7 facts about Americans and taxes
A tax preparer in Miami discusses finances with a customer completing her tax return on April 17, 2023.
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Swords crossed over Turkish Cypriot properties
Interior ministry and audit service are in disagreement over proposed changes to laws regulating the management of Turkish Cypriot properties. The interior ministry believes that allowing Turkish Cypriot properties to be inherited by relatives of refugees residing in them will resolve inequality and feelings of injustice among displaced persons. The ministry also stated that inheritance refers to the license to use the property, not ownership. Auditor-General Odysseas Michaelides expressed concerns that well-off individuals may end up with Turkish Cypriot properties, while homeless refugees may be left without housing. The committee chairman noted that there are reservations about the transfer of properties to non-refugees and potential political issues related to succession.
Who Pays Taxes in America in 2024
– America’s tax system is just barely progressive, with room for improvement to combat economic, wealth, and racial inequality.
– The share of all taxes paid by the rich slightly exceeds the share of total income they receive.
– The share of all taxes paid by the poor is slightly less than the share of income received by the poor.
– The tax system would appear less progressive if it included unrealized capital gains.
– Federal tax system is relatively progressive, while state and local taxes are mostly regressive.
– Federal personal income tax, corporate income tax, and estate tax are considered progressive.
– Payroll tax, including Social Security tax, is not particularly progressive.
– Tax laws enacted over the past 25 years have made the tax system less progressive.
– Some politicians claim the tax system is too progressive, but data shows it is not as progressive as claimed.
– President Biden has proposed tax reforms to raise trillions in new revenue.
– The IRS has documented that hundreds of billions of federal taxes owed each year go unpaid due to underreporting of income.
Who’s Left to Tax? Grappling With a Dwindling Shareholder Tax Base
– Foreign investors, retirement accounts, and other tax-exempt entities now dominate US stock ownership.
– At the end of 2022, foreign investors held the largest single block, 42 percent, of total outstanding US stock.
– Domestic retirement accounts are the next largest holder of US stock, accounting for 27 percent of the total.
– The share of outstanding US stock held in taxable brokerage and mutual fund accounts declined from 79 percent to 27 percent from 1965 to 2022.
– Policymakers must grapple with a relatively small and dwindling number of taxable accounts when seeking to increase shareholder taxes.
Alien fever dreams fuel Peruvian grave robbings
Leandro Rivera discovered a cave in Peru’s Nazca region containing pre-Hispanic artifacts, including human bodies with elongated heads and three fingers on each hand. Rivera was convicted of assault on public monuments for excavating the artifacts, which ended up in Mexico and sparked debates on UFOs. Peru is struggling to control the trafficking of archaeological items, which have become popular on the online black market during the COVID-19 pandemic. Despite efforts to repatriate stolen artifacts, demands from private collectors in the US and Europe persist. Authorities in Peru face challenges in preventing looted items from leaving the country and repatriating smuggled remains.
Intel slides as foundry business loss spotlights wide gap with rival TSMC
Intel shares fell 5% as the company’s contract chip-making business reported operating losses of billion in 2023. Intel is investing billions to regain its position as a leading chipmaker, but it may take years to catch up with Taiwan Semiconductor Manufacturing Co. Intel plans to break even in its contract chip-making business by 2027 and expects a gross margin of 40% by 2030, still trailing TSMC’s 53% margin.
Starbucks paid £7.2m in UK corporation tax despite gross profit of £149m
Starbucks paid a low £7.2m in UK corporation tax last year despite making a gross profit of £149m on sales of £548m in Britain.
€2.5 billion in unpaid taxes, Audit Office report reveals
– A report found that €2.5 billion in taxes is owed to the state, with €1.1 billion deemed doubtful as to whether it can be collected.
– The Tax Department is dealing with 14,500 cases of taxation under appeal concerning €683 million.
– The department is unable to track non-filing of income tax returns by individuals and companies.
– The department agreed to class as tax-deductible the amount of €1.1 billion relating to defaulting debtors.
– A decision was made by the cabinet to award a no-bid contract for surveys to build extra roofs at the building of the tax department’s Nicosia district office.
Bidenomics: Higher tax rates, more loopholes – Washington Examiner
President Joe Biden has increased the corporate tax rate while also increasing tax loopholes and giveaways, leading to a complex tax code that benefits politicians by increasing government power and influencing the behavior of companies. Biden has signed bills with subsidies and narrow tax breaks for big corporations, doubling narrow corporate breaks despite his rhetoric about fairness. The high tax rate combined with loopholes allows politicians to control company behavior and justify massive giveaways to other groups. Biden’s tax policy has helped his inner circle make millions through lobbying and consulting on the tax code complexity.
Updates expected on St Habakkuk scandal investigations
The Attorney-General has convened two meetings this week with police investigators for important cases. The first meeting is about the scandal of granting citizenship to foreign investors, the second is regarding the scandal at the Saint Habakkuk Monastery. Another meeting is scheduled for next week to discuss possible violations of US sanctions against Russian oligarchs in Cyprus. The investigations at the Saint Habakkuk Monastery are progressing, with updates expected after a meeting with investigators. Additionally, there will be a meeting with the Financial Crime Unit to discuss cases related to golden passports. Decisions are pending on a major case involving citizenship grants. Investigations into sanctions on Russians by the US, specifically involving Alexey Mordashov divesting shares through an organization in Cyprus, are nearing completion.