Low-Income Housing Tax Credit

Cigarettes and tobacco products are highly taxed. Steve Mason/Photodisc/Getty Images Excise tax, also known as duty or sumptuary tax, is an indirect tax that is charged at federal and state levels on the sale of particular items. It is an indirect form of taxation, since the government does not apply the tax directly on the consumer, but instead charges manufacturers, producers and merchants, who pass the tax on to consumers through higher prices. These taxes are often levied on items such as…

begins with an estimate that Mr. Trump’s tax plan costs $4.4 trillion on a “static” basis, for example, before any effect on economic growth. However, that figure assumes Mr. Trump’s 15% corporate tax rate does not apply to businesses filing as individuals. On the other hand, Mr. Trump has repeatedly indicated that it will, which the Tax Foundation say would boost the price tag to $5.9 trillion. They believe the tax cut will stimulate investment, growth and tax revenue, reducing…

What are my payroll tax obligations? A state tax, which an employer or owner of an organization withholds on account of their employees. Payroll tax depends on the wages of the employees, working in an organization. Depending on the state where you are live, though every State and Federal authority receives payroll taxes. Business owners may be accountable for payroll taxes if the total amount of wages, paid throughout Australia surpassed the state set payroll tax. In that case, an employer…

progressivity tax system, the main argument is that the rising of the marginal tax rate on upper income earner will stunt economic growth, decrease labour supply, reduce reported income and make Canada has less competitiveness. There are lots of research papers that evaluate the relationship between the high marginal tax rate and the economic and found that higher marginal tax rate is correlated with the drop in the economic growth. D. Romer and H. Romer investigated the effect of the U.S tax…

A tax practitioner's main responsibilities are providing clients or taxpayers proper and professional advice, as well as preparing and filing accurate tax returns. Their duties include informing the clients of any taxation requirement and possible conflicts of interest, as well as analyzing the clients’ taxation situation. Moreover, when performing in tax practice, tax professionals should interview their clients to understand their personal situation and determine the proper form to be prepared…

All businesses are classified as monthly, semiweekly or quarterly depositors. This determines when they must pay their payroll taxes. Most businesses will either be monthly or semiweekly. Very few businesses will be classified as quarterly because the employer would have to owe less than $2,500 in taxes for the quarter in order to be quarterly depositors. To decide how a business will be classified, the IRS uses a rule called the look-back period rule. They will look back at a one year period…

According to Cordes, O’Hare and Steuerle the table above represented the change that occurred in tax revenue and charitable giving based on four options. In option one, if all non-itemizers were allowed to deduct their charitable contributions starting from the first dollar given the results support previous claims that the increase in giving to charities does not outweigh the cost of tax revenue (3). Option two took a different approach and proposed to add a floor of $500 to those non-itemizers…

Donald Trump’s tax plan is an attractive proposal that would appeal to average middle class Americans as well business owners of all sizes. Offering a simpler tax plan that will benefit the average middle class American while still driving the economy. The plan also suits to business owners by offering a reasonable tax rate for their business income tax. Although all that sounds good it could be a major downfall in the long haul, this problem deals with what economists refer to as “infinite…

bipartisanship, President Ronald Reagan and the Democratic Congress worked together in 1986 and reformed America’s tax code. The result of that effort led to America’s corporate income tax rate being slashed from fifty percent to thirty-five percent. Since then, attempts to continue lowering America’s corporate income tax rate have failed, leaving America with the fourth highest corporate income tax in the world. Recently, I introduced a bill in the House of Representatives, H.R. 2 Raising…

year exceed the personal casualty gains for such taxable year, such losses shall be allowed only to the extent of the sum of (i) the amount of the personal casualty gains for the taxable year, plus (ii) losses exceed 10 percent of the adjusted gross income of the…