This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
US Lawmaker Wants To Terminate Tax Code,
by Mike Godfrey, Tax-News.com, Washington
Friday, April 18, 2008
As US taxpayers struggled to beat the 15th April tax filing deadline, US Representative
Bob Goodlatte took the opportunity to raise awareness of his initiative to radically
simplify the US tax code.
Goodlatte's Tax Code Termination Act, introduced at the start of the 110th
Congress, would repeal the entire tax code, except portions that deal with Social
Security and Medicare by 31st December, 2010, and calls on Congress to approve
a new Federal tax system by July of the same year.
"I think we can all agree that the current tax system has spiraled out
of control,” Goodlatte stated on the eve of the tax filing deadline.
“With American taxpayers and businesses devoting a total of 6.6 billion
hours each year to comply with the current tax code, we need tax simplification,"
he argued.
Goodlatte pointed to the 2006 Annual Report to Congress by the National Taxpayer
Advocate - an independent organization within the Internal Revenue Service (IRS)
which assists taxpayers who are experiencing problems with the IRS - which listed
“the complexity of the Internal Revenue Code” as the most serious
problem facing American taxpayers.
Goodlatte's legislation has already been passed twice by the House of Representatives,
first in 1998 by a vote of 219-209, and then in 2000 by a vote of 229-187.
In the current Congress, the Virginian Republican has been joined by nearly
100 members, both Republicans and Democrats, who have cosponsored his legislation.
While such a radical measure is unlikely to actually become law, Goodlatte
argues that the legislation takes an important first step along the road to
tax reform by forcing Congress to at least consider the issue.
There are a number of possibilities to replace the current tax code, Goodlatte
believes, such as the so-called 'fair tax,' or a flat income tax.
“Today’s tax code is unfair, discourages savings and investment,
and is impossibly complex,” continued Goodlatte.
“The Tax Code Termination
Act will force Congress to finally debate and address fundamental tax reform.
Whichever simpler and fairer tax system is adopted, the key ingredients should
be: a low rate for all Americans; tax relief for working people; protection
of the rights of taxpayers and reduction in tax collection abuses; promotion
of savings and investment; and encouragement of economic growth and job creation.”
The Tax Code Termination Act has been referred to the House Committee on Ways
and Means for further consideration.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed