personal relief (over 18 yrs.) DKK 41,000Employment relief 4.25 %, maximum DKK 13,600Average county and municipal tax 32.577 %Bottom-bracket tax 5.04 %Middle-bracket tax 6.0 %Bottom limit for middle-bracket tax DKK 272,600Top-bracket... (Logan Herald Journal, UT)
New tax year brings rate changes Apr 6, 2009
The threshold before inheritance tax must be paid rises from 312,000 to 325,000. Parents of children under 16 get the right to request flexible working, which must be considered by their employer. (BBC News -- UK)
Newest state lawmakers find cupboard bare in Capitol Apr 5, 2009
The first bill he introduced would eliminate the state inheritance tax, and he has signed on to a proposal to replace property taxes with an expanded state sales tax. This job is much bigger than I ever dreamed it was, said Alloway, who was a district judge before his election. (Carlisle Sentinel, PA)
Highlights of NH House's proposed budget Apr 4, 2009
- 8 percent inheritance tax. Exempts first $2 million. (Concord Monitor)
LETTERS: The Californian, April 4, 2009 Apr 4, 2009
"Politics might be the second-oldest profession, but it bears a very close resemblance to the first.David StovallMurrietaRepublicans call their actions leadership?First, I would say to my Republican colleagues that I support many tenets of your platform. Unfortunately, what I don't support is the systemic way that Republicans throw away those platforms as soon as they get in power.To read in so many publications the outrage expressed by Republicans in response to the Obama administration's... (North County Times)
Democrats weigh income tax idea; Gregoire says no Apr 3, 2009
" Chopp said.He noted that in 2006, voters rejected an attempt to repeal an inheritance tax that lawmakers approved in 2005. That law taxes estates worth more than 2 million but exempts family farms and timber lands."The public generally doesn't support a general income tax, and they were very supportive of the estate tax that did put a tax on wealthy estates, so that gives you some indication," he said. "I'm for whatever the public will support in this. They might be open to that. (Longview Daily News, WA)
Sen. DeMint: Obama Budget Claims Are Charade Apr 2, 2009
And so for him to keep talking about this inherited thing somebody ought to charge him an inheritance tax. . (Newsmax)
Japan's jobless rate rises Apr 1, 2009
The package, the fourth since last year, may be worth up to 20tn yen ($200bn, 140bn) and include temporarily lowering or scrapping inheritance tax to encourage elderly people to pass on their savings to the young. The government hopes to spur the creation of two million jobs. (BBC News -- Business)
Tips for buying into an accountancy practice Mar 30, 2009
Could it get involved in the needs of its clients for investment, pensions, life insurance, mortgages, the inheritance tax planning sector, probate, litigation support and management accounting services, and of course, business advice. Rather than simply trying to protect its clients against paying too much tax, are they advised on how to make money. (Accounting Web, UK)
HMRC Compliance toolkits - a novel approach Mar 30, 2009
HMRC has been quietly developing agent toolkits for optional use, and is now ready for volunteer agents to try them out before they are made available widely. The idea behind the agent toolkits is that they identify the key risks of mis-statement in relation to a particular tax issue, and provide the agent with simple tools to allow them to address these risks on behalf of their client. (Accounting Web, UK)
