Tag Archives | Taxes

Response from Credit Unions to Column on SD Bank Franchise Tax

My recent column on South Dakota’s bank franchise tax drew a response from credit union representatives. Not surprisingly, they don’t agree with my suggestion that banks and credit unions would compete on a more level playing field if they operated under the same tax rules. Currently, credit unions don’t pay either the state franchise tax […]

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Is Credit Union Tax Exemption an Unfair Advantage?

South Dakota has no individual or corporate income taxes. I’m quick to point this out to those unfortunate enough not to live in our fair state. Most recently I was reminded of this advantage when I calculated that a California client would pay 23.8% in federal capital gains taxes and another 13% in state capital […]

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Once Earned, Twice Taxed: Capital Gains are Taxed Twice

The recent discussion of the “Buffett Rule” proposal to increase taxes on the wealthy has focused attention on U. S. tax rates. It’s giving Americans a chance to better understand our tax policy and the economics of the free market system. Mitt Romney, the probable Republican Presidential candidate, has come under attack from both Democrats […]

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How To Use Your Tax Refund

If you’re one of the early birds who already have their tax returns filed, chances are you’re expecting a refund. Routinely receiving a large refund isn’t a great idea, since you’re just getting back the interest-free loan you made to the government. If you’re expecting one this year, though, what should you do with it? […]

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Meeting a Capitalist in Communist China

Jannie Wu wanted a better life. I met Jannie on a recent trip to China. After earning an undergraduate degree in English, she took a teaching job paying 1000 Renminbi, or RMB, ($150) per month. In China, obtaining a student loan is not an option. Her parents funded her education, which cost 40,000 RMB ($6,500), […]

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