Friday, August 22, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* Did you see the “Message from My Cat” yet?
* My post on keeping W-2s forever is included in ACCOUNTING TODAY’s weekly BUZZ-like “In the Blogs” post, this one titled “Maybe They Should Tax Doritos”.
* It’s time for FORBES.COM’s TaxGirl Kelly Phillips Erb annual “Call For Guest Posts About Hot Tax Issues” -
“This year, I’m offering readers the chance to answer one of six tax-related questions:
• To combat inversions and other tax planning techniques for corporations, do you think Congress should lower corporate tax rates?
• Do you support repeal of the federal estate tax?
• Would you be willing to give up your citizenship if it meant you would save money in taxes?
• Should our Social Security system be privatized?
• Would you support a commuter tax by the mile if it meant the elimination or reduction of excise taxes on gas?
• If you could make one significant change to the existing Tax Code (change a rate, eliminate a deduction or something else), what would it be and why?”
* In light of the recent fascination with “tax inversions” Kay Bell answers the question “How Does the U.S. Corporate Tax Rate Compare to Other Countries?” at DON’T MESS WITH TAXES.
Kay’s “tweet” promoting the post tells us –
“Of the 163 nations it surveyed, the Tax Foundation found the United States has the third highest corporate tax rate.”
And the post itself tells us -
“Topping the tax list is the United Arab Emirates at 55 percent, with Chad in second place at 40 percent.
Overall, the Tax Foundation found that the U.S. tax rate is 16.5 percentage points higher than the worldwide average of 22.6 percent.”
* The TAX FOUNDATION has a map of “The Real Value of $100 in Each State” -
“Using data from the Bureau of Economic Analysis that we’ve written about previously, we adjust the value of $100 to reflect how prices are different in each state.”
My former home state of NJ is the 4th worst state on the list. $100 is worth only $87.64 (better than New York but worse than California). I do much better in my new home state of PA at $101.32.
* An FYI – check out some “Historical Highlights of the IRS”.
THE FINAL WORD –
Looting and destruction of property is NEVER an acceptable response to an alleged or real injustice. It is a selfish criminal act.
And opportunists like Al Sharpton should stay home and shut up. Their “involvement” in situations like Ferguson only make things worse. Taking advantage of a family tragedy for personal publicity or gain is despicable.