The Daily Deduction

Weekly Tax Inventory - 02/22/2013

Reporting Capital Gains and LossesThe Greenhornet Blog 

Reporting capital gains and losses can be a little tricky, depending on what type of property you have sold, how long you kept it, and whether or not you received all of the proceeds in the year of sale or not.

Why Taxes Have to Go UpThe New York Times: Opinion Pages 

Democrats and Republicans remain at odds on how to avoid a round of budget cuts so deep and arbitrary that to allow them now could push the economy back into recession. The cuts, known as a sequester, will kick in March 1 unless Republicans agree to President Obama’s demand to a legislative package that combines spending reductions and tax increases. As of Thursday, with the deadline a week off, Republicans seemed determined to say no to any new tax increases.

6 Weird New Taxes You Might Have to Pay (If You’re Not Already)Time: Business and Money 

Why is it that government officials seem inspired to reach the heights of creativity coming up with new taxes? Who knows. But their efforts could mean you’ll be paying new taxes on everything from bicycles to bowling, 2-by-4s to marijuana.

Here’s a selection of six curious new taxes—some already in effect, others merely at the proposal stage:

Payroll Tax Whacks Spending - WSJ 

Wal-Mart Stores Inc. on Thursday joined a parade of retailers, restaurants and consumer-goods companies worried about the economic impact of the recently restored federal payroll tax that has left Americans with less money to spend.

The world's largest retailer, Burger King Worldwide Inc., Kraft Foods Group Inc. and others are lowering forecasts and adjusting sales and marketing strategies, expecting consumers with smaller paychecks to dine out less and trade down to less expensive purchases.

The expiration of the payroll tax cuts that knocked 2% off consumers' take-home pay is having an impact, these companies say. It will ding a household ...

The Travails of Cutting State Taxes - NPR 

Income tax cuts are all the rage this winter among Republican governors. There are no fewer than 10 of them proposing significant reductions in their states' income tax rates. In fact, governors of neighboring states seem to be trying to one-up each other with tax cut proposals, urging businesses to move across the border.

Editorial: Cut Corporate Taxes to Bring Business Back -  Orange County Register  

Henry Ford said, "Competition improves the breed." Well, the benefits of competition extend to cities, counties, states and countries. Look at the brewing "tax war" to attract corporations and the jobs they create.

Since 2008, Great Britain has cut its top corporate tax rate to 21 percent from 28 percent. The corporate tax is applied to companies' income.

 

Posted To: The Daily Deduction By: Lauryn on 2/22/2013 03:46:32 PM
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