December 20, 2012 |
Critics of the capital-gains tax are absolutely correct when they say that a tax on capital hurts the economy by reducing the incentive to save and invest. They say the same thing about the tax on investment interest, and they're right about that too. Unfortunately, this is true of every method of taxing capital. When you tax something, you discourage whatever it is you're taxing. That is the tragic nature of taxation. But if you want to spend, you've got to tax something, and if you're spending a lot more than you're bringing in, then you have a problem.
June 18, 2012 |
UPDATED 4:34 P.M. SACRAMENTO -- The tax man is coming for a visit. The California Board of Equalization announced Monday that it's sending inspectors to retailers and businesses in 34 state ZIP Codes to make sure their sales tax and business license documents are in order. The visits also have an educational purpose: to answer questions about how the state sales and use tax functions and provide advice on how to collect the levy more efficiently. The good news about the inspection program is that nearly all of the affected businesses are correctly following the law, said board Chairman Jerome E. Horton.
April 16, 2012 |
Are you getting an income tax refund? The Internal Revenue Service says the average refund will be about $3,000 this year, a nice chunk of change to put down on a deferred or impromptu vacation. Here are my picks for making the most of whatever Uncle Sam gives you, even if it's nothing at all. Big refund: Go far, without spending a lot. Friendly Planet Travel [(800) 555-5765] offers a seven-day trip to Tokyo starting at $1,599 per person and a 14-day trip to Thailand starting at $1,919 per person.
April 16, 2012 |
Tuesday is April 17, and you know what that means. Perhaps you don't. This year, it means tax day. It also means free curly fries at Arby's, two-for-one sandwiches at Mickey D's and the chance to polish off your fast food meal with two mini Cinnabons, gratis. Just contemplating it may give you a pre-tax day stomachache. As The Times reported Friday, with April 15 on a Sunday, taxpayers won a reprieve from the dreaded traditional filing day. Then, Monday is Emancipation Day, when Washington -- including the IRS -- takes a holiday to mark President Lincoln's signing of the Compensated Emancipation Act of 1862.
March 29, 2012 |
SACRAMENTO - An elected state tax collector wants to save strapped California motorists money by freezing the sales tax on gasoline whenever the pump price jumps above $4 a gallon. The idea, said George Runner, a Republican member of the State Board of Equalization, is to put a few bucks back in consumers' pockets rather than provide a small windfall to local governments. Gasoline prices in California averaged $4.33 on Wednesday, according to AAA's Daily Fuel Gauge Report.
November 3, 2011 |
Amazon.com Inc. for years has fought state efforts to force it to collect sales taxes from its customers. Now, instead of battling the tax man, the company is looking to profit — by hiring itself out as an Internet tax collector. In an abrupt about-face, the company is now offering to handle sales-tax chores for merchants who sell products through its site for a fee equivalent to 2.9% of the taxes collected. The optional service, which is set to roll out Feb. 1, will be offered to Amazon's third-party vendors in all 50 states.