#AceFinanceNews – UNITED STATES – WHITEHOUSE – April 12 – President and Michele Obama saw their income drop significantly in 2013, according to tax returns released by the White House Friday http://www.whitehouse.gov/blog/2014/04/11/president-obama-and-vice-president-biden-s-2013-tax-returns
For 2013, the Obamas reported adjusted gross income of $481,098 – no pauper’s salary, but a 21% drop from the $608,611 they reported in 2012 http://www.whitehouse.gov/blog/2013/04/12/president-obama-and-vice-president-biden-2012-tax-returns
With the smaller take home pay, their charitable contributions similarly shrank – from $150,034 in 2012 to $59,251 in 2013.
The big difference: book sales are down. The Obamas reported $273,739 income from publishers/agents in 2012, but only $116,180 in 2013.
Would like to know what Joe Biden’s income and status figures are visit this page http://www.usatoday.com/story/theoval/2014/04/11/obama-tax-returns-income-drop/7602535/
#AceFinanceNews – LONDON – HMRC – April 12 – According to the article in the BBC News today George Osborne is intending to clamp down on tax dodgers or people with overseas bank accounts.
My first question does this include the tax authorities and MP’s that have companies, shareholdings or private trusts in offshore domains?
Or just as he put it only people who hide their money overseas to avoid paying tax.
His plan is that they will face bigger fines and could be jailed more easily under government plans to fight tax evasion, but no mention of tax avoidance (A legitimate way for those who are rich enough to AVOID) taxation. All in the name of business be it investment, reinvestment or company and corporate liability strategy.
He went onto say he intends to prosecute but at present, tax officials must prove a person holding income offshore has intended to evade tax.
Once again avoiding tax is not mentioned.
He continues – But under a new criminal standard officials would only have to show money was taxable and undeclared.
An onerous statement to say the least.
As no one would have to prove they owe it as according to HMRC Officials, they say under their new rules you do!
I imagine human rights organisations will have something to say about that change.
He then says – The changes would mean there was “no safe haven” for those evading tax.
No mention of not avoiding, once again.
But Labour’s shadow exchequer secretary to the Treasury said the government was “failing to tackle tax avoidance and evasion”.
A consultation will be held to let the public have their say on the plans.
Should you care to read his article it is at http://www.bbc.co.uk/news/uk-politics-26998208