Could L.A. Millionaires Be Facing Another Tax?
Everyone can agree that being homeless is terrible. No matter what the circumstances are that bring an individual to this predicament, it’s unfortunate that anyone has to be without a place to call home. Cities all over the country deal with the homeless in different ways, including California. The Golden State is considering taking its effort to stamp out homelessness even farther, and they are looking at the state’s wealthiest individuals to foot the bill.
According to reports, the L.A. County Board of Supervisors plans to include a proposal in November that would add a tax of .5 percent to anyone that has an annual income over $1 million. According to the numbers, that would create anywhere between $250 and $300 million each year in funds that would be earmarked for eliminating homelessness and helping these individuals back into the workforce.
So far, early indications show that most people are very much in favor of the idea. A recent poll showed that 76 percent of the 1,400 people asked, liked the proposal. The plan to wipe out homelessness in the county includes creating steady housing and services as well as job placement help, among other things, for the county’s growing number of homeless people. No word yet on how those who fall into this bracket would respond.
http://time.com/money/4356367/millionaire-tax-los-angeles-homeless/
“Madoff” or “Ponzi-Type” Tax Losses
“Madoff” or “Ponzi-Type” Tax Losses Update: 12/9/09 Wall Street Journal Article: http://online.wsj.com/article/SB124623441944466541.html In addition to other good information about the type and amount of refunds people are obtaining it says in the last paragraph: “On Monday, Sen. Charles Schumer (D., N.Y.) proposed a bill that seeks to further expand the carry-back period up to six…
Military Family Tax Relief Act of 2003
Military Family Tax Relief Act of 2003 On Nov. 11, 2003, President Bush signed into law the Military Family Tax Relief Act of 2003. Among its provisions are these tax breaks related to military personnel: Death benefits The death gratuity paid to survivors of deceased Armed Forces members rises to $12,000 and is not taxable…
Voluntary Compliance Program for Withholding Agents
Voluntary Compliance Program for Withholding Agents In a memo dated February 25, 2005, the IRS Large & Mid-size Business Division, announced that based on recently received Chief Counsel Advice, withholding agents participating in the Section 1441 Voluntary Compliance Program (VCP) would not be subject to interest charges under certain circumstances. Section 1441 requires withholding agents…
Are Casualty and Theft Losses Tax Deductible?
Are Casualty and Theft Losses Tax Deductible? If your property is destroyed, damaged, or stolen due to casualty or theft, you may be entitled to a tax deduction. A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, and unusual. A sudden event is one that…