BizTaxBuzz

John Cummings CORPORATE TAX: Blogger John Cummings supplies the Business Finance community with reporting and...more

Tax Knives Are Out for the Big Banks

If, like me, you count yourself among those who think the big banks have gotten off lightly for the carnage they’ve inflicted on the world’s economy, take heart: Calls for a global tax intervention to curb, or at least mitigate, banks’ risky behaviors are gathering force. The Wall Street Journal today reported that the International Monetary Fund, at the request of the Group of 20 nations, is looking into a new tax that could be imposed on the financial giants to help governments clean up the current mess and head off any future meltdowns. more

California: VAT to the Rescue?

Yes, I know they’re calling it a “business net receipts tax” (BNRT), but a value-added tax is essentially what it is. And it’s the core feature of the long-awaited final report issued today by California’s Commission on the 21st Century Economy, which envisages a massive transformation of the state’s corporate and individual tax structures. more

There’s Climate, and Then There’s Tax Climate …

The Tax Foundation, a Washington, DC-based think tank, has released its annual ranking of the “business-friendliness” of state tax systems, based on what it describes as “the taxes that matter most to businesses and business investment: corporate income, individual income, sales, property, and unemployment insurance taxes.”


Top slot on the State Business Tax Climate Index goes to South Dakota, which levies zero corporate or individual income tax. more

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Up Next: Global Eco-Tax Wars?

Nicolas Sarkozy is on a roll. A couple of weeks ago, he announced a new domestic fuel tax as part of France’s well-publicized drive to take the vanguard in the fight against global warming. Starting as soon as 2010, the nation’s long-suffering families and companies (and France is one of the most highly taxed countries in the world, according to a recent Forbes report — see my blog here) will be asked to shoulder a “green” tax of 17 euros levied on each metric ton of CO2 produced by fossil fuels such as oil, natural gas, and coal.


Now Mr. Sarkozy has talked German Chancellor Angela Merkel into signing on to his plan for an E.U.-wide carbon tax on imports from countries that fail to meet what he regards as acceptable carbon emissions standards. more

Senate’s Health Fix: The Impact on Corporate Tax

The Senate Finance Committee’s version of the great American health-care makeover, unveiled today by Sen. Max Baucus, runs to some 200-plus pages, and if adopted in its present form — a very big if — will cost an estimated $856 billion over the next 10 years.


How would the package affect corporate taxes? more

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