Archives For John McCain

A recent report to Congress revealed that effective tax rates (ETRs) for large corporations were lower than the statutory rates– a lot lower.

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The U.S. Senate’s Permanent Subcommittee on Investigations released a 40-page bipartisan report yesterday unveiling that Apple has been using legal loopholes in the United States and Ireland to skirt additional taxes. Senate investigators are reporting that Apple sheltered $44 billion in offshore, taxable income between 2009-2012.

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Happy Earth Day everyone. Say what you will about the cost of going green, but there’s no denying that caring for the environment has given taxpayers some pretty sweet tax breaks, credits and deductions over the years. Here are a few you should take advantage of, if you haven’t already.

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Amidst the ongoing political negotiations and obsessive media coverage of the “fiscal cliff,” many politicians and economists are pleading for a re-branding of the term. Whether or not it should be re-dubbed a fiscal slope, gradual fiscal slope, fiscal curve, taxmageddon, austerity crisis, or other less exaggeratory terms is a matter of opinion; but it doesn’t take an expert to realize that the mandatory budget cuts and tax hikes that will go into place at year-end unless a deficit-reduction deal is struck isn’t quite the doomsday that the word “cliff” implies. As Ed Ardeni, president and chief investment strategist for institutional investor advisory Yardeni Research, put it: “We’re not going to fall off the edge of the earth at the beginning of next year. When you fall off a cliff you die. So it’s a bit of an exaggeration to say that’s what we’re facing here.” Similarly, Sen. Bernie Sanders (I-Vt.), noted that even if we go past the deadline by a month or two, “I don’t think a whole lot of people will know the difference…it’s not like something cataclysmic happens on Dec. 31.”

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