Word: taxed
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...losses of $186 million. But the ultimate cost, it now turns out, is likely to be far, far higher - not for the firm itself, but for the British Treasury and governments across the European Union. The reason: Marks & Spencer is on the verge of setting a precedent in European tax law, one that directly challenges national tax policies in many E.U. member states. Thanks to a preliminary decision issued last week by the European Court of Justice (E.C.J.), many E.U. governments could face billions of dollars in back-tax claims, and will probably have to overhaul significant parts of their...
...impact of the Marks & Spencer case is likely to be wider and far more costly. Even pending the final ruling, dozens of big companies including BT Group, French bank BNP Paribas and U.S. machinery firm Caterpillar have filed for tax relief in Britain using the same criteria as Marks & Spencer. "This potentially opens the floodgates for claims over the past six years," says Michael Hardwick, a corporate tax partner at Linklaters in London. Simon Whitehead of solicitors Dorsey & Whitney, which is representing Marks & Spencer, says that 70 multinational firms have already signed up for a group action that...
...business education. To privatize Social Security, he is peddling a colossal lie about its solvency. Furthermore, Bush, along with today’s business aristocrats, shows no compassion for working Americans, robbing them to benefit big business and the very rich. Last year, due to Bush’s tax cuts, over 80 of America’s most profitable 200 corporations did not pay even a penny of their federal and state income taxes. Meanwhile, to pay for his additional tax cuts for the very rich, Bush is drastically cutting back several social services, such as federal lunch programs...
...matter of fact, Congress has already arbitrarily reduced Social Security benefits. For example, in 1983, Congress raised the retirement age. Given Social Security’s looming financial crisis, additional benefit cuts and/or tax increases are certain. Further, because workers’ future benefits are not guaranteed, politicians tend to make promises today that they may not be able to keep tomorrow. Therefore, the entirely political nature of Social Security puts a worker’s Social Security retirement benefits at considerable risk...
...need to reform the Social Security program, but there are less severe and more reasonable changes that we can make. The following two actions, if enacted, would get us well over half way toward solvency, and there are other possible options to consider. First, people currently pay Social Security tax on only the first $90,000 of their income. We could restore the total wages taxed by Social Security to 90 percent of nationwide earnings (right now they are at 85 percent). If the cap is raised, perhaps phased in over a decade, to $140,000, it would lower...