![]() Motor vehicles garaged outside Massachusetts Value (equity interest) of the corporation's interest in a ship or vessel engaged in interstate or foreign trade. Net income that is taxable at the federal level. Total receipts $9 million or more (net income) S Corporations that are Financial Institutions Net income taxable at the federal level including certain built-in gains that are taxable at the federal level under IRC § 1374 and on passive investment income taxable at the federal level under IRC § 1375. Total receipts $9 million or more (net income) Total receipts $6 million or more but less than $9 million (net income) ![]() 63 §§ 32D, 39 that are not Financial Institutions General Business and manufacturing corporations Sales tax on meals, prepared food and all beveragesĪll "restaurant" food and on-premises consumption of any beverage in any amount.Ī city or town may also charge a local sales tax on the sales of restaurant meals. Up to 3% (local option for cities and towns) Sale, rental or use of tangible personal property, including cigarettes, telecommunications services and certain fuel. Currently this applies for all Barnstable County municipalities.īeginning July 1, 2019, for short-term rentals only, cities and towns are permitted to charge an additional community impact fee up to 3% if an operator has more than one property in that locality or is renting an owner-occupied 2 or 3 family house on a short-term rental basis. In Barnstable, Nantucket and Dukes Counties an additional 2.75% may be charged for the Cape Cod and Islands Water Protection Fund beginning July 1, 2019. See TIR 05-01 for more information.Ĭape Cod and Islands Water Protection Fund In the cities of Boston, Worcester, Cambridge, Springfield, West Springfield, and Chicopee, an additional 2.75% tax is charged for convention center funding. In addition to the state excise, Massachusetts cities and towns are permitted to charge a local room occupancy excise tax up to 6% (6.5% for Boston). Note that while the statute provides for a 5% rate, an uncodified surtax adds. ![]() The state’s room occupancy excise tax rate is 5.7%. Visit TIR 19-14 for surcharge information. Sales price (less mortgage assumed) of real estate Smokeless tobacco (percentage of price paid by licensee)Ĭigars & smoking tobacco (percentage of price paid by licensee) Still wine, including vermouth (wine gal.)Īlcoholic beverages 15% or less (wine gal.)Īlcoholic beverages more than 15%-50% (wine gal.)Īlcoholic beverages more than 50% of alcohol (proof gal.) Revenues are also high relative to GDP partly because private GDP (the tax base) has grown unusually slowly, not because tax revenues have grown particularly fast.Short term capital gains and long-term gains on collectibles Countries such as France and Sweden do not collect high revenues from high marginal tax rates, but from flat rate taxes on the payrolls and consumer spending of people with low and middle incomes. Yet these high individual income taxes account for only 18 percent of revenues in France, about 8.2 percent of GDP, while much lower individual income tax rates in the United States account for 42.4 percent of total tax receipts, or 12.5 percent of GDP. tax rates at even middling income levels. French income tax rates claim half of any extra dollar at incomes roughly equivalent to $100,000 in the United States, and exceed the highest U.S. ![]() But it would be a mistake to conclude that the higher average tax burden in France is a result of that country’s more steeply graduated income tax. OECD in Figures (2003) shows total taxes as 45.3 percent of GDP in France, compared with 29.6 percent in the United States. Source: PricewaterhouseCoopers International Bureau of Fiscal Documentation. tax rate of 39.6 percent after 1993 was reduced to 38.6 percent in 2002 and to 35 percent in 2003. Hong Kong’s maximum tax (the “standard rate”) has normally been 15 percent, effectively capping the marginal rate at high income levels (in exchange for no personal exemptions). Table 1 Maximum Marginal Tax Rates on Individual Income *.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |