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Tag >> budget
Corporate taxes may finally be receiving the attention it deserves.
The decision by Illinois to raise its personal income tax rate to 5 percent from 3 percent, and its business income taxes to 9.5 percent from 7.3 percent led New Jersey governor Chris Christie to appeal to Illinois businesses to move east to the Garden State.
According to the federal government, Americans work about eight hours a day. Now, I say "according to..." because the government actually put out a study last month confirming what we already know: we spend a third of our lives at work.
The workplace is our second home. Our employer is our second family. That is why the safety net employers provide for employees matters.
The emergency budget unveiled by the UK government on Tuesday was unashamedly pro-business, giving British businesses everything they could have wanted. While the headlines have focused on the drastic cuts to public spending that the budget outlined, a more subtle trend was the way in which the tax burden has shifted from companies to individuals.
The key area affecting most businesses was the reduction in the main rate of corporation tax to 27 percent this year and then by a further 1 percent a year to 24 percent in 2013. This was accompanies by a cut to the small companies corporation tax rate to 20 percent. This was more generous than the 3 percent reduction to 27 percent that most were expecting.
Posted by Ron F in unemployment, Tax, recovery, recession, inflation, heatlh care, employment, economy, compliance, Careers/Management, budget
At the risk of seeming terribly politically incorrect, I highly recommend taking a look at this paper published today by the Economic Policy Institute, which argues that further government stimulus is necessary for the economy to recover.
Essentially, authors Josh Bivens and Heidi Shierholz argue that prospects for new hiring are so dismal because of productivity gains in recent years that it will take much higher GDP growth than anyone reasonably expects to bring unemployment down significantly anytime soon.
Posted by Ron F in Risk, recovery, recession, Greenspan, financing, financial crisis, Federal Reserve, economy, default, career/management, budget
What does the recent "spike" in bond yields really mean? To listen to folks like Greenspan or Robert Samuelson, it means investors are worried about US creditworthiness.
And while I've gone on about this twice the past few days, here's a more useful reality check, courtesy of James Hamilton, a professor of finance at the University of California at San Diego who the Fed actually pays some attention to.
One last point in connection with last Friday's rant about Alan Greenspan and Jamie Galbraith occurs to me, thanks to an interesting post this morning by Steve Randy Waldman.
The point has to do with investors' concerns about the deficit and their faith, or lack thereof, in the creditworthiness of the US.
James Galbraith provides much-needed clarification of a point that has been obscured in the debate, if that's the right term, over the federal budget deficit at a time of recession.
And that is that when it comes to the economy, the government is more like a bank than a family household, in contrast to those who argue that the budget should be balanced at all times, and especially when times get tough. Even President Obama echoed that view in his State of the Union address when he said the government should "live within its means."
The Obama administration’s 2011 budget includes many elements to disgruntle the average CFO or finance director, but few raise finance exec hackles at US multinationals as quickly as transfer pricing.
Budget proposals would require US corporations to pay tax immediately on returns of more than 30 percent traced to intangible assets owned by offshore subsidiaries in tax haven countries. The proposal sets an effective corporate tax rate threshold of 10 percent to identify tax haven jurisdictions.
We normally try to steer clear of purely political stuff here, just because it's so, well, political.
But the back and forth over President Obama's proposal to freeze non-defense discretionary spending, to be unveiled tomorrow night during the State of the Union address, is just too ironic to pass up.
The first quarter of next year will see the strongest IT hiring in a year in the U.S., according to staffing firm Robert Half. Seven percent of chief information officers surveyed said that they will add staff, while 4 percent expect to reduce headcount, a net result that's three points higher than last quarter, according to Robert Half Technology's IT Hiring Index and Skills Report.
It's also the most optimistic forecast since the first quarter of 2009, Robert Half said in a release today. The firm noted that 89 percent of CIOs plan to maintain current personnel levels.
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