Tax Law Archives - Page 11 of 41

Arizona Has 3rd Highest State & Local Sales Tax Rate in U.S.

Yea. We Arizonans have something to be proud of in these difficult economic times – highest taxes in the United States. Arizona is number 3 at 9.01% and kicking the tax butt of the lower taxed 47 states. Tennessee is 1st (9.44%) and California is 2nd (9.08%). Seven Arizona cities can also crow about being in the top 25 highest taxed cities in the United States. Glendale #2 (9.6%), Phoenix #12 (9.4%), Tucson and Mesa tied at #16 (9.2%), Scottsdale #18 (9.05%) and Chandler and Gilbert are tied at #23 (8.9%).

Billionaire Tells Tax Court He Got Bad Advice on Contributing $43 Million to Charity

Forbes: “Do you have trouble getting good tax advice? Billionaire hedge fund manager Leon G. Cooperman says he has the very same problem. Cooperman filed a U.S. Tax Court lawsuit last month after the Internal Revenue Service disallowed his deductions for $43 million in charitable contributions he made to his own family’s private foundation.”

Surprise Surprise – Higher State Taxes Causes People to Flee to Lower Taxed States

Investment News: “For years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.”

Expiration of Bush Tax Cuts Would Cost Families Thousands in 2011, Study Shows

Fox News: “Millions of families will be faced with thousands of dollars in tax increases if the Bush tax cuts are allowed to expire at the end of the year, according to estimates from the nonpartisan Joint Committee on Taxation.”

How President Obama’s Tax Plan Raises Tax Payments for a Couple Earning $250,000 or Less

Tax Foundation: “The Tax Foundation launched a new calculator last week that helps users see how their taxes might rise in 2011. In a FoxNews piece about it, we explained that some families making $250,000 or less could see a tax increase under Obama’s budget proposal, which would be a violation of his famous campaign promise not to raise taxes on families with incomes of $250,000 or less. Here’s how that would happen.”