Posts tagged Taxes
Posts tagged Taxes
In case you didn’t have a 1913 edition of the income tax forms lying around, here’s the full thing. It’s just four pages. (via Fark)
So how much will Facebook CEO Mark Zuckerberg have to pay in taxes for taking his social network public?
According to a report in CNN, more than $1 billion. The reason for Zuckerberg’s hefty tax bill is linked to Facebook’s first day on Wall Street.
When Facebook’s initial public offering was introduced, Zuckerberg exercised an option to scoop up 60 million shares, the report says. That move counts as standard income in the eyes of the IRS, which would equate to about $2.3 billion.
Citing three certified public accountants based in California, CNN says Zuckerberg’s final tally, after deducting charitable donations, sits at $1 billion.
Zuckerberg should have no trouble clearing his tax bill. According to Forbes’ billionaires list, he’s worth $13.3 billion.
Source: USA Today
Congress Doled Out Staff Bonuses Ahead of Fiscal Cliff
While the rest of the country braced for the fiscal cliff, members of Congress were busy doling out hundreds of thousands of dollars in bonuses to their staffs ahead of new tax increases that kicked in this year.
A new CNN analysis found that nearly a quarter of House lawmakers handed out pre-cliff bonuses, including the most generous, Rep. Gary Ackerman, D, NY who spent $147,633, Rep. Earl Blumenauer, D-OR, who spent $91,335 and Rep. Langevin, D-RI, who spent $70, 117 toward staff bonuses.
House members have complete discretion over how to spend their budgets, which are appropriated through Congress and funded by tax dollars.
READ THE FULL STORY: The Fiscal Times.
When it comes to tech and taxes, Facebook isn’t the only one catching big breaks.
LinkedIn also got relief from the IRS, paying no federal income tax over the past three years — despite notching $160 million in profits, according to a corporate tax watchdog.
The Mountain View, Calif., social network for professionals escaped the tax man because of a rule that allows companies to deduct expenses from employee stock awards, the watchdog, the Center for Tax Justice, told The Post.
It’s a longstanding accounting trick that has spared many tech firms — including Amazon and Yahoo from 2009 to 2011 — from sharing any of their profits with the IRS, the CTJ said.
“On $160 million profits over the last three years, LinkedIn paid zero federal income taxes,” said the CTJ’s Rebecca Wilkins. “The stock option deduction was big enough to wipe out all their taxes.”
The group has criticized the tax rules, which it considers a corporate loophole that allow companies to take the deduction when employees exercise stock options at prices that are far higher than they were when the shares were awarded. The difference in price is recorded as an expense.
Facebook saw a refund after filing for $1 billion in tax breaks in 2012. Mark Zuckerberg’s company got back $429 million from federal and state coffers, according to the CTJ.
The accounting moves spared Facebook any taxes on its $1.1 billion in profits last year.
LinkedIn nullified its bill with the feds and California, but did cut a check for $2.8 million, most likely for overseas taxes, according to the CTJ’s Matthew Gardner.
LinkedIn did not return a request for comment.
The company would have owed $34.3 million to Uncle Sam and California without its $35.8 million benefit from the exercise of stock options.
Wait a minute, I want to make sure I understand this.
President Obama, the man vehemently against the one percent, spends his time and thousands of tax payer dollars for secret service coverage, travel and other expenses to go golfing with Tiger Woods?
Not to sound too Fox Newsy, isn’t golf a sport for the one percent? Aren’t there more important things to do?
(Photo: Mike Blake / Reuters file; Saul)
President Barack Obama had some noteworthy company when he hit the links in Florida on Sunday: Tiger Woods.
The White House confirmed that Woods was among the president’s foursome for a round of golf at the Floridian Yacht and Golf Club in Palm City, Fla. Rounding out the group were United States Trade Representative Ron Kirk and resort owner Jim Crane.
Barron’s magazine is not too happy with President Obama’s vision for America.
They believe that if Obama’s mandate is executed we would be as bad off as Greece. And for those not following international economic events, Greece is doing horrible.
The author, Gene Epstein, had the following to say:
In his State of the Union speech last Tuesday, President Obama concluded that “the State of our Union is stronger.” The big question is: stronger than what?
Federal debt is a record $12.2 trillion, or 76% of the nation’s annual output of goods and services. While that’s still well below Greece’s 153%, we’re headed steadily in the wrong direction.
According to estimates by the Congressional Budget Office, adjusted by Barron’s to account for recent tax increases and other factors, if the U.S. doesn’t raise taxes further and cut spending dramatically, the national debt could easily reach 153% of economic output by 2035.
These are not just numbers. If the U.S. national debt continues ballooning, we can be sure of a deep, long-lasting recession — very likely a depression — sometime in the next two to three decades. The unemployment rate could easily surge to 20%.
In the article, Epstein runs through a common argument – that hiking taxes alone won’t put the U.S. on a sustainable fiscal trajectory. Thus, he thinks politicians should embrace the upcoming sequester of spending cuts set to take effect March 1.
Read More: Business Insider.
Mitt Romney’s campaign posted the Romney family’s 2011 tax returns as well as a summary of their taxes from 1990-2009 online Friday afternoon.
The Romney campaign pre-announced the 2011 returns in a blog post earlier Friday, which gave snippets of information about Romney’s finances for that year:
SEE ALL: Mashable
U.S. regulators mandated Wednesday that public companies disclose information about their use of minerals from Congo, where militias linked to atrocities have profited from mining minerals used in electronics, jewelry and other goods.
The Securities and Exchange Commission voted 3-2 to adopt a rule under the 2010 financial overhaul law. Public companies that use the designated minerals from Congo and neighboring countries in their products will have to disclose annually their efforts to trace the minerals back to their sources.
The SEC also voted 2-1 to require producers of oil, natural gas or minerals to disclose any payments involving commercial development that they make to the
U.S. or a foreign government. The payments would include taxes, royalties and licensing fees.
The regulators say stricter reporting requirements on mineral use might help curb the violence in Congo. They also say the rules will make companies more accountable to their shareholders.
Wassup? You earn more than any top Wall Street trader or investment banker with a medicore voice. It’s ok that you are worth 100 million dollars because you are young and cute and the tweens love you. If you were a 55 year old corporate guy earning that kind of money Obama would tear you apart in the press and demand extra taxes assessed against you. Maybe the over-exposed, over-hyped, little talent, passing fad tax?
By the way, where would you be if the hard working parents didn’t have the money to give to their kids to download your songs?