Discover and read the best of Twitter Threads about #tax

Most recents (24)

#Germany 🇩🇪 is overpaying for #climateprotection by 183 bln USD or 4.5 percent of #GDP. 📉🌍 @BjornLomborg #FalseAlarm #climate #economy /1
How can I argue this? First, I took #Germany's long-term #GDP forecast up to 2060 by the #OECD (2020-2050, in USD, dark blue line). /2
Then I corrected this #GDP #growth forecast with #Germany's expected average annual expenditures for climate protection estimated by the #KfW (ca. 5.2 percent of GDP annually!, green line). /3
Read 7 tweets
Been reading a ton about the Pandora Papers. Here's the thing - what rich people, politicians and cricketers may be doing might not be illegal.

Here's a Pandora Papers 101 📓

#PandoraPapers #tax Image
1/ There are at least 380 persons of Indian nationality in the Pandora Papers.

These documents relate to the ultimate ownership of assets ‘settled’ (or placed) in private offshore trusts.

Corporate mumbo jumbo is cut out. This looks at who is the real owner of an asset.
2/ Ugh. What's this trust you keep speaking of?

Without getting into the legal mumbo jumbo of it, a trustee (a third party) holds assets on behalf of individuals that are to benefit from it (beneficiaries).
Read 27 tweets
An efficient #GST with high boyancy, needs uniform 15% rate on 3/4th of Goods & services, exemption(0%) on basic food, drugs, health services & education(~1/10 of G&S), & higher rates (avg 30% inclusive of cess) on cigarettes & Autos(~1/10th). Drop higher revenue/rate obsession
2/gst The #GSTcouncil's obsession with immediate revenue raising by increasing rates, is damaging macro economy, by negatively impacting MSME/informal employment, income & consumption, and doing long term damage to inclusive growth and sustained higher revenues for development
3/gst Though in normal circumstances I recommend revenue neutral reform, in current depressed environment, revenue negative reform of GST is preferable to revenue positive GST reform, because it will provide a demand stimulus which will quickly recover the short term revenue loss
Read 5 tweets
National Pension Scheme (NPS) is the new hot deduction everyone is talking about.

We've spent a lot of time dissecting #NPS. Here's everything you need to know.

A Thread 🧵

Like and RT 🚀

#NationalPensionScheme #Investing #PersonalFinance
1/ First up, here's a detailed article on NPS and why it might be good idea to start investing in an NPS:

thegalacticadvisors.com/post/national-…
2/ Let’s focus on the deduction aspect here ✂️

Deduction under 80CCD is available upto:

• Employed person:

Can contribute upto 10% of salary to NPS. This 10% is in addition to the INR 1,50,000 limit under Section 80C.
Read 6 tweets
At first glance, there's some fundamental flaws in this “study” from the @USChamber today (featured in @Morning_Tax)

It takes many leaps of logic to think ending the carried interest #tax loophole will lose the US ~5 million(!) jobs. The Chamber needs to try again 🧵
What’s going on?

Biden proposes closing a loophole letting Private Equity and Venture Capital managers pay 20% cap gains rate instead of the regular 39.6%

The Chamber says this costs as many jobs as in the state of Georgia and billions of tax $.

The argument is quite shaky
Flaw 1: The Chamber’s own appendix

The Chamber says:Upping PE&VC managers’ taxes hurts firms activity, but offers no evidence.

Q:what happened when their taxes rose⬆️33% (5pp) in 2012?
A:PE deals increased, the opposite of what this “study” claims!

Why's this time different?
Read 11 tweets
If you are a regular shopper, you might have noticed that women’s products cost more than the male equivalent or generic products.

Is this a fluke, or are #women paying more for products made for them?

Turns out, yes, women pay an invisible cost in the form of “The Pink Tax”👇
But the catch is - it’s not really a legitimate #tax imposed by the govt. It’s a cost added on products that are marketed towards women. The packaging on these products is often pink, ergo the name.
For eg, a study in the US found that the ingredients in shampoos & deodorants are almost identical for men & women, but prices for female-targeted items were nearly twice as much. Reports suggest that this pink tax costs women $2135 a year.
Read 7 tweets
How do I get @shibainuart and other $SHIB and #Twitter influencers to spread the word among the #SHIBARMY to donate their coins to charities that accept ERC-20 donations? 1/Thread with links... unroll to see all the donation options for various #charities
One I found for the army to donate to is here, @ALLFEDALLIANCE - they will take your #crypto donations. It looks like a great charity too. Maybe they can #WOOFWOOF for $BONE to feed the world.

allfed.info/support-our-wo…
Then there is always one my favorites, for my entire life I've loved @SavetheChildren - I donate to them monthly in #Fiat but they also take crypto donations. #SHIBARMY send them a donation so they could also woof for BONE and help children everywhere.

savethechildren.org/us/ways-to-hel…
Read 21 tweets
A Comprehensive Guide on Tax for Freelancers

A thread..

#incometaxindia #44ADA #GST

Part 1 - GST v. Income tax
First thing you need to understand is that Income Tax and GST are 2 completely different Acts and tax different things. Let's illustrate quickly with a simplified example.

1/n
Example - GST v Income Tax

Mr. India earns INR 1 crore by selling services to Indian parties. This is professional income for Mr. India. GST on these services applies at 18%.

2/n
Read 8 tweets
So here’s the scoop on the new child tax credit changes. It’s being implemented very quickly. It’s using some of the same infrastructure set up for the economic impact (stimulus payments) but it’s different in many ways. #tax #CTC #TaxTwitter
Here’s the gist of it, tho there’s situations that I won’t cover here. Please consult a tax professional for advice in your own situation. This does not constitute advice in your particular situation.
Over the past couple years, the max child tax credit has been $2,000 per child. This is being raised to $3,000 for 2021 per child age 6 - 17 at the end of 2021, and $3,600 per child under 6 at end of 21.
Read 12 tweets
How Are LLCs Taxed? Your Beginner Guide

As a small business owner, it is vital to know where your money is going and what taxes you must pay every month, quarter, or year, so you can budget accordingly. Image
A limited liability company (LLC) is a business that gives the owners limited liability, so their assets are protected if they were to be sued or get into financial difficulty.
For this reason, it’s an incredibly popular business structure, but understanding how they are taxed can be complicated. We’ve broken it down for you here, so read on to understand exactly how LLCs are taxed so you can move forward with confidence.
Read 36 tweets
On Shoulders, Otis ..
NeXT Bank Shot/Dunk on Timec ..

Everything will be In code from here out. They will be pissed & many of them will continue to hate & not believe, I don't care. The we have to do things is the way it has to be.

.@USArmy
.@USNavy
1
Read 5 tweets
Does It Make Sense To #Invest In The National Pension Scheme?

A thread 🧵👇
National Pension Scheme is a defined contribution scheme launched in 2004.

There are two vehicles to make your investments in:

1️⃣ Tier 1
Tier 1 is primarily for retirement where you get the tax benefits as well.
2️⃣ Tier 2
Tier 2 is for those who want to make voluntary contributions with an option withdraw at any time.

You need a tier 1 account to open a tier 2 account.
Read 31 tweets
@IndiatechO is releasing a two series White-paper on #Crypto, the first paper talks about the opportunities offered by #Crypto and #blockchain to the world. With rapidly growing potential, #India needs to regulate the sector. Link to the #IndiaTechDecoder: indiatech.org/wp-content/upl…
India has a great opportunity to capitalise on the huge potential that the industry holds. The second paper offers solutions and suggestions that @IndiatechO has proposed as a 5-point framework on how the Indian #government can best regulate #Crypto while encouraging innovation.
According to the #IndiaTechDecoder opportunities from #Crypto adoption is far more than simply attracting #FDI, with benefits including enhancing the country’s technological skillset, thereby broadening #employment opportunities.
Read 5 tweets
Boris Johnson has said that he would rather 'Let the Bodies Pile High' than impose another #Lockdown.

After he was washing his hands, keeping Tory Donors businesses open while our loved ones died.

@Conservatives must go now! 🚫

Tweet your MP about No 10 reuters.com/world/uk/uk-de…
"No more ****ing lockdowns – let the bodies pile high in their thousands."

The @Conservatives Libertarian Vote Leave Cabinet oversaw one of the highest #COVID19 death rates in the World.

Boris Johnson lied, loved ones died. He refuses to speak to victims
thelondoneconomic.com/politics/johns…
#COVID19 gave Boris Johnson and the @Conservatives opportunity to make more money

The more old and shielding people that died, the less pension/ #NHS expenditure the Exchequer has

The more to spend on #ToryCronyism.

Billions that cannot be used for #NHS
bbc.co.uk/news/uk-563199…
Read 9 tweets
Visualización que compara ingresos laborales netos e impuestos entre países de la OECD via @howmuch_net howmuch.net/articles/money… #dataviz #tax #personalfinance #money #wages #USA #jobs
Otra comparativa también de la @OECDeconomy donde se analizan las contribuciones a la seguridad social. Fuente: oecd.org/tax/tax-policy…
Y del mismo informe del tweet anterior, la brecha total de impuestos
Read 5 tweets
A Thread🧵on various #IncomeTax #Deductions.

Must read for everyone.

A simple & legitimate way to to save taxes every year!

(RT to maximize reach.)

Money Saved is Money Earned !

#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning

Images Courtesy : Internet.
When the month of March starts or is about to end suddenly everyone remembers one thing #TaxSaving ...

This is where #TaxDeductions come into picture.

Deductions allowed under #IncomeTax act help you reduce your taxable income.
People normally know a bit about Section 80C Deduction which allows a person to claim a deduction of Rs 1.5 lakh on total income.

But there are various other common deductions which anyone can claim.

This thread is about such common deductions.
Read 23 tweets
A Thread 🧵80 C Deduction of Income Tax.

Must read for everyone.

A Simple way to to save tax upto Rs. 46,800 each year!

(RT to maximize reach.)

@caniravkaria @CAPratik_INDIAN views welcome 🙏

#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
When the month of March starts or is about to end suddenly everyone remembers one thing #TaxSaving ...

This is where #TaxDeductions come into picture.

Deductions allowed under the #IncomeTax act help you reduce your taxable income.
Deduction under Section 80 C is a popular tax deduction section which allows you to claim a deduction of Rs 1.5 lakh on your total income.

By completely utilizing this deduction limit, a person can save tax upto Rs. 46,800 each year! (For person
falling in tax bracket of 30%).
Read 20 tweets
What's in the $1.9 Trillion House COVID Relief Bill?
The House of Representatives passed the American Rescue Plan which the #USSenate is currently considering.
Nine of the 12 House committees have approved legislation. This thread will summarize the major elements.
American Rescue Plan - Ways & Means $923B
👉$1,400 stimulus $422B
👉unemployment $246B
👉Tax Credit $143B
👉pension grants $58B
👉ACA 2021/2022 $45B
👉sick leave / retention credit $14B
👉COBRA coverage $8B
👉foreign subsidiaries $22B
👉Other policies $9B
American Rescue Plan - Oversight & Reform$350B
👉Provide money to state governments $195B
👉Provide money to local governments, territories, and tribes $155B
👉Create paid #COVID19 leave for federal workers and other policies $0.4B
#CovidReliefBill
Read 54 tweets
#BREAKING
⭐CHINA SETS 2021 GDP GROWTH TARGET AT ABOVE 6%, AIMS TO ADD MORE THAN 11M URBAN JOBS IN 2021.
#China #NPC #两会 #Twosessions
CHINA TARGETS SURVEYED JOBLESS RATE AT 5.5% IN 2021, TARGET 2021 CPI GROWTH AT ABOUT 3%.
REITERATES MONETARY POLICY TO BE PRUDENT
#China #unemployment #CPI #twosessions2021
🇨🇳
CHINA PLANS 2021 BUDGET DEFICIT AT 3.2% OF GDP VS 3.6% A YEAR AGO.
#GDP #DEFICIT #China #NPC🇨🇳
Read 21 tweets
#UK's Sunak - OBR sees peak #unemployment rate of 6.5% (Nov forecast 7.5%); OBR sees UK #GDP returning to pre-crisis level in Q2 2022 (Nov forecast Q4 2022).
#UK Finance Minister Sunak: Introducing a new recovery loan scheme for businesses; retailers will receive up to 6,000 pounds per premises.
#UK 2021-22 budget deficit forecast at GBP 234b vs GBP 164.2b-BBG
Read 5 tweets
எனக்கு அரசியல் ஞானம் குறைவு.
ஆனால்
Mr.பொதுஜனத்தை பார்த்துக் கொண்டுதான் இருக்கிறேன்.

1.நூற்றைம்பது சவரன் போட்டு மகளுக்கு திருமணம் முடித்தவன் வீட்டில் கலைஞர் TV ஓடுகிறது.

2.ஊருக்குள் 30 வீடுகள் வாடகைக்கு விட்டவன் #பசுமை வீடு மானியத்தில் வீடு கட்டிக்கொண்டான்.
3.இரண்டு மகன்கள் அமெரிக்காவில் சம்பாதிக்கிறார்கள். ஆனால் அனாதைப் பணம் 1000 பெறுகிறார்கள்.

4.காரில் சென்று இலவச சேலை பெறுகிறார் ஒரு பெண்.

5.IT கம்பனியில் லட்சத்தில் சம்பளம், ஆனால் ஜாதி படி ரேஷன்கார்டு படி தாலிக்கு தங்கம் பெறுகிறார் இன்னொருவர்.
6. 5000 சதுர அடியில் நீச்சல் குளத்துடன் வீடு. ஆனால் #வீட்டுவரி ரூ350. அதாவது 20 வருடத்திற்கு முன்இருந்த பழையவீட்டின் வரியே தொடர்கிறது.

7. இது போக ரேசன் பொருளை வசதியானவர்கள் வாங்கி, ஏழைகளுக்கு விற்பது.
மானிய சிலின்டர்களை கார் பார்டிகளுக்கு விற்பது.
Read 8 tweets
🚨*𝐍𝐈𝐄𝐒𝐑 𝐁𝐮𝐝𝐠𝐞𝐭 𝟐𝟎𝟐𝟏 𝐂𝐡𝐚𝐫𝐭𝐩𝐚𝐜𝐤* 🚨

All you need to know ahead of next week's #Budget in one... THREAD 👇

1/19
#CovidEconomics
#BudgetSpeech2021
#EconTwitter
The #Budget2021 comes at a critical time when the UK is in the middle of battling the #pandemic and the economy is substantially weakened with uneven effects at industry, household & region level.

Read the economic context to #Budget2021 here 👇

2/19
niesr.ac.uk/publications/u…
We project the UK economy to contract again in 2021Q1 due to the second wave and the winter #lockdown as well as the effects of post-#Brexit adjustment, bringing #GDP to some 11% below pre-#pandemic levels

3/19
Read 19 tweets
Excellent #Budget2021 by @narendramodi govt

16.5 lakh Cr Agri Credit allocation&Rs 1.18 lakh Cr for roads

Massive 34.5% rise Capital Spending at 5.54 lakh Cr

137% rise in Health budget

Income Tax scrutiny reduced from 6 to 3 yrs;No Double taxation of NRIs

#Growth,the focus
Hike in Insurance #FDI from 49% to 74%,pro #Reforms💪

#Dividend income invested In InvITs &REITs,tax free

No advance tax liability on Dividend income

#LIC IPO--BIG

#Disinvestment of BPCL,Pawan Hans,Air India,Concor,IDBI,Beml, Shipping Corp--BIG

64180Cr #Healthcare budget-BIG
5 Mega #Fishing harbours

7 Mega #Textile Parks

Agri Infra Fund to be available to #APMCs

Voluntary #VehicleScrapping policy

20000Cr #Recapitalisation of PSBs

#ARC to take over stressed assets

7 Port projects to be developed via PPP

18000Cr for Bus Transport
#Modinomics💪
Read 9 tweets

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