Income tax

The United States has a “high tax rate on foreign earned income” compared to other countries (Yang & Lauricella, 2015, p. 214). This leads corporations to the concept of corporate inversion, where they “avoid [the] tax rate by causing foreign corporations owned by U.S. shareholders to earn income through a chain of corporations that does not include a U.S. corporation” (Yang & Lauricella, 2015, p. 214). In other words, a corporation is reducing their U.S. tax liability by going through a…

Introduction There are three levels of taxes that American’s all should have an idea of. The local government is the city or area you live in, and you pay taxes for schools, hospitals, and other things like that. The second level is state, which obviously is the state you live in and they make people pay taxes for where you live and where you work. The level of taxes that Americans pay is federal taxes, and those taxes are just for simply living in the United States. There are 3 levels of taxes…

Committee on Ways and Means: Since the last major tax reform in the U.S. nearly 30 years ago, significant changes have taken place in the composition of taxpayers, businesses, and the economy. The tax code has added over 30,000 pages, the U.S. corporate tax rate has become one of the highest in the world at 39.1 percent, and credits, loopholes, and deductions have seen a 44 percent increase. While there is little debate among Americans that major tax reform is needed, the larger, unsettled…

Offering a retirement plan to your employees is one benefit to help draw better workers to your company. Certain kinds of retirement savings plans also produce tax benefits for any contributions you make as an employer. Examine some of the most popular retirement accounts you can find on the market, with the benefits, pros and cons of each. 401(k) One of the most talked-about plans is the 401(k), and any company can sponsor this type of retirement savings account. For 2016, employees can put…

They’ve discovered that “income inequality has risen in the U.S. as shown in their data” (Atkinson, Piketty, and Sasz, 2011). Duca and saving also found suggestive evidence that, once the level of inequality goes up, the more complicated statistical relationship between inequality and polarization emerges. The study used two measurements of income inequality, which are the shares of the top 1 percent of families and the inverted Pareto-Lorenz coefficient to get a measurement of income…

encouraged employee ownership by offering stock-based compensation. Amazon did not have taxable income in 1997 as it finished the year at a net loss which resulted in an operating loss carry forward to be realized in 2011 (Amazon.com Inc., 1997). An analysis of Amazon’s current taxes and pension plans will give a reference to the amount of growth the company has experienced in the last 18 years. Income Taxes Corporations benefit from their ability to raise large amounts of capital by issuing…

The IRS requires that individuals and businesses must sign a federal tax return in order to register with the IRS and obtain a PTIN (Preparer tax identification number). Anyone who prepares or assists federal tax returns must have a valid 2015 PTIN. You would also need to successfully complete tests for all paid tax return unless you are a CPA, attorney, or enrolled agents. Any tax return who engage in unethical conduct would be suspended by the IRS. If you are trying to renew a PTIN, you would…

Before getting into the case, there is an important statement made in the headnote. It states the definition of income; which is the compensation for services-distinguished from gift-retirement or resignation-relationship of specific services. Whether that income is taxable is left for question. The case is concerning the provision of the Internal Revenue Code, that excludes from gross income the value acquired by a gift. The facts of the case are as follows. Duberstein was the head of the…

The main cause for racial and income inequality throughout the country is due to the racial superiority some states have set, due to the migration to suburban areas and the gentrification of urban cities. Minorities usually migrate to urban cities where jobs are more available, affordable housing can be found, and the availability of food is accessible (prices of food). In the article “Food Justice and Agriculture,” it mentions, “Accessibility is also envisaged from an economic point of view,…

novel “The Fair Tax book” starts off with a general purpose of replacing several groups of taxes with a single consumption tax at a retail level. It would only be collected when the hard working individual decided to spend his or her money. The preface also claims that the book is about a 133-page tax bill currently being put forth to the House Ways and Mean committee. It is generally known as Fair Tax. The Fair Tax would replace several IRS rules with an easier to comprehend tax. It is quoted…