Jamie L. LaReau Detroit Free Press Published 12:11 PM EST Feb 28, 2019 General Motors has not paid federal taxes in more than a decade. In fact, it will likely not pay U.S. federal income tax for the next several years, its former chief financial officer has said. Likewise, Ford Motor Co. has paid U.S. income tax only three of the last 10 years, based on filings with the Securities and Exchange Commission. Each company has gotten about $450 million in tax refunds since 2009, an economist estimated, based on the filings. According to GM's latest 10-K filing, the company is owed $104 million as a tax refund for 2018. The two companies have turned profits between them totaling more than $100 billion in the past 10 years. This reality of the U.S. tax code led to a recent Axios post and a snarky tweet from former U.S. Secretary of Labor Robert Reich, comparing hefty refunds due GM and other corporations to the average … [Read more...] about Tax refund: GM, Ford rarely pay federal taxes yet get fat refunds
How much corporation tax do i need to pay
On balance, the 2017 Tax Cuts and Jobs Act may not have brought true “simplification,” but it did bring meaningful changes to the tax code. And taxpayers in New York must deal with the added tangle of state and federal rules that frequently contradict each other. Throw in the Supreme Court decision in South Dakota v. Wayfair, Inc., and New York business owners are staring at a 2019 full of new acronyms, new strategies and new tax compliance burdens. To bring light to the relative darkness, Crain’s turned to four experts in tax planning to explain what the TCJA means for corporate and individual taxpayers in 2019. They are: Joe Bublé, a tax partner at Citrin Cooperman’s New York office and the firm’s tax practice leader. He specializes in tax planning and sophisticated tax research for businesses and individuals. Joseph M. Giampapa, a partner in Marks Paneth LLP’s tax group. He has more than 15 years’ experience in … [Read more...] about What New York taxpayers need to know about the tax landscape
Sections SEARCH Skip to content Skip to site index Economy Subscribe Log In Log In Today’s Paper Economy | Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened. Supported by Nearly a year after the tax cut, economic growth has accelerated. Wage growth has not. Companies are buying back stock and business investment is a mixed bag. ByJim Tankersley and Matt Phillips Nov. 12, 2018 The $1.5 trillion tax overhaul that President Trump signed into law late last year has already given the American economy a jolt, at least temporarily. It has fattened the paychecks of most American workers, padded the profits of large corporations and sped economic growth. Those results weren’t a surprise. Economists across the ideological spectrum predicted the new law would fuel consumer spending, in classic fashion: When the government borrows money and dumps it into the economy, … [Read more...] about Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened.
Sections SEARCH Skip to content Skip to site index Canada Subscribe Log In Log In Today’s Paper Advertisement Supported by ByIan Austen, Catherine Porter and Dan Bilefsky Oct. 16, 2018 Canada is poised on the edge of a cultural revolution and dramatic social experiment as it prepares to legalize marijuana on Wednesday. Although the move has been planned since Prime Minister Justin Trudeau was elected in 2015, the country is scrambling to get ready for the big day because while the federal cannabis act sets a broad skeleton, Canada’s 13 provinces and territories set their own rules — including where marijuana will be sold and where it can be consumed. Not all of those rules have been announced yet. And they conflict from one part of the country to the other, leaving many Canadians confused. Here are answers to some of the questions tokers and nonsmokers alike are asking as Canada gets set to make history: … [Read more...] about Canada Is Legalizing Cannabis. Here’s What You Need to Know.
The back-and-forth of the general election campaign season seems to have started Monday for Democratic Sen. Elizabeth Warren and Republican challenger Geoff Diehl. Warren, seeking election to a second term on Nov. 6, appeared on WGBH’s “Boston Public Radio” where co-host Jim Braude picked up a question tweeted at the show by Diehl’s campaign regarding specifics on how much Warren wants to see tax rates increase. The show often takes constituent questions when elected officials appear on air, and, as Braude noted, Diehl is indeed one of them for Warren. Diehl, a Whitman state representative who won the Republican primary last week, is one of two vocal critics vying to unseat Warren this fall. Shiva Ayyadurai, a Belmont scientist and entrepreneur, is on the ballot as an independent candidate. “Voters want to know how much do you want to raise taxes?” Diehl’s campaign tweeted Monday, along with a link to a campaign video referencing Warren’s … [Read more...] about How high does Elizabeth Warren want to raise taxes? Her challenger wants to know.