Income tax – Eshcinsel http://eshcinsel.net/ Mon, 29 Nov 2021 05:28:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://eshcinsel.net/wp-content/uploads/2021/10/icon-41-120x120.png Income tax – Eshcinsel http://eshcinsel.net/ 32 32 YARBROUGH: Vernon Jones touts his no-income tax proposal | Chroniclers https://eshcinsel.net/yarbrough-vernon-jones-touts-his-no-income-tax-proposal-chroniclers/ Sun, 28 Nov 2021 12:30:00 +0000 https://eshcinsel.net/yarbrough-vernon-jones-touts-his-no-income-tax-proposal-chroniclers/ Country united states of americaUS Virgin IslandsMinor Outlying Islands of the United StatesCanadaMexico, United Mexican StatesBahamas, Commonwealth ofCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory south of 60 degrees S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic ofAzerbaijan, Republic ofBahrain, Kingdom ofBangladesh, […]]]>


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No tax evasion carried out by the assessor as it is up to the parties to settle the consideration of the sale for the transfer of the respective shares of the property: Delhi HC https://eshcinsel.net/no-tax-evasion-carried-out-by-the-assessor-as-it-is-up-to-the-parties-to-settle-the-consideration-of-the-sale-for-the-transfer-of-the-respective-shares-of-the-property-delhi-hc/ Sat, 27 Nov 2021 05:15:23 +0000 https://eshcinsel.net/no-tax-evasion-carried-out-by-the-assessor-as-it-is-up-to-the-parties-to-settle-the-consideration-of-the-sale-for-the-transfer-of-the-respective-shares-of-the-property-delhi-hc/ Through Mariya Paliwala – November 27, 2021 at 10:45 a.m. The Delhi High Court ruled that no tax evasion is made by the appraised as it is up to the parties to settle the consideration of the sale for the transfer of the respective shares of the property. Income challenged the ITAT order in which […]]]>

The Delhi High Court ruled that no tax evasion is made by the appraised as it is up to the parties to settle the consideration of the sale for the transfer of the respective shares of the property.

Income challenged the ITAT order in which it was held that it was up to the parties to settle the consideration for the sale for the transfer of the respective shares in the property while the ITAT did not note that the parties were closely related and that there was no suitable basis for the settlement of the consideration for the sale between them and this was done for the purpose of evading payment of tax.

The valuation agent, by the valuation order of 03.31.2015, considered that the respondent had the exclusive right of ownership on the land and should therefore have received the minimum amount of the consideration for the sale at the rate circular of Rs. 27 60 03 387 / -. The valuation officer therefore added an amount of Rs. 9 60 03 387 / – to the respondent’s income under section 50C of the Income Tax Act, 1961.

The appellant submits that under section 48 of the Act, all of the consideration for the sale should have been declared as income by the respondent and that, subsequently, the amount paid to M / s ESS ESS Metals and Electricals could have been claimed as a deduction. She further casts doubt on the separation of the amount between the Respondent and M / s ESS ESS Metals and Electricals, arguing that the Respondent is the daughter-in-law of the sole owner of M / s ESS ESS Metals and Electricals, whom is, Mr. Banarsi Lal Pasricha.

The valuation agent had in fact invoked Section 50C of the law, claiming that the consideration for the sale of Rs. The 18 crore received by the respondent was less than the Circle Rate. This clearly ignored the fact that the consideration for the sale was in fact Rs. 35 crores. CIT (A) and ITAT have reached competing conclusions on the above. It is also not denied that M / s ESS ESS Metals and Electricals held a 99 year lease on the land and that the seller paid a consideration of Rs. 17 Crores for the cancellation of said lease. In this case, the seller did not have an encumbered right on the land and M / s ESS ESS Metals and Electricals certainly had a perpetual lease right on the land, a right also extinguished by virtue of the deed of sale. .

The divisional bench of Judge Navin Chawla and Judge Manmohan held that in a case where, from a given set of circumstances, two inferences of fact are possible, the one drawn by the lower court of appeal will not be interfered with. by the High Court in the second appeal. Any other approach is not allowed. It has also been held that there is a difference between a question of law and a “substantive question of law”.

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Sustainable Mississippi Income Tax Reduction https://eshcinsel.net/sustainable-mississippi-income-tax-reduction/ Tue, 23 Nov 2021 15:25:07 +0000 https://eshcinsel.net/sustainable-mississippi-income-tax-reduction/ With increased tax revenues from increased consumer spending, sustained economic growth, and the primary and secondary effects of federal COVID-19 assistance programs, many states are cash-strapped and a significant number used at least part of their surplus to provide tax relief. Many Mississippi lawmakers would like to join them. As part of Republican Gov. Tate […]]]>

With increased tax revenues from increased consumer spending, sustained economic growth, and the primary and secondary effects of federal COVID-19 assistance programs, many states are cash-strapped and a significant number used at least part of their surplus to provide tax relief. Many Mississippi lawmakers would like to join them.

As part of Republican Gov. Tate Reeves’ budget proposal, Mississippi policymakers will once again consider a plan to eliminate the state’s personal income tax. According to the governor’s proposal, the 4% bracket, imposed on the $ 5,000 to $ 10,000 range of taxable income, would be eliminated in 2023, along with part of the 5% bracket, which starts at 10,000. $. Under the Taxpayer Pay Raise Act, passed in 2015, the lowest bracket (3%), on taxable income below $ 5,000, should already be removed next year.

To compensate for the variation in income, the governor’s plan relies almost entirely on the state’s $ 1 billion budget surplus as of fiscal 2021. Second, to ensure that the reduction can be sustainable, fiscal growth future would be capped at 1.5% per fiscal year.

There are many reasons to believe that an income tax cut in Mississippi would produce positive economic benefits, and policy makers’ instincts are correct there. Reducing income tax is good for economic growth because tax rates influence the number of people working. All other things being equal, it also makes a difference in where people choose to live. However, fiscal sustainability will be key to realizing the full potential of any tax reduction. This could prove difficult given that personal income tax accounted for $ 1.9 billion in revenue, or 33% of total state general fund revenue, in fiscal 2019.

Unlike previous income tax repeal plans, the current plan would eliminate personal income tax without adjusting other tax rates or bases. Bill 1439 (which passed the Mississippi House of Representatives this year) proposed a 2.5 percentage point increase in state sales tax to offset lost revenue associated with a reduction substantial income tax rate, with the goal of ultimate repeal. Here, Governor Reeves makes it clear that no direct revenue compensation is contemplated, although he likely hopes for increased revenue from other taxes and population growth, to help offset some of the loss of income. While tax cuts are certainly helpful for economic growth, and states without personal income tax are particularly attractive for offshoring, Mississippi lawmakers certainly shouldn’t expect sales taxes. or other higher incomes replace the lost incomes by the repeal of the income tax.

When people make decisions, they usually do so on the sidelines. In the workplace, they envision the compromise of working an extra hour, an extra day, or a week longer. Individual preferences, including the value of time, will vary, but on average, if the benefits of working an extra quarter outweigh the cost of giving up that time to do something else (e.g., hobbies), people will choose to work. Marginal tax rates exist in this paradigm. This is particularly important for small businesses, most of which are flow-through entities and subject to personal income tax. National migration, both for individuals and businesses, can also be driven by tax systems.

With a maximum marginal rate of 5%, Mississippi is in the middle of the pack: once all of the income tax cuts passed in 2021 are in effect, 5% will be the highest median marginal rate in the country. However, Mississippi taxpayers only need to earn $ 10,000 in taxable income before reaching the top bracket.

All other things being equal, people will choose to reside where they can generate the greatest return on their work. This should mean that the state with the lowest tax rate will attract the greatest number of residents. In practice, other factors also have an impact on national migration. Tax policy can be overshadowed by a business’s infrastructure or technology access needs. Others may prioritize access to human capital or local property tax rates. Even though taxation was the most important weight on the residency decision scale, a basket of other preferences can still tip the balance in a state’s favor. These observations do not negate the economic importance of sound fiscal policy, but they caution against relying too much on reform for economic growth to the exclusion of all others.

In both tax reform and program creation, policymakers should be careful about inadvertently shaping unfunded liabilities. Currently, the United States is facing an inflation rate unprecedented since 1990. The government is not immune to these effects. Like any other consumer, income growth must match the rate of inflation for purchasing power to remain constant. The wrong timing or the wrong combination of income cuts and spending restrictions could make service delivery particularly difficult. Even if price inflation returns to the Federal Reserve’s 2% target rate, a 1.5% increase in Mississippi’s annual budget would still result in a 0.5% budget cut in real terms. Some states have high spending levels that may well be reduced, while there may be much less room for reduction in Mississippi.

Ultimately, it is up to Mississippi policymakers and their constituents to decide how many and what kind of government services the state should provide. Lawmakers are correct in viewing income tax as an appropriate means of tax relief given the robust growth in government revenues, and in viewing income tax reduction or elimination as an option. a favorable choice for growth, especially in this increasingly mobile era. Gradual tariff reductions subject to revenue availability may be a good approach, and policymakers need to decide how much revenue growth to spend on this project, and how much, if any, will limit government growth in doing so.

As lawmakers debate the benefits of repealing income tax, they need to be clear about the trade-offs. One way to reduce the reliance on income tax is to shift some of the tax burden to a less economically damaging tax, as lawmakers previously envisioned. (We have assessed the earlier proposals here.) If, in turn, lawmakers agree with the governor’s approach of phasing in rate cuts without replacement income, they must be clear about the pace and sources of the change. this tax break. Given the current revenue path, it is possible to reduce taxes without offsetting increases elsewhere, but “going back to zero” would require strict fiscal discipline and tough choices in the state budget.

Reducing income tax can be an effective treatment for economic ills, but it tends to fail as a cure-all. Income tax relief is, after all, an instrumental goal, not an ultimate goal: the ultimate goal is economic growth and prosperity, so how a tax is paid – what income offsets or reductions expense – remains an important consideration. Mississippi lawmakers are expected to give tax breaks in 2022, but they don’t need to take an all-or-nothing approach. There are many ways to improve the state’s tax code, even if the complete repeal of income tax is not on the table.


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El Salvador plans world’s first Bitcoin city with zero income tax https://eshcinsel.net/el-salvador-plans-worlds-first-bitcoin-city-with-zero-income-tax/ Sun, 21 Nov 2021 21:46:00 +0000 https://eshcinsel.net/el-salvador-plans-worlds-first-bitcoin-city-with-zero-income-tax/ El Salvador has announced its intention to build a “Bitcoin City” whose residents will not have to pay any income, property, capital gains or payroll taxes. El Salvador has announced its intention to build the first ‘Bitcoin City ‘whose infrastructure will be financed by Bitcoin bonds and where residents will not have to pay income […]]]>

El Salvador has announced its intention to build a “Bitcoin City” whose residents will not have to pay any income, property, capital gains or payroll taxes.

El Salvador has announced its intention to build the first ‘Bitcoin City ‘whose infrastructure will be financed by Bitcoin bonds and where residents will not have to pay income tax. The announcement comes two months after the country declared Bitcoin as legal tender, allowing Salvadorans to pay their daily expenses and taxes with the world’s largest cryptocurrency. As part of its plans to make El Salvador the largest destination in the world for Bitcoin-related investments, the country has also offered residency to anyone who invests three Bitcoins in the national economy.

El Salvador is also aiming to become a hub for cryptocurrency mining, with President Nayib Bukele saying the country will offer cheap, renewable, zero-emission energy from its volcanoes for Bitcoin mining. Along with El Salvador, Bitcoin is also increasingly accepted in the United States, where the first Bitcoin ETF began trading on the New York Stock Exchange (NYSE) last month. AMC Theaters also recently announced plans to accept Bitcoin and other cryptocurrencies for online payments, possibly paving the way for more widespread adoption of the technology.

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Related: Is Bitcoin An Environmental Nightmare?

Speaking on the last day of a week-long Bitcoin event in El Salvador, President Nayib Bukele said the so-called “Bitcoin City” would appear in the eastern region of La Union, along the Gulf of Fonseca. He also reiterated ambitious plans to build a geothermal power plant next to a nearby volcano to power the city and planned Bitcoin mining activities in the region. According to Bukele, Bitcoin City will be a large-scale commune with residential and commercial areas, as well as an airport. He added that it would be circular in shape, like a coin, and that it would also benefit from regular train service.

Bitcoin City will not levy any income tax

Bitcoin coins

Bukele also claimed that the new city will not levy any income taxes or charge property, capital gains or payroll taxes. The only tax that new residents of the city will have to pay is a value added tax (VAT) which will finance public infrastructure. While half of the VAT will be used to support Bitcoin bonds, the other half will be used to maintain essential city services like garbage collection etc.

President Bukele also announced that El Salvador will issue at least $ 1 billion in Bitcoin bonds to build the city’s infrastructure. The bonds will be developed by a US-based Bitcoin services company named Blockstream, while Bitfinix Securities will conduct the city’s first crypto exchange. In a press release on Sunday, Blockstream confirmed that the company will develop Bitcoin bonds on the liquid network. The amount will be split into two halves, with $ 500 million allocated to purchase more bitcoin. The other half will be spent on energy and Bitcoin mining infrastructure in the region.

Next: Teenager Used Google Ads To Scam $ 3 Million In Bitcoin

Source: Reuters, Blockstream

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Income Tax Service conducts research in Gujarat https://eshcinsel.net/income-tax-service-conducts-research-in-gujarat/ Sun, 21 Nov 2021 04:54:02 +0000 https://eshcinsel.net/income-tax-service-conducts-research-in-gujarat/ Ministry of Finance Income Tax Service conducts research in Gujarat Posted on: 21 NOV 2021 10:07 AM by PIB Delhi The Income Tax Department conducted a search and seizure operation on a large group engaged in the manufacture of chemicals and the development of real estate on 11/18/2021. The research action covered more than 20 […]]]>

Ministry of Finance

Income Tax Service conducts research in Gujarat

Posted on: 21 NOV 2021 10:07 AM by PIB Delhi

The Income Tax Department conducted a search and seizure operation on a large group engaged in the manufacture of chemicals and the development of real estate on 11/18/2021. The research action covered more than 20 rooms spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai.

A large body of incriminating evidence in the form of documents, diary notes and digital data showing the group’s huge unrecorded income gains and investment in assets have been found and seized. Evidence clearly points to evasion of taxable income by adopting various modus operandi such as cutting production, using fake purchase invoices without actual delivery of goods to inflate purchases, using fake credit GST, claiming incidental commission charges, etc. the group of the appraised also received a deposit in connection with real estate transactions. All of this resulted in the generation of unrecorded cash. During the search procedure, several pieces of evidence relating to cash transactions of real estate investments and cash loans were also seized.

The search operation resulted in the seizure of unrecorded cash of approximately Rs. 2.5 crore and jewelry Rs.1 crore. 16 bank lockers were placed under duress.

Preliminary analysis of documents / evidence uncovered during the research indicated that the estimate of unrecorded income is likely to be greater than Rs. 100 crore.

Further investigations are in progress.

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RM / KMN

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Disclaimer

Ministry of Finance of the Republic of India published this content on November 21, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 21, 2021 04:53:00 AM UTC.


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The IBBI specifies that a “no objection” from the income tax service is not required in the event of voluntary liquidation – Taxation https://eshcinsel.net/the-ibbi-specifies-that-a-no-objection-from-the-income-tax-service-is-not-required-in-the-event-of-voluntary-liquidation-taxation/ Thu, 18 Nov 2021 10:55:52 +0000 https://eshcinsel.net/the-ibbi-specifies-that-a-no-objection-from-the-income-tax-service-is-not-required-in-the-event-of-voluntary-liquidation-taxation/ India: The IBBI specifies that no objection from the income tax service is required in the event of voluntary liquidation November 18, 2021 Nexdigm Private Limited To print this article, simply register or connect to Mondaq.com. The Insolvency and Bankruptcy Board of India (IBBI) issued a circular on November 15, 2021. This circular clarified that […]]]>

India: The IBBI specifies that no objection from the income tax service is required in the event of voluntary liquidation

To print this article, simply register or connect to Mondaq.com.

The Insolvency and Bankruptcy Board of India (IBBI) issued a circular on November 15, 2021. This circular clarified that it is not necessary to obtain a “no objection” or “no contribution” certificate of the income tax service during the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (the Code) and the regulations made thereunder.

It states that Regulation 14 of the IBBI Voluntary Liquidation Process Regulations 2017 (the Regulations) require the insolvency practitioner to make a public announcement within five days of their appointment, calling for the submission of claims. by stakeholders within 30 days of the start date of liquidation. Therefore, the Regulations oblige all financial creditors, operational creditors (including government), and other stakeholders to submit their requests within the specified time frame. If the claims are not submitted on time, the legal person may be dissolved without dealing with these claims, and the claims will be extinguished.

The IBBI noticed that the liquidators were seeking a “no objection” or “no assessment” from the income tax department, even after being given the opportunity to file claims. On the other hand, the Code does not contemplate the same thing.

In this regard, the IBBI has drawn attention to Article 178 of the Income Tax Law, which requires liquidators to meet certain tax requirements, and explicitly states that the provisions of the Code shall prevail over the effects of article 178 in the event of incompatibility between them.

Therefore, the IBBI clarified that it was not necessary to obtain a “no objection” or “no contribution” from the income tax service as part of the voluntary liquidation process….

Our comments

The IBBI has correctly clarified that the Code and Regulations do not contemplate obtaining a “no objection” or “no assessment” certificate from the income tax service as part of the voluntary liquidation process. . What the Code expressly expects from creditors is that they submit their claim within a specified time frame. If the complaint is not presented, it is extinguished.

We believe that the essence of the Code is a time bound process and the maximization of the value of the assets of the persons concerned. With this intention in mind, the provisions of the Code establish an explicit process for dealing with the liquidation of a corporation. We have witnessed that the process of applying for and obtaining a “no objection” or “no assessment” certificate from the Income Tax Service takes a long time. This process defeats the goal of time-bound completion under the Code.

Nexdigm communicated this concern to IBBI through liquidators / professional insolvency agencies. We have argued this before the Honorable NCLT in various voluntary liquidation cases, and in many cases the Honorable NCLT was happy to agree to this submission.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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Intellectual property tax regime in India

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The relevance of intellectual property as an asset has just increased over the past decades and has become a strong foothold for the economic development of nations.


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State voters don’t trust state lawmakers to allow income tax https://eshcinsel.net/state-voters-dont-trust-state-lawmakers-to-allow-income-tax/ Wed, 17 Nov 2021 09:30:00 +0000 https://eshcinsel.net/state-voters-dont-trust-state-lawmakers-to-allow-income-tax/ Letters I write about the recent editorial (“How Would You Tax the State,” The Herald, November 11). Obviously, those who make up the Herald’s editorial board don’t understand why a state income tax vote has been rejected every time it’s been on the ballot. There are very few voters who believe that if a state […]]]>

Letters

I write about the recent editorial (“How Would You Tax the State,” The Herald, November 11).

Obviously, those who make up the Herald’s editorial board don’t understand why a state income tax vote has been rejected every time it’s been on the ballot. There are very few voters who believe that if a state income tax were approved, the state legislature would ever permanently reduce sales tax, property tax, B&O tax, etc. .

When the state proposed the legalization of gambling, the proceeds were to go to fund schools. It lasted about two years when the legislature decided that the money should be put into the general fund, and schools again became underfunded. When voters approved the first $ 30 car tags and the court found they were illegal, Gov. Gary Locke ordered the car tags lowered to $ 30. Well, it lasted about two years, and the legislature raised money to fund the Department of Transportation. Have you noticed how many advisory items on the ballot are rejected, but the Legislature never overrules its decisions.

These are the reasons why a state income tax continues to be defeated; Washington voters know it would be another additional tax and the lowest incomes in the state will be worse off than they were. No matter who is elected to the State Senate and House, voters cannot trust them to make good decisions. Remember, this is a state government that has been taxing and spending for decades.

Stanley C. stebing

Stanwood



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How do states without sales tax or income tax pay for government services? https://eshcinsel.net/how-do-states-without-sales-tax-or-income-tax-pay-for-government-services/ https://eshcinsel.net/how-do-states-without-sales-tax-or-income-tax-pay-for-government-services/#respond Thu, 11 Nov 2021 21:28:57 +0000 https://eshcinsel.net/how-do-states-without-sales-tax-or-income-tax-pay-for-government-services/ This is just one of the stories in our “I’ve Always Asked Myself” series, where we answer all your questions about the business world, regardless of its size. Have you ever wondered if recycling is worth it? Or how to store brands stack against famous brands? Discover more of the series here. Auditor Bob Patrick […]]]>

This is just one of the stories in our “I’ve Always Asked Myself” series, where we answer all your questions about the business world, regardless of its size. Have you ever wondered if recycling is worth it? Or how to store brands stack against famous brands? Discover more of the series here.


Auditor Bob Patrick of Claremont, Calif., Asked:

How do states without sales tax or income tax pay for government services?

When it comes to the local and state tax system, there’s an analogy that experts like to use: it should work like a three-legged stool.

This means that a balanced tax portfolio should have income tax, sales tax, and property tax, explained Mehmet Tosun, professor of economics at the University of Nevada, Reno.

But America has 10 two-legged stools – states with no sales tax and no income tax. States that have waived sales taxes include Delaware, Montana, and Oregon, while Nevada, South Dakota, Washington, and Florida have waived income tax.

Alaska and New Hampshire are the only states that have neither comprehensive sales tax nor income tax.

States without income tax States without sales tax States without
Alaska Alaska Alaska
Florida Delaware New Hampshire
Nevada New Hampshire
New Hampshire Oregon
South Dakota
Tennessee
Texas
Washington
Wyoming

Tosun said the absence of both makes it “extremely difficult” to collect revenue, so to pay for government services, these two states must compensate with higher property taxes or derive revenue from alternative sources.

While Alaska and New Hampshire don’t have either of these taxes, there are a few caveats. New Hampshire technically charges an income tax on investment income at a rate of 5%, but not on wages. And Tosun noted that some local areas in Alaska have a sales tax, it just isn’t in place statewide.

Alaska currently imposes a 35% tax rate on oil and gas produced in the region. Fluctuating oil prices will affect how much the state can get out of that raw material. Since 1977, industry revenues have averaged 80% of the state’s general fund, according to the Alaska Oil & Gas Association.

On top of that, Tosun pointed out that the state has an extremely small population of around 730,000.

With rising oil prices, the Alaska Department of Revenue recently raised the state’s revenue projections this year to $ 6 billion, from $ 4.7 billion, according to Anchorage Daily News.

But the problem with natural resources is that they are limited.

“It is very short-sighted to set up your income system, so that it depends on a source of income that is depleted and also harms the climate,” said Michael Leachman, vice president of tax policy at state at the Center on Budget and Policy Priorities.

He explained that Alaska repealed its income tax in the 1980s after opening up its pipeline system.

As a result, Leachman said Alaska’s revenues are very volatile. In fact, he actually earned the unwanted superlative of having the most volatile tax revenues in the United States.

“It just makes it very difficult to run a school system and invest in the health of people, as well as in communities and families,” Leachman said.

As the state is currently facing a recovery, Alaska’s tax revenue fell 45% at the height of the COVID-19 crisis from a year earlier due to declines in oil prices and of production, according to an analysis by National Public Radio.

In the past decade, key times when prices have fallen also include 2014-2016 and 2018. The money the state raked in from the oil and gas industry in fiscal year 2019 has only accounted for that 38% of its general fund revenues, which amounted to $ 3.1 billion. , according to AOGA.

In New Hampshire, Leachman said a major source of income was his two-tier business tax. The state has a corporate income tax, which is placed on the income from commercial activity, and a corporate tax, which is placed on the remuneration, interest and dividends paid by a company.

“They also depend heavily on local governments to provide services, and therefore property taxes paid locally are higher than in other states,” Leachman said.

Residents of the state pay the third highest property tax in the country at a rate of about 2.2% – just behind Illinois and New Jersey, according to a WalletHub study earlier this year.

The Concord Monitor reported that although New Hampshire has one of the best, lowest student-teacher ratios, it ranks last in public funding for public education. Districts with below-average property values ​​have a harder time raising funds to provide adequate education, the National Education Association-New Hampshire said.

Even states without a single type of tax can face obstacles. Tosun said that in Nevada, where he is based, the state compensates for missing income taxes through the gambling economy. However, he said the state experiences fluctuating revenues because this industry – overcrowded. through competition – not making as much money as before.

States like West Virginia and Mississippi have attempted to repeal income tax, one of the pillars of the Stool, as recently as this year.

Leachman said the argument for cutting taxes boils down to the belief that people and businesses will be flocking to your area, but the evidence does not support this.

“There are a lot of states that have tried big income tax cuts in hopes of creating economic growth and it hasn’t worked out as they hoped,” he said. declared.


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Burgum-backed income tax relief plan advances despite opposition from GOP leadership https://eshcinsel.net/burgum-backed-income-tax-relief-plan-advances-despite-opposition-from-gop-leadership/ https://eshcinsel.net/burgum-backed-income-tax-relief-plan-advances-despite-opposition-from-gop-leadership/#respond Wed, 10 Nov 2021 00:43:00 +0000 https://eshcinsel.net/burgum-backed-income-tax-relief-plan-advances-despite-opposition-from-gop-leadership/ The proposal, which was presented to the House on Tuesday afternoon by Bismarck’s Republican Representative Pat Heinert, would provide up to $ 500 in two-year income tax relief to North Dakotas in s’ building on government surplus revenues from the last budget cycle. Heinert’s bill reflects an idea that Burgum first rolled out in September […]]]>

The proposal, which was presented to the House on Tuesday afternoon by Bismarck’s Republican Representative Pat Heinert, would provide up to $ 500 in two-year income tax relief to North Dakotas in s’ building on government surplus revenues from the last budget cycle. Heinert’s bill reflects an idea that Burgum first rolled out in September and that the second-term Republican continued to push until his state-of-state speech that kicked off the extraordinary legislative session Monday morning.

“In my opinion, we have to do it for the people of North Dakota,” Heinert told his colleagues at House. “I hope people will use these funds to maybe save money, maybe help someone else with a donation, maybe buy something needed for their own household, or maybe just take their family for a good meal. ”

Heinert’s bill has been introduced by a large majority of 83 to 7, although leading Republican lawmakers have voiced opposition to Burgum’s proposal on several occasions over the past few months.

In a press conference on Tuesday, Senate Majority Leader Rich Wardner R-Dickinson said he continued to oppose plans to remove money from state coffers, citing possible sudden blows to the economy such as the collapse in oil prices last year. Wardner said he wanted to consider lowering taxes when the Legislature returns to Bismarck for a full session in 2023, but he said he believes property taxes might be a better avenue than tax on property. returned.

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Offering discounts now could also reduce the state’s ability to make a more permanent change to the property tax in 2023, he added.

“I didn’t know we had so many members of the House who are in tune with the governor, but they are,” Wardner said of the support the bill garnered in the lower house.

House Majority Leader Chet Pollert R-Carrington has also said in recent months that he favors more permanent changes to cut taxes and does not see the special session as the time to s attack it. But on Tuesday, Pollert voted to introduce Heinert’s bill and said he believed the idea should be considered by lawmakers.

Momentum was building for tax break proposals on Tuesday, Pollert said, and “sometimes you don’t find yourself in front of a locomotive.”

Mike Nowatzki, spokesman for Burgum, said the governor “fully” supported Heinert’s proposal and was open to discussions on more permanent changes later.

Burgum has lobbied for the income tax refund proposal several times over the past few months, and again included the idea in his state of state speech on Monday morning.

“We can afford to do it, we should want to do it and hard-working North Dakota taxpayers certainly deserve it,” he told lawmakers.

The income tax relief proposal was presented on the same day that separate proposals to permanently reduce state income tax on social security benefits also drew late introductions in each. bedroom.

Similar bills aimed at providing long-term tax relief for North Dakota seniors on Social Security have been introduced in both the House and Senate chambers, and both have cleared the sidelines of social security. two thirds for a late introduction.

A proposal, presented by Republican Senator from Minot, David Hogue, was rejected the day before by a delayed bills committee, but was presented in a 35-12 Senate floor. The House proposal, presented by Republican representative for Minot, Larry Bellew, came with a vote of 77 to 12.

Readers can contact Forum reporter Adam Willis, a member of the Report for America corps, at awillis@forumcomm.com.


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Man arrested for selling property seized by income tax service https://eshcinsel.net/man-arrested-for-selling-property-seized-by-income-tax-service/ https://eshcinsel.net/man-arrested-for-selling-property-seized-by-income-tax-service/#respond Sat, 06 Nov 2021 19:39:20 +0000 https://eshcinsel.net/man-arrested-for-selling-property-seized-by-income-tax-service/ The Trust Document Fraud Wing (EDF) on Saturday arrested a 44-year-old man for allegedly selling an apartment that was seized by the income tax department in Sholinganallur. According to police, Jayalatha, a tax collector from the Income Tax (IT) Department, filed a complaint alleging that Ganapathi Subramanian did not pay income tax between 2011 and […]]]>

The Trust Document Fraud Wing (EDF) on Saturday arrested a 44-year-old man for allegedly selling an apartment that was seized by the income tax department in Sholinganallur.

According to police, Jayalatha, a tax collector from the Income Tax (IT) Department, filed a complaint alleging that Ganapathi Subramanian did not pay income tax between 2011 and 2014 and had contributions totaling 4.24 crores. Despite repeated notifications, he did not respond and as a result his 1,600 square foot apartment in Sholinganallur was seized by the department in 2017. A letter was sent to the Deputy Registrar, Neelankarai, regarding the capture.

In 2019, when department staff checked the registration department’s online records, it was found that title to the land was in Sanjay’s name. Further investigation revealed that Ganapathy Subramanian had sold the property to P. Sanjay through Sunil Jain after giving a power of attorney. The plaintiff alleged that the then deputy registrar of Neelankarai encouraged the illegal sale and sought prosecution against the four. The case was registered in 2019 and Sanjay and Sunil Jain were arrested. Ganapathy Subramanian, the main accused, is said to be on the run. The police arrested him.


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