Saturday, June 16, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
* I am quoted extensively in the item “Can You Afford to Wait?: Weighing the Merits of Postponing the RTRP Exam” by Jeff Stimson over at TAX PRO TODAY. The article also quotes Trish McIntire of OUR TAXING TIMES.
* TAX PRO TODAY also reports about a Los Angeles tax preparer who faces 150 years in prison in “Tax Preparer Pleads Guilty in Identity Theft Scheme”.
If only he had attended a required 2 hour CPE course in ethics this never would have happened!
* We have already celebrated Tax Freedom Day in the US and the UK. Now Market Watch at THE WALL STREET JOURNAL provides the word about Canada’s celebration in “The Fraser Institute: Tax Freedom Day is June 11, One Day Later Than Last Year as Canadians Work Longer to Pay Taxes”.
The article tells us –
“In 2012, the average Canadian family (with two or more individuals) will earn $94,259 and pay a total of $41,627 in taxes, for a total tax bill amounting to 44.2 per cent of income.”
The taxes included in the above figure are “all the taxes they owe to all levels of government”.
“Of the many taxes Canadian families pay, the largest increase in 2012 comes in the form of social security, pension, medical, and hospital taxes-up $507 for the average Canadian family. Other notable increases: sales taxes ($297), income taxes ($283), and property taxes ($142).”
* Over at CNN MONEY Joseph Thorndike discusses “Taxing the Rich: What's Fair?”
He provides us with an interesting quote –
“Scottish economist J.R. McCullough made this point centuries ago: ‘The moment you abandon . . . the cardinal principle of exacting from all individuals the same proportion of their income or their property, you are at sea without rudder or compass, and there is no amount of injustice or folly you may not commit.’"
* Bruce, the MISSOURI TAXGUY, posts a worthy appeal for help for a local animal shelter in “Fox 4 Helping Me, Helping…..”. Join me in helping out Bruce’s neighbor.
* Great advice from Trish McIntire in “Dear Client, Please Talk to Me Before...” at OUR TAXING times.
* Have you ever seen this before – the first Form 1040? Check it out!