Mnuchin and Javid exchanged tax threats in Davos. British Finance Minister Sajid Javid, sitting on the same stage as Treasury Secretary Steven Mnuchin, insisted the United Kingdom would move forward with its digital service tax in April. Javid called it “ a proportionate tax… deliberately designed as a temporary tax, so it will fall away
The U.S., the United Kingdom, Canada, Australia and the Netherlands undertook a global day of action to stem offshore tax evasion this week. The action was part of investigations into a financial institution in Central America whose products and services are believed to be facilitating money laundering and tax evasion worldwide. The “day of action”
The past week has been nearly nonstop with news on various fronts of a dispute over taxation of digital businesses. The main characters have been the U.S., France, and the UK, although the EU and the OECD have also played roles. Though the dust is still settling, it is worth trying to tie the various
Seth Klarman Getty Images Billionaire hedge fund manager Seth Klarman defended value investing, saying in a letter to clients that several factors, including the proliferation of passive investing, have created market mispricings that will soon lead to a payoff for the long underperforming strategy. Klarman, the CEO of the Baupost Group, said his fund posted
Thomas Barwick If you’re a Vanguard investor who is hoping to file your taxes early, you may be disappointed. Clients at The Vanguard Group who switched from the firm’s mutual fund platform to its brokerage account in 2019 will receive two sets of tax forms for that year, the company confirmed. These Form 1099s will
Key Findings A broad-based financial transaction tax (FTT) in the United States would be a substantial revenue source. For example, the Inclusive Prosperity Act proposed by Sen. Bernie Sanders (I-VT), with an FTT levied at 0.5 percent on stocks, 0.1 percent on bonds, and .005 percent on derivatives, has been estimated to raise between approximately
The Internal Revenue Service said it may provide relief from double taxation in some circumstances to corporations because of the repatriation tax under the Tax Cuts and Jobs Act. The IRS said Friday it has determined that in unique circumstances, such as where a corporation paid an unusual dividend for business reasons, not because of
Since the 2008 financial crisis, financial transaction taxes (FTTs) have been debated as a potential instrument to address financial market instabilities and as a source for tax revenue. Today’s map shows which European OECD countries impose a type of FTT. FTTs are levied on the trade in financial instruments such as stocks, bonds, or derivatives.
An Airbus narrow body plane Nicolas Economou | NurPhoto | Getty Images European planemaker Airbus is working with Nasdaq to develop a derivatives-based trading platform that will allow airlines to protect against swings in ticket prices. Just like airline companies use oil futures to hedge against the volatility in fuel costs, they will soon be able
Tom Werner | DigitalVision | Getty Images Investing a pot of tax-free cash for medical expenses is a great idea, with apparently few takers. Health savings accounts, which are offered alongside high-deductible health-care plans, come with a bevy of tax benefits. You can contribute to an HSA on a pretax or tax-deductible basis and have
President Trump says the White House will reveal new tax cut plan in 3 months. He told The Wall Street Journal that he’ll propose a “fairly substantial… middle-class tax cut…” in 90 days, or just in time for Tax Day on April 15. Essentially a campaign plan, it would be contingent on Republicans holding onto
The Internal Revenue Service did a good job last tax season dealing with the many changes in the tax law, despite the 35-day government shutdown, but it still needs to improve its dealings with taxpayers who have limited proficiency with the English language, according to a new report. The report, from the Government Accountability Office,
Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020. Aly Song | Reuters The very short-sellers that Elon Musk skewers frequently for betting against Tesla could ironically help the eccentric chief executive score a big payday. Nearly a fifth of Tesla
In the wake of the 2018 South Dakota v. Wayfair case, states were quick to take advantage of their new authority to tax online sales. By the end of 2019, all states with sales taxes except Florida and Missouri had adopted remote sales regimes, whether by legislation or revenue department regulations. After its notable wait,
Former Vice President Joe Biden (L) greets Sen. Bernie Sanders (I-VT) before the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa. Scott Olson | Getty Images Top Democratic presidential candidates all want to boost Social Security benefits. But two of the candidates — Sen. Bernie Sanders (I-Vt.) and
Key Findings A lookback charge is in addition to traditional income taxes due on the realization of a capital gain. In an ideal setting, the lookback charge eliminates the benefit of deferral and removes the “lock-in” effect, a design flaw in the current system of realization-based taxation of capital gains. Taxing capital gains with a
Key Findings: The American nicotine market is developing faster than ever due to introduction of non-combustible recreational nicotine products. These new products, along with a greater consciousness about the dangers of smoking, have prompted millions to give up smoking. This contributed to federal and state excise tax collections on tobacco products declining since 2010. Excise
Presidents Emmanuel Macron and Donald Trump agreed to a truce in their dispute over digital taxes that will mean neither France nor the U.S. will impose punitive tariffs this year. Macron said on Monday he had a “great discussion” with Trump on the issue, without giving details. “We will work together on a good agreement
Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018. Mason Trinca | The Washington Post | Getty Images Tesla’s winning streak is unlikely to last much longer, Bernstein analysts found after looking through historical data for what happens after large stocks
If you think bringing a new human into the world is daunting, wait until you see what he or she will do to your budget. It will cost a middle-income married couple an average of $233,610 to raise a child from birth through age 17, according to 2015 data from the U.S. Department of Agriculture.
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