Tax law is an area of legal study dealing with the constitutional, common-law, statutory, tax treaty, and regulatory rules that constitute the law applicable to taxation.
Major issues
Primary taxation issues facing the governments world over include;
Ecotax (short for Ecological taxation) refers to taxes intended to promote environmentally friendly activities via economic incentives.
Tax education from law schools
In law schools, "tax law" is a sub-discipline and area of specialist study. Tax law specialists are often employed in consultative roles, and may also be involved in litigation. Many U.S. law schools require about 30 semester credit hours of required courses and approximately 60 hours or more of electives. Law students pick and choose available courses on which to focus before graduation with the J.D. degree in the United States. This freedom allows law students to take many tax courses such as federal taxation, estate and gift tax, and estates and successions before completing the Juris Doctor and taking the bar exam in a particular U.S. state.
Taxes in Bulgaria are collected on both state and local levels. The most important taxes are collected on federal level, these taxes include an income tax, social security, corporate taxes and value added tax. On local level property taxes as well as various fees are collected. All income earned in Bulgaria is taxed on a flat rate of 10%. Employment income earned in Bulgaria is also subject to various social security insurance contributions. In total the employee pays 12.9% and the employer contributes what corresponds to 17.9%. Corporate income tax is also a flat 10%. Value-Added Tax applies at a flat rate of 20% on virtually all goods and services. A lower rate of 9% applies on only hotel services.
Bulgarian state taxes are administered by the National Revenue Agency (NRA). The National Assembly has the power to lay and collect Taxes, Duties, Imposts, and Excises. The municipal council shall determine the rate of local taxes.
History
Taxation in Bulgaria has shifted depending on which government was in control. During the First Bulgarian Empire taxes were paid in kind while during the Second Bulgarian Empire taxation was monetary. Under the Ottoman control of Bulgaria, Christian citizens were subject to a tax called the dhimmi, levied by the Ottoman authority. During the socialist period of planned economy, taxation was similar to that of the rest of the Soviet, often with a turnover tax and taxes on government run businesses. After the end of the soviet era, large privatization took place and the turnover tax was replaced with an ordinary Value-Added Tax.
The United States of America is a federal republic with separate state and local governments. Taxes are imposed in the United States at each of these levels. These include taxes on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2010 taxes collected by federal, state and municipal governments amounted to 24.8% of GDP. In the OECD, only Chile and Mexico taxed less as a share of GDP. The United States also has one of the most progressive tax systems in the industrialized world. However, taxes fall much more heavily on labor income than on capital income, and investments in higher education are taxed particularly heavily.
Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments. Citizens and residents are taxed on worldwide income and allowed a credit for foreign taxes. Income subject to tax is determined under tax accounting rules, not financial accounting principles, and includes almost all income from whatever source. Most business expenses reduce taxable income, though limits apply to a few expenses. Individuals are permitted to reduce taxable income by personal allowances and certain nonbusiness expenses, including home mortgage interest, state and local taxes, charitable contributions, and medical and certain other expenses incurred above certain percentages of income. State rules for determining taxable income often differ from federal rules. Federal tax rates vary from 10% to 39.6% of taxable income. State and local tax rates vary widely by jurisdiction, from 0% to 13.30% of income, and many are graduated. State taxes are generally treated as a deductible expense for federal tax computation. In 2013, the top marginal income tax rate for a high-income California resident would be 52.9%.
Real estate representatives apprehended that “The Tax Laws (Amendment) Bill, 2024” would have serious implications on the real estate sector and the tax officials would have sweeping powers to deal with the real estate sector.
The tax credit under House... Under North Dakota's tax law, people filing individually making less than $47,150 pay no income tax, and households filing jointly making less than $78,775 pay no income tax.
Trump administration officials and Crapo argue Bessent paid all taxes due under current law and that his tax returns were prepared in line with advice from top law and accounting firms.
UK lawmakers plan to raise taxes on over four million households to cover a portion of their fiscal mismanagement. Homeowners may see their bills raise by a full 25% in certain areas as councils plan to use a loophole in the law to exploit the people.
... positioning him to lead the new administration's economic policies, including tariffs, tax cuts and deregulation ... Bessent defended his actions, stating that he had followed all relevant tax laws.
Trump also called to permanently extend the tax cuts that he signed into law during his first term, and which are set to expire without congressional action ... No tax on tips, no tax on Social Security, and no tax on overtime pay.
This conversation opens up a broader dialogue about the impact of lower taxes on the economy and the purchasing power of everyday citizens ... The Economic Benefits of Lower Taxes ... Trump’s Tax Policy Proposals ... The Broader Implications of Tax Reform.
... great economic growth,” Grassley (R-Iowa) said Monday, while pointing to a IRS whistleblower program he authorized in a 2006 law that Bessent could use to go after “tax cheats.”.
Ms Reeves vowed at a meeting of the Parliamentary Labour Party that she would go “further and faster” to “tear down the biggest barriers to growth”, as businesses struggle following her record tax rises.
He added that uncertainty over the outcome of government-PTI talks, an expected cautious SBP policy decision later in the day and worries over proposed Tax Laws Amendment Bill 2024 limiting non-filers ...
The actor told the High Court that after carrying out extensive research into legislation relating to property law he realised he 'should not' be paying the tax on his home that he owns outright.
... medical disability under the NaziPersecution Disabled Persons Law or the Nazi War Disabled Persons Law, and assisting those survivors in submitting a tax refund application for previous years.
Tribune Star
28 Jan 2025
Tribune Star
28 Jan 2025