NEW YORK, Oct. 19 /PRNewswire/ -- The worldwide decline in top personal income tax rates over the past seven years generally appears to have come to an end, as this year's average rate increased 0.3 percent globally, according to KPMG International's 2010 Individual Income Tax and Social Security Rate Report released today. While tax rates remained static in most locations, including the United States, the finding of an upward moving trend in the KPMG report suggests some governments are beginning to opt for a personal tax rate increase to help combat deficits and raise additional revenue.
Ever since the Reagan and Thatcher tax-rate reductions began the process of tax competition, nations have been racing to lower rates in hopes of attracting - or retaining - jobs and investment. Since 1980 average top personal income tax rates in the developed world have dropped about 26 percentage points and corporate tax rates more than 21 points. [...] its tax laws are attractive to global investors and entre- preneurs, and second, it protects its fiscal sovereignty by choosing not to enforce the bad tax laws of other nations, at least when they are trying to tax economic activity outside their borders.
Presented by the New Mexico Society of CPAs in cooperation with the New Mexico Taxation & Revenue Department The gradual lowering of personal income-tax rates in New Mexico continues for 2004 filings. Now, in year two out of five, the PIT reductions make New Mexico's rates more competitive with those in surrounding states. Meanwhile, New Mexico's deductions for capital gains continue their expansion in order to mesh with federal capital- gains deduction percentages.
NEW YORK, Oct. 3, 2011 /PRNewswire/ -- Although regulators around the globe contemplated changes to tax policy and rates to stabilize their revenue base in the face of continued economic uncertainty, only 11 percent of 96 countries recorded any change in top personal income tax rates -- and not a single G-20 country reported a change to its top personal income tax rate for the 2011 tax year, according to the most recent KPMG International Individual Income Tax and Social Security Rate Report. The KPMG report notes that Spain was the only country within the world's top 20 economies (defined by GDP) that changed its top personal income tax rate in 2011, with a 2 percent rise for top earners. In contrast, KPMG's report in 2010 revealed nearly twice as many rate changes - 21 overall includi...
As the election season heats up, the issue of taxation is taking center stage. One side of the debate is calling on the wealthiest members of society to "pay their fair share" through increases on personal income tax. The other considers those in the top income brackets to be job creators, arguing that the only way to stimulate the economy is to keep personal income tax rates to a minimum for that sector. I am often bewildered by the job-creator argument, perhaps because of my perspective as a small business owner. Each year, I fill out Schedule C for my federal income tax return. It includes anything I pay to employees or subcontractors, small equipment, and all other business expenses. And all of those expenses - every penny that I put into my business - are 100 percent tax deductible...
While the relationship between ideas and social movements is highly interactive, the absence of a "common sense" understanding of the basics of the Keynesian social contract that underpinned the prosperity of 1947-1973 means that public opinion can be readily manipulated by corporate ideologists and neo-liberal politicians. That arrangement showed that progressive taxation and high-quality public goods, combined with government regulation of corporate excesses (particularly in the financial sector) played an essential role in creating a well-educated and healthy society. But today most Americans believe the neo-liberal common sense (as in the Gramscian conception of "hegemony") that global capitalist competition demands the endless pursuit of lower wages, shrunken social services, and t...
... and the steady decline in average real income had helped to cause the financial crisis. Yet by t...returned to the corporate and personal income tax rates of the Eisenhower era (in place u...
SPRINGFIELD - A Democrat-led boost in state income taxes has triggered a flurry of job poaching attempts by other states. Less than a week after the Illinois House and Senate approved increases in the personal and corporate income tax rates, the City of Indianapolis bought a full-page ad in the (Springfield) State Journal-Register inviting Illinois businesses to the city.
The Golden State can't seem to catch a break these days, with a budget deficit that widens by the hour, factory closings, declining exports, state-issued IOUs, and restive labor unions seeking to reinstate higher taxes for California's beleaguered businesses. California gets about half of its general fund revenue from income taxes, having the second-highest personal income tax rates in the U.S. after Maryland recently raised theirs to eclipse California in at least one category of economic stupidity.
Colorado voters will decide in November whether they want to increase their taxes to pay for schools. Known as Prop 103, the ballot initiative would increase corporate and personal income tax rates from 4.63 percent to 5 percent - the same rate as 1999.
Now that I no longer have to hear about the sunset of the Bush tax changes until 2012, are there any significant tax changes for 2011 to be aware of? The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that President Obama signed on Dec. 17 extended the various "Bush tax cuts" for another two years through 2012 and extended various expired provisions in the tax code through 2011. As a result, federal personal income tax rates are unchanged for 2011 aside from the yearly cost of living adjustments to the tax brackets reflecting inflation. However, this legislation did include two important tax changes for 2011.
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