 Dear
Subscriber,
Should rich people pay more tax? It's today's question, and amid a blizzard of polemics and statistics, sorting the wheat from the chaff to arrive at instructive answers is next to impossible.
Fact: the richest 1% of Americans pay 38% of income tax. By simple arithmetic (let's not besmirch the numbers by calling them statistics) this means that the average top 1%-er pays 62 times more income tax than the average 99%-er.
Fact: all over the place, (some) rich people are saying that they ought to pay more tax. Of course that's dead easy for them when they know it's not going to happen. Why don't they just send a check to the IRS?
Fact: the British government (or at least its socialist half) is trying to reduce the pay of top company executives, which will have the perverse effect of reducing its tax receipts, of course, since the executives would pay 50% on their marginal income, while the retained earnings of their companies will be taxed at 28%. That same supposedly business-friendly British government has this week also forced the ceo of its biggest bank to forgo his contractual bonus and has stripped his predecessor of his knighthood. For those that don't know, knighthoods in the UK are not awarded solely for making money, either for yourself or other people, they are earned to a major extent by charitable and non-profit activity. I carry no torch for Fred The Shred, who seems to have been foolish and incompetent in his stewardship of RBS, but this shameful act is a slap in the face for everything that is good and honourable about public life and is a dramatic testimony to the moral bankruptcy of government.
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| Lowtax Special Feature: International Company Formation |
| Sponsored by Avia and Slogold Group S.A. |
 In a globalized world, where ever-increasing volumes of trade and investment are being conducted with little regard to national borders and huge sums of money can be transmitted around the earth at the press of a button, the demand for international companies, often located in offshore jurisdictions, has probably never been higher.
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Today's Top Headlines |
|  US Deficit To Top USD1 Trillion Again
In the Congressional Budget Office's 'baseline' annual budget projections, assuming that current fiscal laws remain unchanged, it projects a USD1.1 trillion United States federal budget deficit for fiscal year 2012. Continue
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|  Cameron Mocks 'Mad' French FTT Plans
Signalling perhaps the demise of the Entente Cordiale, British Prime Minister David Cameron has openly and pointedly mocked French President Nicolas Sarkozy's plans for the introduction of a tax on financial transactions in France. Continue
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|  Luxembourg's Juncker Defends Fiscal Compact
Luxembourg's Prime Minister and President of the Eurogroup Jean-Claude Juncker has recently underlined his support for and confidence in the new so-called 'fiscal compact', a treaty on stability and convergence in the Economic and Monetary Union endorsed by 25 of the 27 European Union member states during a summit meeting in Brussels. Continue
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|  US Urged To Pressure China On Currency
The United States Senate Finance Committee Chairman Max Baucus and House of Representatives Ways and Means Committee Chairman Dave Camp have called on the Administration, at the World Trade Organization next month, to pressure China to stop unfairly undervaluing its currency. Continue
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|  Sarkozy's Presidential Rival Outlines Fiscal Pledges
French Socialist candidate for the Elysée, François Hollande, has recently unveiled details of his presidential election programme, containing a raft of fiscal measures, designed to stimulate the economy, to support small- and medium-sized companies in France, and to reduce the public deficit to 3% of gross domestic product in 2013. Continue
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To continue reading please visit: Tax-News.com |
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Website: http://www.aviaslogoldgroup.com
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