Idea to help citizens Oct 25, 2009
Cutting the capital gains tax has also worked well. Increasing the value of an individual worker's contribution to the workplace will translate into higher wages for that worker. (Fresno Bee -- Opinion)
Malaysia's Najib Cuts Income Tax, Reduces Spending as Economy Recovers Oct 24, 2009
Malaysia plans a 5 percent capital gains tax on property from January to help broaden the tax base and bolster government finances, Najib said. A study on the introduction of a goods and services tax is in its final stages, Najib said. (Bloomberg -- Asia)
Campbell fears state budget gap may widen Oct 24, 2009
Her campaign spokeswoman, Sarah Pompei, says Whitman has called for "permanent marginal tax rate reductions" for the middle class, cutting business taxes, lowering the capital gains tax, and "using the line-item veto to control the size of government." But she has provided no details on how to do that. Democrats' stands. (San Francisco Chronicle -- Politics)
Cubs days away from changing hands Oct 24, 2009
which bought the team for about $20 million in 1981, will keep a 5% stake in the business as a way to avoid a hefty capital gains tax. Earlier this month, approvals from Major League Baseball and a judge overseeing Tribunes bankruptcy case cleared the way for the transaction. (Crain's Chicago Business)
Pelosi Shuns Conservatives in Economics Forum Oct 20, 2009
Only Allen Sinai, president of Decision Economics, could even remotely be called a friend of free-market principles, having called for capital gains tax reductions in the past and early this year calling on the Obama Administration to make a temporary cut in business taxes on foreign subsidiary earnings. But Sinai is also a believer in big-spending government stimulus. (Newsmax)
Pawlenty, Poizner Score at Western CPAC Oct 19, 2009
As he did during the state Republican convention in Indian Wells two weeks ago, Poizner, as luncheon speaker at CPAC, underscored his commitment to cutting state sales and income taxes by 10% and the state capital gains tax by 50. He also took a swipe at a frequent target of conservatives, lame duck GOP Gov. Arnold Schwarzenegger, for signing a $16 billion tax increase earlier this year (which voters subsequently rejected in a statewide initiative). (Human Events Online)
* EDITORIAL: So much for debating tax reform Oct 18, 2009
On Tuesday, the Chinese-language Economic Daily News published a front-page story saying that the tax committee would propose that the government partially re-impose the capital gains tax on stock investments, known as the securities income tax. The report cited an academic study X the author of which was later identified as National Taiwan University associate professor of economics Lee Hsien-feng (p) X as saying the government should initially tax corporate stock investments to enlarge... (Taipei Times, Taiwan -- World)
HMRC investigates taxes of 27 MPs Oct 17, 2009
MPs have faced criticism for not paying capital gains tax on the sale of properties bought using their Commons second homes allowance. Others - including several ministers - have come under scrutiny for apparently not paying tax for returns to HMRC which have been completed by accountants. (BBC News -- UK)
The BBC roadshow meets a need Oct 15, 2009
He said that, in the case of Steven who was in a high tax band, shifting money into a pension scheme - with tax relief - and making use of the capital gains tax allowance would reduce his tax bill. Equally, a review of his Isa accounts would be useful. (BBC News -- Business)
Toll express profits likely from fancy footwork Oct 14, 2009
Rollover relief from capital gains tax will not be available until GUD passes the 80 per cent acceptances mark. That means that if GUD finishes up with a stake of more than 50 per cent and less that 80 per cent, accepting shareholders could be liable for capital gains tax without freeing up cash from the bid to pay it. (Sydney Morning Herald -- Business)
* Ministry dismisses report on stock tax Oct 14, 2009
The finance ministry issued a statement later yesterday saying capital gains tax was just one of several options the Cabinets Tax Reform Committee was scheduled to discuss later this month ... Chinese Nationalist Party (KMT) Legislator Lai Shyh-bao (h) said chances were slim that a proposal to bring back the capital gains tax would clear the legislature given its unpopularity ... Eric Lai (), an analyst at Marbo Securities Consultant Co (U_U), said the capital gains tax had... (Taipei Times, Taiwan -- World)
7 envoys protest India's tax demands Oct 14, 2009
For Vodafone, trouble began in September 2007 four months after Indias largest FDI deal was completed when the government claimed $2 billion as taxes on transaction, which should have come from Hutchison as capital gains tax. Since Hutchison had already quit the country and the deal had been structured overseas, it was virtually impossible for the tax authorities to engage Hutchison in this discussion. (India Times, India)
Tips for surviving the recession Oct 14, 2009
Take a proper interest in tax - make sure you have the personal allowances you should have (everyone has one, higher for aged over 65), that you claim what you can (eg tax credits, 10% savings rate), that you use the tax breaks you can (eg Capital Gains Tax annual exemption, pensions contributions) and that you keep up to date (tax returns in on time and watch out for changes that need action, eg tax credits, changing/losing jobs). Alan Barr, partner at Brodies solicitors. (BBC News -- Business)
Clegg wants more expenses repaid Oct 14, 2009
Lib Dem leader Nick Clegg has said the MPs' expenses audit should be widened to force those who "flipped" homes or avoided capital gains tax to pay up ... He added: "Every single MP who flipped, avoided capital gains tax or claimed for non-existent mortgages must be forced to repay the money and held to account." ... Under the rules MPs were allowed to tell Commons officials that one property was their "second home", on which they could claim expenses - but tell the taxman it was their "main... (BBC News -- UK)
Pro and Con: Stimulus jobs Oct 13, 2009
The lower capital gains tax rate, which sunsets in December 2010, should be made permanent. The administration s proposal to tax offshore earnings by American corporations at 35 percent should be rejected. (Atlanta Journal-Constitution -- Opinion)
British MPs face expenses verdict Oct 12, 2009
The scandal revealed a range of abuses, including ''flipping'' the designations of first and second homes to qualify for taxpayer-funded refurbishments; renting out homes; over-claiming for council tax; claiming subsidies for property development; avoiding capital gains tax; and making inflated claims for food. The ''Legg letters'' will fall into three categories: MPs who are told to repay cash, those ordered to provide further information about their claims, such as receipts, and those who are... (Sydney Morning Herald -- World)
Q&A: Expenses row explained Oct 12, 2009
At first glance it appears that if an uncensored version of the claims had not been leaked to the Daily Telegraph it would never have been known that MPs had "flipped" second homes to maximise claims or reduce capital gains tax, or, say, claimed for a property miles from their constituency ... DO MPs PAY CAPITAL GAINS TAX ON THESE PROPERTIES ... Ms Smith was the first cabinet minister to have her expenses questioned by the media while Hazel Blears had to repay 13,000 in capital gains tax on the... (BBC News -- UK)
Wine is now fine for investment too Oct 12, 2009
With the worlds top100 wines showing remarkably consistent returns over the last 25 years and also remaining exempt of capital gains tax in many developed countries, wine is slowly but surely being regarded as one of the leading alternative asset classes and, therefore, ideal for diversification. Also, because for most of the current year, the wine investment market not only remained largely immune from the credit crunch, but in an unexpected development also continued to outperform stock... (India Times)
No tax-free conversion into LLPs yet Oct 12, 2009
00004000 NEW DELHI: The government will look at withdrawing capital gains tax that is levied when unlisted companies convert to limited liability partnerships (LLPs) once the new business vehicle finds acceptance in the country ... Capital gains tax will increase the cost of conversion for companies that have capital assets including immovable property ... The government will look at withdrawing capital gains tax that is levied when unlisted companies convert to limited liability partnerships... (India Times)
Kenya: Radical Reforms Land Policy Coming Soon Oct 12, 2009
The policy also recommends termination of group ranches, increases rights of squatters and trespassers, introduces capital gains tax, inheritance tax and land taxation, among other things. According to Mr Orengo, a number of land reforms are already being effected. (allAfrica.com)
Uncle Sam Demands More Than Valentine From Farmers (2) Oct 11, 2009
Capital gains tax rates for land and stock sales are as follows: 10 to 15 percent federal tax bracket capital gains rate of 5 percent (was 10 percent under previous law); 25 percent federal tax bracket or above rate of 15 percent (was 20 percent under old law) ... Capital gains tax rates for building depreciation recapture (Section 1250 property), as well as the sale of collectables, are: 10 to 15 percent tax bracket capital gains rate of 10 to 15 percent; 25 percent bracket or above 25 percent... (Agri-View, WI)
Job creation and Medicaid woes add to budget problems on Beacon Hill Oct 11, 2009
He said capital gains tax collections, which have crashed since fiscal 2009, appear to have hit a plateau and may grow slightly this fiscal year from the $500 million level of capital gains receipts, which recently totaled $2. 1 billion annually. (Dover Sherborn Tab, MA)
Paying your dues Oct 11, 2009
"Many sellers may be worried about paying a Capital Gains Tax," says Deon Lessing, marketing director of Bettterbond, "however there is an exclusion of a gain of up to R1.5-million on a primary residence. This means that any home sold for a capital profit of that amount or less will not be subject to a Capital Gains Tax." ... "If the property is in the name of a company, close corporation or trust the exclusion will not apply as the owner is then not classified as a natural person and the... (iAfrica.com)
Gift tax norms to affect donor, donee Oct 11, 2009
According to existing provisions of the Income-Tax Act covered under Section 50C, transferor of real estate property will have to pay deemed capital gains tax on transfer of a real estate property (land or building or both) at a stamp duty valuation of such property if the property is sold at a lower price (in comparison to stamp duty valuation). On the other hand, recipient of such property (being individual or HUF) will also have to pay tax on receipt of such property on a difference of stamp... (India Times)
Excesses of private equity put mattress firm on death bed Oct 9, 2009
And private equity firms fees - the cuts they take as managers of investors money - should be taxed as income rather than at the low capital gains tax rate they now enjoy. The golden era of big buyouts is over for now, but the pain is still being felt by workers who had little recourse against private equity firms that stripped their companies of assets during the credit bubble. (Boston Globe)
Identity crisis for venture capitalists under proposed FDI Act Oct 8, 2009
Spelling this out, PwC executive director Punit Shah said, High capital gains taxes and very widely worded general anti-abuse provisions are the key concerns for the private equity industry, which could adversely impact the foreign investments ... Besides capital gains tax, the new code has put a question mark on the use of tax havens like Mauritius, where most VCs float a company and open a bank account for investing in Indian firms. (India Times)
Why we need an investment policy statement Oct 7, 2009
In Malaysia, since we are not subject to capital gains tax, those high tax-bracket investors may prefer capital gains rather than dividend incomes. Lastly, unique circumstances will explain any extraordinary expenditures, conditions and inconsistencies which can affect the investor but are not stated in any part of the portfolio planning. (The Star Online, Malaysia -- Business)
Is there a doctor in the house? Oct 6, 2009
Before the capital gains tax laws were changed, and the small business CGT concessions introduced, people who chose to use a company were not greatly disadvantaged ... The first three options allow you to maximise the CGT (Capital Gains Tax) small business concessions. (Sydney Morning Herald -- Business)
Taxing times Oct 6, 2009
"That could be if your main banking arrangements are still here, or if you have a share in a business in the UK or have UK credit cards or even mobile phones. "Even being a member of a golf club can be fatal to your plans," he says. "If you want to be sure you will not be regarded as UK tax resident, you need, in effect, to emigrate," says Mr Ludwig. What taxes might someone actually avoid?If you move abroad, then income earned outside the UK will no longer be taxed by the UK, but by the tax... (BBC News -- UK)
Read Obama's Lips: When is a Tax Hike not a Tax Hike? Oct 2, 2009
"I can make a firm pledge. Under my plan, no family making less than $250,000 per year, will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes." Candidate Barack Obama, Sept. 12, 2008, Dover, N.H. ... "No one making less than $250,000 under Barack Obama's plan will see one single penny of their tax raised whether it's their capital gains tax, their income tax, investment tax, any tax. And 95 percent of the people in the... (Newsmax)
Housing affordability Oct 2, 2009
The Falconers get about $4500 in tax benefits from their investment properties and another $8000 per year because their owner-occupied housing is exempt from capital gains tax ... The research released by the Brotherhood and AHURI has found that the tax system provides indirect assistance to owner-occupiers worth $45 billion annually - $30 billion of this is due to the exemption from capital gains tax of owner-occupied homes, with a highly disproportionate amount of benefit going to older and... (Sydney Morning Herald -- Opinion)
Time to increase supply of shares Oct 2, 2009
This could be in the form of breaks on income tax for companies that issue fresh shares and on capital gains tax for promoters who dilute their stake on an accelerated basis to bring public holding in listed companies to at least 25. The public good of hampering stock market bubble should be worth the cost, not to speak of the tax yields from sustained growth. (India Times)
The incentive to succeed Sep 23, 2009
" But she says that a few goals should apply to just about everyone. For most people a very good strategy is to pay off "bad debt" first: that which funds consumption, not investment. This is where the interest is not tax deductible, such as credit card debt and personal loans. The debt with the higher interest rate taking priority. Menschik says that for most people home ownership is a good financial and lifestyle goal. The principal place of residence is free of capital gains tax and the... (Sydney Morning Herald -- Business)
Tax needs new and fewer pages Sep 23, 2009
"Value shifting" rules (120 pages of legislation) dealing with attempts to avoid capital gains tax. "Debt equity" rules (40 pages) cover the classification of shares as loans and vice versa. (Sydney Morning Herald -- Business)
Whitman to make gubernatorial bid official Sep 22, 2009
State Insurance Commissioner Steve Poizner unveiled a proposal last week to reduce personal, corporate and sales taxes by 10 percent and cut the capital gains tax in half, which he says will promote job growth and thus lead to higher state revenue. Former Congressman Tom Campbell released a health care proposal he said would provide insurance coverage for an additional 2 million Californians without any additional costs. (San Francisco Chronicle -- Politics)
Prepping for the Poizinator Sep 22, 2009
His big gun is a proposal to cut taxes across the board, with 10% chops in personal and corporate taxes and a 50% cleaving of the capital gains tax. Although this sounds like a wonderful recipe to shrink already emaciated state coffers, he swore that cutting tax rates would actually, and fairly quickly, result in increased tax revenues. (Los Angeles Downtown News, CA)
The Henry review will be ripe with tax ideas Sep 20, 2009
Henry points out that the 1975 Asprey Tax Review had to wait 10 years for the capital gains tax it recommended and 25 for the GST. He told a conference in August that some of his recommendations might only become possible ''some time in the future when technology is available ... They don't much seem to be slowing our relentless desire to trade up and they help claw back the untaxed profits we pocket from the capital gains tax exemption on our family home. (Sydney Morning Herald -- Business)
Hardie contrived paperwork, Tax Office says Sep 19, 2009
THE Australian Taxation Office has wrapped up a $368 million capital gains tax challenge to James Hardie by urging the Federal Court to find the company prepared ''disingenuous and contrived'' paperwork to obscure an alleged connection between two 1998 transactions ... The Tax Office claims the gain would have been $524 million if the March dividend had not been paid, with a capital gains tax liability of $188 million. (Sydney Morning Herald -- Business)
Review calls for tax cut Sep 19, 2009
But in a disappointment to home buyers, the review will recommend retaining stamp duty on real estate transactions, finding it presents only a minor impediment to real estate purchases and helps compensate for the capital gains tax exemption accruing to people who sell their family homes. The review will spell out the case for a wealth tax and an inheritance tax, but will find that the extensive 00004000 exemptions that would be needed to make taxes popular and administratively simple would... (Sydney Morning Herald -- Business)
EDITORIAL: This tax code revise isn't the way to go Sep 18, 2009
Poizner said if he is elected governor in 2010, he would cut all personal income tax rates by 10 percent, reduce sales and corporation taxes by 10 percent, and slash the capital gains tax in half. Poizner's campaign could not say how much his proposed cuts would cost the state each year. (Fresno Bee)
Sell now or wait? Consider capital gains tax Sep 18, 2009
Consider capital gains tax ... Consider capital gains tax ... If you transferred the shares now, you would pay capital gains tax if their current value of $60,000 exceeded your purchase cost. (Sydney Morning Herald -- Business)
Should tax credit for first-time home buyers be extended? Sep 17, 2009
No. Some, if not most, of the housing bubble can be contributed to government subsidies including interest deduction and no capital gains tax. Additionally, home ownership is way over-promoted and romanticized by government and special interest groups. (Atlanta Journal-Constitution -- Business)
What the tax implications of investment property? Sep 16, 2009
Your question indicates you're trying to reduce capital gains tax. If that's the case, be aware only $50,000 can be claimed as a tax deduction. (Sydney Morning Herald -- Business)
No finance Bill in Direct Tax Code regime Sep 13, 2009
If this is done, no Capital Gains Tax liability will arise. More Stories from this section. (India Times, India -- Intl Business)
Bryan Cave Sued Over Pricey Alleged Error in Prenuptial Agreement Sep 10, 2009
Donald Bryant claimed that Bryan Cave partner Lawrence Brody failed to factor in the capital gains tax on the marital estate that Bryant shared with his former wife, Barbara ... The agreement didn't stipulate whether the value of the appreciated marital assets -- including the pricey art collection -- would include a deduction for any capital gains tax owed on the sale of those assets ... In line with Missouri state law, the court determined that the value of the marital estate did not include a... (Law.com)
What is old is new again Sep 9, 2009
The Age: national, world, business, entertainment, sport and technology news from Melbourne's leading newspaper. By Barbara DrurySeptember 9, 2009. (Sydney Morning Herald -- Business)
No capital gains tax cut for IDRs Sep 9, 2009
No capital gains tax exemption for IDRs- Market News-Stocks-Markets-The Economic Times ... No capital gains tax exemption for IDRs9 Sep 2009, 0102 hrs IST, Rohini Singh & George Smith Alexander , ET Now ... The plan to encourage overseas firms to raise capital in India through Indian Depository Receipts, or IDRs, as they are popularly known, appears to have hit a road block, with the revenue department not in favour of granting long-term capital gains tax benefits for such issues. (India Times)
Should I sell my shares and put the money into super? Sep 9, 2009
First make sure that the unit you have been bequeathed does not carry a capital gains tax liability because if it did, CGT would be triggered if you sold it. If it is free of CGT you need to decide whether a better lifestyle is more important than having an income from the unit. (Sydney Morning Herald -- Business)
Gender divide Sep 9, 2009
Smith says proceeds from the sale of non-super investments can be used to boost the lower-earning spouse's account, though capital gains tax is a factor. Any contributions will need to fall within government limits on concessional and non-concessional contributions ($25,000 for concessional contributions if you're under 50 and $50,000 if you're over 50). (Sydney Morning Herald -- Business)
It's in the stars - and in the bank Sep 9, 2009
Darren on : To take advantage of the Capital Gains Tax discount, I understand you need to hold an asset for a minimum of 12 mon. Archives. (Sydney Morning Herald -- Business)
Hardie tax woes head to court Sep 7, 2009
The Tax Office describes the dividend's effect of decreasing the value of the shares in James Hardie (Holdings) Inc and hence reducing RCI's future capital gains tax as a ''hugely lucrative intended outcome ... According to the Tax Office, the dividend saved RCI $172 million in capital gains tax. (Sydney Morning Herald -- Business)
Real Estate Answers: First-time homebuyer tax credit offers savings (674) Sep 7, 2009
The mortgage interest deduction, capital gains tax exclusion, and property tax deduction are some well known examples. For more specific questions about the tax implications or the credit, please consult a tax professional. (Lihue Garden Island, HA)
GST questions answered Sep 7, 2009
One thing that you should consider in selling the business units is the capital gains tax you will make on the sale. As these units were used by your business, and that makes them active assets under the capital gains tax regulations, you could be eligible to reduce income tax on any gain you make through the small business capital gains tax exemptions ... If these tests are passed you will be able to use the small business capital gains tax retirement and rollover exemptions. (Sydney Morning Herald -- Business)
Debra Agliano to hold free property sellers seminar Sept. 22 Sep 6, 2009
Debra Agliano to hold free property sellers seminar Sept. 22 - Medford, MA - Medford Transcript. Debra Agliano to hold free property sellers seminar Sept. 22. (Medford Transcript, MA)
Kirk J. Stark: Stretch out taxes on capital gains to ease the state's boom-bust cycle Sep 6, 2009
Fashioning a "21st century tax system that fits with the state's 21st century economy" is no small undertaking, especially since the charge is to "stabilize state revenues and reduce volatility" while ensuring a "fair and equitable tax system." The task is complicated by the fact that the chief culprit in revenue volatility is the state's progressive tax system, especially capital gains taxes paid by the state's richest taxpayers ... Here's one solution that should be on the table: Let taxpayers... (Sacramento Bee -- Opinion)
Rich tax pickings in homes Sep 2, 2009
The Treasurer, Wayne Swan, has dismissed reports the Government is considering imposing a capital gains tax on expensive family homes ... People in the top 20 per cent income bracket enjoy a tax break of about $8000 a year from the exemption of the family home from capital gains tax, according to a paper by the University of Sydney economist Judith Yates. (Sydney Morning Herald -- Australia)
Balance the budget, now Sep 2, 2009
ACLU 4 Jesus wrote on Sep 1, 2009 12:14 PM:" I wonder of Ron is channeling Hubert Hoovers spirit. Those are the steps that Hoover took when the economy was ailing back at the end of the 20's and early 30's. We all know how well that worked. If the private sector is not spending money, and the business sectors is not spending money there is only one other sector that can and must to keep fluidity in the economy and that is the Government sector.If you really want to fix Social Security and... (Bismarck Tribune, ND)
Wexler Wallace, LLP and Squitieri & Fearon, LLP Announce Securities Fraud Class Action Lawsuit Against Archstone-Smith and Tishman Speyer Sep 1, 2009
75 per unit, a price which significantly under-valued the original A-1 Units and which caused the sellers to incur substantial capital gains tax liability, or to purchase Series O Units in the new private company that rose out of the Merger, which units Defendants knew had substantially inferior rights as compared with the original A-1 Units and which significantly declined in value following closing of the Merger and are now worth a fraction of what Defendants represented them to be worth in... (Primezone Releases)
When a reverse mortgage works - it's debatable Sep 1, 2009
Accordingly, you may have to pay capital gains tax. You have to take your original purchase price, and add such items as improvements and any closing costs you paid when you bought the unit. (San Francisco Chronicle -- Business)
Buyers tap IRAs for homes Sep 1, 2009
"Once I sell, the money also goes directly into the IRA without capital gains tax. If I hold onto it for five to seven years, it probably will be worth in the low $200,000s, so I'll get a sizable gain. If I find another property I think will appreciate faster, I can sell this and use the funds to invest in that one. The IRA is a good long-term investment tool.". With many properties at bargain-basement prices, more people have been turning to their self-directed IRAs as a ready source of capital... (San Francisco Chronicle -- Business)
Don't pay off entire mortgage with extra cash (1) Aug 30, 2009
It's still a good way to avoid having to pay any capital gains tax, so long as you have owned the property for a full five years. You only have to use it as your principal home, however, for two out of the five years before it is sold. (Lodi News Sentinel, CA)
CSB, Federal Bank merger on cards Aug 29, 2009
(Significantly, since CSB is an unlisted entity, the shareholders will have to pay capital gains tax for whatever they receive from the deal). Bank mergers have been far and few between in India due to resistance from employees, differences in culture and regulatory restrictions. (India Times)
It is 2011. John Boehner is Speaker of the House Aug 28, 2009
A week later, the House passed the Wealth Production Act, which repealed the estate tax and the capital gains tax and lowered taxes on "wealth producers" with annual incomes above $200,000. On the same day, it passed a bill to allow citizens to carry any firearms they want wherever they go, concealed or unconcealed. (Salon)
Fluor CEO sells 90,000 shares Aug 27, 2009
The company described the transaction as part of Boeckmann's long-term asset diversification strategy and to take advantage of existing capital gains tax rates. Fluor offers clients worldwide engineering, procurement and construction services. (Dallas Business Journal, TX)
Investment property first? Aug 26, 2009
A Primary Place of Residence (PPR) is exempt from capital gains tax, land tax and attracts a lower rate of stamp duty when compared to an investment property. It is true that interest on a PPR mortgage is not tax deductible but then neither is the rent you will be paying to live elsewhere. (Sydney Morning Herald -- Business)
