(EBOOK FREE) A Fine Mess
Ompanies were able to cut their tax bills far below the statutory rate because of exemptions deferrals tax credits and other forms of incentives in the Myth Taken Identity law and because they have successfully transferred much of their profit to foreign countries as Caterpillar did Big companies were so successful in the game of tax avoidance that nearly 55 percent of allarge US controlled corporations reported no federal tax Amazon.com: The Underwater Photographer eBook: Martin Edge: Kindle Store liability in ateast one year between 1998 and 2005 the GAO found 147 148The US corporate income tax is not working We have a higher corporate tax rate than almost any other country and we apply it to income earned anywhere in the world And yet corporate income tax revenues have fallen so sharply that they now make up a fairly small share of the federal government s annual tax revenues In the 1960s the corporate tax brought in about 33% of US tax revenues Today the same tax provides Growing Marijuana (Idiot's Guides) less than 9% of revenues that means individual taxpayers have to take up the slack and pay Which we do In the 1960s the individual income tax and the Social Security tax constituted about 50% of all federal tax revenues today their share of the nation s total tax burden is than 80% Corporate tax revenues are plummeting partly because Congress hasarded the corporate income tax with costly preference and giveaways for corporations and partly because American multinationals have become so successful at shifting income overseas Hundreds of millions of dollars money that might have gone to raising wages or creating new medicines or building factories have been paid to tax The Jane Austen Project lawyers for the creation of elaborate evasion schemes The result is a complicated unpopular and stiff corporate income tax that actually doesn t do much taxing 164 165Members of Congressove to harangue the IRS bureaucrats about Dynamite Doc or Christmas Dad? lengthy tax forms and unfair rules and complex instructions but of course the IRS isn t responsible for theength the fairness or the complexity of our tax code It is Congress that writes the tax aws It s Congress that adds hundreds of new exemptions allowances credits and calculations to the tax code every year It was Congress that decided to give the IRS responsibility for managing the health insurance subsidies flowing to millions of Americans under the Affordable Care Act ObamaCare and then cut the agency s staff after assigning it this major new task It was Congress that assigned to the IRS the management of the earned income tax credit EITC which has become one of the nation s argest support programs for ow income Americans It was Congress that crafted the much hated alternative minimum tax which spawned whole new dimensions of complexity and hours of additional work for millions of families And yet congressmen and senators can t seem to resist pointing angry fingers at the IRS as if somebody else had created the egislative monster that is the US tax code 209 210The IRS Blood Sorcery (Shadows of Magic, likes to boast that it is a highly efficient government agency and this is accurate in a sense In fiscal year 2015 the agency spent 114 billion and brought in revenues of 33 trillion that is the service spends just thirty five cents for every 100 it brings inBut the IRS achieves this noteworthy status by imposing much of the cost of the tax system on taxpayers In other rich countriesthe tax collector shoulders much of the burden that is borne by individual and corporate taxpayers in the United States The IRS in contrast pushes those costs onto us While the tax agency spends 114 billion American taxpayers end up paying vastly just to file their annual returns The Office of the Taxpayer Advocate says American families spend 316 billion hours each year getting their taxes done gathering the data keeping records and filling out forms businesses spend about 29 billion hours on the same tasks a figure that does not include all the time reuired for the tax avoidance gymnastics At an average wage those six billion hours devoted to filing tax returns represent about 400 billion per year of working time six billion hours is the euivalent of 31 million people working forty hours per week fifty weeks per year In terms of time and cost just paying our taxes has become one of the biggest industries in the United States 214 215Almost all economists who veooked at the US tax code almost every blue ribbon study commission almost all presidential candidates who bother to propose a program of tax reform agree that some version of the value added tax could increase the fairness and efficiency of our tax system and reduce its mind boggling complexity And yet the United States stands alone among the world s rich nations in refusing to implement this common The Elusive Heiress Nancy Drew levyIt s one of the curious manifestations of the concept of American exceptionalism the idea that there s no countryike the United States of AmericaThe problem comes when US politicians are so "determined to be exceptional to do things our own way that they " to be exceptional to do things our own way that they to implement a valuable idea that almost every other country on the planet has embraced to its benefit This makes up exceptional but not in a way that any other country would choose 229 230our political Pizarro and the Conuest of Peru leaders talk about fixing the tax code all the time But their proposals involved incremental change to the existing system and incremental change over the decades is what got us into the fine mess we re stuck with today These approaches to tax reform including the plans we heard during the 2016 presidential campaign all suffer from the same problem they re too timidThey all have a rearranging the deck chairs uality at a time when the whole structure is sinking from its own weight As we ve seen in other countries the way to bring about fundamental change is a dysfunctional tax code is to start over to rewrite from scratch 250 251 40 Kind of tooate but we can try to continue tax reform Just need a plan to safely dismantle the tax industrial complex and retrain IntuitHR Block workforce to do something actually productiveraw notes for nowGraduated better than flat tax Graduated rates themselves are not a painful source of complexity It s all of the exceptions Tax expenditures deductions credits etc are over a trillion dollarsAmericans spend billions of hours and dollars to file returns Huge drain on productivity IRS says it s super efficient but only by outsourcing all of the work to taxpayersCongress Are You There God? It's Me M likes to yell at IRS But it s clear where complexity comes from themBblr broad baseow rates eliminate exemptions deductions credits to tax all incomeMake rates Evan (O'Connor Brothers Vol. 5) low to disincentivize cheating and to make deductions etcess valuable to wealthyAdopt the VAT not too far from Ted Cruz s proposal key idea here is that each On Hitler's Mountain Overcoming the Legacy of a Nazi Childhood PS link in the supply chain is motivated to report taxes paid to their counter parties so government can easily spot the cheatersunderpayers Can give some credits to make VATess regressive though admits that fairness is the enemy of simplicityAlso got into Piketty territory about avoiding concentration of wealth before it eads to social upheavalrevolution Keep the estate tax Also introduce global wealth tax It s being tried in EU what about BrexitJapan mails postcards with government assessment of taxes owed If taxpayer agrees they re done 80 85% of Japanese tax returns are competed this way They also have dynamic rules for withholding taxes from income It s pretty much always correct and the right amount is withheld Ingenious How hard could it be Side benefit
To Tax Cheats You Know tax cheats you know the government knows Clear and careful analysis of the United States tax system in comparison to other OECD nations Reid makes a great argument for a broad based ow rate taxation system with an emphasis on the Valued Added Tax and Financial Transaction tax One in which IRS would pre fill your tax forms for you with the abundant data it has access to rather than you filling them out hiring accountants to fill them out or spending your money on electronic tax calculating software Tax software companies have an incentive for a complicated tax code and have I've Got a Home in Glory Land: A Lost Tale of the Underground Railroad lobbied for the status uo These methods have been successfully implemented and proved efficient effective tools in other nations UK for example Inspires me toook into recent 2018 tax code reform Important topic Check out his other great book on health care reform. E Indeed the dysfunctional tax system has become a major cause of economic ineualityIn A Fine Mess T R Reid crisscrosses the globe in search of the exact solutions to these urgent problems With an uncanny knack for making a complex subject not just accessible but gripping he investigates what makes good taxation no that's not an oxymoron and brings that knowledge home where it is needed most Never talking down or reflexively siding with either wing of politics T R Reid presses the case for sensible root and branch reforms with a companionable ebullience This affects everyone Doing our taxes will never be America's favorite pastime but it can and should be so much easier and fairer. So I can t exactly recommend this book It is after all about taxes Taxes are boring everyone has unlettered and predictable opinions about them and the subject is endlessly abstruse But they re also very important Beyond clumsy suppositions about iberals favoring taxes and conservatives Dragonsbane loathing them I found this account fascinating for revealing one of the few political areas of substance where conservative andiberal policy goals are consistent with each other It is in fact possible to raise money and Lonestar Sanctuary lower tax rates We canower the taxes on the richest not chase away corporations implement a VAT without it being regressive and do all of this while raising money and radically simplifying the nat I read this book on the recommendation of my Goodreads friend Steve I may have otherwise passed it by expecting a dry technical tome In fact I enjoyed it and Trust Me, I'm Lying: Confessions of a Media Manipulator learned a great deal I used to imagine that Americans must understand most of the arcane shit in tax forms and the IRS booklets that are intended to explain everything but are totally impenetrable I always wanted to know about the tax system the various taxes and how it all works but never dreamed that I wouldThe admirable TR Reid a seasoned journalist and author has changed all that I now understand that the first principle of good taxation is broad baseow rates BBLR and that there are many kinds of taxes to pay for our communal expenses or the uxuries of dictators and their children For the first time I actually understand how value added tax VAT which I have paid in England Germany and other places actually works Reid is a strong proponent of VAT for the United States which is the only developed country that doesn t use it although 175 other countries do He shows the advantages of it and a few disadvantages Even though Republicans and Democrats support it no politician or party is prepared to introduce a new and therefore unpopular tax Reid shows very convincingly that only a total overhaul of the gargantuan nightmarish tax code of about 73000 pages will succeed because the only way that the politicians will get it through is by presenting gains and pains in the same package Most important is the need to ower rates at the same time as eliminating all of the enormously expensive entitlements that enable citizens and businesses to reduce their taxes but adding VAT will also help enormously by taxing consumption rather than incomeThe structure of the book is interesting Desperate (Bad Baker Boys, logical and coherent as Reid introduces the history of American taxes and politics tightly entwined but uickly adds the experience of many other countries some of which such as New Zealand the UK Australia and Slovakia he researched in great detail on the spot The taxation systems of several countries are working extremely well They have gone through the pain of refining and improving them so we shouldn t have to An unfortunate side effect of American exceptionalism is the belief that America can tearn from other countries In the case of taxation that has already been proved wrong by Donald Regan during the Reagan administration He even sent a team to New Zealand to understand what they had done The Tax Reform Act of 1986 which swept through both the Senate and the House and was signed into Biocentrismo. L'universo, la coscienza. La nuova teoria del tutto law by a beaming president in October is considered to be the most significant reform in the history of the income tax A Fine Mess A Global uest for a Simpler Fairer and More Efficient Tax System is insightful and thought provoking The current system cries out for reform but I foreseeittle chance of any genuine improvements to our obtuse and archaic tax code during an era of government paralysis Reid deserves Four Stars on the research and content and Two Stars for the facetious tone I never thought I d read a whole book about tax policy but this wasn t too bad Written very simply and directly it gives some history of taxation around the world and especially in America with a broad overview of how our tax system works and how it could be improved especially by emulating practices that have worked well in other countries From a center A Small C Compiler Language Usage Theory and Design left POV in general but I think it s pretty fair to mainstream viewpoints on all sides 3Everyone complains about taxes but veteran journalist T R Reid thinks the time is right for us to DO something about it According to Reid s research we have had a major overhaul of our tax system in the United States every 32 years which means we are due for the next major rewrite in 2018 To help us prepare Reid has written A Fine Mess an interesting and informativeook at our own tax system and tax systems of other developed countries around the world from Austria to New Zealand He concludes that other countries have systems that are much euitable and easy to navigate than our own and makes recommendations on how we can improveReid s research is impressive and the book is replete with data history and expert opinion from sources worldwide I was surprised to How Drawings Work learn that of the 35 richest countries in the world the US is 32nd in taxes as a percentage of GDP South Korea Chile and Mexico areower I was also surprised and intrigued to find out that in some countries the tax authorities do the taxes for citizens The citizen need only review the form and Truly Irresistible let the authorities know if there are any corrections No need for HR Block or Turbo TaxIn addition to interesting facts readers can broaden their knowledge of concepts used in discussions of taxationike BBLR Broad Base Low Rates and the Gini coefficient which is a gauge of income ineuality A country would have a Gini coefficient of 0 if everyone had the same wealth and a coefficient of 1 if one person had it allWe can read of the elaborate tax evasion schemes used by Whisper Loudly large corporationsike inversions and get outraged at special provisions I've Been Thinking . . .: Reflections, Prayers, and Meditations for a Meaningful Life like carried interest whereby brokers who invest other people s money can treat their own compensation as capital gains rather than ordinary income thereby allowing Warren Buffet to pay aower tax rate than his secretaryReid is a journalist and not an economist or policymaker so it is not surprising that A Fine Mess is stronger at documenting the problem than at proposing solutions Most of his recommendations are no brainers ike retaining a progressive tax rate system reducing complexity and eliminating special provisions that benefit some small favored company or group Reid s other major recommendation is for the United States to implement a VAT tax He makes a good case for the benefits of such a tax but does not explore adeuately or solve in my opinion the drawbacks eg its tendency to be regressiveHowever if the finest experts in our country and others have not been able to solve our tax mess it
would be expecting too much to demand the solution in this be expecting too much to demand the solution in this A Fine Mess remains an interesting exposition that will eave readers better informed and hopefully provide stimulus for progress towards a better tax system in 2018 I also was The Never-Ending Present: The Story of Gord Downie and the Tragically Hip & left with aot of what seemed to me to be fairly obvious uestions that he did not even mention much The Bible in the lyrics of Bob Dylan The Wanted Man study series less follow upike the fact that the US Mexicoi and Cile had very The Saga of Tanya the Evil, Vol. 4 (light novel) low tax burdens as % of GDP and extremely high Gini coefficients and are among only a very small number of countries who tax money their companies earn overseas Are these items related And what is their significance I can t reasonably expect him to follow up every uestion that might arise out of a bookike this but I would have hoped for a bit original thought from him I received a free advanced reader s copy of this book from the publisher through GoodReads GiveawaysI actually Fret Work Step By Step laughed outoud at several portions of this book which is always a good sign when you re talking about a tome regarding taxes Considering that our tax code itself runs in excess of 70000 pages no that s not a typo Yes it caused a LOL when I read it this is
A Delightfully Compact Book delightfully compact book everything that s wrong with that code and how we might improve on it Using real world examples of what to try and what not to try Reid makes a strong case for an overhaul of the US tax system that everyone but Congress and the tax preparation services companies can get behind Will it happen Not a chance in hell But if you want some solid information to use to Mark of the Dragon Urban Dragon lobby your Congress. New York Times bestelling author T R Reid travels around the world to solve the urgent problem of America's failing tax code unravelling a complex topic in plain English and telling a rollicking story along the way The US tax code is a total write off Crammed withoopholes and special interest provisions it works for no one except tax awyers accountants and huge corporations Not for the first time we have reached a breaking point That happened in 1922 and again in 1954 and again in 1986 In other words every thirty two years Which means that the next complete overhaul is due in 2018 But what should be in this new tax code Can we make the US tax system simpler fairer and efficient. Man this is a great easily understandable place to start making your notes Advocates a regressive value added tax I m going to jot down a few uotes here as I run across themThe 535 members of the US Congress the people who write the tax Tubâ va ma'nâ ye shab laws have given themselves various tax break and deductions that other Americans don t get This is probably a natural tendency among people who write theaw As it happens though some countries have found ways to combat this predictable effort by egislators to reduce their own tax bills Slovakia for example has a rule that members of the national egislature and the prime minister s cabinet always have to pay 5% in tax than any other Slovakian with the same income 10A standard way to measure national tax burdens is to calculate a country s total tax revenues national state and ocal as a percentage of gross domestic product the sum of all the wealth produced in the country in a year This statistic called the overall tax burden is measured annually by the Organization for Economic Cooperation and Development OECD which is sort of a United Nations but with membership imited only to the richest countries For many years now the OECD s calculation of overall tax burden has shown that total tax revenues in the United States are much ower than in most other advanced countries 13 14When it comes to designing a country s tax system the World Bank the IMF and the OECD all preach the same sermon relying on the same fundamental principle This rule is not particularly complicated it is easy to understand although not always easy to implement In fact it s so simple that the economists generally reduce the essential formula for good taxation to a four etter world BBLR That stands for broad base ow rates BBLR means that if the tax base that is the total amount of income or sales or property that can be taxed is kept as arge as possible then the tax rate that is the percentage that people have to give to the government can be kept The Sunset Warrior low Virtually all economists and tax experts agree that this is the best way to run a tax regime 52The best way though to avoid the unfairness the abuses and the revenueoss from the charitable deduction is to get rid of this deduction altogether Austria Finland Ireland Italy Sweden and Switzerland all have flourishing charity sectors even after they took away the tax break for contributions New Zealand of course got rid of it in that first base broadening exercise in the 1980s None of these countries saw any significant drop in charitable contributions All over the world people contribute mainly because of a belief in a particular cause or because of a basic human desire to help others Getting a tax break is at most a minor motivation The tax deduction for charitable contributions cheapens the charitable impulse by implying that you and I wouldn t give a dime to charity unless we got a ittle financial gain on the side 86 87While this deduction is promoted by realtors and mortgage bankers as a boon to home buyers it is just as ikely to make a home purchase difficult All studies except those funded by the real estate industry find that a mortgage interest deduction raises the price of a house When the OECD investigated the impact of the mortgage interest deduction in wealthy countries where it is still in place it concluded that new purchasersare not necessarily the beneficiaries of these tax provisions because the interest deduction forces them to pay an increased price Whatever benefit a buyer might get from the tax break is just about completely offset by the higher price of the house So the deduction doesn t do what it is supposed to do make it easier for people to buy a home 89Australia Canada Germany Great Britain Israel Japan the Netherlands and New Zealand for example have no deduction for mortgage interest at all Yet eliminating the deduction seems to have no impact on home ownership In all the industrialized democracies the rate of home ownership is just about the same Roughly 65% of families own their home in countries that have the mortgage interest deduction and about 65% of families own their home in countries that do not 90 What I The Impossible Climb: Alex Honnold, El Capitan and the Climbing Life (English Edition) learned at Chicago is a basic truth about taxes rich people will try to of course avoid paying Radim Bohacek an economist at the premier Czech college Charles University and a member of the Czech Academy of Sciences who studied economics at the University of Chicago told me The you raise the rates the incentive rich people have to hire accountants and strategize Then they can duck just out What you want is a broad based tax without exemptions oroopholes because one you have special exemptions or deductions people who can afford Dien Cai Dau Wesleyan Poetry lawyers will take of course advantage of them 109Does the flat tax work Yes a flat rate income tax regime can work under certain conditions The flat tax works in a country that is a former Communist state with no investment capital andow wage rates which needs to build a capitalist economy from a base of approximately zero The flat tax works if people are willing to pay a 20% sales tax on every thing they buy to make up for ower revenue
The Flat Tax Works If Employers Are flat tax works if employers are to pay 34% or in Social Security taxes for every employee they hire The flat tax works in a country where almost everyone has the same amount of wealth so there s no need for the distributive effect of graduated rates And if all these conditions are met the flat rate tax will probably work as ong as the economy is on a path of steady growthFor countries that don t meet these reuirements it probably makes sense in terms of fiscal health as well as fairness to adopt progressive rates in which the wealthy pay a higher percentage of their income in tax than middle or uality Control in the Pharmaceutical Industry low income people pay 114developments in the private sector Professor Thomas Piketty author of Capital in the Twenty First Century says are not the only cause of the burgeoning financial imbalance A key contributor to ineuality he says is government policy When governments decide to bail out big banks while millionsose their homes to foreclosure action by the same banks the policy exacerbates the problem of Such policies transfer wealth from middle class homeowners to upper bracket bankers and their shareholders through private markets but because of decisions by governments Similarly tax policies that give generous breaks to the wealthiest ike that 7500 giveaway to people who can buy a 105000 car exacerbate the trend toward concentration of wealth in a ucky few When the national tax code says that money earned from trading securities will be taxed at a much Oh Susannah lower rate than money earned from working at a job the taxaw itself is adding to ineuality That is not surprising Piketty says because the government officials who approve corporate bailouts and write tax The Founders of Psychical Research laws are often beholden to the financial elites for political contributionsBut the major reason for growing ineuality Piketty argues is that rich people today make most of their money not from wages but from capital investments stocks bonds commodity trades real estate patents and so on And earnings from capital that is from financial transactions are growing faster than earnings fromabor that is from working at a job That is you can make some money cooking hamburgers or serving hamburgers but you won t make as much as a guy who buys and sells the stock in a hamburger chainIn other words Piketty says the rich get richer has become a fundamental Pelé: The King of Soccer law of economics especially in the United States Because our Supreme Court has defined donating money as a form of political speech economic clout in the United States turns uickly into political clout 122 123The most comprehensive unbiased study of effective tax rates paid by US firms was issued by the Government Accountabilty Office GAO essentially the accounting arm of Congress in 2013 Looking at profits and taxes paid in the years 2008 2010 the GAO saidarge US companies actually paid 126% of their profits in federal tax Many companies had to pay state and Chakras & Self-Care: Activate the Healing Power of Chakras with Everyday Rituals local income taxes and some paid income tax to foreign countries on their overseas earnings But even when all those taxes were added up the effective rate of tax paid byarge US corporations was only 169% The GAO said that Yes yes and yes Can we cut tax rates and still bring in revenue YesOther rich countries from Estonia to New Zealand to the UK advanced high tech free market democracies have all devised tax regimes that are euitable effective and easy on the taxpayer But the United States has The Unforgiven languished So byzantine are the current statutes that by our government's own estimates Americans spend six billion hours and 10 billion every year preparing and filing their taxes In the Netherlands that task takes a mere fifteen minutes Successful American companiesike Apple Caterpillar and Google effectively pay no tax at all in some instances because of oopholes that allow them to move profits offshor.