taxes
Democrats’ bill on climate, health and taxes will move forward Saturday : NPR
Senate Majority Leader Chuck Schumer (D-N.Y.) said Thursday that the Senate would vote to move forward on the Inflation Reduction Act, the Democrats’ package that tackles climate change, prescription drugs and inflation, this weekend. J. Scott Applewhite/AP hide caption toggle caption J. Scott Applewhite/AP Senate Majority Leader Chuck Schumer (D-N.Y.) said Thursday that the Senate …
State reports record-breaking gains in sales, vehicle taxes – Winchester Sun
Although April state revenue won’t officially be announced until Monday, Gov. Andy Beshear says preliminary data shows the month had record-breaking gains in sales and motor vehicle usage taxes. According to the governor, sales tax receipts in April were $486.5 million, an all-time monthly high, and 40% higher than last April, when the COVID-19 pandemic …
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 …
10-year Treasury yields will break out of slump in weeks: Wells Fargo
The 10-year Treasury Note yield may be on the verge of breaking out of its slump. After stabilizing over the past several weeks, Wells Fargo Securities’ Michael Schumacher predicts the current risk backdrop will re-energize yields in the coming weeks. He lists the Federal Reserve’s high level of comfortableness surrounding rising inflation, the massive amount …
If it ain’t broke, Joe Biden will break it: Goodwin
The sage advice that “If it ain’t broke, don’t fix it” is older than Joe Biden, but apparently he never heard of it. Or doesn’t think much of it. The president is on a tear, as in tearing up arrangements that were achieving their objectives. His early results are disastrous. In an act of astonishing …
Infrastructure: White House defends hiking taxes on corporations to pay for plans, but signals it’s open to compromise
“I’m wide open, but we’ve got to pay for this,” Biden told reporters following his remarks about the American Jobs Plan. “There are many other ways we can do it. I’ve come forward with the best, most rational way in my view, the fairest way to pay for it. But there are many other ways …
Idaho joins 12 other states in refusing unemployment tax break
TWIN FALLS, Idaho (KMVT/KSVT) — As part of the American Rescue Plan, states were given the opportunity to offer tax breaks on unemployment income earned during the 2020 fiscal year. Idaho is one of 13 states choosing not to offer such breaks. The most recent COVID relief bill stated the first $10,200 of unemployment income …
An Unexpected Unemployment Tax Break: What to Know
In the massive stimulus package enacted earlier this month, lawmakers inserted a last-minute exemption for many taxpayers with up to $10,200 of unemployment payments for 2020. Normally this income is fully taxable on federal returns, so the change could save many filers $1,000 or more. The brain twister, for the agency and affected taxpayers, is …
Federal Relief Delays Tax Break for California Businesses – NBC 7 San Diego
California businesses got billions of dollars from the federal government during the coronavirus pandemic, money that helped many survive public health restrictions that hobbled their livelihoods. But now Gov. Gavin Newsom’s administration worries a new federal law could mean the state can’t exempt that money from taxes. The U.S. government changed the law so businesses …
Opinion | A tax break for paying your taxes? Please.
Because so few lower-income taxpayers itemize deductions, some 96 percent of the SALT benefit flows to the top 20 percent of households. The deduction becomes more valuable as your tax rate climbs, so more than half the benefit accrues to the top 1 percent. Fully a quarter benefits people in the top 0.1 percent of …
