Word: taxing
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...number of spanking-new entrepreneurs surges, so is the likelihood of tax errors and even - yikes - IRS audits...
...came. Did we make mistakes? Of course we did. The property boom got too big, the banks borrowed too much. Our regulation system, and we all have to take responsibility for this, wasn't picking up everything it should. When I tried to bring in a property tax, the media killed me. Then the media killed me saying I didn't bring in the solutions. I am sorry so many people have lost jobs...
Then come the tax breaks. The stimulus bill approved in February included an $8,000 tax credit for first-time home buyers - at a cost of about $14 billion for the year. That's set to expire, but there's talk in Congress of extending or even expanding it. A much bigger deal is the income tax deduction for mortgage interest paid - which has been with us as long as there's been an income tax - at a cost estimated by the Congressional Joint Committee on Taxation at $80 billion this year. The deduction for property taxes costs an additional...
There are many other, smaller subsidies aimed at low-income home buyers. But the bulk of the tax benefits flow to the upper end of the income spectrum. And to the coasts as well: a study by two Wharton School economists found that homeowners in high-priced regions in California and on the Eastern seaboard suck up most of the gains...
...Agliotti said he was given introduction fees when he took other questionable businessmen to meet Selebi, including Zimbabwean tycoon Billy Rautenbach, who two weeks ago pleaded guilty in a Pretoria court to 326 counts of tax evasion. In return for the money and gifts he gave to Selebi, Agliotti testified, Selebi tried to influence police cases involving him and his associates and tipped him off about investigations and surveillance operations the government had launched against him. Selebi denies all charges. (Read "South Africa's Succession Fight...