In addition to the federal estate tax of 40 percent (which is fourth highest in the OECD), many U.S. states levy their own estate and inheritance taxes. Estate taxes are charged against the estate regardless of who...
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- They Should Have Seen it Coming
They Should Have Seen it Coming
The big news in tax this week is not the story that Republicans have modified House rules to make it easier to enact tax cuts, nor the story about billionaire Roger Milliken avoiding the estate tax by dying on December 30, it is the report that the Romanian government has designated witches, astrologers, and fortune tellers as formal "professions" and thus, these groups must now declare their incomes and pay the 16% flat tax.
While the government has justified the move as a means of cracking down on tax evasion, many witches have retaliated by putting hexes on government officials.
According to today's story in Tax-News.com:
Romania is a country where ancient superstitions have survived into the modern day, perhaps more than in other European countries. But many witches are complaining that their income is so meagre, it is hardly worth taxing. Some are so angered by Basescu's government that they have taken to throwing poisonous plant-based concoctions into the River Danube and are threatening to cast spells on the lawmakers who voted the law through. Others, however, have welcomed official recognition of their craft by the government after years of prejudice.
I wonder what their crystal ball would tell us about the prospects of tax reform in the U.S.?
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