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Corporations are living the island life -- or at least their shadowy shell companies are -- and saving a bundle on taxes as a result.
This post comes from Maryalene LaPonsie at partner site Money Talks News.
While you may be dutifully sending off 25 percent or more of your income to the federal government each year, corporations are sharing a whole lot less with Uncle Sam.
According to a 2013 report from the U.S. Government Accountability Office, profitable corporations paid a mere 13 percent in federal income taxes in 2010. For comparison, the statutory tax rate -- that's the one set forth in law -- is 35 percent.
So how do corporations get away with paying only 13 percent of their income in taxes when they should be paying 35 percent?
With a tax hit like that, it had better be some pretty delicious potato salad.
This post comes from Brianna Ehley at partner site The Fiscal Times.
It’s only been a few days since a top contender for the world’s most obnoxious Kickstarter rocketed to Internet fame, making a bland BBQ side dish one of the most discussed topics online, right alongside the World Cup, ISIS and the latest revelations about the NSA’s surveillance program.
You can thank Ohio native Zack "Danger" Brown for creating the now infamous potato salad Kickstarter, which has now raised more than $70,000 from about 5,000 donors (who presumably have nothing else to do with their money).
You read that right: 70 Grand in about three days ... and Brown has several weeks to go until his fundraising campaign ends.
That’s a lot of dough for potato salad — but as the good people at the Tax Foundation point out, "Danger" Brown’s fundraising comes with some financial peril. The growing potato salad account is going to sprout up quite a hefty tax bill.
Record numbers of Americans living abroad are renouncing their US citizenship over IRS reporting reqirements.
This post comes from Liam Pleven and Laura Saunders at partner site The Wall Street Journal.
Patricia Moon was born in Dayton, Ohio, to a family descended from Quakers who settled in the New World before the American Revolution.
As a young woman, Ms. Moon fell for a Canadian man and moved to Toronto. The 59-year-old homemaker, who still visits the U.S. to see relatives, said she feels American in her bones, even after three decades abroad.
Yet despite her deep roots, Ms. Moon walked into a U.S. consulate two years ago, raised her right hand and recited an oath renouncing her U.S. citizenship. Afterward, she said, "I bawled my eyes out."
Ms. Moon is among record numbers of Americans cutting ties. U.S. offices abroad reported that 1,001 U.S. citizens and green-card holders had renounced their allegiance in the first three months of the year, according to Andrew Mitchel, a lawyer in Centerbrook, Conn., who analyzes Treasury Department data. That figure puts 2014 on track to top last year's total of 2,999 renunciations, he said, which was the most since the government began disclosing the data.
Six weeks later, most Americans have forgotten about the 2014 tax season -- except those who didn't file by the April 15 deadline.
Tax attorneys and finance geeks aside, no one really likes doing their taxes. If you realize you made an error or forgot to include something in your tax return, you're probably not going to be too eager to deal with it. What happens if you just ... don't?
All sorts of no-good, terrible, very bad things can happen to you if you ignore problems with your taxes. Before getting into that, let's start with what you should do if you realize you messed up your tax return.
Survey of wealthy Americans finds that politics determine the solution for inequality. But they were united on other key wealth issues facing the country.
Robert Frank, CNBC
In the heated debate over inequality, the wealthy are usually portrayed as the cause rather than the solution.
But CNBC's first-ever Millionaire Survey reveals that 51 percent of American millionaires believe inequality is a "major problem" for the U.S., and nearly two-thirds support higher taxes on the wealthy and a higher minimum wage as ways to narrow the wealth gap.