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The Effect of Taxing America’s Wealthy
Did you know that the wealth difference between the states, demonstrates that certain states have had much stronger increases in affluent taxpayers, the last few years?
Individuals
Warren Buffett recently called to raise tax rates on taxpayers making more than $1 million and proposed an additional increase on taxpayers whose income exceeds $10 million.
How many doctors do you think this would affect? Where do the “super-rich live and what would it look like if they were given additional taxes?”
Assessment
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Conclusion
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Filed under: iMBA, Inc., Taxation | Tagged: blog.turbotax.intuit.com, super rich, Taxing America’s Wealthy |
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U.S. Income Tax a “Massive Mess”
At a hearing on October 5th of the Senate Banking, Housing, and Urban Affairs Economic Policy Subcommittee, Maya MacGuineas, testified on both budget and tax reform. MacGuineas is the President of the bipartisan Committee for a Responsible Federal Budget.
Part of her testimony focused on the Joint Select Committee on Deficit Reduction (The Super Committee). She suggested five specific principles that the Super Committee should consider in its remaining six weeks of negotiations. These include the following:
1. Go Big. She recommends that the deficit solution should be much larger than the target $1.5 trillion.
2. Go Long. A significant reform that also addresses entitlement spending must be phased in over several years and perhaps two decades.
3. Go Smart. Any major changes in both the budget and taxes must be pro-growth. The nation will need pro-growth policies to increase employment and reduce future deficits.
4. Stay Honest. The Super Committee must avoid “budget gimmicks” that do not resolve the problem.
5. Make it Stick. The changes will not succeed unless there also are significant budget enforcement provisions attached to any plan.
Editor’s Note: With a short time now remaining before the final proposals due on Nov. 23rd, the Super Committee faces a major task. The suggestions from Maya MacGuineas and her bipartisan group are a thoughtful perspective that may be helpful in that process.
Source: Children’s Home Society of Florida Foundation
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Year-End Tax-Planning Tips for Businesses & Business Owners
An excellent post by Michael Zhuang that is applicable to physician-executives and all independent medical practices.
http://investment-fiduciary.com/2011/10/22/year-end-tax-planning-tips-for-businesses-business-owners/
Kramer
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[…] Taxing the [not so] Rich [doctors] […]
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[…] Taxing the [not so] Rich [doctors] […]
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