In a huge rejection of the United States's corporate income tax rate – the highest in the world – America’s second-largest drug company, Pfizer, Inc., just proposed a merger with Britain’s AstraZeneca that would move the company away from New York’s combined 42.1% corporate rate and into the United Kingdom’s 20% rate. Pfizer has been based in New York City since its founding in 1849.
With its cumbersome and costly tax policies, the US in particular has seen a record number of individuals renouncing their US citizenship or terminating their long-term US residency in 2013. According to a recent report from the US Treasury Department, 2,369 individuals have given up their US identities in the first three quarters of 2013 – already eclipsing the previous annual record of 1,781 in 2011. -Tara Loader Wilkinson
Liberal, Tax, Government, Incompetence, Financial, Oops, Economy, Jobs
With sales slumping because of the new Philadelphia sweetened beverage tax, Pepsi said Wednesday that it will lay off 80 to 100 workers at three distribution plants that serve the city.
The company, which employs 423 people in the city, sent out notices Wednesday and said the layoffs would be spread over the next few months. The layoffs come in response to the beverage tax, which has cut sales by 40 percent in the city, PepsiCo Inc. spokesman Dave DeCecco said.
Editorial, Tax, Government
Come Sunday, America finally has something to crow about in its economic war with China and Japan: It will have the highest jobs-killing corporate tax rate in the industrialized world. No, it’s not an April Fool’s joke. When Japan officially slashes its rate to 36.8 percent Sunday, America’s will be tops at 39.2 percent.
Tax, Government, Narrative
“We do not want to incur the tax cost to repatriate the foreign cash at this time,” Apple Chief Financial Officer Peter Oppenheimer told investors and analysts during a conference call Monday. Along with Google and Microsoft, Apple is among a bevy of tech giants pushing for a tax holiday on more than $1 trillion in foreign profits.
Democrat, Tax, Energy
“Greenhouse gas legislation, either with a tax or with cap and trade – which is a more complicated way of getting at it but it has the advantage of politically sort of hiding the fact that you have a tax – but that’s what you’re trying to do,” he added.
Homeowners in an exclusive waterfront enclave in Brooklyn thought Hurricane Sandy was as cruel a blow as they could suffer — until the taxman proved them wrong. The city is claiming that property values have actually shot up for many homes in Manhattan Beach and it’s going ahead with hefty tax hikes for the houses devastated by the October superstorm, shocked property owners told The Post. Homeowners in other neighborhoods hit by Sandy, including Coney Island, the Rockaways and parts of Staten Island, also said they’ve received increases.
Tax, Government, Economy
After a quarter of a century of building a successful enterprise at 5903 W. Metaline Ave., Bertsch sat back and watched as about 200 people bid on what was left of his company -- boxes of electrical parts, a drafting desk, high-end office furniture, TVs, computers and even the phone system. Anything that could be carried away, was. "I am tired of carrying all the tax load," Bertsch said. "I renew 13 licenses here every year just so I can spend money in this city." Bertsch makes no attempt to conceal his frustration with the costs government imposes on small businesses like his. "Government is killing small business. We used to have 24 employees at our peak. Now, all of those people who used to work here are in unemployment lines," he said.
Democrat, Liberal, Tax, Brilliance, Bigbrother
"If they don't come up with loan modifications and keep people in their homes that they've worked so hard for, we're going to tax them out of business." -Maxine Waters
Liberal, Tax, Government, Incompetence, Oops
Taxed-out New Yorkers are voting with their feet, with a staggering 1.6 million residents fleeing the state over the last decade, a new report found. That's as if the entire populations of Buffalo, Rochester, Yonkers, White Plains and West Babylon combined had packed up and left. For the second consecutive decade, New York led the nation in the percentage of residents leaving for other states, according to the report by the Empire Center for State Policy.
Democrat, Tax, Incompetence, Financial, Oops
Mr. Caruso added that negotiations for the sale had begun earlier in anticipation of the repeal of the 10 percent excise or luxury tax on boats costing more than $110,000 and on other expensive items like jewelry and furs, but not on automobiles. "The customer told me he would have never bought the boat if he had had to pay the luxury tax, which would have added $30,000 more to the purchase price," Mr. Caruso said.
Tax, Government, Oops
Amazon all but told South Carolina goodbye Wednesday after the online retailer lost a legislative showdown on a sales tax collection exemption it wants to open a distribution center that would bring 1,249 jobs to the Midlands.
Knapheide said the tax increase does not help the company compete in what is already a tough business environment.
"Price competition in our depressed markets is fierce," he said. "It is impossible to full cover increase in material costs, energy costs, the added expense of Obamacare and now the added cost of the waste and corruption in Illinois government."