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Top 10 Trends in Accounting and Taxes in 2010
With concerns about sales, unemployment, access to credit, and health care reform paramount on the economic scene, accounting and taxes may not be on your radar screen. Still, these factors have a direct impact on your bottom line-the more of your earnings that you keep after tax, the better. Looking ahead, taxes will continue to be used for social engineering-to encourage job creation, help the unemployed, provide incentives for going green, assist U.S. companies going global, and ensure that most Americans have health coverage. Taxes will also be used to serve its traditional function as a r
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Taxes to Watch Out for in 2010
During 2009, the country's economy has gotten worse, unemployment rates increased, and the Senate recently increased the Federal government's debt ceiling. With two ongoing wars and a new health care reform plan, combined with record low tax revenues, Congress is going to need to find ways to increase Federal revenue. Senators and House of Representative members are on a Winter break for now, but when they return on January 20, 2010 they will decide the fate of a slew of tax law changes. To help my readers stay ahead of the game, I have put together this article on taxes to watch out for in th
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Adding Taxes -- By: Ramesh Ponnuru
An email in response to my article for the most recent NR: "Nice article on the VAT. Just wondering: If you were king and could replace the income tax with a VAT would you?" I think the case for taxing consumption instead of income is strong, but the case for doing it through a sales tax or a VAT is much weaker. Taxing consumption by taxing income minus savings and investment (including investments in children) strikes me as a better idea, mainly because I think that sort of tax would probably be harder to raise.
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Michael Moore's preferred 95.6 % Income Tax Rate
I saw Michael Moore on Hannity the other night and maybe some of you did as well, but I decided to put his (Moore's) demeaning comments to Hannity down on paper mathematically. If you watched the show you know that he was talking down his nose to Hannity all night suggesting that he didn't care about the "poor" at all. When Hannity asked Moore to define what his tax plan would be he said the following below. Please bear with me as I transcribe his comments into real values. Also my assumptions are not assumptions at all, but based on "taxing the rich" as Moore prefers. Since we are talking abo
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Many See the VAT Option as a Cure for Runaway Deficits
By CATHERINE RAMPELL NYT Runaway federal deficits have thrust a politically unsavory savior into the spotlight: a nationwide tax on goods and services. Members of Congress, like their constituents, are squeamish about such ideas, instead suggesting spending cuts or higher taxes on the rich. But with a lack of political will to do the former, and a practical ceiling to how much revenue can be milked from the latter, economists across the political spectrum say a consumption tax may be inevitable once the economy fully recovers. "We have to start paying our bills eventually," said Charles E. McL
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The pros and cons of VAT: A last resort
  The pros and cons of VAT: A last resort The Economist . LIBERALS oppose a value-added tax because it falls more heavily on the poor. Conservatives oppose it because it is a money machine. Larry Summers, Barack Obama's chief economic adviser, once predicted that America would get a VAT when the two s  
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Tax reform in India: Trickle through
  Tax reform in India: Trickle through The Economist . TO MANY Indians the tendu leaf is a source of comfort. Hand-picked, dried then dampened, the leaf is rolled into the beedis , or cigarettes, that glow in India's winter gloom. But the leaf is also a small example of India's fiscal fragmentation. I  
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