Category Taxation in USA

Tax Freedom Day in the USA

April 16, 2018 Taxation in USA

tax freedom dayWASHINGTON D.C. – America’s Tax Freedom Day will is only days away, but would be almost 3 weeks away if the government’s overspending was counted.

Tax Freedom Day in the USA will fall on April 19th this year, according to new information released last week by the think-tank the Tax Foundation.

Tax Freedom Day is a measure used by some think-tanks and researchers to help illustrate the tax burden faced by taxpayers in a country.

The measure is used to illustrate how long an average taxpayer needs to work each year before they would earn enough to pay off an average tax burden for the entire year.

This year in the USA the average taxpayer would need to work for 109 days before paying off their tax obligations.

The Tax Foundation claims that the average American will spend more on tax this...

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Property Taxes Variation in the USA

March 1, 2018 Taxation in USA

property taxes in the USAWASHINGTON D.C. – Property taxes vary widely between each state in the USA, with a difference of almost USD 7 000 between the most expensive and cheapest state.

New information released in a report by WalletHub has ranked the property tax burdens faced by taxpayers across each state In the USA.

Based on the conclusions of the research the state with the cheapest effective real-estate tax rate in the country was Hawaii, followed by Alabama, and Louisiana, which had tax rates of 0.27 percent, 0.43 percent, and 0.51 percent respectively.

The highest rates were found in New Jersey, Illinois, and New Hampshire, with a rate of 2.40 percent, 2.32 percent, and 2.19 percent.

The rates were calculated based on the taxes which would be charged on a home with a value equal to USD 184 700, the median ...

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Tax Confusions Reign in America

February 23, 2018 Taxation in USA

tax filing usaWASHINGTON D.C. – American taxpayers are confused by their tax obligations, with misunderstandings on what is legal and what isn’t, and even confusion on what their own tax brackets are.

The results of a survey conducted by NerdWallet has shown that many American taxpayers are unaware of the country’s tax rules or even their own tax situation.

The survey results were compiled from the responses provided by 2 000 US adults taxpayers.

It was found that approximately half of all the survey respondents didn’t know their own tax bracket.

Approximately a quarter of the respondents also didn’t know of the new tax bill which was signed into law in 2017.

Along with not knowing their own tax situation, the taxpayers also believed that many legal tax breaks were illegal, such as making extra ...

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Plastic Bag Tax Proposed in Guam

February 19, 2018 Taxation in USA

Plastic bag taxHAGÅTÑA – Plastic bags could soon carry a tax or fee in Guam, both for shoppers and businesses.

Shopping in Guam could become more expensive for fans of the humble plastic bag, as a new bill has been introduced to add taxes for imported bags and those given to shoppers.

Under the scope of the new rules, shops and restaurants which distribute a plastic bag to a customer without charging a USD 0.25 fee will face a fine of USD 500 for the first offence, and a USD 1 000 fine for any subsequent offence.

The businesses themselves would also pay a tax of USD 0.10 per plastic bag imported into Guam.

The tax is not specifically aimed at being a significant source of new revenue, but an incentive for businesses and consumers to wean themselves off their reliance on plastic bags.
The bag tax wou...

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American Crypto Investors Hiding from IRS

February 14, 2018 Taxation in USA

Cryptocurrency incomeWASHINGTON D.C. – Americans who have already submitted their tax returns either have not invested in cryptocurrencies or are lying about the incomes the cryptocurrency have helped them realize.

The tax preparation business Credit Karma has released new information which indicates that taxpayers in America may be hiding their taxable incomes from cryptocurrency investments.

The business revealed that of the 250 000 individual taxpayers who have already filed their annual obligations, only 100 made any specific mention of gains from cryptocurrency.

It is estimated that approximately 7 percent of Americans hold investments in Bitcoin.

Also, a previous survey by Credit Karma indicated that as many as 57 percent of respondents have realised gains from cryptocurrency.

Based on the available inf...

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