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Posts Tagged ‘Tax Foundation’

  • Results of 9th Business Tax Climate Index

    Thursday 11th of October 2012 5:48:25 PM

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    Tax Foundation (TF) reports show that states not having one or more major statewide taxes such as corporate income tax, sales tax or personal income tax favor good result compared to states having those kinds of tax.

    States of Wyoming, South Dakota, Nevada, Alaska, Florida, New Hampshire, and Montana are included in the top ten list of the 9th State Business Tax Climate Index whereas Maryland, Iowa, Wisconsin, North Carolina, Minnesota, Rhode Island, Vermont, California, New Jersey, and New York placed at the bottom list.

    In the case of New York, even though it registered moderate corporate taxes, the state ranked bottom due to the records of being the worst individual income tax, 6th worst unemployment insurance tax, and 6th worst property tax.

    Tax Climate Index is being used by US taxpayers, business leaders, and government policymakers to determine the situation of each state tax system based from the TF comparative report.

    source: tax-news.com

  • Study On US Tax Revenue Situation

    Wednesday 26th of September 2012 12:21:04 PM

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    Tax Foundation (TF) shares its study on US tax revenue situation. In their calculations, year 2010 recorded 41% of tax filers which had no income tax liability. TF also cited that the rapid increase in the number of non-taxpayers is due to the numerous credits and deductions given to them. In addition, TF mentioned the economist uncertainty in the social and political effects of having so many people disconnected from the cost of government—a phenomenon known as fiscal illusion.

    The study/review made by TF could support the viewpoints of Republican presidential candidate Mitt Romney. In one of his speaking engagement Romney said – “There are 47% of the people who will vote for the president no matter what. All right, there are 47% who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it.”

    TF was convinced with the opinion of Romney and said – “He is right that many Americans don’t pay federal income tax (roughly 50%), and receive more in government benefits then they pay in federal taxes (roughly 60%).”

    source: forbes.com and tax-news.com