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Estate taxes are an important part of financial planning, especially for those who have significant assets they wish to leave to others when they die (Bradford, 2010). Wealthy individuals like John and Jane Smiley may be able to avoid the death tax, depending on how great a level of wealth they actually have. For those who are close to the threshold, as the Smiley's may be, it is very important for them to understand the death tax, so they can take any legal steps they choose in order to mitigate the level of tax they will be asked to pay. To that end, the Smiley's need to understand how much their estate can total before they need to pay the tax, so they will be prepared for any tax that will be left behind and the responsibility of their personal representative when they pass away. Since they have no…
Bradford, B.T. (2010). The Estate Planning Perils of 2010 and Beyond. The Selected Works of Brett T. Bradford. Retrieved from: http://works.bepress.com/brett_bradford/1/ .
IRS. (2013). Estate tax. The Internal Revenue Service. Retrieved from: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estate-Tax .
Shapiro, I. & Graetz, M.J. (2005). Death By A Thousand Cuts: The Fight Over Taxing Inherited Wealth. NJ: Princeton University Press.
State of Florida. (2012). Estate tax. The State of Florida Department of Revenue. Retrieved from: http://dor.myflorida.com/dor/taxes/estate_tax.html .
Estate taxes, as well as Gifts tax have an influence on individuals in the United States of America. The Federal government imposes laws that govern Gifts and Estates. There has been a lot of uncertainty on Gift and Estate tax, but this cloud has finally disappeared. This reprieve is however, temporal since changes in governments mean new laws. In the year 2013, exclusion of Estate and Gift taxes has been on the rise giving couples time to plan. Tax cuts by the Bush administration had some impact, but this exclusion by president's Obama administration provides relieve to families as well as individuals. The future of Estate and Gift tax in America is bright, but there is a cloud of uncertainty with future changes in government (Gale & Potter, 2002). Therefore, planning process would ensure better practices for years to come.
Estate Tax laws
According to Baker, Bloom & Davis…
Baker, S., Bloom, N., & Davis, S. (2013). Measuring economic policy uncertainty. Retrieved from http://www.policyuncertainty.com/media/BakerBloomDavis.pdf
Stephen, J. (2009). Federal Estate and Gift Taxes. A series of issues summaries from the congressional budget office. Retrieved from http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/108xx/doc10841/12-18 -
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010:
Thank you for your consideration of our company as your trusted Certified Public Accountant (CPA) and we hope that this is the beginning of a mutually beneficial relationship. Our company provides superior accounting services to clients with a wide range of accounting issues and needs. Therefore, we are ready to provide excellent accounting guidance and expertise that will help you achieve personal and financial success. In addressing your issue of irrevocable trusts, estate tax and gift tax, we will utilize a six-step procedure to provide you with the most reliable professional assistance.
Based on your request to establish an irrevocable trust for your two grandchildren, the determination of the impact of such a trust on gift tax and estate tax is important. An irrevocable trust is one with specified terms that cannot be changed even by the grantor once the agreement has been signed (Garber, 2017). In your case, there…
Tax Efficient Financial Strategies
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Tax Efficient Financial Planning
Astute financial planning in the current economic climate is critical. While we cannot control the ebbs and flows of either the market or the decisions of the government that affect one's personal finances, we can attempt to grow and preserve wealth through tax efficient financial planning. There are solid vehicles available, if utilized correctly, can successfully minimize income, capital gains and estate taxes for our clients. Below provides detailed information on vehicles available to provide minimal tax exposure.
Income Tax Minimization
Deferred Variable Annuities
Using this method clients not only are able to minimize their incomes taxes, but they this vehicle also provides asset protection.
401K or other Qualified etirement Plan
Contributions to a 401k or a similar retirement plan are tax-deferred and not-taxable until withdrawal. Contributions help to lower an individual's AGI thereby…
Baldwin, W. (2010, July 30). Six Ways To Avoid Capital Gains Tax Page 2 of 3 - Forbes.com. Information for the World's Business Leaders - Forbes.com. Retrieved July 26, 2011, from http://www.forbes.com /2010/07/30/avoid-capital-gains-tax-anschutz-personal-finance-baldwin-tax-strategy_2.html
Botkin, S. (2010). Lower Your Taxes - Big Time 2011-2012. New York: McGraw-Hill.
tax system of one country with that of another is an exercise fraught with dificulties and ultimately doomed to failure . tax system will never be much more than a reflection of strongly national cultures and forces. discuss this statement in the light of your knowledge of comparative tax system in developing and/or developed countries i
The following pages focus on analyzing the factors of influence on different countries' taxation systems. The paper begins with an introductory section that allows readers understand the point-of-view used in this paper. The following section refers to describing the taxes pand taxation systems used by most countries and their objectives, in order to understand the similarities and differences between these taxation systems. The paper continues with the analysis of several factors that influence countries' tax system design, like cultural factors, technological developments, and natural resources. In order to exemplify this, the taxation…
1. Pasekova, M. et al. (2011). Comparative Analysis of Tax Systems: Some Evidence from CEE Countries. World Academy of Science, Engineering, and Technology. Retrieved February 27, 2012.
2. Greenhouse, S. (2011). Tiny Tax on Financial Trades Gains Advocates. The New York Times. Retrieved February 28, 2012 from http://www.nytimes.com/2011/12/07/business/global/micro-tax-on-financial-trades-gains-advocates.html?_r=1&pagewanted=all .
3. Ross, M. (2004). Does Taxation lead to Representation? Cambridge University Press. Retrieved February 28, 2012.
4. Seto, T. (2008). Four Core Principles of Tax Design System: Introduced and Applied to the Taxation of Multinationals. Loyola Law School. Retrieved February 28, 2012.
Table of Contents (optional)
Louise is aged 50 and single. Since 1994 she has carried on a retail business as a sole trader. Her trading profits as adjusted for tax purposes and after capital allowances, for the year ended 30th April 2009 were $150,000.
The business is carried out from a number of valuable retail outlets, all of which are owned by Louise personally. These units have been acquired over a number of years since 1994 and their market values have increased considerably in recent years.
Apart from her single personal allowance tax credit, Louise is entitled to income tax relief in respect of $10,000, which she pays annually to a evenue approved pension scheme.
Louise's personal living expenses and other financial commitments total $50,000 per annum (including the contribution of $10,000 to the evenue approved pension scheme referred to above).
Louise is considering transferring her business to…
Maertin, James CPA. U.S. Tax Preparation Worldwide. [
http://www.hmrc.gov.uk/menus/aboutmenu.htm "HM Revenue and Customs: About Us." Hmrc.gov.uk. Crown Copyright. 2005-04-18.
So your wife can renounce the business given to her and then pass it without gift tax to the children. Disclaimers must be made within 9 months of the death of the first decedent if they are to avoid gift tax. An appropriate disclaimer may also be a very effective tool to assist in a poorly written estate plan.
7. JOINTLY HELD PROPERTY:
The joint tenancy form of ownership could result in many unintended and unfavorable consequences. For example, the entire property is usually subject to attachment by a creditor of any one of the joint tenants. There are also significant estate, gift, and income tax problems that are created from joint tenancy. If not given attention and consideration as part of a comprehensive estate plan, holding property together as a couple, can create bad results in terms of overpaying taxes.
Explanation: Solely half of the value of property held…
Federal Government Tax
The main source of government income is taxes. The government taxes various organizations in the economy differently to ensure that adequate revenue is collected. Corporate use loopholes in the tax system to reduce the tax paid to the federal government. The government should eliminate these loopholes to improve tax collection. Some taxes such as gift and estate tax as they are counter productive. Changes made to the federal tax collection systems will increase the tax collected by increasing compliance.
esearch the most common tax loopholes used by corporations and partnership to avoid paying federal income tax. Discuss two (2) loopholes identified and what strategies you would recommend to the federal government for closing these loopholes.
The federal government gets most of its revenue from collection of tax used to fund most of the expenditure. The government should ensure that the tax collection avenues are free from loopholes…
Gans, J. (2011). Principles of economics. South Melbourne, Vic: Cengage Learning.
Ganghof, S. (2006). The politics of income taxation: A comparative analysis. Colchester: ECPR Press.
Conklin, D.W., St.-Hilaire, F., & Institute for Research on Public Policy. (1990). Provincial tax reforms: Options and opportunities. Halifax, N.S: Institute for Research on Public Policy = Institut de recherches politiques.
Pechman, J.A. (1987). Federal tax policy. Washington, D.C: Brookings Institution.
Income Tax Deduction
Taxes have existed in the United States for all of its existence but they took on many forms prior to the modern income tax. The income tax was not finalized and permanently ensconced in the United States law until the 1910's. The tax rates, at its normal levels, have been adjusted upwards and downwards depending on the economic cycles with the most recently developments being the "Bush Tax Cuts" of the 2000's and the recent tax spikes under the Obama Administration. While income taxes affect some more than others, nearly all people are affected based on the assets/income they possess and earn as well as the familial structure they maintain.
Common Tax Deductions
As noted in the introduction, familial status and assets/income are far and away the biggest determinants on how much tax is paid, if any. Indeed, some people actually get money from the government and…
IRS. (2014, February 28). Internal Revenue Service. 401(k) Plans. Retrieved February 28, 2014, from http://www.irs.gov/Retirement-Plans/401 (k)-Plans
IRS. (2014, February 28). The Health Insurance Marketplace. The Health Insurance Marketplace. Retrieved February 28, 2014, from http://www.irs.gov/uac/Newsroom/The-Health-Insurance-Marketplace
IRS. (2014, February 28). SOI Tax Stats - S Corporation Statistics. SOI Tax Stats - S Corporation Statistics. Retrieved February 28, 2014, from http://www.irs.gov/uac/SOI-Tax-Stats-S-Corporation-Statistics
IRS. (2014, February 28). EP Abusive Tax Transactions - S Corporation ESOP Abuse of Delayed Effective Date for Section 409(p). EP Abusive Tax Transactions - S Corporation ESOP Abuse of Delayed Effective Date for Section 409(p). Retrieved February 28, 2014, from http://www.irs.gov/Retirement-Plans/EP-Abusive-Tax-Transactions-S-Corporation-ESOP-Abuse-of-Delayed-Effective-Date-for-Section-409 (p)
It falls on savers, not spenders;
3) Early and naive advocates of death taxes thought that such taxes would not distort behavior because they fell only on wealth that decedents left behind by accident. Now very strong evidence supports the common-sense idea that people are strongly motivated to leave wealth to their heirs. Death taxes distort the behavior and investment decisions of this important class of "intergenerational" savers;
Not only does the income tax not need a "backstop," the income tax is actually a bad tax precisely because it falls on savings, in effect double taxing saving as opposed to immediate consumption. Death taxes compound the error by adding a third tax on savings. A fair tax system should consistently tax spending, not work or savings, and should use progressive rates to meet whatever liberal or redistributive objectives it has;
Death taxes have not contributed to greater equality in America.…
The Effects on Government Revenues from Repealing the Federal Estate Tax and Limiting the Step-up in Basis for Taxing Capital Gains (2003) CONSAD Research Corporation, Pittsburg Pennsylvania. Online available at http://www.sirote.com/Menus/BioLinks/HIA-Estate-Tax-Final-Report-Consad%5B1%5D.pdf
Kamin, David (2004) New CBO Study Finds that Estate Tax Repeal would Substantially Reduce Charitable Giving. Center on Budget and Policy Priorities. 3 Aug 2004. Online available at http://www.cbpp.org/8-3-04tax.htm
Herman, Tom and Silverman, Rachel Emma (2005) Republications Consider Keeping Estate Tax Alive for the Very Rich. Wall Street Journal 19 Jan 2005. Responsible Wealth Project. Online available at http://www.responsiblewealth.org/press/rwnews/2005/EstateTax_WSJ.html
McCaffery, Edward J. (1999) Grave Robbers: The Moral Case Against the Death Tax. CATO Policy Analysis 4 Oct 1999. Online available at http://www.cato.org/pubs/pas/pa353.pdf
Trusts and Taxes
"Gift Transfers and Gift Tax Planning"
An irrevocable trust could be used as a way to name beneficiaries and avoid estate taxes. Unlike a revocable trust, irrevocable trusts do not have to pay taxes. In this case, any assets that are placed in the irrevocable trust are no longer deemed to be assets of the settler; instead they are deemed assets of the trustee. The difference is that in a revocable trust, the settler can re-enter into the trust and have the assets retrieved. In an irrevocable trust, this is not allowed. Creditors cannot retrieve assets of the settler in an irrevocable trust, as they can in a revocable trust.
As Bay Financial Associates (2015) puts it, a revocable trust is like a "box with strings" on it -- and all one has to do is pull the string, and the box opens up. An irrevocable trust,…
Bay Financial Associates. (2015). The Irrevocable Trust. BFA. Retrieved from http://www.bfa-online.com/news012.html
Ebeling, A. (2015). House votes 240-179 to repeal estate tax. Forbes. Retrieved from http://www.forbes.com /sites/ashleaebeling/2015/04/16/house-votes-240-179-to-repeal-estate-tax/#f6643f7f3e6f
Smiths to Minimize Their Total Tax Liability
Mr. and Mrs. Smith's concerns about their future income and estate tax bills are important because of their need to engage in tax planning, which can be described as organizing personal financial affairs in order to lessen taxes. In light of their concerns and current situation, there are several recommendations or ways with which the Smiths can reduce their future income and estate tax bills. Therefore, your advice to them on tax planning should be based on considerations of these various recommendations in light of their advantages and disadvantages in addressing their concerns.
One of the ways through which the Smith's can minimize their total tax liability is through giving annually, which will help lessen future estate taxes. As of 2015, the federal estate gift and estate tax exemption amount was $5.43 million, which implied that taxable estate exceeding this amount would be…
Bischoff, B. (2015, March 5). 5 Ways to Give Your Home to Your Children Tax-Free. Retrieved June 29, 2017, from http://www.nextavenue.org/5-ways-give-your-home-your-children-tax-free/
First Republic Investment Management. (2017, March 20). Gifting to Family Members: Pitfalls and Benefits. Retrieved June 29, 2017, from https://www.firstrepublic.com/all-articles/life-and-money-plan-your-legacy/gifting-to-family-members-pitfalls-and-benefits
Kohler, M.J. (2015, June 18). Why You Should Hire Your Kids This Summer. Retrieved June 29, 2017, from https://www.entrepreneur.com/article/223968
Massachusetts Financial Services Company. (n.d.). Minimize Taxes with Estate Planning and Gifting. Retrieved June 29, 2017, from https://www.mfs.com/wps/FileServerServlet?servletCommand=serveUnprotectedFileAsset&fileAssetPath=/files/documents/heritage/hp_epgift_flye.pdf
The fact that the tax liability does not distinguish between qualified and non-qualified assets, means that they many people will have higher taxes when they begin taking these distributions. (Gambone, 2010) (Fisher, 2010)
This is particularly troubling because this kind of asset is often exempt from various estate and inheritance taxes. As many of the different pension and retirement plans will often claim how these investments are considered to be tax free. Yet, on the federal level there is no such distinction. This is troubling, because the conflicting regulations as far as taxes are concerned, will have an impact upon the underlying return that are investors are receiving. Where, they assume that they will be able to receive a substantial amount of tax benefits, while being able to invest in conservative areas that can provide them with continuous growth. As a result, most people are surprised by the sudden tax…
Annuity. (2011). Invest Words. Retrieved from: http://www.investorwords.com/225/annuity.html
Frequently Asked Questions about Pension Plans. (2011). Department of Labor. Retrieved from: http://www.dol.gov/ebsa/faqs/faq_compliance_pension.html
Pennsylvania Inheritance Tax. (2010). Pennsylvania Department of Revenue.
Pennsylvania Inheritance Tax. (2009). Pennsylvania Department of Revenue.
In Pennsylvania taxation is a huge issue, much like in the rest of the United States. arring factions on either side of the political agenda work to either raise or cut taxes within a given year. In times of economic crisis, such as is occurring in the United States at the present has forced citizens and government officials to reexamine taxation practices in the hopes of overturning the depression. In additional to federal taxes, businesses and individuals of the U.S. are required to pay taxes to the state and to their local communities (Financing page 458). State taxation can be extraordinarily high. It has been proven that many states have higher corporate tax rates than several countries of the world. hen comparing Pennsylvania to other states in the country, it becomes apparent that the current tax rate is exorbitant and putting a great deal of pressure both on…
"Financing Government Expenditures."
"The Tax Foundation: Pennsylvania." (2009). Retrieved from http://www.taxfoundation.org/taxdata/show/477.html
same-sex marriage refers to a legal married union between two persons of the same sex. In other word, same sex partner is a man legally married to another man or a woman legally married to another woman. Since same sex marriage is a new development in the United States, the federal government has faced challenges in treating the tax issues of same-sex individuals entering into marriage. The IS's (Internal evenue Service) ruling of 58-66 in 1958-1 C.B.60 determines the tax purpose for individuals who have entered into a common law marriage. Under the state law administered by the Federal income tax laws, the IS acknowledges that it recognizes individual's marital status.
Under IS uling 58-66, the Service states that a couple will be treated as married based on the Federal income tax filing purpose, and the IS has applied this uling 58-66 for over 50 years. (Internal Service evenue, 2014).…
Ahroni, S. & Silliman, B.R.(2014). Federal Tax Implications of Windsor . 84(7):CPA Journal.58-63.
Calhoun, C.V. (2015). State Taxes and Married Same-Sex Couples. Calhoun Law Group, P.C.
Cornell University (2015). United State v Windsor. Legal Information Institute.
Goodnough, A. Zezima, K. (2009). Suit Seeks to Force Government to Extend Benefits to Same-Sex Couples. The New York Times.
Pennsylvania's Unique Tax Environment
When someone says the word tax or any related form of the word, it makes people cringe. This cringe is for a good purpose. Almost everything we purchase is taxed somehow. Most of those people do not even understand all of the specific taxes that are being taken out of their checks. When comparing between different states, Pennsylvania has some unique features to its taxation system. To begin, it has a personal income tax, adopted in 1971, which is levied at a rate of 2.8%. Business taxes include a corporate net income tax of 9.99%, capital stock and franchise taxes, and taxes on public utilities, insurance premiums, and financial institutions (Braybrooks, et al., 2011). Pennsylvania's 6% sales and use tax exempts essential items like clothing, groceries, and medicines. Local sales taxes are limited to 1%. The state has an inheritance tax and has taken action to…
Braybrooks, M., Ruiz, J. And Accetta, E. 2011. State Government Tax Collections Summary Report: 2010. United States Census Bureau. Accessed: 13 Feb 2012. URL: http://www.census.gov/prod/2011pubs/g10-stc.pdf
Congressional Budget Office. 2011. Options for Changing the Tax Treatment of Charitable Giving. Accessed: 13 Feb 2012. URL: http://cbo.gov/ftpdocs/121xx/doc12167/CharitableContributions.pdf
Irrevocable Trust Letter
Dear Mr. Feinstein:
I enjoyed seeing you again at the Fosters' party. Hope everything works out for you and your wife with the upcoming trip!
You had asked about establishing an irrevocable trust for your two grandchildren. This would be a good way to ensure that the children are paid by the trust for 20 years with the principal distributed to them at the end of that time. However, there are certain stipulations that must be met with an irrevocable trust. With a revocable trust, you still maintain some control over the assets. With an irrevocable trust, this is not the case. The assets belong totally to the trustees and they are responsible for maintaining them. Your control over how that management is conducted is gone.
With that said, there is no reason to think this would be anything other than a good arrangement. For example, an…
Carnes, D. (2015). Tax consequences for revocable and irrevocable trusts. Zacks.
Retrieved from http://finance.zacks.com/tax-consequences-revocable-irrevocable-trusts-2838.html
Helsell, Fetterman. (2013). Irrevocable Trusts. Helsell. Retrieved from http://www.helsell.com/faq/irrevocable-trusts/
Nash, Kromash. (2015). Irrevocable Gift Trust. NK. Retrieved from http://www.n- klaw.com/irrevocable-gift-trust/
Tax Avoidance & Firm Growth
What follows in the next few pages is a review of whether there is a correlation between tax avoidance with corporations and firm growth. Indeed, looking at the literature reveals that the evidence is mixed but that the overall answer is a condition "yes," that there can indeed be a link between tax avoidance and firm growth. To explain the conditional nature of the answer garnered, one can look to the work of Desai, Foley and Hines (2006) when they assert that "firms with sizable foreign operations benefit the most from using tax havens, an effect that can be evaluated by using foreign economic growth rates as instruments for firm-level growth of foreign investment outside of tax havens" (Desai, Foley & Hines, 2006). They further state that "one percent greater sales and investment growth in nearby non-haven countries is associated with a 1.5 to 2%…
Chang, S. (2012). The Great Debt Controversy in the U.S. And Beyond. SERI
Quarterly, 5(2), 50-62.
Desai, M.A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal Of Financial Economics, 79(1), 145-179.
Tax Equity and Fairness
Taxes on property are also known as ad valorem tax imposed on the real value of the estate or other assets that an individual owns. The local government imposes these property taxes and charges are on a recurring basis (Mikesell, 2014). For example, a homeowner either pays their taxes on a yearly basis or gives a monthly fee as part of the mortgage payments. It is worth noting that these taxes are subject to fluctuation basing on the jurisdiction assessment of the property's worth by looking at factors like its market value, condition, location and the changes to the apportioned amount to the various tax recipients. For instance, when residents of a given community vote to have the millage rate increased for their school system, this affects the tax rate on homeowners. Therefore, the tax levied is increased on their properties, and the reverse applies; when…
Laureate Education (Producer). (2008). Budget management functions: Revenue [Video file]. Retrieved from https://class.waldenu.edu
Mikesell, J. L. (2014). Fiscal Administration: Analysis And Applications For The Public Sector (9th ed.). Boston, MA: Wadsworth
Tax Code 1231, 1245, 1250, 291
A Section 1231 asset is an asset that is non-capital, that it may receive capital gain treatment. To be a Section 1231 asset, the asset must be personal or real property used in a trade/business that has been owned for a year -- for example, a piece of equipment like a tractor. Equipment is treated the same whether it is owned by a sole proprietor or a corporation. So if it were purchased for $20,000, sold for $50,000, with a depreciation of $4,000, with a $16,000 basis, the gain would be $34,000. If the tractor were held as a 1231 asset, the gain would be the same regardless of whether you were a sole proprietor or a corporation. The gain would be counted as an ordinary income -- and the $4,000 depreciation portion of the $34,000 could be counted as Section 1245 gain (ordinary…
Anderson, Ken; Pope, Thomas. Prentice Hall's Federal Taxation 2015: Corporations,
Partnerships, Estates, and Trusts. NY: Prentice Hall, 2015. Print.
functioned by a state or educational organization, like a college, with tax compensations and hypothetically other inducements to make it cooler to save for college and other post-ancillary training for a selected beneficiary, such as a juvenile, daughter/son, or grandchild (Feigenbaum 2002, pg. 34). 529 plans apart from secondary benefits, have a main advantage linked to earnings.
The earnings of a person enrolled in a 529 plan are not subject to federal tax and normally not subject to state tax when used for the qualified education expenditures of the selected beneficiary. These expenditures would typically include: tuition, books, fees, books, even room and board. There are some things that are not deductible in a 529 plan, one such are contributions. Additionally, it is important to keep in mind that the IS, from time to time, will update or modify their tax laws.
Since 2009 or 2010, a qualified, nontaxable distribution…
Ameriprise. (n.d.). 529 Plan Contributions | Ameriprise Financial. Ameriprise.com. Retrieved March 1, 2014, from http://www.ameriprise.com/budgeting-investing/financial-planning-articles/estate-planning-information/529-plan-contributions.asp
Feigenbaum, R.A., & Morton, D.J. (2002). The 529 College Savings Plan. Naperville, Ill.: Sphinx.
IRS. (n.d.). 529 Plans: Questions and Answers. 529 Plans: Questions and Answers. Retrieved March 1, 2014, from http://www.irs.gov/uac/529-Plans:-Questions-and-Answers
IRS. (n.d.). Instructions for Form 709 (2013). Instructions for Form 709 (2013). Retrieved March 1, 2014, from http://www.irs.gov/instructions/i709/ch02.html
Though this means a loss of $150,000 over the five years the Social Security benefits are not taken, this will be paid for in just twelve and a half years by the increased amount of the benefits (that is, it will take 12.5 years for the additional $12,000 per year to equal $150,000). In addition, there is a tax benefit in waiting to collect Social Security benefits until no additional income is coming in, and as Harry plans to continue working part-time for the foreseeable future and this could lead to taxation of the Social Security benefits. When Social Security benefits are the only source of income they are very rarely taxed, but even with the healthcare expenses Harry plans to commit his salary towards this income could lead to what essentially amounts to a tax penalty, pushing the combined total of his salary and the Social Security benefits into…
Capital Gains Tax in Australia
Capital gains tax refers to a type of tax levied on capital gains incurred by organizations or individuals. The capital gains refer to the profits that an organization or individual selling a capital asset obtains through selling an asset at a price higher than the original price. In many countries, the amount of capital gains tax takes into consideration the type of investment and the holding period of the asset. Australian capital gains tax takes a proportion of all achieved capital gains. Capital gains are not separate tax but part of the income tax on individuals and corporations upon disposing of capital assets. Australian capital gains tax exempts personal properties such as home, car, and furniture. Australian residents in any part of the world are subject to capital gains tax.
Issue 1. Moodly's Conversion of her main residence.
Moodly being a childcare worker, wishes to…
OECD Tax policy studies. 2006. Taxation of Capital Gains of Individuals: Policy
Considerations and Approaches. No.14. Paris: OECD Publishing.
Pricewaterhouse Coopers. 2006. Mergers and acquisition: A global Tax Guide. New Jersey:
John Wiley and Sons Inc.
ased on the income stream, what is the estimate of the market value of the property this year?
The estimated property value for the building this year would be: $1,723,231.00. This number was calculated by adding the net operating income together, to determine the underlying present value of the asset.
Here are some issues concerning the physical property which may adversely affect its future cash flows. How will you deal with the following? 1. Roof needs $50,000 worth of repair work. 2. Several (6) heat pumps as part of your HVAC (Heating, Ventilation, Air Conditioner) system need to be replaced at a cost of $5,000 each. A workout facility is planned for the lower level at a cost of $125,000.
The total amount of repairs that the building will need is $205,000.00. This can be broken up over a series of five years, by investing a consistent amount of $41,000.00…
Impressive in Syracuse. (2009). CEOs for Cities. Retrieved from: http://www.ceosforcities.org/blog/entry/2201
Cancellation of debt in this instance may not be taxed in this manner but might be taxed another way.
Certain farm debts: This exemptions only applies to debt incurred directly from an operation of a farm. If more than half your income from the past three years came from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
Since 2007 and 2008, California conformed, with modifications to IC section 108 (a)(1) (E) that allows a limited amount of COD income resulting from the foreclosure or short sale of a qualified principal residence to be excluded. This exclusion does not currently apply for any foreclosure or short sale that occurs on or after January 1, 2009. Danny made his short sale in 2012. "The Mortgage Forgiveness Debt elief Act of 2007 was enacted on December…
Foreclosure and Short Sales | California Franchise Tax Board, (2012) [ONLINE] Available at:https://www.ftb.ca.gov/professionals/taxnews/2009/July/Article_9.shtml. [Accessed 16 June 2012].
New California short-sale law can help homeowners -- North Bay Business Journal - North San Francisco Bay Area, Sonoma, Marin, Napa counties - Archive, (2012) [ONLINE] Available at: http://www.northbaybusinessjournal.com/39868/new-california-short-sale-lay-can-help-homeowners/ . [Accessed 16 June 2012].
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation, (2012). [ONLINE] Available at: http://www.irs.gov/individuals/article/0,,id=179414,00.html . [Accessed 16 June 2012].
The same goes for business-related periodicals and magazines. (Dratch 2008, p. 2)
Mileage: Once again, this involves careful bookkeeping, but the deductions can add up. Keep a dated log of all business-related mileage, tolls, and parking costs. According to the IRS website, the 2009 IRS deduction rate for business-related mileage was 55 cents per mile.
Travel, Entertainment, and Meals: For the small business, 100% of travel and entertainment expenses are deductible, as well as 50% of meal expenses. It should come as no surprise that these deductions must have supporting documentation showing them to be business-related.
Shelter Your Income
Investment property can be a valuable tax shelter. The IRS allows you to shelter up to $25,000 in an investment property, but there are strict requirements. You must own 10% of the property as an individual owner, not through limited partnership. And you must be involved in the "active management" of…
Akasie, Jay. (2009, Apr. 6). Last Minute Small Business Tax Tips. Retrieved May 29, 2010 from http://www.forbes.com . [website]
Dratch, Dana. (2008, Mar. 26). A Dozen Deductions for Your Small Business. Retrieved May 30, 2010 from http://www.bankrate.com/finance/money-guides/a-dozen-deductions-for-your-small-business-1.aspx . [website]
Tax Tips for Small Businesses. (2010, Jan. 20). Retrieved May 30, 2010 from www.fool.com. [website]
Houston Real Estate Search
You are a real estate consultant in Houston working with a young doctor transferring from Los Angeles to the Texas Medical Center. This doctor has completed his residency training (he has his MD degree in surgery) in Los Angeles (he made $50,000 as a resident) and will start at the UT School of Medicine in the surgery department. He is 31 years old and he is married. His wife currently teaches in the Los Angeles Community College District and she plans to work in community college teaching in the Houston area. They have mutually decided that they want to live with five miles of the medical center. They love the arts and they live big city living.
The doctor and his wife have saved a total of $20,000 over the years but his salary at UT will be in excess of $250,000 per year. They…
Consolidated Tax Returns and GoSystems Tax Software
Consolidated Tax Returns
The consolidated tax return, in simple terms, is "a method by which to determine the tax liability of a group of affiliated corporations" (Pratt and Kulsrud 8-2). It is based on the assumption that the business operations of affiliated companies represent a single entity and that, hence, the group's aggregate income ought to be taxed, as opposed to the separate incomes of the member corporations. It would be prudent to mention, however, that the return does not simply report the sum of the taxable incomes of all member corporations as one large, conglomerate entity; rather, it follows a set of special Treasury regulations in determining how to make adjustments for intercompany bargains, and establishing which items to state on a consolidated basis (Pratt and Kulsrud 8-2).
The History of Consolidated Tax Returns
The consolidated tax return traces its origin to…
CPA Practice Advisor. " 2012 Review of Thomas Reuters -- GoSystem Tax RS." CPA Principal Advisor, 2012. Web. 29 August 2014 http://www.cpapracticeadvisor.com/article/10682894/2012-review-of-thomson-reuters-gosystem-tax-rs
Find Accounting Software. "GoSystem Tax." Find Accounting Software, 2014. Web. 29 August 2014 http://findaccountingsoftware.com/directory/thomson-reuters-professional-software-services/gosystem-tax/
Pratt, James, and Kulsrud William. Corporate, Partnership, Estate, and Gift Taxation 2013. 7th ed. Mason, OH: Cengage Learning, 2012. Print.
Thomson Reuters. "The Most Sophisticated Income Tax Software in the Profession: GoSystem Tax RS." Thomson Reuters Inc., 2014. Web. 29 August 2014 https://cs.thomsonreuters.com/gosystem/
Charitable Contributions and Tax Benefits
Unfortunately, much of the elite of the upper class are afforded leeway and loopholes on tax obligations that allow them to pay much less percentage wise than other taxpayers in different income brackets. Much of this is due to the ability to use tax deductions, like charitable contributions in large amounts, to lower their annual personal incomes before taxes. However, many of the top contributors to charity donate above the maximum allowances for charitable deductions, showing a clear resolution to give based on ethics, rather than for the sole purpose of tax deductions alone,
Bill Gates is currently one of the top money makers in the world, yet he is also one of the largest contributors to charitable institutions as well. The amounts of donations Bill Gates contributes to various charities, including his own charitable foundation, is well over the top end limit of what…
Kim, Susana. (2011). Warren Buffett reveals 'billionaire friendly' tax return. ABC News. Web. http://abcnews.go.com/blogs/business/2011/10/warren-buffett-reveals-billionaire-friendly-tax-return/
Jacob, Deborah. (2011). Charitable giving by Steve Jobs may forever remain a mystery. Forbes. Web. http://www.forbes.com /sites/deborahljacobs/2011/10/06/charitable-giving-by-steve-jobs-may-forever-remain-a-mystery/
Mail Foreign Service. (2010). Bill Gates makes the world's biggest ever single charitable donation worth 6.2 billion pounds for vaccines for children. Mail Online. Web. http://www.dailymail.co.uk/news/article-1247067/Bill-Gates-makes-worlds-largest-charitable-6bn-vaccines-poor-children.html
Squatriglia Chuck & Espinosa-Solis, Suzanne. (2000). Intel co-founder sets up $5 billion foundation: Gordon Moore Foundation. San Francisco Chronicle. Web. http://www.mindfully.org/Reform/Intel-Gordon-Moore-Foundation.htm
prices of real estate are on their way up and thus it would be a prudent investment for a person. The reasons for this are a continuous hike in prices, and there are clearly two main reasons for the increase in prices -- the decrease in interest rates that have occurred in spite of steps by the government to the contrary and the speculative activity that is taking place in real estate. It would be noticed that people are moving out of the decisions of the government regarding interest rates, and interest rates are likely to remain low for some time which would make an investment in real estate a prudent investment. egarding the speculative part of the investment, it is likely that even in spite of the increase in prices, the returns from real estate is still low as compared to other investments and the yield is likely to…
Deane, Daniela. (April 17, 2005) "In Real Estate Fever, More Signs of Sickness" Washington
Post. P: A01. Retrieved from http://www.washingtonpost.com/wp-dyn/articles/A59515-2005Apr16.html Accessed on 7 July, 2005
Greenspan, Alan. (June 9, 2005) "Testimony of Chairman Alan Greenspan before the Joint
Economic Committee, U.S. Congress" Retrieved from http://www.federalreserve.gov/boarddocs/testimony/2005/200506092/default.htm Accessed on 7 July, 2005
New York eal Estate and Office Markets
NEW YOK CITY OFFICE MAKET
New York is one of the premiere metropolitan areas of the world, exerting a significant impact on global commerce, finance, media, art, fashion, research, technology, education, and entertainment. The home of the United Nations Headquarters, New York City is an important center for international affairs and is widely deemed the cultural capital of the world. With its unmatched scope of building types, diverse tenant base and extensive transportation system, the city has earned an iconic and prominent place in the global market.
The borough of Manhattan serves as its hub and is the nation's largest single office market with 450 million square feet of space (Brown, 2007). Its office inventory is greater than the next five largest U.S. markets combined and features some of the world's most iconic properties (Beauregard, 2005). This paper explores the current state of…
1. Beauregard, R.A. (2005). The textures of property markets: Downtown housing and office conversions in New York City. Urban Studies (Routledge), 42(13), 2431-2445. doi:10.1080/00420980500380345
2. Brown, J.L. (2007). Demolition in Manhattan Gains Momentum. Civil Engineering (08857024), 77(8), 34.
3. Gong, H., & Keenan, K. (2012). The Impact of 9/11 on the Geography of Financial Services in New York A Few Years Later. Professional Geographer, 64(3), 370-388. doi:10.1080/00330124.2011.603654
4. Gregor, A. (2011). Demand for Office Condos Grows in Manhattan. New York Times. p. 6.
Thorndike, Joseph J. "The IRS Is Hiding Its History." The ashington Times.
December 19, 1997, p. A23. February 18, 2008. http://www.taxhistory.org/thp/readings.nsf/cf7c9c870b600b9585256df80075b9dd/9de7fcd59915a3be85256e430079327d?OpenDocument
After 9/11, the Federal Reserve Bank, then led by Alan Greenspan, used monetary policy reduced the interest rate, or the rate that consumers must pay to borrow money. This did encourage individuals to spend more. However, it is still debatable if this was the most vital component in extricating America from the throws of economic recession. Government spending, or fiscal as opposed to monetary policy, is often seen as a more direct and superior way to rapidly change economic conditions. Fiscal policy was required to stimulate America's recovery from the Great Depression, according to conventional wisdom, although some still argue that it was the Hoover administration's monetary policy that was ineffective, not that monetary policy was ineffective altogether.
But most economists believe that, to get the…
Heakal, Reem. "What is fiscal policy?" Investopedia. October 22, 2008. http://www.investopedia.com/articles/04/051904.asp
Fairness does matter when creating a tax system. In terms of a consumption tax, the poor often consume more than the rich, at least in terms of a percentage of their income. While for a wealthy individual, much of his income can be locked up in assets, making money off of money, for a poor individual, the bulk of his or her income is devoted to buying necessary goods, including rent and food. The consumption tax taxes everyone equally on the surface, regardless of how someone has benefited from the economic system of a particular society, and actually favors those who can allocate their income to sectors of the economy that are not taxed (such as investments, which are not technically consumption).
A flat tax, where everyone pays the same amount, has similar problems in terms of allocating wealth. 15% of a poor person's income, a person who must pay for his or her rent, food, and necessities out of his or her weekly paycheck, means more to that individual than 15% of an income where much of that income can be devoted to investments and luxuries. While not as unfair as a consumption tax as investment income is also taxed, a flat tax is still unfair, and finding the right percentage to finance government operations yet not to be prohibitively costly for the poorest members of society is a difficult balance to strike. The only good thing about the flat tax is its simplicity, as along with the consumption tax as it requires less bureaucracy to enforce. Bureaucracy is expensive as well as frustrating (as anyone who has ever had to fill out a tax form beyond the standard EZ-file well knows!).
Mcardie Estate v. Cox case, by providing a case summary, comparison of exclusive professional practice scope and right to health care professionals' title, and protections for healthcare workings abiding by practice standards.
Malpractice and neglect are perhaps the aspects most carefully covered by healthcare policymakers. Healthcare law may be considered distinctive in the legal sphere, as it is one subdivision that affords numerous scholarship approaches a chance to succeed (Jocelyn, et.al, 2002). Healthcare law is an interdisciplinary and dynamic domain, with numerous legal, scientific, economic, social, political and philosophical grounds for its dynamism.
McArdie Estate v. Cox was an appellate court case. Gastroplasty reversal surgery was performed on the deceased patient on 26th June, 1995. Gastroplasty refers to a weight-loss tactic of stapling the stomach; the patient in question had two staple lines across her tummy. She was made aware of the fact that, in view of her…
This case about the Carson Estate Company, a REIT based in the Los Angeles area that has been in existence since the 18th century. This paper will examine some key questions about the Carson Estate Company.
The Carson Estate Company has been able to survive for 15 generations for a couple of reasons. The first is that the way the company has been organized has held most of the company's assets together. The share structure has allowed for heirs to earn wealth from the estate without having to divide the company. Second, the company has been able to change with the times. Since its inception, the land the company owned was agricultural land, developed for resources like oil and water, and now is commercial and residential real estate in a major urban area. The ability to change with the times has been essential to its survival.
Employee Compensation Deduction
Tax Research Memorandum
Mr. Jones, President
From: Tax Accountant, CPA
Tax Treatment of Employee Compensation in Business Deductions
Mr. Jones is the President of a corporation owned by him and members of his family. Mr. Jones was paid $48,000 in salary and the corporation paid $12,000 in a pension plan contribution on Mr. Jones's behalf for the tax year. The IRS Agent claims that both the salary paid to Mr. Jones and the pension plan contribution must be taken into account to determine whether the total compensation is reasonable in amount. The corporation wants to know if the pension plan contribution must be taken into account in determining the total compensation reasonableness to Mr. Jones.
The issue is whether the pension plan contribution paid by the corporation must be included with Mr. Jones salary for the tax year to determine whether the total compensation was…
Marketing Plan for a KW Service Designed to Generate New Clients
The product idea for this marketing plan is a service that Keller Williams could provide to potential home buyers/investors that no other competitor is currently offering: that is, free educational classes for the public about the process of buying, investing, owning, keeping up or rehabbing houses. The purpose of this service would be that it draws potential clients into the office and generates leads for agents working within the office.
Keller Williams is a national real estate brokerage with offices in districts around the U.S. The office branch of Keller Williams for this marketing plan is located in Houston, Texas, which is the "home" of Keller Williams -- the place where the brokerage began.
The problem that this service would target is the problem that a lot of new home buyers often experience, which is that they…
Abram, C., Pearlman, L. (2012). Facebook for Dummies. NJ: Wiley and Sons.
Baloun, K. (2006). Inside Facebook. CT: Baloun Publications.
Collis, D., Rukstad, M. (2008). Can you say what your strategy is? Harvard Business
Review (April): 82-90.
Goodman v. Granger Case
Goodman v Granger Case was the case that revealed the problem of estate valuation for the tax purposes. The case reveals the examination of instances where the value of the property of the deceased is different from the value of the property during his life and the examination of the case are to ascertain whether the value of the property increased or decreased. The court of Appeal reversed the rule of the District Court on the ground that the contract right should be given its full value for the purpose of estate tax purpose.
The purpose of this paper is to explore the principal issues of the U.S. Court of Appeal based on the Goodman v. Granger case.
Principal Issues of the U.S. Court of Appeal
The principal issue in the case is to ascertain when the federal government estate tax attaches. "More specifically stated, when…
Columbia Law Review, (1958). Taxable Value of Estate Determined at Instant after Death, Columbia Law Review. 58 (1): 124-126.
Brandon, M.M. (1961). Estate Tax - Buy-Sell Agreements, Louisiana Law Review, 21(4): 827-630.
Meresidis, A. (2002). The I.R.C. § 2053(a)(3) Controversy: Should Events After Death Affect the Value of Estate Tax Deductions for Claims Against the Estate? Fordham Law Review, 70(6).
United States Court of Appeal (1957). Goodman v. Granger 243 F.2D 264 (3D CIR. 1957), United States Court of Appeal Third Circuit.
Prenegotiation Memorandum (pm)
Re: Tamarack, MN and Twin Lakes Mining Company
Twin Lakes Mining Company
The Twin Lakes Mining Company (hereafter known as 'company') makes significant contribution to Tamarack, Minnesota - employing 21% of the residents, providing 33% of the total real estate tax base - and is considered an integral entity to the town's longevity. The city needs Twin Lakes to maintain the current standard of living the residents enjoy.
The City of Tamarack
The city operates on a zero deficit per annum decree. Twin Lakes Mining Company has directly caused some of the need for improvements concerning water quality, air quality, and effluvia and pollution management. The city also relies upon the heavy property taxation to provide economic, culture, and recreation services to the community. Twin Lakes Mining Company does not need the City of Tamarack (hereafter known as 'city') to continue operations in…
In addition to the monthly rent, the lessees paid the trust all real property taxes that were assessed on the property. The trustee took a fee from the percentage of rental income received and from a percentage of the real estate tax that was collected, and the beneficiaries objected to the trustee imposing a fee on the tax money received by the trust.
Issue: Did the court err when it denied the trustee's motion for partial summary judgment in regards to an action that challenged in part the trustee's assessment of a fee on portions of trust income that was designated for payment of property taxes?
aw: Even though Haw. Rev. Stat. § 607-18 (1993) allowed for the fee on the tax money, the beneficiaries argued that there was a reasonable restriction on the fee imposed by reason of Haw. Rev. Stat. § 560:7-205 (1993). Bremer v. Weeks, 104 Hawai'i…
Law: Even though Haw. Rev. Stat. § 607-18 (1993) allowed for the fee on the tax money, the beneficiaries argued that there was a reasonable restriction on the fee imposed by reason of Haw. Rev. Stat. § 560:7-205 (1993). Bremer v. Weeks, 104 Hawai'i 43; 51, 85 P.3d 150, 158 (2004); in re the Estate of Bishop, 53 Haw. At 605-06, 499 P.2d at 672; in re Wharton's Trust Estate, 28 Haw. At 509; Matthewson v. Aloha Airlines, Inc., 82 Hawai'i 57, 71, 919 P.2d 969, 983 (1996); Mahiai v. Suwa, 69 Haw. 349, 356-57, 742 P.2d 359, 366 (1987); Franks v. City and County of Honolulu, 74 Haw. 328, 335, 843 P.2d 668, 671-72 (1993).
Reasoning: Based on the plain language of and the legislative history underlying HRS § 560:7-205, courts may review the reasonableness of a trustee's determination as to what constitutes income. In this case the trustee's determination of trust income was reasonable because income included real property taxes.
Holding: Vacated and remanded.
Furthermore, capital gains normally tend to be spread across a wider income scale than many believe. According to the IRS Individual Income Tax Returns, Preliminary Data, 1992 federal income tax returns, 55% of returns claiming capital gains were from incomes of $50,000 or less, including a capital gain (Thorning, 1995). hat this information appears to come down to is that the capital gains tax affects almost everyone, which happens to affect the economy in general.
Tax Act of 2011
ith some of the huge advantages that have been back loaded, the Tax Relief Act of 2001 displays itself as more of a tax odyssey than what would be considered a tax act. The most positive of those that are called our planners really just provide estate tax repeal which is a 50/50 possibility of essentially being executed. Taxpayers and planners similarly are left with the troublesome query, "hat is the…
Gordon, M. (2209). Stock Market Looks More Like Face of America, Survey Says. The Associated Press Business News, 25.
John Freear and William E. Wetzel, J. (2009). Who Bankrolls High-Tech Entrepreneurs? American Council for Capital Formation Center for Policy Research,, 101.
Michael J. Graetz. (2010). Distributional Analysis of Tax Policy. Discovery and the Capitalist Process, 105-121.
Robert Gillingham, a. J. (2007). The Effect of Marginal Tax Rates on Capital Gains Revenue,. National Tax Journal, 123.
Thus, the college has not only developed values, but has put them into practice using the preceding methods.
What are the greatest challenges facing the institution?
As previously mentioned, the challenges facing the institution are similar to those facing other institutions, including client services, problem technology, professionalism, and environmental vulnerability (Baldridge et al., 2000, p.128-130). In the area of client services, Readers State College has difficulty meeting the needs of all clients, whose diverse demands are often too great for the college to handle. While "the clients demand and often obtain significant input into the institutional decision-making processes" (Baldridge et al., 2000, p.129), that input is not necessary the same for all clients, as the college has not yet found a good balance regarding how to handle the demands from all clients. In the area of problem technology, the college's problems are much the same, as clients demanding different actions…
ent vs. Own
Housing serves as a shelter for all the people and their family, satisfying their main physical need and holding the equipment people need for their daily routines. Although the necessity of having a housing unit is clear, owning a house has become fashionable and is looked upon nowadays as a long-run investment decision which provides stable and rather good return. In this scope, the tenure choice, or the decision whether to own a house or to rent, is a personal choice, which depends on personal financial situation as well as socio-cultural factors as the desire for independence and security connected with owning a house rather than renting.
This issue has raised many discussions among scholars on the factors that influence the tenure decision and whether the decision is rational. Especially such works have become important after several amazing rises in the house prices, which were then followed,…
1) Antonia Diaz, Maria J. Luengo-Prado, 'On The User Cost and Home Ownership', May 18,2003.
2) Hoesli, M. & MacGregor, B.D.: Property Investment. Principles and Practice of Portfolio Management.
3) J.V. Henderson, Y.M. Ioannides, 'A Model of Housing Tenure Choice', The American Economic Review, Vol. 73, No. 1, March, 1983: 98-113.
4) Lori L. Taylor, Does the Untied States Still Overinvest in Housing?, Senior Economist and Policy Advisor, Federal Reserve Bank of Dallas, available from: http://www.dallasfed.org/research/er/1998/er9802b.pdf
Combining Life Insure With Trusts to Provide Better Family Financial Security
Summery: Life Insurance and Trusts are two financial arrangements which provide security to the family and living relatives of the owner of property or trust. In this article, we look at insurance, trusts and how these can be used for better financial security and risk management. The article contains six references.
Financial risk management is an important concept in the field of management. A person with an established business, occupation or source of income can suddenly take ill, resulting in the loss of that income which depended on him to generate. This can be a serious loss for him and others who depend on the income.
There are two financial instruments which are available which can continue to provide to him or his dependents financial compensation or income based on his previous investments. For monetary investments which had been…
Trust and trustees. 2003. Introduction to trusts. Referenced: November 19, 2003. Web site: http://www.trusts-and-trustees.com/main.htm
William G. Kistner, Healthcare and Financial Management. July 1998. Life insurance trusts can save estate taxes. Referenced: November 19, 2003. Web site: http://www.findarticles.com/cf_0/m3257/n7_v52/21045779/p1/article.jhtml
1040 accountant.com. Types of trusts. 2003. Referenced: November 19, 2003. Web site: http://www.1041accountant.com/types-of-trusts.htm
College for financial planning (CFFP). 2003. Life Insurance Trusts: A way to save taxes and exert control. 2003. Referenced: November 20, 2003. Web site: http://www.insweb.com/learningcenter/articles/life-estate.htm
national and the international communities there are circumstances and realities that are in need of change. The social and financial implications of the way in which American government and society works is up for review. With regards to five very foundational issues, the growing divide between the rich and the poor, the role of the media, market capitalism and its shaping of the American culture, the role between money and politics, and the role of power in American politics.
No one should be surprised by the polls showing that close to 90% of Americans are satisfied with the performance of their selected President, or that close to 80% of the citizenry applaud his Administration's seat-of-the-pants management of an undeclared war. After all, most Americans get their information from media that have pledged to give the American people only the President's side of the story. (McChesney & Nichols 2002)
Thomas Frank, One Market Under God (2002)
Thomas Frank, What's the Matter with Kansas? (2004)
Paul Taylor "The Short Unhappy Life of Campaign Finance Reform" (2003)
Robert W. McChesney & John Nichols "The Making of a Movement: Getting Serious About Media Reform" (2002)
personal income tax policy become one of the primary issues in the 2012 Presidential election campaigns from both parties. Obama has publically stated that he wishes for the Bush tax cuts, which substantially advantage the top one percent of income earners, to expire. However, he wishes to retain tax savings for the middle class. Mitt Romney on the other hand has stated that he would like to extend the Bush tax cuts, accelerate them even, and further reduce rates that individuals pay to United States as part of his plan to stimulate the economy. This analysis will consider both sides of this contentious issue and make recommendations to the Obama campaign as to how best to market their position on personal income tax policy.
Both candidates offer the American electorate only general outlines of their major tax proposals. Obama campaign touches on broad concepts such as raising tax rates on…
Another factor that must be taken into consideration is represented by the business etiquette in China. Business etiquette in this country is significantly different than that of Western countries, but it is similar to other Asian countries. The analysis of business etiquette is based on the cultural dimensions that characterize the Chinese population. Same as in the case of other Asian cultures, China has a high long-term orientation, which means that the country's population has a strong attitude on persevering. Also, there is a high level of power and wealth inequality within the society. The Chinese culture is a collectivist one, and businessmen should refer to this fact in their meetings with Chinese partners (International Business Center, 2008).
The differences between the business etiquette in China and those in other countries refer to aspects like the appearance and clothing style, the behavior at meeting, offering and receiving gifts, and communications.…
1. Import Export Flow Chart (2008). HKTDC. Retrieved August 10, 2011 from http://www.hktdc.com/info/mi/a/bgcn/en/1X002LZA/1/Guide-to-Doing-Business-in-China/2-1-Import-Export-Flow-Chart.htm .
2. China (2008). International Business Center. Retrieved August 10, 2011 from http://www.cyborlink.com/besite/china.htm .
Dick and Mac McDonald opened their first restaurant in 1940 in San ernadino, California. These men were among the first to introduce the concept of "fast food," and made dining fun for children. McDonald's went on to enjoy over 60 years of growth, which has only tapered in the last year due to a failure to expand successfully into places such as olivia. Despite these recent setbacks, it is notable that only the third world could thwart McDonald's is a testament to its brand name and its revenue model. There are currently over 28 thousand McDonald's Restaurants in over 120 countries. McDonald's global sales in 2000 were over 40 billion, and the company could boast 16 billion customers that year.
McDonald's success didn't occur in an incremental, measured fashion. The company only really took off in 1954 when a mixer salesman, Ray Kroc, discovered the operation and found a way…
Lesson 5: The Wealth Tax of 1935 and the Victory Tax of 1942. Internal Revenue Service. 2002. http://www.irs.gov/app/understandingTaxes/jsp/whys/lp/IWT2L5lp.jsp
PROCEDURES FOR FILING PARTNERSHIP RETURNS (FORM 1065) BY PARTNERSHIPS REQUIRED TO FILE ELECTRONICALLY AND WHO ARE ENTITLED TO RELIEF. 2002. http://www.irs.gov/efile/article/0,id=98293,00.html
John F. Love. McDonalds; Behind the Arches. Bantam Books, 1995.
The Route to Fast Food Franchising. The Times 100 Case Studies. 2002. http://www.thetimes100.co.uk/document.asp?HeaderID=40&SectionID=274
As Melissa Murphy makes clear in her article, the government is particularly adept at employing doublespeak; doublespeak has lately become one of the most powerful propaganda tools. For example, several years ago the issue of estate taxes crept into the news. Estate taxes are basically the government taxing a person's estate upon their death. The tax mostly affects the very wealthy, those whose assets are actually large enough to be classified as an "estate" in the first place. Due to some powerful lobbying efforts, many politicians were determined to eliminate the estate tax. To do so, however, the politicians had to change the name to make the tax sound completely offensive and unpalatable. They came up with a great doublespeak for the estate tax: death tax. Calling it the death tax made the term laden with gory images, horror, and pain. Suddenly those persons who would normally vote for…
Murphy, Melissa. "Doublespeak."
Tannen, Deborah. "Why Don't You Say What You Mean?"
April 1, 2015 and March 31, 2016, an estate of $3,125,000 is exempt.
April 1, 2016 and March 31, 2017, an estate of $4,187,500 is exempt.
April 1, 2017 and Dec. 31, 2019, an estate of $5,250,000.
Raising the estate tax rates will help the families of the most advantaged members of the population.
However, there were also provisions made for education that should increase funding for schools. However, most of these funding increases were geared strictly at charter schools. New York City charter schools will now enjoy some of the greatest protections in the country; under the new state budget agreement, for the first time ever, charter schools will be eligible for government funds (MYFOXNY, 2014). A $1.1 billion, or 5.3%, increase in education aid, with high-needs districts getting almost 70% of the hike; allocations of $340 million for universal pre-K during each of the next two years, with…
AP. (2014, March 24). NY budget talks continue in Albany as deadline nears. Retrieved from AP: http://www.syracuse.com/news/index.ssf/2014/03/ny_budget_talks_continue_in_albany_as_deadline_nears_1.html
MYFOXNY. (2014, March 30). Huge win for NY charter schools. Retrieved from Fox NY: http://www.myfoxny.com/story/25108048/highlights-of-proposed-140b-ny-2014-15-budget
Weaver, T. (2014, March 29). 2014 NY State Budget. Retrieved from the Post-Standard: http://www.syracuse.com/news/index.ssf/2014/03/ny_budget_details_property_tax_freeze_30_million_for_onondaga_lake.html
Weaver, T. (2014, March 29). NY Budget: Estate tax change. Retrieved from the Post-Standard: http://www.syracuse.com/news/index.ssf/2014/03/ny_budget_estate_tax_change.html
Slice of Heaven and Associates
Tiny Homes Market Plan
Slice of Heaven Marketing Plan
Market Size and Growth
Target Market Segments
Integrated Marketing Communications Strategy
Appendix 1 Positioning Map
Appendix 2 Marketing Organization
Founded in 2016, Slice of Heaven is a community of small economic homes set in an urban setting that are both environmentally friendly and aligned with your values for low cost. We build small homes using recycled materials such as reclaimed lumber and generate power through the use of solar energy. Our homes are situated in a gated…
(n.d.). Retrieved from United States Census Bureau: http://www.bankrate.com/financing/mortgages/mortgage-rates-for-friday-april-29/
(n.d.). Retrieved from North Carolina Public Health Association: https://ncpha.memberclicks.net/
15 Economic Facts About Millennials. (2014, October). Retrieved from Whitehouse: https://www.whitehouse.gov/sites/default/files/docs/millennials_report.pdf
Business Licenses. (2015, July 1). Retrieved from City of Raleigh: https://www.raleighnc.gov/home/content/Finance/Articles/BusinessLicenses.html
Home Buying Process
The first step in home buying is to understand what purchase price the much the homeowner can afford, how large of a down payment is required and what the monthly are likely to be given various mortgage options. Many home buyers begin the home buying process by looking for the 'perfect' house in their favorite neighborhood without really understanding the factors that contribute to being able to afford a home. As a result, it is easier than one might think to make a decision that costs a lot more on a monthly basis than the buyers originally thought.
The first factor in affording a home is the buyer's income and liquidity as compared to established and ongoing debts. While homebuyers will place a priority on making the mortgage payments at the expense of other obligations if need be (like credit cards and student loans, for instance), neither…
One of the final stages in purchasing a home will be securing the proper insurance. This is important for two reasons. First, most lenders will require that certain insurance coverage be purchased. Second, like the lenders, the buyer wants his investment (and home) to be as protected as possible. The most common form of required insurance is homeowners insurance, commonly referred to as fire and windstorm insurance. The premiums for this policy will vary depending on proximity to a flood or hurricane zone. The lender may also require mortgage insurance which would provide mortgage payments if the buyer becomes disabled and is nable to continue making the mortgage payments. Finally, another policy is known as 'renters' insurance which insures the contents of the unit, such as furniture and appliances (the name is a misnomer, a unit owner of a condominium must still carry renters insurance, or contents insurance, to protect her belongings.
Lastly, there are several land and use restrictions a buyer must be aware of. Municipal and utility easements can interfere with a buyer's property rights, as can age, noise, nuisance and pet covenants. Some neighborhoods do not allow for a house or condominium to be leased. Additionally, aside from prohibiting certain conduct, some neighborhoods require certain conduct, such as maintaining uniform mailboxes, privacy fences or lawn requirements. For those purchasing a condominium, it is important to know what the common elements consist of and whose has responsibility for the maintenance of certain elements.
Zoning issues also have a significant impact on zoning issues.[footnoteRef:7] If a house is in a residential only zone, a buyer may not be able to operate a home business. Similarly, if a home is in a neighborhood that is dual zoned residential/commercial, a buyer may not be able to prevent his neighbor from continuing their business. [7: http://www.nyc.gov/html/dcp/html/subcats/zoning.shtml ]
Democracy and Economic Inequality in America
The fundamental aim of democracy in political governance is to ensure elected officials represent the interests of their constituents in the legislature. This means that the votes taken by members of Congress should reflect the policy preferences of their constituents. In reality, however, there is often disconnect between what legislators vote for and what their constituents prefer. In his book Unequal Democracy: The Political Economy of the New Gilded Age, Bartels argues that the increasing economic inequality in the US is evidence that legislators do not in reality represent the interests of their interests -- they represent the interests of more powerful groups or entities as opposed to the average citizen. With reference to matters of economic inequality, this paper discuses the discrepancy between the choices of legislators and the policy preferences of their constituents.
Who actually governs in the American political system remains…
Yet, what is important to accomplish at this stage is the presentation of the direct effects of the foreign direct investments. If these impacts materialize in growths of the Panamanian economy, it will be safe to conclude that the country reveals an efficient bi-direction foreign direct investment system. In this order of ideas, the following lines reveal some of the most notable impacts of FDIs onto Panama's socio-economic status (they are written in bulleted form to increase readability and clarity):
The first and foremost important impact was given by the massive investments made in the enlargement of the Panama Canal; the effects of such an endeavor were tremendous. On the one hand, the enlarged canal offered greater opportunities for traffic, which in turn materialized in greater revenues from offering services in the canal. Then, this enlargement translated into an increased demand for workforce, which in turn created new jobs, reduced…
Woolford, P., Panama Has the Highest Foreign Direct Investment to GDP Ratio in Latin America, Panama Real Estate Investment, 2008, http://panamarealestateinvestment.org/2008/08/04/panama-has-the-highest-foreign-direct-investment-in-latin-america / last accessed on October 28, 2009
Panama, SICE -- Foreign Trade Information System, http://www.sice.oas.org/ctyindex/USA/ftbpan1999_e.pdf last accessed on October 28, 2009
Panama: Country and Foreign Investment Regime, Low Tax, 2009, http://www.lowtax.net/lowtax/html/jpacfir.html#forinv last accessed on October 28, 2009
Panama FDI Grows 19% in First-Half 2007, Reuters, 2007, http://www.reuters.com/article/economicNews/idUSN1928223720070919 last accessed on October 28, 2009
In regards to the on-going projects hosted by the UFE (United for a Fair Economy), two current campaigns include preserving the U.S. Federal Estate Tax and global economic justice. With the Federal Estate Tax, the UFE sees this as crucial to defending a progressive taxation system and wishes to "continue the fight to keep a reformed estate tax" ("UFE Programs and Projects," 2007, Internet) in order to assist Americans who live mostly in the middle classes as compared to the wealthy who would greatly benefit from the elimination of the estate tax. As to global economic justice, the UFE sees this as mandatory in order to help low-wage workers in all parts of the world and considers this as part of the acial Wealth Divide program which addresses the racial disparities of wealth. Clearly, these projects, if successfully implemented, will greatly assist low-wage and dispossessed workers and laborers by providing…
UFE Programs and Projects." (2007). UFE: United for a Fair Economy. Internet. Retrieved January 25, 2009 at http://www.faireconomy.org/about_ufe/programs_and_projects.
UNI Global Union." (2005). Internet. Retrieved January 25, 2009 at http://www.uniglobalunion.org/uniflashes.nsf/by%2BDate/832E3AA27FC18A17C1256FDC00392D 26?OpenDocument.
In terms of similarities, each of these budgets contains roughly the same basic format. hile the specific charts may differ, each budget separates revenue sources and attempts to break those down. The budgets also explain the expenditures, and typically break these down to each individual program within the department.
A similarity between three of the budgets (Federal, Florida and Newark) is that they rely heavily on tables and written explanations. hile these tables are necessary in any budget, it is interesting to note that the Newark budget is significantly more visually-oriented than any of the other budgets. The graphic representation of some of the figures makes for a more user-friendly presentation. The other budgets are less likely to be understood by those without some financial training.
Each of the budgets is produced to unique specifications. There appears to be no standard with respect to the production of public budgets, so…
United States 2010 Federal Budget Summary Tables. Retrieved July 24, 2009 from http://www.gpoaccess.gov/usbudget/fy10/pdf/budget/summary.pdf
State of Florida 2009-10 "People's" Budget. Retrieved July 24, 2009 from http://peoplesbudget.state.fl.us/bdagencies.aspx?full=1
City of Newark 2009 Proposed Budget. Retrieved July 24, 2009 from http://www.ci.newark.nj.us/government/city_departments/department_of_administration/2009_proposed_budget.php
Environmental Protection Agency 2010 Budget. Retrieved July 24, 2009 from http://www.epa.gov/budget/2010/2010bib.pdf
language facilitates criticism and understanding? hy or hy not?
Qualitative language, that is language that is not quantifiable and thus dwells in the realm of the sort of academic criticism and research "that produces findings not arrived at by means of statistical procedures or other means of quantification," remains a critical mode of expression, even in areas of study of the social sciences where "hard data" is a must. (Hoepfl, 1997, p.13) "here quantitative researchers seek causal determination, prediction, and generalization of findings, qualitative researchers seek instead illumination, understanding, and extrapolation to similar situations. Qualitative analysis results in a different type of knowledge than does quantitative inquiry. " (Hoepfl, 1997, p.13). But one must take precautions to make sure that the subjective nature of qualitative language does not impede, but rather facilitates understanding of a subject. To take just one example of how the qualitative association of words, can skew…
Custer, R.L. (1996). Qualitative research methodologies. Journal of Industrial Teacher Education, 34, 3-6. Retrieved 13 May 2005 from Qualitative Research Database at ttp://www2.gsu.edu/~mstswh/courses/it7000/papers/qualitat.htm
Hoepfl, M.C. (1997, Fall). Choosing qualitative research: A primer for technology education researchers. Journal of Technology, 9, 12-39. Retrieved 13 May 2005 from Qualitative Research Database at ttp://www2.gsu.edu/~mstswh/courses/it7000/papers/qualitat.htm
Sutton, B. (1993). The rationale for qualitative research: A review of principles and theoretical foundations. Library Quarterly, 63, 411-430. Retrieved 13 May 2005 from Qualitative Research Database at ttp://www2.gsu.edu/~mstswh/courses/it7000/papers/qualitat.htm
conventional wisdom has always stated that hedging strategies and life insurance are ill-matched partners. The belief has always been that the philosophical motivation behind employing one is diametrically opposed to that of the other. Insurance companies have traditionally shunned the use of derivatives as a hedging strategy because the insurance industry is all about risk management and hedging instruments required too much specialized knowledge and too many risks to be utilized as suitable strategies, especially when there were conventional investments that could guarantee a significant long-term return one's capital investment. During prosperous -- or at least non-volatile times -- very few investors or managers questioned this way of thinking. However, ultimately, whether one is talking about life insurance, pensions or playing the market, it's all about winning, and over the last few years as the market made a mockery of mutual funds and other traditional investment tools, the only ones…
Douglas Rushkoff's Frontline / PBS documentary "The Persuaders" offers a history of advertising and a critical exploration of the evolution of advertising in the twentieth century, along with techniques used in corporate marketing, concepts such as "brand loyalty," and the effects that advertising has on the public. The first portion of "The Persuaders" concentrates on the "clutter" that is caused by advertising, asking us to consider the way in which products are now no longer advertised by a description of their function or merits, but on the basis of image. This concludes with a long examination of the launch of a new "brand," a low-cost air carrier called "Song" which is a subsidiary of Delta Airlines. We watch as Delta identifies the female consumer as their target audience, and then attempts to construct an "identity" for Song which will invite women to purchase tickets to be part of…
For one reason, the super rich are some of the biggest political contributors, and so, it pays Congress to ensure their continued support and fiscal maintenance. He also uses economic theories and trends to illustrate his point and make the text more credible and believable.
Throughout the book, the author shows not only that he deeply understands his material, but he has the ability to explain it so most readers understand it as well. With all the economic information this book contains, it could be dry and uninteresting, but instead, the author presents facts and figures in a way that shows he understands the material, but also has the ability to explain it to others, which is extremely important in this type of book. It is also essential if the author hopes to have Americans read his book, and act on it, which is clearly one of the author's purposes…
Johnston, David Cay. Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else. New York: Portfolio, 2003.
early retirement incentives as a downsizing strategy sUMMAY: This is a thesis that analyzes and studies the use of early retirement incentives as a downsizing strategy by organizations. It has 23 references in APA format.
Chapter I- Definition of the Problem
Definition of terms-alphabetical order
Chapter II- literature eview
Health and security
Chapter III- Methodology
Chapter IV- Data analysis
21-Analysis relevant to research
25-Analysis relevant to research
26-Analysis relevant to research
Chapter 5- Summary, Conclusions, ecommendations
Definition of the Problem
Over the last fifteen years organizations strived to renew their relationships with employees and at the same time tried to survive through economic downturn. In this renewal process these organizations have experienced multiple intricate processes like structuring, resourcing, forestalling decline in profits as well as incorporating new state policies. The struggle to survive…
1. Author not available, [03-23-2002]. Britain: Early retirement? Don't even think about it; Older workers., The Economist, 27.
2. Author not available, [09-14-2000]. Social Security Reform-Implications For Private Pensions., Government Accounting Office Report.
3. Author not available, . "Working in Retirement: The Antecedents and Consequences of Bridge Employment." Academy of Management Journal.
4. Bass, S.A. And Quinn, J.F. [05-11-2000]. Help Wanted -- 65 and Up., The Washington Post, A35.