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January 22, 2017 / 24 Tevet, 5777

Posts Tagged ‘taxes’

This is What You Need to Know When Filing Taxes From Israel

Thursday, July 28th, 2016

Every U.S. citizen, even if resident abroad, has an obligation to file American taxes. This law applies even if you don’t owe anything.
Veteran U.S. accountant and tax advisor Philip Stein explains what your tax obligations are to the IRS as a U.S. citizen living abroad. Find out what you need to report, what happens with Israeli retirement accounts and your keren hishtalmut. How much information does the IRS require from Americans who are resident overseas?
Does your retirement planning include investing in an ETF (Exchange Traded Fund)? Listen to a detailed description of the different kinds of ETFs that are available, how they work, and how to decide if they are an appropriate investment for you.

Neither Profile nor PRG gives tax or legal advice. Dual citizens are advised to consult with a tax attorney who is knowledgeable about dual citizens.

The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com

Doug Goldstein, CFP®

Felder-Cusick Bill Foils City Council Efforts to Force Additional Taxes on New Yorkers

Wednesday, June 8th, 2016

Following a lively debate Tuesday, the New York State Senate, led by Majority Leader John Flanagan, voted to overturn the NY City Council’s recent passage of a plastic bag tax.

Championed by Senator Simcha Felder (D-Brooklyn, caucuses with Republicans) and Assemblyman Michael Cusick (D-Staten Island), Senate bill S.7336 will amend the general city law, to prohibit the imposition of any tax, fee or local charge on carry-out merchandise bags. The bill was introduced by Felder after what the Senator considered an unjust effort by the City Council to impose its will on a majority of New Yorkers who disagreed with the measure.

“The last thing New Yorkers need is another regressive tax,” said Felder when he introduced his bill. Standing with Assemblyman Cusick and flanked by his colleagues in the Senate, including Senators Marty Golden (R-Brooklyn), Roxanne Persaud (D-Brooklyn) and Diane Savino (D-Staten Island), Felder introduced his bill at a press conference last month and initiated an online Stop the Bag Tax petition, which allowed his constituents and other New Yorkers to weigh in on the issue. Felder and the Senate’s Cities Committee also held a public hearing in Manhattan. The Senate’s Cities Committee voted unanimously in favor of moving the bill forward.

Felder began fighting the bag tax as a member of the NY City Council, when the measure was introduced in 2008. “I’ve been disgusted every time I’ve heard the absurd plastic bag tax legislation introduced,” he said. “New York City has to stop nickel-and-diming New Yorkers. This tax placed an undue financial burden on countless low- and middle-income residents who already struggle.”

Following Tuesday’s vote, Felder thanked his colleagues in the Senate for passing his bill. “I appreciate the support that we had today, but I wasn’t surprised by the outcome because my colleagues have followed this issue closely and heard the concerns of New Yorkers far and wide,” he said. The Senator noted that Assemblyman Cusick is now leading the charge in the Assembly where the bill has already passed the Cities Committee. “I’m hopeful that the bill will now pass in the Assembly,” he said.

Jewish Press Staff

Trump’s Taxes

Wednesday, May 18th, 2016

The unexpected success of Donald Trump with Republican primary voters hasn’t sat well with many in the mainstream media. Reporters and pundits are used to dealing with candidates who tend to hover around the “center” on most issues and largely fail to venture outside the comfort zone of their parties’ most vocal voters.

Owing in large part to their disbelief that Mr. Trump has come so far and to their condescending attitude toward those Americans who have thrown their support to him, many elite journalists have for months been inserting anti-Trump advocacy into their ostensibly objective coverage. That is not to say that Mr. Trump should be shielded from proper journalistic scrutiny. But all too often dispassionate scrutiny becomes full frontal assault when reporters and editorialists decide a particular candidate is not to their liking.

Take the ongoing controversy over Mr. Trump’s tax returns. Now, we suppose there are very good reasons for wanting to know everything we can about someone who aspires to the most powerful office on earth before we decide whether to put him or her in that position. And a tax return may indeed contain much that that is revealing and relevant about a candidate. But consider the following.

On May 14 The New York Times ran an editorial titled “Donald Trump’s Evasions on Taxes” that read in part:

American politics has some silly and outdated traditions, but the disclosure of income tax returns by contenders for the presidency isn’t one of them. Beginning in 1952, candidates have been releasing their returns to assure voters that they have no conflicts of interests, that they are generous to those in need, and that they take their duties as citizens seriously by meeting their tax obligations to the government.

Donald Trump, the de facto Republican presidential nominee, so far has refused to follow suit. On Friday, he disagreed that Americans have a right to see his returns. Asked what his tax rate is during an interview on ABC’s “Good Morning America,” he snapped, “None of your business.”

In the same edition the Times featured a story on its front page, headlined “Trump Defies Calls to Show Tax,” which included the following:

Once again thumbing its nose at a time-honored tradition, Donald J. Trump said Friday that he does not believe voters have a right to see his tax returns, and he insisted it was “none of your business” when pressed on what tax rate he pays.While not required to release their tax returns, all major party presidential nominees have done so for roughly the past four decades….

The remarks from Mr. Trump signal that he has little intention of disclosing verifiable details of his income or what fuels his wealth, a matter of endless speculation for a candidate who boasts of being a billionaire many times over despite his past brushes with bankruptcy and increasing reliance on celebrity-oriented income and licensing deals that use his name.

The release of tax returns bedeviled Republicans during the 2012 presidential election, when Mitt Romney delayed releasing his until September. His effective tax rate, which was below 20 percent, was used by President Obama’s team to lampoon him as wealthy corporate raider who was out for himself and who could not understand how regular people lived. Mr. Trump has said that Mr. Romney erred in waiting so long to release his taxes and should have done so sooner.

For many years, Mr. Trump’s wealth has been a moving target, subject to much estimation, debate and even litigation.

Using the term “defies” in characterizing Mr. Trump’s refusal to release his tax returns seems a deliberate stretch for a headline on a front-page news article and it pushes the story into the realm of advocacy rather than straight reporting.

Editorial Board

No Taxation on US Investors Bill Sent to Committee

Wednesday, January 6th, 2016

(JNi.media) The Knesset Plenum gave its initial approval this week to a bill to amend the Israeli Economic Recovery Law so that taxes would not be levied on foreign investors who are US citizens, their spouses or specialists who would work within a company established by the investor, or in an Israeli company where the US national has invested.

The legislation also calls to change the definition of “foreign worker” so that it does not include foreign investors, their spouses and specialists who work on their behalf, who have received visas under the Citizenship and Entry into Israel Law.

The accompanying notes to the bill state that “in accordance with the government’s decision regarding an arrangement for the issuing of temporary residence permits for investors who are citizens of the United States and their essential expert employees, as well as for members of their family, it has been determined that in order for the arrangement regarding the issuing of E-2 visas to Israeli citizens in the United States to go into effect, a similar arrangement must be applied in Israel regarding citizens of the United States.”

21 MKs voted in favor of the bill, five opposed.


PA Boycott May Boost Rami Levy Sales to Arabs

Monday, March 2nd, 2015

Stores under Palestinian Authority control have officially begun boycotting Israeli products this week.

Among the Israeli companies that PA supervised stores will boycott are Tnuva, Strauss, Elite, Osem, Prigat and Yafora.

Previous calls to boycott Israeli products didn’t fare too well, as Arabs are loathe to give up on Israeli quality food products that they want or need.

This time around, the Palestinian Authority plans to destroy any remaining Israeli products found in PA supervised stores by next week – which means they’ll be sending around their Fatah enforcers to make sure that stores are complying with the decree, whether they want to or not.

The PA says the boycott is in response to Israel withholding the transfer of tax funds, which Israel decided to do after the PA took unilateral anti-Israel steps at the International Criminal Court and the UN Security Council.

Without the tax money, the PA can’t pay their 150,000 civil servants, security personnel and captured terrorists sitting in Israeli jails.

The Rami Levi supermarket chain, which is very popular among Arabs from the Palestinian Authority, may very well pick up a lot of new business as a result of the Palestinian Authority’s actions.

Rami Levy, known for its inexpensive prices, has stores in central locations throughout Judea and Samaria, and one can always see Settlers and Arabs working and shopping together side by side within the stores.

70% of processed foods sold in the PA come from Israel, though those sales make up less than 3% of the market for the Israeli companies.

The Palestinian Authority also doesn’t actually have anywhere near the production capacity to supply enough milk and dairy products to their population without the Israeli company Tnuva supplying their needs.

Despite PA threats, Arabs under PA control haven’t given up their lucrative jobs working for Jews, who pay them two to three time more than jobs they can get within the PA, and the Arabs are not about to stop giving their children milk to drink.

And those same Arabs aren’t about to give up their Israeli Bamba either.

All the PA has done is shoot themselves in the foot… again.

Shalom Bear

Israel Freezes $127 Million in Taxes for PA in Retaliation for ICC Ploy

Saturday, January 3rd, 2015

Israel has frozen half a billion shekels – $127 million –  in tax revenues for the Palestinian Authority in retaliation for Mahmoud Abbas’ seeking membership in the International Criminal Court (ICC), where he plans to sue Israel for war crimes.

The United Nations confirmed it has received the documents for joining, but it will take at least 60 days before membership can be approved. In the meantime, Ramallah, already cash-strapped because it pours its welfare payments from the European Union into private pockets, is going to have scramble elsewhere for the money.

The Israeli government decided on Thursday to freeze the funds collected in December but kept silent until the Palestinian Authority actually went through with its threat to try to join the ICC.

Israel previously has frozen transfers of tax revenues it collects for the Palestinian Authority, the last time being last April when Abbas threatened to join the ICC

The U.S. was unhappy with the Israeli move, and U.S. State Dept. Jen Psaki said that the move was “unfortunate” and that “the regular transfer of the Palestinian Authority’s tax revenues and economic cooperation between Israel and the Palestinian Authority has been beneficial and is important to the well-being of the Palestinian economy.”

This time around, she may button her lip since Abbas has diplomatically spit in the face of her boss by U.S. Secretary of State John Kerry by bursting his illusion of the “peace process.”

Kerry has naively bought the hocus-pocus that the Palestinian Authority is interested in a peace treaty with Israel except on Abbas’ terms, or more accurately, the terms of the Arab world.

After the Security Council rejected the resolution, which the United States voted against, the Palestinian Authority moved in rapid-fire pace on the diplomatic front since its failed attempt to have the United Nations Security Council pass a resolution that would require Israel to agree to hand over the fort – half of Jerusalem, Judea and Samaria – and then actually do so within three years.

Within two days of the Council’s negative decision, Abbas rushed to the United Nations with documents to join the ICC and more than a dozen other international treaties.

It was a step that Abbas has been planning for a long time during the ‘peace talks” charades ballyhooed by Kerry.

It is unlikely that Israel will surrender this time around and turnover the tax revenues to the Palestinian Authority, which can start begging from the nearly bankrupt European Union or from oil-rich Arab states. Qatar used to give money to Hamas in Gaza but not Ramallah.

Gulf States businessmen have invested in private projects in the Palestinian Authority but not in the government.

There is no way Congress will allow more aid to the Palestinian Authority, and it may even place sanctions on it.

Russia’s economy is in a tailspin.

Who’s left?

Assistance from Tehran would expose even more the farce of the entity known, for the time being, as the Palestinian Authority.

Tzvi Ben-Gedalyahu

Hamas Robs Bank of Palestine

Thursday, September 18th, 2014

Ten armed Hamas security men robbed a “Bank of Palestine” branch in the Rimael neighborhood of Gaza City on Wednesday, according to Khaled Abu Toameh.

Fatah (Palestinian Authority) sources said the Hamas terrorists made off with $750,000.

They specifically confiscated money belonging to the Jawwal Cellular Communications Company, claiming the company owed taxes to Hamas.

Jawwal was the first Cellular firm set up in the Palestinian Authority, in 1999.

Jewish Press News Briefs

Printed from: http://www.jewishpress.com/news/breaking-news/hamas-robs-bank-of-palestine/2014/09/18/

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