How To Pay Zero Tax On Your Billion Dollar Profits
No Tax on Big Profits
You can pay zero tax or no tax by applying your current year profits to offset your past year losses.
It was reported last week that General Motors paid no federal income tax for 2011 on profits of $7.6 billion, which was $3 billion more from the previous year. GM has earned more than $13 billion in profits since 2009, when it received a massive $49.5 billion bailout.
“We did not pay federal income tax last year,” said GM spokesman Jim Cain. The Detroit News, who broke the news, also quoted Cain as claiming GM would not have to pay federal taxes “for many more years.”
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If You Can’t Tax The Poor Tax Their Food
Its hard to believe what the government will do to collect tax.
This is the new tax collection policy starting in Britain. In March, British Prime Minister David Cameron laid out plans to tax Cornish pasties and other snacks, a move critics say will hit working families at a time of economic hardship.
The British government has been embroiled in the “Pasty Tax” row since it announced plans to close a loophole that allows bakeries in Britain to serve hot takeaway food without incurring 20% value-added tax.
The items include pies, sausage rolls and pasties – a traditional delicacy eaten for centuries by miners in the southwestern English county of Cornwall, which consists of meat and vegetables in a pastry crust.
Greggs bakeries, a purveyor of fast-food, including 140 million sausage rolls per year, saw its shares slump 5.5 percent last week on news of the new tax.
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Another Tax Grab by Government Foiled by Indian Small Business Owners
Import Tax on Gold
The minister also raised the import duty on gold for a second time this year as part of measures to rein in the current account deficit, partly stoked by record bullion purchases. The precious metal has been climbing for a 12th year as the sovereign-debt crisis in Europe and concerns that global economic growth may slow spurred demand for a protection of wealth.
Mukherjee raised the import duty on gold bars and coins and platinum to four per cent from two per cent, after doubling the tax in January.
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CRA Computer Glitch Carrying Forward Capital Loss of a Deceased Tax Payer
Taxes after Death
In years other than the year of death, capital losses may only be deducted against capital gains in the year, the prior three years, or subsequent years. In the year of death, S.111 (2) allows capital losses from the current year and capital losses carried forward from previous years to be applied to reduce any type of income.
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2010 Holiday Gift from Vancouver City Council – 4.2% Property Tax Increase
The best city on Planet Earth got a little more expensive to live in and owning property. The Vancouver City Council decided to increase Residential Property Tax by 4.2% and Commercial Property Tax by 0.2%.
City’s operating budget stands at $1.03 billion.
In November the city also approved a 2.75-per-cent increase in user fees, primarily related to sewer, water and waste utility services. Some of those services were provided by Metro Vancouver.
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