Category Archives: Taxes
Taxes on some wealthy French top 100 pct of income: paper | Reuters
via Taxes on some wealthy French top 100 pct of income: paper | Reuters.
(Reuters) – More than 8,000 French households’ tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data.
The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million).
President Francois Hollande’s Socialist government imposed the tax surcharge last year, shortly after taking office, to offset the impact of a rebate scheme created by its conservative predecessor to cap an individual’s overall taxation at 50 percent of income.
The government has been forced to redraft a proposed bill to levy a temporary 75 percent tax on earnings over 1 million euros, which had been one of Hollande’s campaign pledges.
The Constitutional Council has judged such a high rate of taxation to be unfair, leaving the government to rehash it to hit companies rather than individuals.
Since then, a top administrative court has determined that a marginal tax rate higher than 66.66 percent on a single household risked being considered as confiscatory by the council.
Les Echos reported that nearly 12,000 households paid taxes last year worth more than 75 percent of their 2011 revenues due to the exceptional levy. ($1 = 0.7798 euros)
(Reporting by Leigh Thomas, Editing by Mark Trevelyan)
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The Scathing Speech That Just Got a Standing Ovation During the IRS Hearing
Rep. Mike Kelly, R-Pa., questions ousted IRS Chief Steve Miller and J. Russell George, Treasury Inspector General for Tax Administration, as they testify during a hearing at the House Ways and Means Committee on the Internal Revenue Service (IRS) practice of targeting applicants for tax-exempt status based on political leanings on Capitol Hill, in Washington, Friday, May 17, 2013. Credit: AP
via TheBlaze.com
The gallery at the House Ways and Means Committee Friday had to be called to order after it burst into applause and some gave a standing ovation following an impassioned diatribe against the IRS by Pennsylvania Republican Rep. Mike Kelly.
Kelly took his time during the hearing on the IRS’s targeting of conservatives to lambaste outgoing head Steven Miller, reminding Miller that while the IRS would like to chalk the organization’s recent actions up to a mistake, regular Americans do not get that luxury when dealing with the IRS.
“If you think it’s uncomfortable sitting over there you ought to be a private individual when the IRS is across from you asking you questions,” Kelly began, and that set the tone for the subsequent four minutes.
Some of the highlights:
- “I have a grandson who’s afraid to get out of bed at night because he thinks there’s someone under the bed that’s going to grab him. And I think most Americans feel that way about the IRS.”
- “This kind of reconfirms that, you know what, they [the IRS] can do almost anything they want to anybody they want, anytime they want. This is very chilling for the American people.”
- “This is a Pandora’s Box that has been opened and I don’t think we can get the lid back on it.”
- “I don’t believe the White House just found out about this in a news report.”
- “I got to tell you, where you’re sitting, you should be outraged — and you’re not. The American people should be outraged, and they are.”
- “This reconfirms everything the American public believes! This is a huge blow to the faith and trust the American people have in their government!”
- “Is there any limit to the scope of where you folks can go?”
- “It’s sure as hell intimidating. And I don’t’ know that I got any answers from you today.”
- “I am more concerned today than I was before. The fact that you all can do just about anything you want to anybody. You know, you can put anybody out of business that you want anytime you want.”
- “And when the IRS comes in, you’re not allowed to be shoddy, you’re not allowed to be run horribly, you’re not allowed to make mistakes, you’re not allowed to do one damn thing that doesn’t come in compliance. If you do, you’re held responsible right then.”
- “This is absolutely an overreach and this is an outrage for all America!”
you can watch the impassioned speech below and watch the gallery erupt:
Audience members applaud after Rep. Mike Kelly, R-Pa., not pictured, questioned ousted IRS Chief Steve Miller as he testified on Capitol Hill, in Washington, Friday, May 17, 2013, before the House Ways and Means Committee hearing on the Internal Revenue Service (IRS) practice of targeting applicants for tax-exempt status based on political leanings. Credit: AP
Members of the audience stand and applaud after Rep. Mike Kelly, R-Pa., criticized Steven Miller, the ousted chief of the Internal Revenue Service, as the House Ways and Means Committee focused on the extra scrutiny the IRS gave Tea Party and other conservative groups that applied for tax-exempt status, on Capitol Hill in Washington, Friday, May 17, 2013. Tea Party Patriots co-founder Jenny Beth Martin sits at front left. Credit: AP
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Economic Freedom Speech
This video is a must watch. Interesting, frightening and refreshing to hear somebody from outside our country assess the economic mess in the United States and Europe. There is some great information contained in the graphics on the right side which can be better read in HD quality and fullscreen.
Description:
Pierre Poilievre is a Member of Parliament for Nepean-Carleton, he was first elected in 2004 and has since been re-elected in 2006, 2008, and 2011. In April of 2012, MP Poilievre stood up in the House of Commons to defend economic freedom and to warn his colleagues of a fiscal cliff that many economies like the US and European Union are headed to.
This video is the enhanced version of his original House of Commons speech on the economy and how to avoid a fiscal cliff.
18 Democratic senators buck Harry Reid on Obamacare tax
via The Daily Caller
Eighteen Democratic U.S. Senators and senators-elect sent a letter to Senate Majority Leader Harry Reid last week calling for a “delay in the implementation” of the medical device tax in Obamacare, the Wall Street Journal reports.
The provision was an integral part of the version of the Obamacare law, which was passed in the Senate under Reid’s stewardship in 2009. It is set to take effect on January 1, 2013.
An effort to repeal the provision failed in Congress in June. At the time, Reid characterized the proposed repeal as a Republican attack on Obamacare.
“The medical technology industry directly employs over 400,000 people in the United States and is responsible for a total of two million high-skilled manufacturing jobs. … With this year quickly drawing to a close, the medical device industry has received little guidance about how to comply with the tax — causing significant uncertainty and confusion for businesses,” according to the letter. “We urge you to support delaying enactment of this provision in a fiscally responsible manner.”
The provision’s 2.3 percent excise tax on medical device manufacturers has sparked panic within the medical devices industry. Indiana-based Zimmer Holdings, which manufactures hip replacement implants, laid off 450 workers in anticipation of $60 million in taxes in 2013. Michigan-based Stryker Corp., which also produces hip implants, laid off 5 percent of its workers in a bid to compensate for the $100 million it will pay in taxes next year.
MORE . . .
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OWN IT: Top 5 States to be Hit Hardest by 2013 Tax Increases — Supported Obama!
Sandy-Ravaged New Jersey Families Face $6,933 Tax Hike in Fiscal Cliff Stalemate
via CNS News
(CNSNews.com) – Families in Hurricane Sandy-ravaged New Jersey will face the highest tax increase as a percentage of their income – 6.82% or about $6,933 more in taxes — if Congress does not reach an agreement on the fiscal cliff tax issues during the lame-duck session, according to an analysis by the Tax Foundation.
[...]
Top Five Tax Increases | Tax Increases as % of Income
#1 – New Jersey $6,933 6.82%
#2 – Maryland $7,194 6.74%
#3 – Connecticut $6,653 6.62%
#4 – Massachusetts $6,632 6.53%
#5 – New Hampshire $5,660 5.81%
Forty states would see tax increases between $3,000 and $3,999. Six states would see an increase between $4,000 and $4,999 and three would see increases between $6,000 and $6,999.
MORE . . .
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- The Many Ways Your Taxes Could Go Up in 2013 (Even If You’re Not Rich) (business.time.com)
