Many Americans were disappointed and angry over lower-than-expected tax refunds this year.
But corporations fared much better.
This year, 60 U.S. companies that turned a profit in 2018 not only paid nothing to the IRS - they actually received millions in rebates from the government.
The 2017 tax law, while not entirely responsible, made the disparity between what individuals pay and what corporations pay much wider.
Many Americans were disappointed and angry over lower-than-expected tax refunds this year.
But corporations fared much better.
This year, 60 U.S. companies that turned a profit in 2018 not only paid nothing to the IRS - they actually received millions in rebates from the government.
The 2017 tax law, while not entirely responsible, made the disparity between what individuals pay and what corporations pay much wider.
We've got all the ugly details right here...
We haven't seen GDP growth like this since the 90s.
But you can still outperform the markets with these four sectors...
Chief Investment Strategist Keith Fitz-Gerald appeared on Fox Business Network's "Varney & Co." today to discuss why a tax cut delay won't derail the markets the way analysts expect it to.
Here's what he had to say - including what investors should do now...
Trump has unveiled his plan for a corporate tax cut from 35% to 20%.
If passed, this will translate directly to bigger earnings.
Money Morning Capital Wave Strategist Shah Gilani joins Charles Payne on FOX Business Network to explain how.
Trump's plan for tax reform is finally here.
Wall Street jumped at the news, but Money Morning Chief Investment Strategist Keith Fitz-Gerald sees a "dangerous" mix in the plan Trump outlined.
Keith joined CNBC World to explain.
Amid all the brouhaha in Washington over the failed healthcare bill and threats of nuclear war from North Korea, Trump's promised tax cuts may have to come later rather than sooner.
On the campaign trail, President Trump touted massive corporate tax cuts, as well as cuts to individual tax rates.
But now the White House is proposing a slimmed-down version of the tax plan.
And there's a big problem with this "new and improved" version...
April 15 is universally dreaded across the nation as Tax Day, except not this year.
This year you will have several extra days to procrastinate filing your taxes thanks to some tax law exceptions about when they are due.
So when are taxes due in 2017?
We're approaching the end of the year, which means we're also approaching tax season - and you need to start thinking about your tax plan right now.
Specifically, you need to make sure your protect your hard-earned money from Uncle Sam.
Here are 10 things traders need to think about as we head into the end of the year...
It was probably not a coincidence that stocks ended their worst week of the year on the same day that Hillary Clinton gave a speech outlining her capital gains tax proposals. Stocks didn't crater just because of the speech, but it sure didn't help.
As I noted in a Money Morning Special Broadcast sent out just after the speech on Friday, the Democratic presidential candidate proposed to double capital gains taxes on most investors. There was no mention in her speech of any desire to extinguish the egregious "carried interest" tax that allows her richest private equity donors to pay lower taxes than their secretaries. But her proposal was neither about showing political courage nor intelligent tax and economic policy.
Every working American is required to pay income taxes, but American companies get away with paying zero...
This year, the IRS collected roughly $1.4 trillion from U.S. taxpayers on April 15. Even individuals exempt from the federal income tax are subject to payroll taxes – and even the 14% exempt from both still must pay a sales tax.
But there are a record 54 U.S. corporations that pay no taxes or are at least partially exempt. That’s more than twice the amount five years ago. Most of them actually got tax refunds.
“You never let a serious crisis go to waste… It’s an opportunity to do things you could not do before.” –Rahm Emanuel
The once unthinkable is quickly becoming probable.
At some point in the next few years, your assets could well become the target of a “Supertax” as high as 17%.
Last week, we talked about the need to buy “out of print” assets to protect our wealth from brazen government seizures.
I explained that quantitative easing (QE) was likely to get bigger, not smaller, and that you needed to become your own central bank.
The truth is, the writing’s already on the wall. We’ve seen it happen.
Cyprus’s “bail-in” cost numerous bank depositors more than 47% of their capital.
Poland’s “pension reform” saw private pensions raided to help lower the government’s debt-to-GDP ratio.
And Spain plundered its Social Security Reserve Fund to keep buying its own risky debt, when no one else would.
Dangerous precedents are being set, with chilling regularity.
More than ever, you need to be prepared…
We were all shocked by the sudden, untimely death of James Gandolfini. Gandolfini was an immensely gifted actor who changed the face of television entertainment in the role of Anthony "Tony" Soprano, a deeply troubled gangster-in-therapy, who had to balance obligations to his family... and his Family.
By all accounts, James Gandolfini was generous and kind to family and friends alike. It has been reported that he left a large legacy, in excess of $70 million, to be divided between them. His net worth is an estimate, and his asset inventory hasn't yet been disclosed, but he did alright for a middle class kid from North Jersey.
Sadly, however, his nearest and dearest won't see anywhere near the full amount he left behind.
It turns out that James Gandolfini was generous - to a fault. His wish was that his legacy, in the form of real estate and other assets in the United States and Italy, be distributed in large chunks, the largest in a trust for his 13-year old son, Michael and 8-month old daughter, Liliana. His widow, Deborah Lin, is set to receive 20% of his estate. The will stipulates that the shares to be doled out after taxes.
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Would the last person leaving California please turn out the lights...
Whether by coincidence or design there is a mass exodus of business and upper management from the golden state.
Here's a guess why: California is the highest taxed state in the nation.
Its top income tax rate is 13.3%, and its property tax per capita is $1,450. California also has the highest sales tax at 7.5% and is the proud bearer of the country's highest gas tax according to the Petroleum Institute.
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