Posts Tagged ‘tax’
A Swazi Member of Parliament has urged the government to hike taxes on traditional healers and soothsayers to help solve a funding crisis in Africa’s last absolute monarchy.
The mediums, known as sangomas in the landlocked southern African nation, pay an annual $1.15 license fee, but MP Majahodvwa Khumalo said they had jacked up their fees fourfold in the last few years and should pay more…
Swaziland’s budget deficit ballooned to 15 percent of its annual economic output in 2010 but the government managed to keep itself afloat by running through central bank reserves and delaying payment of wages to civil servants.
The International Monetary Fund declined to launch a bailout because of reluctance by King Mswati III, who has at least a dozen wives and a personal fortune estimated at $200 million, to cut royal or military spending.
Well, they asked him to do twice as much as would satisfy most Americans. We don’t have any royals to get rid of.
Excepting the ones in Congress, that is.
Orange Creamsicles rule!
Suppose that an investor you admire and trust comes to you with an investment idea. “This is a good one,” he says enthusiastically. “I’m in it, and I think you should be, too.”
Would your reply possibly be this? “Well, it all depends on what my tax rate will be on the gain you’re saying we’re going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent.” Only in Grover Norquist’s imagination does such a response exist…
…Let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.
And, wow, do we have plenty to invest. The Forbes 400, the wealthiest individuals in America, hit a new group record for wealth this year: $1.7 trillion. That’s more than five times the $300 billion total in 1992. In recent years, my gang has been leaving the middle class in the dust.
A huge tail wind from tax cuts has pushed us along. In 1992, the tax paid by the 400 highest incomes in the United States (a different universe from the Forbes list) averaged 26.4 percent of adjusted gross income. In 2009, the most recent year reported, the rate was 19.9 percent. It’s nice to have friends in high places…
Even if they’re bought-and-paid-for.
This outrage points to the necessity for more than a simple revision in upper-end tax rates, though that’s the place to start. I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 — maybe $500,000 or so.
Additionally, we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that. A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.
Above all, we should not postpone these changes in the name of “reforming” the tax code…All of America is waiting for Congress to offer a realistic and concrete plan for getting back to this fiscally sound path. Nothing less is acceptable.
It doesn’t really offend Congressional Republicans when one of the wealthiest investors in the United States tells the truth about taxes and investing. After all, they already ignore science, history and ethics. No surprise about the addition of sound economics to the body of knowledge ignored by demagogues.
Yeah, I know. “Jolting news” that would cause Congressional hacks to jump into action in 20½ years!
These creeps want to shut down Social Security – after all, they don’t need it
Aging baby boomers got some jolting news on Monday when the U.S. government said the Social Security retirement program is on track to go bankrupt three years earlier than expected if reforms are not made.
Unless Washington politicians, who have been at war with each other over government spending priorities and federal budget deficits, can decide how to put Social Security on a sound footing, retirees’ pension checks would start running out in 2033, according to an annual report…
“Never since the 1983 reforms have we come as close to the point of trust-fund depletion as we are right now,” trustee Charles Blahous told reporters. “Our window for dealing with it without substantially disruptive consequences is closing very rapidly,” he said…
Blahous and fellow trustee Robert Reischauer said lawmakers should be aware that it will become increasingly difficult to “avoid adverse effects” on retirees or those close to retirement if legislative changes are delayed much longer…
Members of Congress also have mulled raising the retirement age or cutting some benefits to the wealthy. But no action is expected before the November elections.
You can RTFA for all the gory details. All the pissing and moaning about coming up with solutions are hogwash. Want to see me solve the question for another hundred years or so? With one sentence?
Add this to the law. “THERE WILL BE NO CAP ON COLLECTING THE SSA TAX.”
That’s it. All that is needed is to remove the cap which stops collecting the tax once you’ve earned $104,000. That carries through well into the next century. The NY TIMES surveyed readership on that solution and got a 76% “Yes” vote. So, what’s the problem with Congress getting off their rusty dusties and following through?
George Osborne has been mocked by MPs over his “pasty tax” after it emerged people could avoid paying VAT on hot baked goods if they wait for them to cool in the shop.
The tax status of Cornish pasties has caused an unexpected backlash against the Chancellor, after he imposed VAT on hot baked goods bought from supermarkets and bakers in the Budget.
Greggs, the high street chain, has warned extra VAT on the hot snacks will cause a decline in sales, while businesses in the south-west are claiming there could be job losses in the Cornish pasty industry…
MPs on the Treasury Select Committee also made fun of the fact the Chancellor “can’t remember” when he last bought a pasty from Greggs. “That sums it up,” said Mr Mann, implying the Chancellor’s experience of hot snack consumption on the high street may be limited.
Raising one potential problem, John Mann, a Labour MP, said a lukewarm pastry would be taxable in warm weather, but not in cold weather, because of different “ambient temperatures”.
Mr Osborne insisted the tax made sense, but said the Government would not check the temperature of every pasty sold…
“The way we operate with companies and large retail chains and the like is that we don’t do a check on every product sold. We come to an agreement with companies over what proportion of their products are sold hot.”
The clown prince is appearing before elected representatives in Parliament – not only trying to defend this silly regulation; but, I presume he’ll detail each differentiation according to weather, demographics, seasoning, fat content and – no doubt – who’s winning the football match where it’s being consumed.
Colorado voters will decide whether to legalize possession of limited amounts of recreational marijuana…
The initiative, known as Amendment 64, makes Colorado the second state to put a measure to allow recreational marijuana on the Nov. 6 ballot. Washington state put similar measure on the ballot last month…
Mason Tvert, co-director of the Campaign to Regulate Marijuana Like Alcohol, one of the measure’s chief proponents, said the campaign would use the next eight months to build a “broad base of support” across the state. “Coloradans have a chance to make history this November, and we believe they are ready to do just that…”
The measure would legalize possession of as much as 1 ounce of marijuana for adults age 21 and older. It would also let people grow as many as six marijuana plants in their home.
Specially regulated stores would be permitted to sell marijuana, but communities would have a right to ban such businesses.
State lawmakers would create a special marijuana tax, with the money going to education.
Decriminalizing marijuana is overdue. I expect similar measures to pass in any sensible state or nation – sooner or later. That doesn’t mean I think rational thought and reflection has suddenly affected every American. Or that our politicians have ceased to base their perpetual re-election campaigns on anything more than the lowest common denominator of education and perception.
It’s just that damned near everyone in this neck of the prairie smokes a little weed, considers it roughly akin to having a beer with supper. And rightly so. Most of the hypocrite fundamentalists who get their rave on over the topic are just as likely to watch their Saturday NASCAR fix on television – roach clip in hand or bong on the living room table next to their bible. Enough people realize the agitprop agin ganja is nothing more than garden variety crap for Sunday morning at church – and the real world needs to get on with living in the present.
The people at Miracle-Gro are going to start marketing to marijuana farmers, reasoning that they need fertilizer, too.
The Wall Street Journal is reporting:
In an unlikely move for the head of a major company, Scotts Miracle-Gro Co. Chief Executive Jim Hagedorn said he is exploring targeting medical marijuana as well as other niches to help boost sales at his lawn and garden company.
“I want to target the pot market,” Mr. Hagedorn said in an interview. “There’s no good reason we haven’t.”
Sales at Scotts rose 5% last year to $2.9 billion. But the Marysville, Ohio, company relies on sales at three key retailers—Home Depot Inc., Lowe’s Cos. and Wal-Mart Stores Inc.—for nearly two-thirds of its revenue. With consumers still cautious about spending, the retailers aren’t building new stores as quickly as they used to, making growth for suppliers like Scotts harder to come by. Against that backdrop, Mr. Hagedorn has pushed his regional sales presidents to look for smaller pockets of growth, such as the marijuana market, that together could produce a noticeable bump in sales.
NPR is reporting:
The medical marijuana market will reach $1.7 billion in sales this year, the story says. Scotts-Miracle Gro’s annual sales are $2.9 billion.
So on the face of it, marijuana growers can’t add much to the company’s revenues. Of course, there’s clearly a very large non-medical-marijuana industry in this country that the company could also sell into.
Overdue. Get the fracking politicians out of the simplest of homegrown relaxation therapies. Tax it. Regulate it – as little as possible. Let’s get on with the real world, please.
As a 64-year-old woman with a grandchild, state Rep. Mary Lou Dickerson, D-Seattle, says she’s not the type of person you would normally associate with marijuana. And yet Dickerson has again introduced legislation that would legalize, regulate and tax marijuana in Washington state.
“I believe that it’s a smart way to raise badly needed revenue,” said Dickerson, who chairs the House Health and Human Services Appropriations and Oversight Committee. “It also would at the same time mean that we can focus our law-enforcement efforts on more important things.”
House Bill 1550, filed Tuesday, would regulate marijuana much like alcohol. It proposes that pot be sold through state liquor stores to adults age 21 and older, that the sales be taxed and that the state Liquor Control Board issue licenses to commercial growers. Most of the revenue would go to health care, and substance-abuse treatment and prevention.
The bill would also classify as felonies interstate transportation of marijuana and unauthorized transportation of marijuana within Washington above a certain amount.
Dickerson proposed a similar bill last year, but it failed in a House committee. New provisions in this year’s bill include authorizing the production of industrial hemp and allowing limited growing of marijuana at home for personal use.
Amazing. Someone in Washington state with a brain has been elected to state office.
Good thing we needn’t worry about that happening in New Mexico. Or Congress.
HM Revenue & Customs was at the centre of fresh controversy after it emerged that its computer system was telling people they were owed five-figure tax refunds.
The error was uncovered by chartered accountants Blick Rothenberg which noticed a note on the self-assessment account of one of its clients stating that a refund was due. The group then checked the accounts of all of its clients and found that in every case HMRC was saying it owed them sums of between a few pounds and £24,000.
Frank Nash, tax partner at Blick Rothenberg, said: “HMRC’s online system for self-assessment was down a couple of days ago. It was resurrected and when we went on to it to look at our clients’ statements of account to tell them what their current tax situation was, we noticed that everybody was due a repayment.”
He said that it was not an isolated incident, as the group had spoken to other tax firms, and all of their clients were told that they were due a refund too. He added that the firm knew it was an error as they knew what their clients were due to pay, and they were not owed refunds…
He also said the error might mean that people who were genuinely owed money by HMRC could have to wait for longer before they received their refund. The situation is also likely to cause confusion among self-assessment taxpayers who do not have an accountant…
The problem came to light as it was disclosed that HMRC more than tripled the pay of a key architect of its controversial new PAYE system to stop him walking out at a crucial moment.
A package worth £600,000 a year pro rata was agreed to keep Deepak Singh as acting chief information officer (CIO) for an extra three months after he failed to land the post permanently.
To further sweeten the deal keeping him on for the three months, the government paid £19,200 to help him find a new job after the temporary cover had finished.
Daylife/Reuters Pictures used by permission
Anticipating California voters will back a November ballot measure to legalize casual marijuana use, officials in Oakland have approved two tax rates on pot sales in their city, already a hub of the state’s medicinal marijuana scene.
Oakland’s city council…approved the rates — a 5 percent gross receipts tax on licensed marijuana growers and on businesses selling marijuana for medical purposes, and a 10 percent rate on sales of marijuana used for recreational purposes.
California voters in 1996 approved a measure allowing marijuana use for medical purposes and would legalize its recreational use if they approve Proposition 19 in November.
The measure would allow marijuana possession for personal use and would authorize local governments to issue permits for pot production and sales and to tax it under state law. Selling marijuana would remain illegal under federal law…
Federal authorities have not aggressively interfered with sales of medicinal marijuana sales in California.
Cripes. I’ll bet that even bible-thumper/stoners living in Oakland will vote for Prop 19. Sooner or later, enlightened self-interest has to overcome hypocrisy.
Only the “saved” who want to stick with alcohol for their highs and resent anyone having alternatives will fight to jail people for possession.