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Taxation Legal News
No Taxation Without Explanation
IBO PROVIDES WEB-BASED INTERACTIVE "TAX RECEIPT" SHOWING TAXPAYERS HOW MUCH THEY SPENT FOR EACH GOVERNMENT SERVICE
Tax season is upon us and for the fourth year in a row the New York City Independent Budget Office (IBO) is providing its Tax Receipt service that allows taxpayers to find out how the government spends their tax dollars.
Taxpayers can visit IBO's website at www.ibo.nyc.ny.us, enter in the amount of taxes they paid for 1999, and receive an itemized printout of how much of their money went for specific services, such as prisons, welfare, Medicare, education, or national defense. Receipts are available for taxes paid to New York City, New York State and the federal government.
Income taxes are probably the largest expense for most people, but they have no idea how their tax dollars are spent," said Ronnie Lowenstein, IBO Deputy Director and Chief Economist. "IBO's Tax Receipt service provides taxpayers a breakdown-in dollars and cents-of where their money goes."
The report highlights NYC's unique tax diversity. While other large cities tend to rely primarily on just two taxes-most often property and sales taxes-NYC relies heavily on personal income and business income taxes in addition to property and sales taxes. Yet even if these income taxes were not included, NYC's tax effort would exceed the other cities' average.
For instance, a typical New York City resident might pay $1,563 in city income taxes, of which $158 supports Police, $160 supports elementary and secondary education, and $29 goes to libraries, museums, parks and gardens.
IBO's Tax Receipt is the basis for the federal Taxpayer-Right-to-Know-Act, which was originally introduced by Senator Charles E. Schumer (NY) and passed last year. The Act requires the IRS to establish a similar service on its web site.
IBO is an independent city agency whose mission is to provide non-partisan budgetary, economic, and policy analysis for the residents of New York City and their elected officials, and to increase New Yorkers' understanding of and participation in the budget process.
Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
These proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Internal Revenue Code. REG-130863-04. Published August 17, 2004.
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Definition:
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Self-Employment Tax
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
If you live in the following cities and need an taxation attorney you should contact
our Taxation Attorney as soon as possible:
Alamogordo
Albuquerque
Anthony
Artesia
Aztec
Belen
Carlsbad
Clovis
Deming
Edgewood
Espanola
Farmington
Gallup
Hobbs
Las Cruces
Las Vegas
Los Alamos
Los Lunas
Portales
Rio Rancho
Roswell
Santa Fe
Shiprock
Silver City
Taos
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