President Obama Foreign Tax Increase Proposal

About That Proposed One-Time $280 Billion Tax on Foreign Corporate Profits …

President Obama’s administration has announced that he wants to impose a one-time tax levy of up to 14% on the $2 trillion in foreign profits American companies have built up and not repatriated in exchange for making repatriation on future foreign profits that were subject to at least a 19% tax rate tax-free, encouraging domestic…

US Corporate Tax Form

A Basic Overview of Corporate Inversions

There has been a lot of talk over the past few days of corporate inversion.  Corporate inversion happens when an American company changes its domicile to another country by merging with a foreign entity.  Inversions have been occurring at a rapidly accelerating rate.  Pfizer attempted one of the largest inversions in history with the AstraZeneca merger that…

1924 Income Tax Payers

The Top 14 Federal Income Tax Payers of 1924

In Wealth and Democracy: A Political History of the American Rich, Kevin Phillips looks at the biggest Federal income tax payers shortly after the income tax was introduced.   Taxpayer Taxes in 1924 Dollars Taxes in 2012 Dollars John D. Rockefeller (oil) $6,278,000 $84,249,292 Henry Ford (autos) $2,609,000 $35,012,170 Edsel Ford (autos) $2,158,000 $28,959,856 Andrew Mellon…