TAX
Biden offers tax break in concession to GOP
By Josh Boak | Associated Press President Joe Biden is trying to break a logjam with Republicans on how to pay for infrastructure improvements, proposing a 15% minimum tax on corporations and the possibility of revenues from increased IRS enforcement as a possible compromise. The offer was made Wednesday to Republican Sen. Shelley Moore Capito …
Biden offers major change in tax proposal in effort to lure Republicans on infrastructure plan
Even with the new concession on taxes, though, the White House’s roughly $1 trillion plan still amounts to four times as much as Republicans have been willing to spend to improve the country’s roads, bridges, pipes, ports and Internet connections. Entering the meeting, GOP leaders had endorsed roughly $257 billion in new spending, while maintaining …
What to know about unemployment tax refunds, IRS timeline and more
Millions of Americans who overpaid taxes on unemployment benefits will received refunds. Angela Lang/CNET If you received unemployment benefits during the pandemic last year, listen up. Based on new rules under the American Rescue Plan, workers who received unemployment benefits in 2020 cannot be taxed on that money (up to $10,200 for single filers) like …
Canada says reiterated to U.S. that it plans a digital services tax – minister
Canada’s Minister of Small Business, Export Promotion and International Trade Mary Ng speaks during Question Period in the House of Commons on Parliament Hill, as efforts continue to help slow the spread of the coronavirus disease (COVID-19), in Ottawa, Ontario, Canada April 20, 2020. REUTERS/Blair Gable/File Photo Canada reiterated to the United States that it …
Tax the rich? Executives predict Biden’s big plans will flop
“With business-minded and more centrist members on the Democratic side in both the House and Senate, they look at the scope and breadth of these tax increases for the infrastructure and families plans and they just find them jaw-dropping,” said Neil Bradley, chief policy officer at the U.S. Chamber of Commerce. “You are talking about …
Weekend Insights: Tax Takes On Technology
As I tap this out on my laptop—a tax roundup that you’ll likely read on a mobile phone or tablet—it’s easy to feel like technology has been around forever. Some advances have been around for decades, but some of what we rely on every day may be a lot younger than you think. The iPhone …
Plan ties Kansas school tax to break for closed businesses
TOPEKA, Kan. (AP) — A measure approved by Kansas lawmakers ties the renewal of a tax that’s crucial to funding public schools to a proposed tax break for businesses that are forced to shut down during future emergencies or pandemics. The bill approved early Saturday is a response from the GOP-controlled Legislature to frustrations that …
Unemployment benefits: How you could get a $10,200 tax break from the IRS
Sarah Tew/CNET If you received unemployment benefits in 2020 and you paid taxes on those benefits, the IRS may owe you an additional refund. Under the American Rescue Plan Act, a $10,200 tax exemption was added that gives you a tax break on the unemployment benefits you received. The new stimulus bill also gives you more weeks …
California Legislature OK’s Tax Break for Small Businesses – NBC 7 San Diego
The California Legislature approved a major tax break for small businesses on Monday, voting to give up as much as $6.8 billion in revenue over the next six years so that struggling business owners can have smaller bills. The federal government loaned more than $97 billion to California small businesses during the coronavirus pandemic, and …
Climate Change Tax Reform Goal To Not Favor Particular Technologies Gets Bipartisan Support
Senate Finance Committee Chair Ron Wyden (D-OR) said today climate change tax reform needs to be … [+] technology neutral. So did the Ranking Minority Member, Mike Crapo (R-ID). Getty Images Climate change tax reform shouldn’t favor particular technologies, the Democratic and Republican leaders of the Senate Finance Committee asserted today. The mantras of no …
