Archives For Wall Street

What is important is that the financial sector, which bears a disproportionate share of the blame for the deep recession that is still affecting employment and growth, share in the costs of insuring against future bailouts and be forced to restructure itself to better insulate the rest of the economy from excessive risk.

-Jeremy Scott, Forbes

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A tax, which would cost you $1 for every 800 cups of coffee you bought, does not seem that bad at all. Continue Reading…

Senate Finance Committee Chairman Max Baucus (D-Mont.) and the panel’s top Republican, Utah’s Orrin Hatch are attempting a ‘blank slate’ approach to the current U.S. tax code.

In turn, the Senators are wiping out all the tax provisions now in the code and are now putting the onus on their supporters to prove why the provisions should be left in the code. The have until July 26th left to make their point.

Baucus and most Democrats say the government needs new revenue. They say not all the money gained by scrapping tax breaks should go to lowering tax rates. Most Republicans, including Grover Norquist, president of Americans for Tax Reform, take the opposite view. Norquist, on Wednesday, threw his support behind the latest bid by Senate tax writers to overhaul the U.S. tax code.

“A revenue-neutral reform target is an absolutely essential precondition to any tax reform,” Norquist wrote. “Tax reform should not be a stalking horse for a net tax increase.” Norquist listed several other steps senators should take including eliminating taxes on capital gains and dividends

Politico has released what it thinks are some of the tax breaks currently in the tax code that could be purged and possible lobbyists’ responses to the suggested reform. Continue Reading…

A measure to extend state sales tax to all online purchases is getting the attention of some major lobbyists.  With a Senate vote on the Marketplace Fairness Act (MFA) expected as early as tomorrow, stakeholders are making their voices heard.

In one corner, there’s the forces of major retail like Best Buy, Wal-Mart, and the online giant – Amazon.com. They’re joined by the bipartisan National Governors Association and smaller retail owners in the years-long fight to require state sales tax be applied to all internet purchases.

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The MFA has its big-gun supporters, but they’ve got powerful competition from the likes of eBay, Overstock.com and most recently, Wall Street; the Securities Industries and Financial Markets Association (SIFMA), which represents hundreds of companies including Goldman, Sachs & Co., Morgan Stanley, and E*TRADE Financial Corp, recently came out in opposition to the bill in fear of it leading to a financial transactions tax on bonds, stocks and derivatives. Continue Reading…

With economic uncertainty still abound and fiscal cliff negotiations at a standstill, these industries are among the few whose profits have remained steady throughout the financial crisis.  As a law firm specializing in tax law, we’re fortunate to see that legal services and tax preparation are among the top service related industries with regards to their pre-tax profit margin.  Also of note in the below infographic is that financial investment activities remain the most profitable sector in America despite all we’ve heard about crippling regulations, bailouts, the downfall of Wall Street, etc.  As for the future, the Bureau of Labor Statistics projects that home healthcare and individual family services will benefit from the most growth in 2013 and beyond, but if you really want to go where the money is, consider dentistry school – which sits just below financial investment activities on this list.
Here’s to a brighter smile tomorrow!

The most profitable Industries, pre-tax

 

JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.

 

Understanding Dodd-Frank

December 12, 2012 — 2 Comments

Originally posted on Finance Infographics:
Background information about the Dodd-Frank Act, including how big it is and who will be affected the most. Source: intuition.com

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