The United States relied more on tax revenue from wealthy individuals and families than other industrialized countries during the middle of the last decade, the Tax Foundation said Monday. Citing data released in 2008 from the Organization for Economic Cooperation and Development, the nonpartisan group said that the ratio of what higher-income households paid in taxes compared to their share of market income was bigger here than in certain other countries. The richest 10 percent of American households paid a 45 percent share of the nation’s taxes in the mid-2000s, the OECD found, while having a 33.5 percent share of market income. That 1.35 ratio was higher than countries including Australia (1.29), Canada (1.22), France (1.1) and Poland (0.84). [The Hill]
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The whole UBS/IRS tug of war has achieved a whole new level of ridiculousness because now, Secretary of State Hillary Clinton will meet with the Swiss Foreign Minister on July 31, just prior to the deadline settlement date of August 3rd.
We’re expecting a lovely exchange of smiling, glad-handing, back-slapping, etc. but would implore with Secretary Clinton to do the right thing and get the Swiss Minister to pony up the Toblerones.
The Swiss deserve part of this blame for not seeing the genius in this offer but our American representatives in this case have not been pushing for it, deciding instead, that our need for a reformed healthcare system should motivate our Swiss friends to turn over the 52,000 American names.
The Swiss, who no doubt laugh at our bureaucratic nightmare of a healthcare system, are instead more concerned about their sovereignty and their long tradition of client confidentiality. They have vowed not to turn over any names and this doesn’t really fit in with the IRS’s plans to get billions in back taxes on the UBS accounts, hence the need to call in the big guns.
Swiss minister to meet Clinton ahead of UBS deadline [Reuters]
Joe Francis to Declare Bankruptcy, Owes IRS $34 Million
Tragic news from the world of wholesome entertainment as Joe “Back to the business at hand of slapping women” Francis is allegedly going to declare bankruptcy tomorrow after receiving liens for nearly $34 mil.
Not such a good thing for Francis since he just hammered out a plea deal two months ago.
According to Tax Girl, that plea agreement, “requires him to resolve his outstanding tax issues. I mean, it is a resolution – but I’m guessing not so much what IRS had in mind.”
They certainly aren’t apologizing for this one.
Girls Gone Wild Founder To File Bankruptcy, Blames IRS [Tax Girl]
Other GC Coverage of Joe Francis:
SHOCKER: Joe Francis May Have Attracted Slimy Business People
Joe Francis Plans to Argue That Anything Related to Topless Girls is Deductible