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Income Tax Questions
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Tax think tank wants to make life harder (Scoop.co.nz)
Alliance Party co-leader Kay Murray has congratulated Gareth Morgan, a member of the government’s “high powered tax think tank”, on raising the issue of a capital gains tax (Dominion Post, Saturday 9 May 2009). MPs could face income tax bills over expenses (Daily Telegraph)
MPs who milked the system of parliamentary allowances could be hit with large income tax bills following The Daily Telegraph's disclosures. Toledo City Council unlikely to vote Tuesday on fee, tax hike (The Toledo Blade)
Toledo City Council meets Tuesday, but is likely to remain unmoved by Mayor Carty Finkbeiner's continued appeal to raise taxes and fees. In an open letter in The Blade Saturday, Mayor Finkbeiner described his prescription for solving a $21 million deficit: 15 percent pay cuts for city workers and "revenue enhancements" from city council. "We can survive if we are unselfish, willing to sacrifice, ... Tax Boost Proposed for Estates, Firms (WallStreet Journal via Yahoo! Finance)
The administration plans to propose $60 billion in new tax increases over 10 years on wealthy estates and on businesses. Hedge fund management company (Mondaq)
Management companies established in Jersey will be subject to income tax on 10 percent of its income (a substantial reduction from 30 percent corporation tax in the UK). Certain concessions may also be negotiable with the Comptroller of Income Tax on a case by case basis. File an Extension? Five Questions for the Biggest Tax Refund (Lexington Clipper-Herald)
(ARA) - You filed your tax extension paperwork and now have time to really make sure you do your taxes right so you can get the biggest refund. Tax refunds rose an average of $200 for people who filed their 2008 tax returns early, according to the Internal Revenue Service. Tax authorities may close housing loophole (Independent)
MPs could lose their special treatment under the tax system, which exempts their controversial "second homes" allowance from income tax. Obama to Pitch Health Care Tax Hike (Fox News)
WASHINGTON -- The Obama administration will propose $60 billion in new tax increases over 10 years on wealthy estates, businesses and others to make up for shortfalls in its fund to pay for an expensive overhaul of the health-care system. MPs' expenses: Tax officials to investigate capital gains evasion (u.tv)
The crisis over parliamentary expenses reached new heights last night as it emerged that HM Revenue and Customs is to investigate whether MPs have deliberately evaded capital gains tax when selling their second homes. MPs' expenses and tax (Daily Telegraph)
MPs are under scrutiny over the way their allowances interact with two aspects of the tax system: capital gains tax and income tax.
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