How To Destroy An Economy – India’s New Tax System Is “Mind-Bogglingly Inane”

How To Destroy An Economy – India’s New Tax System Is “Mind-Bogglingly Inane”:

“…India’s new Goods and Services Tax is mind-bogglingly inane…Modi has been able to mesmerize voters to an extent that he can make even pain appear as something that is pleasurable and he has been able to conquer state after state and has an invincible aura about him now. Such acts always bring Goebbels to my mind.”

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Google avoids paying $1.64 BILLION in back taxes after winning French court case

Google avoids paying $1.64b in back taxes after winning French court case:

Google will not have to pay 1.1 billion euros ($1.64 billion) in back taxes after winning a court case in Paris.

France’s tax authorities unsuccessfully argued that Google should have paid that amount of tax between 2005-2010.

The US tech giant sold online advertising which was displayed in France but booked through its subsidiary in low-tax Ireland.

The court ruled that the way in which Google operates in France allows it to be exempt from most taxes.

H/t reader kevin a. 

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Seattle Passes Measure To “Tax The Rich”; There’s Just One Problem…

Seattle Passes Measure To “Tax The Rich”; There’s Just One Problem…:

After passing a $15 minimum wage intended to help low-income workers in Seattle, economists at the University of Washington produced a rather extensive research report a few weeks ago highlighting how the legislation was actually doing the exact opposite as companies were simply choosing to automate menial tasks, move businesses out of Seattle in search of more attractive wages rates or simply cutting back on employees to offset increased labor costs (we covered the study here: Seattle Min Wage Hikes Crushing The Poor: 6,700 Jobs Lost, Annual Wages Down $1,500 – UofW Study).

Unhappy with their failed experiment, the Seattle City Council decided to pursue a more direct form of income redistribution: a massive income tax on the rich.

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Illinois Democrats In Senate Pass 33% Hike Of Personal And Corporate Income Taxes

Illinois Democrats In Senate Pass 33% Hike Of Personal And Corporate Income Taxes:

Senate Democrats in Illinois are pushing ahead with a new budget proposal that includes a massive personal and corporate income tax hike and an expansion of the state’s sales tax, after saying they are no longer willing to wait for a broader deal with Republicans.  In all, the package is expected to cost Illinois taxpayers an incremental $5 billion.

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Austria Has Found A Way To Tax Google Searches And Social Media Posts

“It’s always just raise more and more taxes without end.”


Austria Has Found A Way To Tax Google Searches And Social Media Posts:

Highlighting the difficulty both public and private establishments can have when it comes to adapting methods in the digital age, it was reported Monday that one government is now trying to tax search giant Google and social media companies.

From a report by Bloomberg:

“Austria is seeking ways to make digital services like Alphabet Inc.’s Google or Facebook Inc. pay taxes for transactions with the nation’s internet users, trying to plug gaps in a tax system still designed for brick-and-mortar business.

Continuing, Bloomberg explains something most people don’t stop to consider: how social media actually functions, and at no monetary cost to users:

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IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks

IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks:

The IRS seized millions dollars from innocent individuals and businesses because it was easier than targeting terrorists and drug dealers, a new report from the Treasury Department’s internal watchdog has revealed.

A report from Treasury’s Inspector General found that the IRS misused a law aimed at cracking down on organized crime and terrorism to target innocent individuals and businesses. Agents adopted a policy of seizing cash before investigating for other wrongdoing because it was just easier to seize the money of innocent people than hardened criminals and terrorists.

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2016 NOT Warmest Year on Record but Davos Elite Push Global Tax & Geoengineering (Video)

Jan 19, 2017
Description:

New headlines claiming that 2016 the warmest ever, but both both RSS and UAH satellite data sets for temperature say its tied with 1998. Look a bit furtehr and the Davos elite are tring to stop populism globally by more wealth distribution which will mainly be funded by a carbon tax. So there it is, the lies of a warming plant continue so a global tax can be instituted.

2016 not warmest year ever

CO2 concentrations https://pbs.twimg.com/media/CmR6jd8UM…
Hot days over 95F USA http://principia-scientific.org/washi…
2016 UAH temperature data set http://www.drroyspencer.com/2017/01/g…
Mitigating the risk of geoengineering https://www.seas.harvard.edu/news/201…
Climate engineering, no longer on the fringe https://www.seas.harvard.edu/news/201…
NOAA and NASA scientists say 2016 warmest on record by 0.07 degree https://www.washingtonpost.com/news/e…

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Tax Code Complexity Now Costs U.S. Economy up to $1 Trillion Annually

Tax Code Complexity Now Costs U.S. Economy up to $1 Trillion Annually:

Source: Tax Revolution Institute

74,608 pages, 2.4 million words.

That is the present size of Title 26 of the U.S. Code, i.e. the “Internal Revenue Code.” One would think this would be nearly impossible for an enterprise wielding an army of tax experts to absorb, let alone the average taxpayer. However, it doesn’t stop there.

The IRS has added an additional 7.7 million words of tax regulations designed to clarify what the original 2.4 million words mean. You can’t make this stuff up. Add 60,000 pages of tax-related case law essential to accountants and tax lawyers, and the burden is revealed.

More than 10 million words with a hidden annual compliance cost of up to $1 trillion. This is what Title 26 of the U.S. code and the Federal Register is estimated to cost the United States economy each year.

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Australia: More than a third of big companies paid no tax in 2014-15

More than a third of big companies paid no tax in 2014-15, ATO reports:

Qantas tops the list of more than 1,900 companies, while revenue from the petroleum resource rent tax plummets

More than 35% of the largest public companies and multinational entities paid no tax in Australia in the most recent financial year on record, according to the second transparency report published by the Australian Taxation Office.

Qantas Airways, for the second year in a row, was the company with the highest total income to have paid no tax, followed by Origin Energy, Lend Lease and ExxonMobil Australia.

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California Cities Weigh “Netflix Tax” For Online Video Streaming

California Cities Weigh “Netflix Tax” For Online Video Streaming:

Government is on the verge of completely destroying the economy all because those in power are incapable of managing even a bubblegum machine, rages Armstrong Economics’ Martin Armstrong.

Local cities are desperate for money as their own pensions moving closer to collapsing.

Instead of dealing with the problem, of course, they always choose to just tax the stupid people.

Pasadena city officials are considering whether to tax subscribers of Netflix, Hulu, and other video streaming services under an existing municipal utility tax code that was initially designed for taxing cable television users. Sacramento and dozens of other California cities have similar codes that they are looking to use to tax video streaming. As NYTimes reports,

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Time Urges 65 Million Americans Who Voted For Hillary Not To Pay Taxes

Time Urges 65 Million Americans Who Voted For Hillary Not To Pay Taxes:

Under the twisted premise of losing the popular vote and “no taxation without representation”, TIME’s Mark Weston proclaims that the approximately 65 million Democrats who voted for Hillary Clinton should pledge “we won’t pay taxes to the federal government… until democracy is restored.”

Because, It’s just not fair?

Twice in the past 16 years, a Republican candidate who finished second in the popular vote has won the presidency. This year, Donald Trump won the electoral vote with about 46% of the popular vote, while Hillary Clinton received about 48%. If the parties stay this evenly divided, another electoral mishap is more likely than not in the next 20 years.

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Hillary’s Huge Estate-Tax Hike

Hillary-Clinton-Satanic-Hang-Sign

Hillary’s Huge Estate-Tax Hike:

Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.

Going after inheritances and estates is textbook Marxism. That is not an exaggeration. The third plank in Karl Marx’s 10-point platform for achieving socialism through democratic means — see his 1848 textbook to communism, The Communist Manifesto — was the abolition of inheritances. To repeat: it was point three in Marx’s 10-point plan.

Why They Love Estate Taxes

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Illinois Governor Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With “Crippling” Tax Hike

Illinois Governor Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With “Crippling” Tax Hike:

Illinois Governor Bruce Rauner was furious on Friday after unsuccessfully waging a last-minute battle to block the Teacher Retirement System pension fund from cutting its long-term return assumption from 7.5% to 7.0%, a move that puts the cash-strapped state government on the hook for up to $500 millions of dollars more in the short term.

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Here’s How Much Michael Phelps Might Have to Pay the IRS for Winning Olympic Medals

Here’s How Much Michael Phelps Might Have to Pay the IRS for Winning Olympic Medals:

You didn’t win that‘ might as well be the U.S. government’s official congratulatory platitude to American Olympians who succeed in Rio this summer.

This year, the IRS will impose a nearly 40% “victory” tax on athletes who take home gold, silver, and bronze medals for the United States.

American Olympians earn $25,000 for gold medals, $15,000 for silver, and $10,000 for bronze, paid for by the U.S. Olympic Committee. But according to the non-profit advocacy group Americans for Tax Reform, “a  gold medalist from Team USA could end up facing a tax bill of $9,900 per gold medal, $5,940 per silver medal, and $3,960 per bronze medal.”

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