Alexandre Laurin of the Economics Division of the Canadian Parliamentary Information and Research Service in February 2006 reported the following: Average Tax Rate on Employment Income, Various Countries, 2004 Single Individuals Without Children with Income of $40,000: Click on the chart below to see an enlarged, clearer chart. Average Tax Rates on Employment Income, Various […Full Article]
The Tax Policy Center illustrated U.S. taxes at all levels in 2006 and 2004 as a percentage of GDP and compared the U.S. with the remaining 29 member countries of the Organization for Economic Co-operation and Development (OECD). For additional information, click on The Numbers: How do U.S. taxes compare internationally?. Click on the chart […Full Article]
The World Bank and PriceWaterhouseCoopers in 2008 reported on business taxes around the world. The 4 most successful tax reforms: Online filing (25% of the world’s countries have online filing for business taxes) Combine taxes, meaning instead of having a labor/payroll tax, property tax, etc., have one tax Simplify tax administration as countries that do […Full Article]
David J. Lynch of USA Today in March of 2008 mentioned the following: “multinational corporations can defer paying U.S. taxes on their overseas profits until they return them to the USA – transfers that often don’t happen for years. General Electric, for example, has $62 billion in “undistributed earnings” parked offshore, according to recent Securities […Full Article]
Chye-Ching Huang in the Center on Budget and Policy Priorities in October 2008 reported the following: In the Organization for Economic Cooperation and Development (OECD), corporations in 19 of the member states paid 16.1% of their profits in taxes between the years 2000 and 2005 The average rate in the U.S. was 13.4% A “2005 […Full Article]
Scott A. Hodge of The Tax Foundation in March 2008 mentioned the following: “The U.S. is among eight countries with extra corporate tax rates imposed by state or local levels of government. While the burden of these state-level taxes is somewhat lessened because they can be deducted from federal taxes” The national average of state […Full Article]
According to Peter R. Merrill of Tax Analysts, the Treasury Department released a background paper on the corporate tax system of the U.S.: “United States has the second highest combined (federal and state) statutory corporate income tax rate among the 30 member countries of the OECD [Organization for Economic Cooperation and Development].” “OECD average corporate […Full Article]
The shaded areas of the chart below indicate recessionary periods. GDP stands for Gross Domestic Product and is a measure of economic production. Click on the chart below to see an enlarged, clearer chart. .
According to Politifact.com, 2% of small businesses make more than $250,000. To read the entire article, click on Most small businesses won’t be subject to Obama’s tax increases. According to the National Small Business Association: Small businesses comprise 99.9 percent of the 26.8 million U.S. businesses. 14.7 million are firms whose owners do not have […Full Article]
The Tax Policy Center did an analysis on the tax proposals between Senators John McCain and Barack Obama. On average, if an individual’s after tax income is below $111,000 annually, Senator Obama’s tax proposal will lower their tax burden more. On average, if an individual’s after tax income is above $111,000 annually, Senator McCain’s tax […Full Article]