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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Largest US Tax Increase In History Looms, White House Warns |
by Mike Godfrey, Tax-News.com, Washington
03 June 2008
Democrats in Congress have signalled their support for the largest tax hike
in US history by refusing to extend President Bush's tax relief, according to
the White House.
In a statement released on the anniversary of Bush's 2003 tax relief package,
the White House argued that US taxpayers faced a collective tax increase of
USD280bn per year if Congress failed to extend these temporary tax cuts, which
are due to expire at the end of 2010.
The White House argued that the failure of the currently Democrat-controlled Congress to act in this regard
will mean that in 2011: personal income tax breaks nitigating the so-called marriage penalty
will come to an end in 2011; the 'death tax' will jump back to pre-tax
cut levels; the tax rate on dividends will return to a maximum of 39.6%; and
the top tax rate on long-term capital gains will climb from 15% to 20%.
The Bush administration claims that Americans would have paid an additional
USD$1.3 trillion in taxes by the end of last year if it wasn't for the tax relief
packages passed in 2001 as well as 2003.
By letting the tax relief expire, the White House has calculated that 116 million
families will see their taxes go up by an average of USD1,800, with many families
forced to accept tax increases approaching 200%.
Moreover, it warned that 27 million small business owners who have benefited
from personal income and investment tax cuts will face an average tax increase
of more than USD4,000.
"Nearly 75% of the taxpayers who benefit from the reduction in the top
rate are small business owners," the statement observed.
"The looming
tax increases are affecting today's economy by creating uncertainty, which causes
small businesses to think twice about expanding or hiring new workers. These
tax increases will harm economic growth by taking more money from small business
owners and sending it to politicians in Washington."
These sentiments were echoed by President Bush, who was visiting the Silverado
Cable Company in Mesa, Arizona, on the same day.
"A company such as this one pays taxes at the individual income tax rate.
So when you hear these politicians campaign and say, 'We're going to raise taxes,
oh, just on the rich people, they're raising taxes on companies like Silverado,"
he told a press conference.
"And so I strongly urge the United States Congress to make the tax relief
we passed permanent so that companies such as Silverado don't have to worry
about what their tax burden is going to be in two years come," he concluded.
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| THE LOWTAX LIBRARY
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