Disney and the Not-So-Wonderful World of Taxes
Disneyland is often referred to as the happiest place on earth, but according to the Disney Company’s CEO, Robert Iger, the U.S. tax system and policies are putting a real damper on all the fun. According to a recent report from CNNMoney, Mr. Iger told the news outlet that the country’s corporate tax rates are “anti-competitive” and the tax system is “ridiculously complex.”
Mr. Iger is not against corporations paying their fair share of taxes, but he says the tax rate should be lowered. He also said by lowering the tax base it would allow the government to close several loopholes that permit many of the biggest and wealthiest companies in the United States to essentially pay no taxes at all.
Mr. Iger’s comments cone after presidential candidate Bernie Sanders criticized Disney for not paying its employees a fair wage and for moving many of its jobs overseas. However, Mr. Iger strongly disagrees with Mr. Sanders and claims that his company is helping the U.S and the world in many positive ways.
Corporate taxes continue to be a hot-button issue on the campaign trail during this election and although Mr. Sanders has apparently lost his bid to be the democratic nominee, he continues to push for higher taxes on the wealthy and for big business. However, Mr. Iger feels that Mr. Sanders lacks the business experience to make such claims and says the real focus should be on overhauling corporate tax policies.
http://money.cnn.com/2016/06/09/news/disney-ceo-bob-iger-taxes//
Loss on Sale of 1244 Stock
Have you considered a loss on sale of 1244 stock as a tax strategy? Ordinarily, a loss on a sale or exchange of stock is a capital loss. Capital loss treatment is generally less advantageous than ordinary deduction treatment because of the fact that a capital loss recognized by an individual is applied, first against…
Section 213 Medical, Dental, etc., Expenses
Section 213 Medical, Dental, etc., Expenses (a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent, to the extent that such expenses exceed 7.5 percent of adjusted gross income.…
Prevent an IRS Audit, 10 Strategies
Prevent an IRS Audit, 10 Strategies Do you like to prevent an IRS audit, well, here are 10 strategies that might help avoid an agent making a visit to your home or office. I don’t know many people who like these experiences, but knowing strategies to prevent an unwanted visit could certainly save you from…
10 Strategies When Handling an IRS Audit
10 Strategies When Handling an IRS Audit The IRS is using new technology to process tax returns and conduct tax audits. As more people are submitting returns through Electronic Filing, the IRS efficiency in processing returns is improving. They also have more data in their system to identify tax returns with non-compliance issues. The IRS…