TresSugar

Dear Poll: What will you do with your Tax Refund?

DearSugar — Mon, 16 Apr 2007 14:45:00 -0700

Happy tax day! Are you getting a refund this year or did you have to pay up? Some people view their tax refund as "free money" while others are much more responsible with their government issued check. So I'm curious, what are you planning on doing with your tax refund?

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Vanilla Tax Tax Baby!

GiggleSugar — Mon, 12 Mar 2007 08:00:00 -0700

Yes, it's that time of year again: tax time. And who better to get you motivated than Vanilla Ice? There's no dodging Uncle Sam, or, apparently, Vanilla Ice. He's the new spokesperson for Turbo Tax and his raptastic fabulousness is supposed to inspire you to create your own tax rap for a chance to win $25,000 come April 15th. Not a bad payoff for selling your soul (and dignity) to an ice, cold has-been.

Issues Cheat Sheet: Where Do They Stand on Taxes?

LibertySugar — Fri, 05 Sep 2008 03:00:58 -0700

I love breaking down political personality and pageantry as much as the next person, but I still have hope that some voters care about the issues. Since we considered the possibility of a candidate's death recently, let's take a look at another inevitable - taxes.

Here are some crucial distinctions between McCain and Obama that might help you figure out which tax plan you like better. Keep in mind: neither of these plans (dreams?) would avoid a deficit.

Bush Tax Cuts: McCain wants to make the 2001 and 2003 cuts permanent (they are set to expire in 2010). Obama would allow cuts for income over $250,000 to expire, but would readopt other Bush cuts.
Capital Gains: Obama would most likely raise the capital gains tax from 15 percent to 20-25 percent, but also promises to offset any burden that would cause middle/lower income families with tax credits. Obama also notes that most families see capital gains through their 401 (k) plans, which are exempt from capital gain taxes. Despite evidence that when capital gains rates go down, revenue goes up, Obama says he would consider raising it as a matter of fairness. McCain would keep the capital gains at the revenue-making rate of 15 percent.
Middle Class: Under Obama, high-income taxpayers would pay more, while everyone else's tax bill would be reduced. Under McCain, high-income taxpayers will see the greatest reduction in taxes.

To find out what the candidates have planned for small businesses, major corporations, Americans set to inherit some money, and why they might write some Americans a check read more.

Small Business: McCain says he will make expensing rules more generous for small businesses. Barack Obama would eliminate the capital gains tax for start ups, and invest $250 million per year to increase small businesses in disadvantaged communities.
Death Tax and Alternative Minimum Tax: Both would reduce it, but Obama would by a lesser degree.
Corporate Taxes: McCain would lower the corporate tax rate from 35 to 25 percent in exchange for a repeal of some corporate loopholes, such as preferential treatment for oil companies. Obama would eliminate special-interest loopholes and deductions.
Refundable Tax Credit: McCain proposes cutting a check for $2,500 to individuals and $5,000 for families if they purchase their own health plan. Obama would provide such a credit to low-income families (who may not qualify to pay income taxes), to help pay for child-care.

Overall, under McCain on average an American's tax bill would be cut by $1,200, while under Obama it will be cut by $160. But, Obama would give larger tax cuts to low and moderate-income households and pay some of it by raising taxes on high-income taxpayers. Under McCain high-income taxpayers would benefit the most. And don't forget - the president doesn't actually have any power to tax. The next president will have to get Congress on board if he wants to do anything at all!

Check out these sources if you want to know more about the candidate's positions:

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It's Tax Time! Here's The Purrrfect Solution.

GiggleSugar — Wed, 07 Feb 2007 15:00:00 -0800

Don't play a cat and mouse game with the IRS. Just get on the ball (of yarn, that is) and tackle those dreaded taxes with the help of the Cat Accountants Network.

Want to Live Tax Free? Then I've Got an Island to Sell You. . .

CitizenSugar — Fri, 18 Jul 2008 12:15:51 -0700

The craggy and wind-swept Aran Islands, found 10 miles off of the west coast of Ireland, could soon join the Cayman Islands as a shining, tax-free haven. With a declining population, a higher cost of living, and a remoteness from lifestyle treats like movie theaters, a proposal to go tax free could encourage folks to come back.

One local thinks it's a lucky charm of an idea: "There are a lot of disadvantages because of distances and cost of living and travel - but this tax plan could be the reason for people to return here. And, for any island, even to get one family [back] home - it makes a huge difference."

Extra dough to spend could mean the survival of local culture and heritage, like this Aran Islands' family, seen here in 1969. The proposal being considered in Dublin would let Aran Islands residents earn up to $158,000, tax free, and give tax breaks to businesses - the deal could be a boon to the islands' 3,000 residents.

While a break from taxes sounds like finding a pot of gold, of course, there's a catch. To see what, read more.

One local with the coolest name ever, Padraigin Clancy, says:

I feel very strongly that the people of the Aran Islands, the same as every other member of the Republic of Ireland, should pay their taxes. We benefit from all kinds of grants from Dublin and from Europe and I don't think we deserve a free lunch. What would happen here is that the people here would benefit to a point and, after that, we would get people coming in with no social conscience, not wanting to pay tax, putting their yachts here. And I would hate that to happen. The poverty of Ireland should be dealt with before people on the Aran Islands get benefits.

That could be the dark lining of the silver cloud. With the government in Dublin now deciding on the tax-haven plan - do you think it's a good idea? Should struggling or unique communities get a pass from paying taxes? Are you moving there now?

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Details of Obama's Budget: A Tax and Don't Spend Democrat?

CitizenSugar — Mon, 23 Feb 2009 03:00:09 -0800

Putting yourself on a budget isn't the most exciting thing to do, but when it comes to President Obama's first federal budget the details inspire hot debate. The final outline is yet to come, but Obama plans on cutting the federal deficit in half by the end of his term. The money will come from higher taxes on businesses and wealthy Americans, and much of it won't be spent in Iraq and Afghanistan, as the president plans to slash spending on the wars.

This year, the gap between federal spending and income could reach $2 trillion, more than 8 percent of the overall US economy. How does Obama plan to scale that number back? Here are some of the details:

The budget keeps the Bush tax cuts for middle-income families, but rolls them back for those making over $250,000. The top tax rate would jump from 35 percent to 39.6 percent.
The capital gains tax would rise to 20 percent from 15 percent for the wealthy.
The estate tax on estates over $3.5 million would remain at 45 percent.
There would be an aggressive effort on tax enforcement, targeting corporate loopholes.
The plan would kick off healthcare reform, by reducing spending on some health programs so Obama would have money to devote to new, expanded programs.
Less money would be spent on the efforts in Iraq and Afghanistan.
The budget includes the cost for the war in Iraq and domestic disasters, something Bush excluded to make the deficit look smaller.

While critics argue against raising taxes in a recession, Obama aide David Axelrod says this is the plan that won the election. Do you agree?

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Woman Auctions Virginity, Germany to Tax Her 69 Percent

TresSugar — Sat, 23 May 2009 02:00:00 -0700

Wow. And we complain about high taxes in the US!

Romanian-born Alina Percea, 18, auctioned off her virginity to an Italian businessman (for only $18,000!) and now she's facing some pretty stiff taxes in Germany where she goes to school - 50 percent straight away because they're deeming her act prostitution (legal there) and then a 19 percent VAT (value added tax) because she earned her money so quickly! (Some Germans are taxed up to 45 percent of their incomes.)

She was hoping to get $100,000, but claims that all in all she's happy with the outcome, and may date the Italian guy for free after this. Hardly seems worth it, if you asked me! Natalie Dylan had a better idea. . .

US Tries to Smoke Out Tobacco With Largest Tax Increase Ever

CitizenSugar — Thu, 02 Apr 2009 06:00:23 -0700

Yesterday anyone who bought a pack of smokes found their wallet a little lighter. The federal tax on cigarettes jumped 62 cents, the largest tobacco tax increase in history.

Smoking is proving to be a pricey habit, especially in places like New York City. You can't get your hands on a pack for less than $10.50. Some people spend hundreds a month on cigarettes. That's enough to cut back!

The new tax revenue will be used to expand children's health care. Some poorer smokers argue that the tax hike hits them disproportionately. When it comes to taxing cigarettes, do you think fairness should matter?

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Citizens of Sierra Leone Eager to Pay Taxes to Help Fix Country

LibertySugar — Fri, 12 Sep 2008 11:00:00 -0700

Those living in an especially poor section of Freetown, Sierra Leone are proud to pay taxes because they want to improve their troubled country. Even the unemployed happily dish out the local council tax of 5,000 leones ($1.50). BBC reports that the youth have traded dog tags for plastic holders showing tax receipts. The same spirit comes out in other parts of capital, where people wait in lines to pay taxes and loudspeakers remind the others of their tax obligation.

The country needs all the help it can get to rebuild after a 10-year civil war that ended in 2002, and left 50,000 dead. The UN ranks the country as the world's least-developed country. For a British colony that once had education levels higher than some European countries, the now independent county has a 31 percent adult literacy rate. Two-thirds of young people do not have a steady job.

In six months the local council has collected a record 3 billion leones ($888,000). Officials are using the money to build public toilets, supply water, fix roads, and employ laborers. And the mayor of Freetown promises to resign if things don't get better.

When things need fixing, are you happy to pay taxes?

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Front Page: Ban Ki-Moon in Myanmar, Oil Spikes Three Days, Farm Bill and Tax Package

CitizenSugar — Thu, 22 May 2008 07:00:48 -0700

Ban Ki-Moon in Myanmar: UN Secretary-General Ban Ki-moon has begun his tour the devastated Irrawaddy Delta in Myanmar. He is set to meet with military ruler Gen Than Shwe hoping to persuade the government to accept more aid for cyclone victims. So far the government has blocked large-scale international assistance, and foreign agencies say they are able to deliver just 30 percent of what they would like. The death toll from Cyclone Nargis is currently 78,000 dead, with another 56,000 missing. The UN says that fewer than a 25 percent of the 2.4 million people affected have received aid.

Oil Spikes Three Days: Oil cost attained a new record for highest price for a third straight day, topping $135 a barrel. OPEC producer Saudi Arabia last week said it had raised production by 300,000 barrels per day, but the news had minimal impact on the market.
Farm Bill and Tax Package: The House voted 316-to-108 to override President Bush's veto of the Farm Bill. The vote was well over the two-thirds needed. Bush said in his veto announcement, “for a year and a half, I have consistently asked that the Congress pass a good farm bill that I can sign. Regrettably, the Congress has failed to do so. At a time of high food prices and record farm income, this bill lacks program reform and fiscal discipline.” The House also passed a $54 billion tax package. The measure renews tax breaks that have expired or will expire soon and provides new tax relief in the form of child tax-credits and breaks for renewable energy.