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The Most Tax Friendly Country In The World Is…. (Spoiler Alert: It’s Not the U.S.)

25 September 2012

The United States pays more in taxes than other developed countries. It’s more expensive to do business here than anywhere else. You’ve heard those kinds of statements before, right? It’s been drilled into our consciousness – especially in an election year. But is it true? Not so says KPMG. The accounting giant conducted a major […]

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Illinois Facing Higher Taxes

12 January 2011

Living in the Prairie State just got a whole lot more expensive. Facing a gaping hole in the budget, Illinois lawmakers have scrambled to find a way to pay the bills. Their solution? A significant tax hike. The Senate and the House have approved tax increases across the board for the states. Personal income tax […]

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Off the Charts – In 2008’s Downturn, Some Managed to Eke Out Millions –

23 July 2010

Some super interesting reading from the New York Times… Of the wealthiest taxpayers — those with annual incomes of $10 million or more — seventeen included income from unemployment benefits, averaging $5,765 each. Read more: Off the Charts – In 2008’s Downturn, Some Managed to Eke Out Millions

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Southern States Have Highest Percentages of Non-Paying Tax Filers

24 May 2010

Remember this article (and this one) about the numbers of non-paying tax filers? Today, the Tax Foundation released a series of groupings of IRS data showing the breakdown of non-paying tax filers. You can see the results by the numbers here. The Tax Foundation also released the data as a graph: The red-colored states are […]

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2008 is a Record-Breaking Tax Year

12 March 2010

But not necessarily in a good way. The Tax Foundation is reporting that two records were set in 2008: the highest numbers of non-payers and the highest earning non-payers. According to data recently released from IRS, nearly one in three taxpayers paid no taxes or received every dollar back which was withheld. And before you […]

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IRS Claims 2 Out of 3 Taxpayers Now E-File

2 November 2009

And here’s their evidence: Of course more folks are e-filing. It’s fast, it’s easy. And with more folks than ever with internet and computer access, it’s to be expected. But. And you knew there would be a but. Here’s my cynical take… You’ll note fewer taxpayers filing generally, down a whopping 12 million this year. […]

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Tax or No Tax?

30 September 2009

The good news: nearly 50% of American households (47%, to be precise) won’t pay any federal income tax in 2009. The bad news: the remaining 50% (or so) will have to foot the bill for everyone. You can thank (or blame) the new economic recovery package for bumping the percentage of taxpayers who won’t be […]

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Tax Trivia: Millionaires and Taxes

9 March 2009

We have a winner! See comments! Our next tax trivia question is: For the 2006 tax year, which state’s population filed the fewest number of individual tax returns reporting adjusted gross income of more than $1 million? Don’t forget: the first correct answer wins free CCH tax prep software. What’s your guess?

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More Than Half of US Companies Pay No Income Tax

12 August 2008

According to the Government Accountability Office, in any given year, at least 60% of US corporations surveyed paid no federal income tax liability for 1998 to 2005 (the years studied). That statistic includes corporations of varied sizes. If the trends in the survey are accurate, nearly one quarter of large US corporations don’t pay any […]

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No Surprise Here: IRS Data Says More Taxpayers Filed in 2008

15 May 2008

The IRS has reported that as of May 3, 2008, more tax returns had been processed than at the same time last year. How many more? About 15 million more to nearly 142 million, an increase of about 11%. And despite what those hold times felt like, the number of phone calls answered by IRS […]

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