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Wealthy taxpayers have been caught off guard by a number of increases that went into effect this year, leading to lots of confused calls to tax professionals, according to Reuters. They didn't know about things like the new Affordable Healthcare Act imposed 3.8 percent tax on investment income for individuals earning $200,000 and households making $250,000, as well as the 0.9 percent tax on ordinary income for the same high earners.
CPAs who work with Canadian clients may wish to be aware: the Canada Revenue Agency has announced that, due to a vulnerability caused by what's known as the Heartbleed bug, data on over 900 taxpayers has been stolen from their servers, according to Bloomberg.
Social networking site Facebook is seeking approval from regulators in Ireland to begin offering money transferring services, allowing people to store money in their accounts and send it to other users, according to Fox Business News.
If you thought the $10.10 debate here in the U.S. was intense, Switzerland has a ballot referendum that, if passed, would give the mountain country the world's highest minimum wage, equivalent to $25 an hour, according to Bloomberg. Opponents have raised arguments similar to the ones that are brought up in the U.S.: it would increase prices, discourage hiring and ultimately be bad for the economy.
In news that shouldn't be that surprising, a poll by Gallup has revealed that 52 percent of Americans believe that federal taxes are too high, versus 42 percent say it's just right. Higher numbers of people believe taxes are too high than the last time Gallup took the survey, two years ago, when only 46 percent said so.
This year's list of frivolous tax arguments was just released by the IRS. Believe it or not, the list, which is so long that it actually had to be divided into two different links, are all things that people have tried to argue in the past to explain why they don't actually have to pay taxes. Some highlights include: