Increasing
volatility in tax collections, particularly income tax paid by the rich, is complicating local governments'
emergence from the worst fiscal crisis since the Great Depression.
The percentage of taxpayers reporting adjusted gross income
exceeding $200,000 who paid no U.S. income taxes increased in 2009 to
0.53 percent from 0.51 percent, according to the IRS.
Wealthy families are using asset-protection trusts, umbrella insurance and
holding assets through special corporations to protect themselves against lawsuits.
U.S. Senator Charles Schumer proposed a 30 percent capital gains tax on
people such as Facebook co-founder Eduardo Saverin.
Facebook Inc.
co-founder Eduardo Saverin will save at least $67 million in federal
income taxes by dropping U.S. citizenship, according to a Bloomberg
analysis.
Eduardo Saverin, the billionaire co-founder of Facebook Inc., renounced
his U.S. citizenship before the social network's initial public offering, a move that may reduce his tax
bill.
High incomes have become much more volatile-something that has gone virtually unnoticed.
Go away, American millionaires. That's what some of the world's largest wealth-management firms are
saying ahead of Washington's implementation of the Foreign Account Tax
Compliance Act.
Senator Rand Paul is blocking an amendment to a U.S.-Swiss tax treaty,
slowing Switzerland's handover of data on thousands of Americans with
bank accounts hidden from the IRS.
The 40 richest individuals on Earth lost a combined $6.2 billion yesterday as stocks dropped amid disappointing U.S. earnings.
President Barack Obama is intensifying his campaign for higher taxes on
top U.S. earners by casting the issue against Republican opposition as
one of fairness and support for the middle class.
by
Karen DeMasters
Taxpayers with foreign holdings have a complex new tax law to deal with
this year that brings with it an early deadline and higher penalties.
by
Karen DeMasters
Tax executives hope for-but do not expect-a Republican candidate to win
the White House this fall, but they anticipate the GOP will take
control of both houses of Congress, according to a new...
by
Jim McConville
The Securities and Exchange Commission said today it has forged
agreements that will make it easier to share financial information with financial regulators in Europe and the Cayman Islands.
Th IRS in 2011 audited 29.93 percent of taxpayers
who reported more than $10 million of income, according to statistics
released today.
by
Karen DeMasters
Leaders of privately-owned and family-owned businesses met with
Congressional members this week to press for recognition of their
concerns on potential federal tax policy changes.
Implementing a "Buffett rule" to require a minimum 30 percent tax rate
for the highest U.S. earners would raise $31 billion over the next
decade, according to a government estimate.
by
Jim McConville
U.S. citizens with Swiss accounts may become vulnerable to sweeping U.S.
investigations under a proposed treaty that would
relax the requirements for releasing account information.
As the IRS cracks down on hidden offshore assets, multinational families are turning to estate and
tax planners to reduce tax bills when they shift money to children
living in the U.S.
Private equity executives won a major concession in their battle with
the Obama administration over plans to increase their taxes when selling
stakes in their firms.
