Excise line settlement easily

Aug 6th, 2022
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How to excise line settlement

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The defense wants to negotiate. They ask, Whats your bottom line number on this case? We give them our bottom line number. What happens though if they come back with less or slightly less than our bottom line number? Do you want to know the answer? Come join me as I share with you some great information. Hi. Im Gerry Oginski. Im a New York medical malpractice and personal injury trial lawyer practicing law here in the state of New York. Now in your accident case or medical malpractice case or even wrongful death case, the defense finally comes to us and said, Listen, wed like to start negotiating. Tell me what your bottom line number. If we tell them what our bottom line number is and they come back with less than our bottom line number, what options do we have? Lets say, for example, we tell them our bottom line number is $1 million and they come back and say, Well offer you $950,000. What happens then? We told them what our bottom line number was. Our demand might have b

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Today, there are federal excise taxes on motor fuel, tobacco, and alcohol, among other goods, services, and activities, in addition to a wide range of state excise taxes.
Key Takeaways. An excise tax is similar to a sales tax, but its levied only on certain products or services. The most common excise taxes are imposed on tobacco, alcohol, and gasoline.
Exemptions. The sale or exchange of the following assets are exempt from the Washington capital gains tax: Real estate.
In the short run, an excise tax increases the price of the product, albeit by less than the full amount of the tax, and the price burden is shared by both the producers and the consumers. The exact effect depends on the elas- ticities of demand and supply for the product.
Real estate excise tax (REET) is a tax on the sale of real property. All sales of real property in the state are subject to REET unless a specific exemption is claimed. The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid.
Capital gains tax rates on property Basic-rate taxpayers pay 18% on gains (not the total sale price) they make when selling property. Higher and additional-rate taxpayers pay 28%.
Excise Duty is a form of indirect tax which is generally collected by a retailer or an intermediary from its consumers and then paid to the government.
In April 2021, Washington enacted SB 5096, creating the CGT, an excise tax on long-term capital gains. The tax is imposed at a rate of 7% on an individuals federal capital gain from the sale, exchange, or other disposition of long-term capital assets sourced to Washington and not otherwise exempt under the law.
This rate is 7% as of 2022. Keep in mind, another tax you will have to pay is the Real Estate Excise Tax (REET) that is levied on the sale of real estate property in the state of Washington. The REET rate in Washington state ranges from 1.1% to 3.0% of the sales price of the property.
General fund excise taxes are imposed on many goods and services, the most prominent of which are alcohol, tobacco, and health insurance. Other general fund excise taxes include taxes on local telephone service, vehicles with low-mileage ratings (gas guzzlers), ozone-depleting chemicals, and indoor tanning services.

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