Guest Opinion: Cut state tax on capital gains – The Coastland Times
Fact: John Hood suggests cutting the state tax on capital gains in North Carolina to make the tax code friendlier to growth and investment.
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Cut state tax on capital gains | Sampson Independent
The General Assembly in North Carolina has pursued tax reform to promote growth and expand freedom in the state. They have implemented a flat-rate income tax, lower rates on personal income and retail sales, and are phasing out corporate income taxes. However, there are concerns about completely eliminating income taxes without raising sales taxes or broadening its base. One solution proposed is to keep the personal income tax but subtract net savings and charitable gifts from taxable income, similar to other states and countries. Implementing an exclusion for long-term capital gains, like South Carolina, could make the state more favorable for savings and investment without creating fiscal imbalances.
Outside NYC, Brookhaven IDA rakes in highest fees in 2021
The Brookhaven IDA brought in over million in revenue in 2021 from fees for corporate tax breaks, making it the highest revenue generator outside of New York City. The largest revenue boost came from tax abatements for NorthPoint Development and Winters Brothers’ rail terminal project. The IDA has faced criticism for prioritizing transaction fees over economic development, with concerns raised about the impact on schools and public services. The IDA is considering providing tax breaks for a diesel truck terminal in North Bellport, with concerns about the potential impact on school funding. The board has also imposed a moratorium on tax breaks for warehouse projects over 100,000 square feet due to concerns about oversupply and vacancy rates in the region.
Can investment tax reform boost economic growth? – Economics Observatory
Taxation, especially on capital income such as corporate and capital gains taxes, can reduce investment, distort resource allocation, and hinder economic growth. High government debt and stagnant productivity in the UK make the relationship between tax policies and growth crucial. One way to increase growth could be through tax reforms that promote investment and innovation without significantly reducing government revenue. Expanding full expensing to all forms of investments and adjusting dividend and capital gains tax rates could be potential strategies to boost growth. The balance between higher revenues from corporate income taxes and increased investment from dividend and capital gains taxes is a significant challenge for policymakers.
JOHN HOOD | Cut state tax on capital gains | Laurinburg Exchange
The General Assembly in North Carolina has pursued tax reform to foster growth and expand freedom in the state. The state now has a flat-rate income tax and lower rates on personal income and retail sales. Lawmakers are phasing out state taxes on corporate income. However, some lawmakers believe all income taxes can be phased out without affecting core public services, which the author disagrees with. The author suggests keeping the personal income tax mechanism in place but subtracting net savings from taxable income, similar to other states like South Carolina. This would make the state friendlier to savings and investment without creating fiscal imbalances.
Ensuring all companies pay the right amount of corporation tax
Pillar Two requirements for multinational organizations with consolidated annual earnings over €750 million will enforce a global minimum tax of 15 per cent, regardless of location, to prevent the use of tax havens. The global corporate tax gap is estimated to be around £75-200 billion per year. Research shows that 47% of the UK adult population would be less likely to engage with companies minimizing their corporation tax payments. Older age groups are more likely to switch brands if they are made aware of unethical behavior related to tax planning. Better communication is needed to emphasize the negative impact of corporate tax planning on public services and social inequality. Collectively buying into a fairer society is crucial to influencing corporate behavior.
Voters head to polls in last test for Sunak before national election
English voters headed to polling stations on Thursday to pick mayors, councillors, and a new lawmaker in the last electoral test for British Prime Minister Rishi Sunak before a national vote later this year.
Uganda taxation: Is targeting small business the answer?
– Uganda has a fiscal deficit of 5.6 percent in 2023
– World Bank suspended funding to Uganda over anti-homosexuality law
– Traders in Kampala protested against high taxes and enforcement tactics
– Uganda has a narrow tax base, with tax collections totaling less than 14 percent of GDP
– Only 1 million Ugandans pay tax out of a population of almost 50 million
– Top 1,000 taxpayers contribute more than three-quarters of all tax revenue collections
– Uganda’s tax regime is less effective than many of its Sub-Saharan counterparts
– Tax regime is perceived as unfair by ordinary citizens
– Tax laws have elements of being progressive, particularly in personal income taxation
– Uganda faces challenges in raising sufficient funds for public services and economic development
– Reforms are needed in personal income tax rates, VAT threshold, presumptive tax thresholds, and business taxation
– Greater transparency in public spending and service delivery can improve taxpayer morale and compliance
Congratulations, you survived another tax season—and paid a higher rate than top American companies
Fact: The pharmaceutical industry pays the lowest effective tax rate in 2022 at 11.6%, with some companies like Pfizer and Abbvie paying even lower rates.
Hundreds of Turkish Cypriots protest against , ‘govt’
Fact: Hundreds of Turkish Cypriots took to the streets to protest against the north’s ‘government’.