tax   20215

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California homeowners get to pass low property taxes to their kids. It's proved highly profitable to an elite group
"In 1992, the court heard a challenge to the broad property tax policy created by Proposition 13. Lawyers defending it contended the state was trying to protect elderly homeowners. But during oral arguments, Justice Harry Blackmun questioned why those homeowners’ children received tax breaks, too.

“They get the same benefit and they’re not all that elderly, as I understand it. They’re just sort of a class of nobility in California,” Blackmun said, causing the courtroom to erupt in laughter. “They inherit this tax break and it goes on through generation to generation.”

Still, the court ultimately ruled in favor of Proposition 13. It decided that the state’s unique property tax structure was its prerogative and that it could justify the inheritance tax break on the grounds of supporting neighborhood continuity. But in his dissenting opinion, Justice John Paul Stevens called the inheritance benefit one of the most unfair provisions in California’s system.

The tax break, Stevens wrote, “establishes a privilege of a medieval character: Two families with equal needs and equal resources are treated differently solely because of their different heritage.”

Since then, there has been little public debate over the inheritance tax break. In 1996, voters extended the same benefits to the grandchildren of property owners, a provision rarely used because it requires both parents of the new owner to be deceased. Even so, the inheritance tax break has become pricier than anticipated.

The original estimate of lost tax revenue, adjusted for inflation, was $137 million a year, along with a warning that the price tag would grow every year. Today, the cost has ballooned to more than 10 times that amount, according to a recent statewide report by the state’s nonpartisan Legislative Analyst’s Office.

The report also determined that about 650,000 property owners in California received the inheritance tax break over the last decade, or one out of every 20 times a property changed hands."
california  tax  housing  history  politics  law 
2 days ago by pacpost
Netflix Tells Court It Isn't a Video Service Provider | Hollywood Reporter
A small municipality in Missouri is attempting to use a law designed for facilities based video providers to charge Netflix and Hulu taxes. Although the verbiage of Creve Coeur's (no, I don't know how to pronounce that) ordinance fairly clearly exempts internet-based services, the case reflects a broader trend that is likely to continue impacting Internet companies for the foreseeable future: if you make money, the governments of the world are going to try to regulate and tax you.
shrinkingbundle  nflx  tax 
7 days ago by shrinkingbundle
Be clever with those taxing decisions... - Independent.ie
DIVIDENDS

UP TO 55% TAX

If you own shares that pay dividends, don't get too excited about any dividend windfall coming your way. You could pay as much as 55 per cent tax on your dividends, according to Niall Glynn, tax partner with Deloitte.

If you are self-employed and earning more than €100,000 for example, you must pay 41 per cent income tax on dividends -- as well as a 10 per cent universal social charge and four per cent PRSI, says Mr Glynn. That adds up to a total tax bill of 55 per cent.

If you're a PAYE employee on the higher rate of income tax, you could lose up to 48 per cent of your dividends to tax. PAYE workers don't usually have to pay PRSI on dividends -- but they must pay 41 per cent income tax (if on the higher tax rate) as well as a universal social charge of up to seven per cent.

The highest universal social charge for self-employed people is 10 per cent -- and that charge applies on earnings over €100,000. The highest universal social charge for PAYE workers is seven per cent -- however, if you're a PAYE worker and you earn more than €100,000 from investments, the 10 per cent universal social charge kicks in.
ireland  tax 
7 days ago by fallond

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