Inevitably when the price of gas rises, drivers cry foul and the call comes to governments to alleviate the pain, in the form of reducing taxes on gas. However, the idea that governments should lower taxes on gas in response to globally increasing demand outstripping an increasingly unstable supply is a misguided approach that treatsContinue reading “Pressure to decrease gas taxes is misguided”
Category Archives: Taxation
Busy season comes to an end!
I celebrated the end of accountants’ busy season last night with our firm’s annual “tax party”, which was held at a local watering hole and we had an entire section reserved for us. Free drinks and free food, it was a heck of a night. Great way to celebrate a job well done from JanuaryContinue reading “Busy season comes to an end!”
The ideal tax system
“The ideal tax system … is neutral to business activity. In such an ideal system, individuals and businesses would base their economic decisions solely on the merits of the transactions, without regard to tax implications. In reality, tax-induced economic distortions are a fact of life, and a more realistic goal is to maximize the occasionsContinue reading “The ideal tax system”
Keep the income tax cuts, ditch the GST cut
I read in the Star yesterday that the income tax cuts enacted by the Liberals before their fall from power and effective January 1, 2006 may be kept by the Conservative government, which has all along threatened to reinstate them to make room for their GST cut. I have always been in favor of incomeContinue reading “Keep the income tax cuts, ditch the GST cut”
H&R Block messed up their taxes
Shares of H&R Block fell on Friday after the tax preparation and software provider admitted it had miscalculated its own state income taxes, understating its liabilities by $32 million as of April 30, 2005. The Irvine, California-based maker of TaxCut software said Thursday it would need to restate its fiscal year 2004 and 2005 results,Continue reading “H&R Block messed up their taxes”