#tax levy

[1900scartoons]

For Teacher

September 25, 1907

Schoolboy Board Of Tax Levy puts a $73,000 Raise in Salary apple on Teacher's desk;

The caption reads 'The Tax Levy boy is likely to get high marks in teacher's esteem this month'.

The Minneapolis Tax Levy board had voted to increase the school budget, including $73,000 for teacher salary raises.

From Hennepin County Library

Original available at: https://digitalcollections.hclib.org/digital/collection/Bart/id/6759/rec/1721

[irssolutionsusa]

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[joykitsu]

[steevejr]

amidst the doomposting I really want everyone to clap that Missouri legalized abortion and reproductive rights and the right to bodily autonomy!!!! huge deal for a massively red state !! state funded Medicaid being forced to cover abortions and birth control is a huge step forward for trans healthcare too‼️‼️‼️‼️‼️

also it raised minimum wage, established mandatory sick time accural, and denied raising cop pensions ‼️‼️‼️ small steps in the right direction ‼️‼️

[notwiselybuttoowell]

Fast, fair funding for critical climate action is desperately needed, and that makes the drive for levies on polluters and the ultrarich perhaps the most exciting climate idea floating around right now.

The Global Solidarity Levies Task Force, an independent group of experts set up after Cop28, has now set out 16 specific ideas for consultation that could raise hundreds of billions of dollars a year to fight global heating, from taxes on cryptocurrencies to flying.

The results will be presented to the world’s governments at the Cop30 summit in Brazil in November. The good news is that many of the taxes already exist in some countries, making the prospect of a wide rollout less far-fetched than you may think. The even better news is that you can have your say during the public consultation stage.

The first thing to say about the Global Solidarity Levies Task Force is that it is a serious operation. It is being driven by the leaders of France, Kenya and Barbados, has members including Denmark, Senegal and Colombia, and is partnered with the UN, World Bank, G20, European Commission and African Union. It’s got clout.

That matters, as the gap between the billions of dollars being mobilised to fight the climate crisis and the trillions needed is huge. The aim of the taskforce is both simple and potentially transformative: to use internationally coordinated levies to raise funds, penalise polluters and increase the fairness of the global tax system.

The consultation sets out the pros and cons of each potential levy. You can read them and submit your thoughts here. The most obvious is the levy on the fossil fuels that cause global heating, but which currently enjoy $7tn in subsidies a year. The world’s five biggest oil companies made a combined total of $281bn in profits in 2022-23 alone.

The simplest fossil fuel levy the taskforce sets out is on extraction: $5 per tonne of CO2, rising by $5 every year to 2030. It could raise $1tn a year by 2035. Coal, oil and gas extraction is often already taxed, making it administratively simple. “The power of the fossil fuel lobby would make this hard to achieve politically,” the taskforce rightly notes. “However, each country that introduces the levy could gain a significant increase in tax revenue.”

Flying – an elite, heavily polluting activity – is growing – just 1% of the world’s population causes half of all aviation emissions. The taskforce puts forward a tax on tickets or on jet fuel for international flights, which is barely taxed at all today.

The ticket tax may raise $100bn a year, the jet fuel levy $10bn. A frequent flyer tax is also being considered, with the levy rising with each flight, but this may require each passenger to have an ID number. Several countries have already used an aeroplane ticket levy to fund the fight against Aids and other diseases.

Like aviation, the international shipping industry does not pay taxes proportional to the damage its pollution causes. But the International Maritime Organization already collects funds from operators to compensate for oil spills, and most countries already support a carbon levy. This could raise up to $127bn a year between 2027 and 2030.

Plastic relies on fossil fuels, is emissions intensive and environmentally damaging, but there are currently no taxes at all levied on its producers. Ongoing negotiations on a global plastics treaty include a levy proposal, which would raise about $30bn a year. There are relatively few plastic producers, which would make it easier to collect this tax. The impact on people’s pockets would also be small, as the cost of primary polymers is a fraction of the price of final products.

The taskforce’s ideas also include a striking billionaire tax. The ultrarich usually have extremely high carbon footprints, often pay tax at far lower rates than regular workers and, frankly, can afford it.

An annual tax of 2% of billionaires’ wealth would raise a staggering $200bn-$250bn from just 3,000 people. “The political feasibility of agreement to a global standard is very challenging,” says the taskforce. But it’s hard to imagine the levy being unpopular with ordinary citizens.

Finally, the taskforce is proposing a tax on financial transactions, which it says “have benefited hugely from globalisation, without being taxed in most jurisdictions”, and on cryptocurrencies, which require huge amounts of energy to generate.

A tax of 0.5% on the value of the transaction of the stocks would raise $270bn a year. Thirty countries already have a similar tax and France even earmarks part of its levy for climate and development.

A 0.1% tax on cryptocurrency transactions would raise about $16bn a year, but it wouldn’t be easy to implement. “Given the anonymity and decentralised nature of crypto, there is a high possibility of tax evasion,” the taskforce says. On the plus side, Kazakhstan, a big crypto miner, already taxes the energy used.

Of course, all this requires governments and companies to step up to the plate, but they are not doing so quickly enough. In the meantime, solidarity taxes could be another route to making polluters pay.

Let the taskforce know what you think.

[ireton]

Dairy farmers in Denmark face having to pay an annual tax of 672 krone ($96) per cow for the planet-heating emissions they generate.

The new levies on livestock come into effect in 2030.

[eaglesnick]

Private Sector Good Public Sector Bad

According to textbook definitions,  the “private sector” it is that part of the economy that is owned and controlled by individuals and businesses rather than by government. As such, those individuals and businesses are entitled to pocket ALL profits made, minus taxes paid to government.

According to neoliberal economic theory, a theory much championed by Rishi Sunak and previous Conservative governments, this leads to cost effectiveness and maximised efficiency throughout the economy.

Jolly good! This is very much mainstream economic theory and has been ever since Margaret Thatcher was PM. But what Conservatives (and Labour) never do is follow through on their   economic beliefs! 

If those individuals and businesses in the private sector are entitled to ALL the profit they make, then it follows in my mind that they are also liable for any costs they incur. And it also follows that if they mess up, miscalculate or over-stretch themselves financially, then they should bare ALL of the costs of their own failures.

But that isn’t what happens. Remember the banking crisis? The greedy banks over-reached themselves, lending out too much money on bad assets. We the taxpayer had to bail them out. The last ten years of falling standards of living are in large part due to the Austerity policies introduced by Tory governments to help shore up the privately owned financial sector of the economy.

Nothing has changed. Yesterday, were heard the good news that household yearly energy costs will fall by approximately £150. Whoopee! The bad news is that standing charges energy companies can impose will be allowed to rise and might wipe out the above savings.

Only two of the six big suppliers of energy to the UK are British owned. In 2020, these companies did very well for themselves.

“The UK’s ‘Big Six’ energy companies made over £3billion in profit in 2020."  (Big Issue: 04/02/22)

Hardly a struggling market you would of thought. Yet our Tory government is charging every one of us for those PRIVATE companies that failed in a business where it seems ridiculously easy to make huge profits.

“The secret £200 bill you’ll pay for failed energy firms” Telegraph: 09/0422)

Sunak repeatedly tells us that inflation is the main enemy of the economy yet he raised the standing charge by a massive 80% last year.

“Ofgem refuses to change ‘unjust’ standing charge policy, which has seen fees rocket as much as 80%"  (inews: 18/08/22)

And this year we have this

“Standing charges will rise again…"  (moneysavingexpert: 25/08/23)

The decision to raise standing charges can be laid at the door of government, as it is the government agency Ofgem that  “takes decisions on price controls and enforcement.”  As Martin Lewis rightly tells us,:

“The level of standing charges and unit rates, and the split between the two of them, is set by Ofgem.”  (moneysavingexpert: 04/07/23)

 And as usual in this topsy-turvy world of Tory economic policy it is perfectly acceptable for foreign firms to make huge profits from the British consumer, but not all right for them to take a hit when businesses fail.

[artemisbarnowl]

Nothing buying health insurance on a Sunday morning

[seafoam-aliens]

Yknow when we started pulling money out of places we didn't have, that's when society should've called it quits.

[indizombie]

The soaring cost of energy in the wake of Russia's invasion of Ukraine has delivered windfall gains to Qatar which this year expects to earn about $76 billion in tax from its energy exports. Qatar's budget surplus last year, buoyed by energy exports, was 45 times bigger than the previous year. The UK's energy exports last year delivered tax revenue that was nine times higher than the previous year, after the Conservative government introduced an Energy Profits Levy to compensate consumers as domestic power bills soared. Despite intense lobbying and continued opposition from the oil giants, the UK lifted its headline tax rate for oil and gas producers to 75 per cent, from 40 per cent. And still the companies delivered record profits to shareholders. The UK government expects to pull in an average of 8.6 billion pounds ($16 billion) over the next six years, compared with a yearly average of just 800 million pounds ($1.5 billion) in the six years to last June.

Ian Verrender, 'Why Australia lags behind the rest of the world in taxing oil and energy giants’, ABC

[potatoesandsunshine]

'anna you're relentlessly bullying this fictional man' yeah that's because he sucks

[arlovinnia]

just followed you 2day but pumpkin , mint , mossy moss , bubblegum n ourple

OH, MANY COLORS... THANK YOU /GEN

As for my next crime, it'd probably be tax fraud

[rebecca-liz]

There is property tax in the UK. It's called "council tax". It's not all that much (roughly £2500 per year) it's levied locally, and it's only used to pay for local services - road maintenance, park maintenance, rubbish collection etc.

Schools, hospitals etc are funded from income tax, VAT, import tax, capital gains tax, corporate tax etc.

The reason the "landed gentry" types are often cash poor and having to sell their estates is inheritance tax. For all inherited property (cash and assets) above £325,000* the government takes 40%. As you can imagine, with a ten million pound chunk of Derbyshire with a castle on it, that's more than the heis can pay and the state forces a sale.

Inheritance tax was 100% designed to gut the aristocracy. It's a great idea. Anybody who thinks they're entitled to more than a quarter of a million pounds just for being born rich, in addition to every other benefit rich parents net you, is terminally entitled and needs to be taxed until they have real problems.

"Uhhhhhhhhh dont romanticize china" nobody is, stupid. People are learning that Chinese citizens are regular people like themselves. They have big problems with their government too, just like us. They do not, however, appear to struggle as much as Americans do just to survive. A bunch of them have expressed shock and horror at how easy it is to become homeless in America and how hard it is to get back out of homelessness. Literally that one thing alone would make China a safer place for many Americans to live. That and the cheap health care, cheap housing, and lack of property taxes. Literally the country our own government paints as a suffering hellhole is still easier to be poor in than this one.

[floridataxattorneysmiami]

How Tax Relief Programs Can Ease Your Financial Burden

Tax relief programs are designed to help individuals and businesses reduce their tax burden and navigate financial hardships. These programs offer a range of benefits, including tax deductions, credits, and settlement options that can make tax obligations more manageable. Understanding how tax relief programs work can provide significant financial relief and prevent unnecessary stress related to unpaid taxes.

One of the key ways tax relief programs ease financial strain is by offering installment agreements. When taxpayers owe a significant amount and cannot afford to pay in full, the IRS and state tax agencies provide installment plans that allow for gradual repayment over time. This prevents individuals from facing severe penalties and potential legal actions while allowing them to clear their tax debts in a structured manner.

Another crucial aspect of tax relief is the Offer in Compromise (OIC) program. This option allows eligible taxpayers to settle their tax debt for less than the full amount owed. The IRS evaluates factors such as income, expenses, and asset equity before determining if a lower settlement is appropriate. For those facing genuine financial hardship, an OIC can be a lifeline, helping them avoid overwhelming debt while fulfilling their tax obligations.

Penalty abatement is another beneficial feature of tax relief programs. Many taxpayers accrue penalties due to late filings, missed payments, or errors in their returns. The IRS may waive these penalties if the taxpayer can demonstrate reasonable cause, such as medical emergencies, natural disasters, or unforeseen financial difficulties. By eliminating unnecessary penalties, taxpayers can focus on paying the actual tax amount without additional financial strain.

Tax relief programs also include hardship status or Currently Not Collectible (CNC) status. If a taxpayer can prove that paying their tax debt would cause extreme financial hardship, the IRS may temporarily halt collection efforts. While the debt is not erased, it provides temporary relief and allows taxpayers to recover financially before addressing their tax obligations.

For homeowners, tax relief programs such as the mortgage interest deduction can significantly reduce taxable income. Deductions on state and local taxes, student loan interest, and medical expenses further alleviate financial burdens by lowering overall tax liability. Tax credits, such as the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), offer additional relief, particularly for low-to-moderate-income families.

Small businesses also benefit from tax relief initiatives, including deductions for business expenses, depreciation, and credits for hiring employees. Programs like the Employee Retention Credit (ERC) and Work Opportunity Tax Credit (WOTC) encourage businesses to retain workers and support economic growth while reducing tax liabilities.

Seeking professional assistance is often a wise step when exploring tax relief options. Tax professionals and enrolled agents can help assess eligibility for various programs and negotiate favorable terms with the IRS. By leveraging expert advice, taxpayers can maximize their savings and ensure compliance with tax laws.

Tax relief programs provide essential support for individuals and businesses struggling with financial challenges. By understanding available options, taxpayers can take proactive steps to reduce their tax burden and regain financial stability. Utilizing these programs effectively can prevent severe consequences and provide much-needed financial relief.

[jamesvince9898]

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Introduction

Navigating the complexities of tax regulations can be a daunting task. At Best Tax Pro, we understand the challenges individuals and businesses face when dealing with tax-related issues. As a premier tax consulting firm in Minnesota, we specialize in delivering tailored tax solutions, offering expertise in tax relief services, and addressing problems such as IRS wage garnishment, IRS back taxes, and IRS certified letters. With a dedicated team of professional tax consultants and tax attorneys, we ensure you receive the expert tax solutions you need to achieve financial peace of mind.

What is a Notice of Intent to Levy, and How We Can Help

Receiving a notice of intent to levy from the IRS can be alarming. This document signals the IRS’s intention to seize assets or property to satisfy a tax debt. Ignoring such a notice can lead to severe consequences, including wage garnishments, bank account levies, or property liens.

At Best Tax Pro, we take a proactive approach to address this critical issue. Our team will:

Review the details of your notice to determine its validity.

Negotiate directly with the IRS on your behalf to prevent asset seizure.

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Our professional tax consultants have extensive experience in dealing with notices of intent to levy, ensuring swift and effective solutions tailored to your financial situation.

Understanding IRS Certified Letters

An IRS certified letter often serves as a formal notification of unresolved tax issues. These letters can include demands for payment, notifications of audits, or information about impending enforcement actions.

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Our expertise ensures that you’re never alone when facing IRS certified letters, offering you peace of mind and a clear path forward.

IRS Wage Garnishment: Immediate Action for Relief

IRS wage garnishment is one of the most severe measures the IRS can take to recover unpaid taxes. This action involves directly deducting funds from your paycheck, leaving you with limited financial flexibility.

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Assess the garnishment and its impact on your financial situation.

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Our professional tax consultants understand the urgency of wage garnishment cases and are committed to providing immediate and effective solutions.

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Unpaid taxes can accumulate over time, leading to penalties, interest, and enforcement actions from the IRS. Addressing IRS back taxes requires a strategic and knowledgeable approach.

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Initial Consultation: During this phase, we assess your tax situation and outline potential solutions. This consultation helps us understand your financial standing and the scope of your tax issues.

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At Best Tax Pro, we understand that tax problems can disrupt your life and finances. That’s why our tax relief services are designed to provide long-term solutions. Our services include:

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