Tax Carnival Ecstasy – October 4, 2012

Mitt Romney at one of his presidential campaig...
Mitt Romney at one of his presidential campaign rallies. (Photo credit: Wikipedia)

Welcome to the October 4, 2012 edition of Tax Carnival Ecstasy. In this edition we have some very good articles including the first one by David de Souza on How Do Your Tax Credits Compare With The Rest Of The UK? Anisha at Nerdwallet.com takes a look at Tax-Advantaged Savings Vehicles. How will Mitt Romney handle The Debt Ceiling Deal? Bill Smith has a post for your consideration. And finally Edward Webber examines Which Countries Have The Highest Tax Rates. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back soon.

credits

Samantha Savory presents Let the (Budgeted) Fall Shopping Season Begin! | Miss Money Bee posted at Miss Money Bee, saying, “Temperatures are getting lower and soon the leaves will start changing, which can only mean one thing: Fall is nearly here! For most people, the fall season brings pumpkins, cozy sweaters and cool nights to mind. For others, it signals the time to put away their summer wardrobe and prepare for sweater dresses and boots. After you get done with the task of packing away your favorite tank tops and shorts, you might find that last year’s threads are worn or damaged.”

David de Souza
presents How Do Your Tax Credits Compare With The Rest Of The UK? posted at Tax Credits, saying, “This blog post shows which areas of the UK recieve the most tax credits, with London top of the table at over 5,200 pounds.”

filing

Bill Smith presents TurboTax 2012 Program posted at 2012 Tax – Free Tax Filing Options, saying, “Turbo tax is a company that specializes in filing taxes. You can file your 2012 tax with them relatively easy.”

Bill Smith
presents Impressive Free TurboTax posted at 2012 Taxes – Free Tax Filing Options, saying, “Free TurboTax is a very easy way of getting taxes prepared and filed ready for submission. It is an ideal way for businesses and individuals to file their taxes.”

retirement

[email protected] presents How to Save on Tax? Tax-Advantaged Savings Vehicles posted at NerdWallet, saying, “Get expert opinions on popular tax-advantaged retirement savings vehicles and factors to consider.”

taxes

Bill Smith presents Mitt Romney and The Debt Ceiling Deal posted at 2011 Taxes, saying, “Mitt Romney called the deal between the White House and the congressional Republicans “a mistake”. He went on to say that the deal would cut our defense budget badly.”

Edward Webber
presents Which Countries Have The Highest Tax Rates posted at TaxFix, saying, “If you think you are paying a high amount of tax, you should compare the tax rates of some of the other countries in the world.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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tax carnival ecstasy, blog carnival.

 

Interesting Facts On Taxes

Mr. President, the problem lies with Government Spending and not taxes.

If you saw President Obama’s 2013 budget estimates, then you probably know that he plans to raise 1.5 trillion dollars by increasing taxes for the rich.

It seems the Obama administration believes in taking people for a ride. They think that if they tell a lie over and over again, it becomes a fact. Nowadays, the president and his leftist cabal spend the whole day talking about how rates for the rich are too low.

Anyone who thinks tax rates for any group of people is too low has been brainwashed. The fact is that taxes in the U.S. are too high.

Government spending is at an all time high. Taxes do not matter. The government can rise rates on 2012 taxes but still end up with a deficit.

Like any other addict, the government needs rehab because of its addiction to spending.

Americans pay less taxes than Europeans, yet these countries, with their exorbitant tax rates, are broke.

Yet the president continues to claim that tax rates for the rich are too low in every speech he makes.

According to U.S. laws, when the CEO of a company lies to investors, he can go to jail because of committing fraud.

Yet the president continues to spread lies to innocent taxpayers. He justifies his opinion by stating the fact that the top 1 percent of income earners are very rich and yet they pay the lowest tax rate. While this may be true it does not justify increasing rates on 2012 taxes for the rich.

Tax Carnival Ecstasy – January 24, 2012

Welcome to the January 24, 2012 edition of Tax Carnival Ecstasy. In this edition we have DeWitt Dudley explaining how to Report Your Japanese/Foreign Inheritance. The Effective Tax Rate is Not As Simple As It Seems accoring to Patrick LaRue at 2010 Tax. Eva reports that there are Three Days Extra To File Taxes in 2012. And finally we have Robert Moore reporting that the IRS plans to Audit more taxpayers in 2011 than in previous years. Hope you enjoy the material, bookmark, share, tweet, like on Facebook and come back soon.

DeWitt Dudley presents Protecting The Owners and Stock In A Closely Held Corporationposted at Law Offices of Givner & Kaye, saying, “Operating a business in a closely held corporation can be an excellent way to protect the owner from problems with the business. If the business is adequately capitalized, then someone suing the business may not be able to “pierce the corporate veil” and get to the personal assets of the owner.”

DeWitt Dudley presents Reporting Your Japanese or Foreign Inheritance posted at Los Angeles Asset Protection, Estate Planning, Tax Planning Blog, saying, “For complex tax issues, do not settle, contact the Tax Law Experts at Givner & Kaye. We’re dedicated and aggressive. Contact us today. (310) 207-8008”

deductions

Patrick LaRue presents How to Choose Your IRA CD Investment posted at 2010 Tax, saying, “Many IRA account holders who want to increase their retirement funds in a risk free way look into certificate of deposits.”

tax law

Patrick LaRue presents Effective Tax Rate: Not As Simple As It Seems posted at2010 Tax, saying, “Mitt Romney recently expressed the belief that his effective tax rate is roughly 15 percent. Most people become incredulous upon hearing this claim.”

taxes

Mitt Romney at one of his presidential campaig...
Image via Wikipedia

Steve presents How to Avoid Meeting the Inheritance Tax Threshold posted at 2008 Taxes, saying, “Did you know that whenever anyone dies, the money and the property which is left to the beneficiaries are subject to an inheritance tax?”

Eva presents Three Days Extra To File Taxes in 2012 posted at Best Online Tax Software.

Tommy John presents The IRS is Making Immense High-Tech Strides posted at 2010Taxes, saying, “Electronic Filing Services Are Taxpayers’ First Choice!”

Robert Moore presents More IRS Audits Planned in 2012 posted at 2011 Taxes, saying, “Nobody likes being audited by the IRS, although the chances of being audited are now actually higher as there are more of them planned.”

tips

Rachel C. presents 10 Hidden Ways to Save Money on Auto Insurance posted at Auto Insurance Quotes, saying, “When it comes to saving money on car insurance, there are some things that you can control and some things that you can’t. You’re probably already aware of the importance of maintaining an excellent driving record and owning a reasonable vehicle in order to get low rates. There are several other special discounts floating around out there that aren’t often advertised. Familiarize yourself with the following list of special auto insurance discounts and mention them to your insurance company to see if you qualify.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

 

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tax carnival ecstasy, blog carnival.

 

 

The Relationship Between Capital Gains And Economic Growth

Find Out whether or not lower taxes on capital gains promote economic growth.

Mitt Romney admitted on Tuesday that he pays less tax because most of his income is derived from his investments rather than from his wages. Investment incomes are only subjected to 15 percent withholding tax as opposed to the 35 percent tax rate that top employees pay. Romney’s concession reignited the debate as to whether the tax rate on capital gains should be that low.

Jared Bernstein is of the opinion that there is no clear way of showing that low taxes on capital gains promote investments. James Pethokoukis, on the other hand, claims that reduced tax on capital gains spur investment which create more jobs and improves the economy.

The last eight decades has seen a significant reduction of tax rate on investment income. The tax rate for this type of income was highest in 1977 at 39.9 percent. The prevailing rate is now just 15 percent. From these figures, it is clear that people still make investments regardless of the prevailing tax rate.

The New York Times also published an article about this very issue. Warren Buffet claimed that the prevailing tax rate does not make much difference for real investors. From the thousands of investors he has worked with in his long career, Buffet claims that investors never shied away from investing, even when the rates were highest in 1977.

Len Burman and Troy Kravitz of the Urban Institute have shown that over the last five decades, there hasn’t been any relationship between economic growth and tax rates on capital gains.

Tyler Cowen, an economist also has the same take on the issue. He claims that changes to the tax rate on capital gains usually affect investments that have already been made rather than new ones. Some people are of the opinion that a change in rates of taxes might increase 2012 taxes.