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February 16, 2010
Germany Considers Paying for Information that Leads to 1,500 Tax Evaders
February 16, 2010
Former Swiss Banker Offers Up Valuable Information on Swiss Banking Giant, Julius Baer
February 16, 2010
Obama Raises Tax Rates on Top Earners Instead of Renewing Tax Cuts
February 16, 2010
Obama to Crack Down on Tax Evaders through Contracts
Welcome to The Law Offices of Lawrence Brown blog. Please check back later for updates.
The Law Offices of Lawrence Brown is an experienced firm which provides sophisticated counsel and representation. The firm, founded in 1992, boasts 20 years of collective experience. They have favorable client outcomes in both civil and criminal matters. They represent clients throughout the United States. Because of their central location, in Dallas-Fort Worth, they are less than four hours away by air to every major city in the continental United States.
Germany Considers Paying for Information that Leads to 1,500 Tax Evaders
February 16, 2010
Topic: International/Offshore
Switzerland has been dealt its latest blow in the ongoing international banking secrecy showdown. It comes at a time when Switzerland is still reeling from its UBS and Julius Baer punches....
Former Swiss Banker Offers Up Valuable Information on Swiss Banking Giant, Julius Baer
February 16, 2010
Topic: International/Offshore
Rudolf M. Elmer has been holding the IRS and the international banking world in his hands since he revealed that he has a collection of secrets in his possession and he wants the whole world to know just how valuable the information is....
Obama Raises Tax Rates on Top Earners Instead of Renewing Tax Cuts
February 16, 2010
Topic: New Legislation and Your Taxes
The tax cuts that former President George W. Bush enacted will expire at the end of 2010. While some people would continue to enjoy these tax cuts, others would not, under the budget plan proposed by President Obama. Individuals earning more than $200,000 a year ($250,000 for married couples) will return to top marginal tax rates of 36% and 39.6% from 33% and 35% at present.
Taxes on high-income earners will likely raise $1 trillion over the next 10 years and the current administration is looking for every penny it can find to pay back the deficit that it is accumulating. President Obama is, therefore, foregoing a renewal on tax cuts for top income earners as set forth in a new budget plan proposed on Monday February 1, 2010.
Below are some aspects of the proposed new budget plan that would increase income tax rates and directly affect top income earners:
1. Top marginal tax rates would rise from the 33% and 35% now to 36% and 39.6%.
2. Capital gains and dividends would be taxed at 20% instead of 15%.
3. Limits would be imposed on upper-income earners' abilities to claim personal exemptions itemized deductions.
4. Fund managers would see their partnership profits taxed at ordinary income rates, rather than the lower capital-gains rate that is currently in place.
5. Limits would be put on the use of family trusts that have helped wealthy families lower their estate-tax liabilities. This tax increase was proposed after the White House estimated that it would increase government revenue by $23.7 billion over the next 10 years.
6. Estate tax of 45%, with an exemption for estate wealth under $3.5 million, and extension of those rates permanently.
President Obama did try to sweeten the deal for middle income tax earners, though, by requesting the payroll tax credit that lined workers pockets last year be made permanent. Mr. Obama reconsidered, however, and the final proposal put forth on Monday had dropped this particular request.
Time will tell how this year's budget plan will fare in the House and Senate. Last year's proposal passed in the House, but was halted in the Senate by both parties due to worry about the results the proposal would have on entrepreneurship and investment. The proposal was also met by resistance from realtors, charities, lawmakers, and other powerful, wealthy individuals.
Obama to Crack Down on Tax Evaders through Contracts
February 16, 2010
Topic: New Legislation and Your Taxes
President Obama, in a January 21, 2010 press conference at the White House, announced that the Federal government would no longer award contracts to companies that did not pay their taxes.
Further, Obama has urged Congress to pass legislation that would allow the IRS to share information about businesses that do not pay their taxes. Studies conducted through the Government Accountability Office show that tens of thousands of companies owe the government, collectively, more than $5 billion in back taxes. As stated by Mr. Obama in the press conference, "All across this country, there are people who meet their obligations each and every day. You do your jobs. You support your families. You pay the taxes you owe-because it's a fundamental responsibility of citizenship. And yet, somehow, it's become standard practice in Washington to give contracts to companies that don't pay their taxes."
The presidential memorandum that Mr. Obama enacted on January 21st allows the budget office, the Treasury Department and the IRS to block contractors with serious tax delinquencies from doing business with the government. In addition to the above mentioned stipulations, President Obama also directed the IRS to initiate a review of the way it evaluates companies' claims that they are not delinquent. They are to report their findings in 90 days to prove and insure the IRS's accuracy in these claims against businesses.
