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Keyword: taxes

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  • U.S. Democratic presidential hopeful Bloomberg unveils plan to rein in Wall Street

    02/18/2020 9:15:06 AM PST · by Oldeconomybuyer · 28 replies
    Reuters ^ | February 18, 2020 | by Joseph Ax, Michelle Price
    NEW YORK - U.S. Democratic presidential candidate Michael Bloomberg on Tuesday outlined a sweeping financial services policy proposal to rein in Wall Street trading, boost consumer protections, increase Americansí access to banking services, and crack down on financial crime. The left-leaning platform marks a striking turnaround for the former Republican New York mayor who made his $60 billion fortune in financial services and who in the past has criticized reforms introduced following the 2007-2009 financial crisis. Among the most eye-catching proposals is a tax of 0.1% on transactions in stocks, bonds and payments on derivative contracts, bolstering the ďVolcker RuleĒ...
  • Al Sharpton's 2004 campaign still owes $900K after failed presidential bid

    02/17/2020 3:47:33 AM PST · by Libloather · 17 replies
    Fox Business via MSN ^ | Evie Fordham
    Rev. Al Sharpton's unsuccessful presidential campaign had nearly $1 million in debt at the end of 2019 ‚Ā†¬ó more than 15 years after his 2004 presidential bid. Sharpton's former campaign treasurer Andrew Rivera is responsible for paying off the $925,713.78 in debt. "I have asked Andrew Rivera, the finance chair of my 2004 campaign, to set up a meeting with the Federal Election Commission so that I can resolve any campaign debts related to Sharpton 2004,¬Ē Sharpton told the New York Post. ¬ďI am willing to work out a settlement for all claims with my own money to the degree...
  • White House considering tax incentive for more Americans to buy stocks, sources say

    02/15/2020 2:14:37 PM PST · by Libloather · 76 replies
    CNBC via MSN ^ | 2/14/20 | Kayla Tausche
    WASHINGTON - As part of a forthcoming package of proposed tax cuts, the White House is considering ways to incentivize U.S. households to invest in the stock market, according to four senior administration officials familiar with the discussions. The proposal, one of many new tax cuts under consideration, would see a portion of household income treated as tax-free for the purposes of investing outside a traditional 401(k). Under one scenario, a household earning up to $200,000 could invest $10,000 tax-free, although officials noted these numbers are fluid. "Nothing's ruled out," said one senior administration official. "Nothing's been ruled in, either."...
  • Stanford Faces $43 Million Tab in Trump Endowment Tax. About 30 wealthy colleges will be affected by the 1.4% levy. Provision was passed as part of the Republican tax bill in Ď17.

    02/12/2020 6:46:21 AM PST · by karpov · 31 replies
    Bloomberg | February 11, 2020 | Janet Lorin
    No excerpt allowed from Bloomberg, store here.
  • Mayor Raising Taxes Due to Discovery Law Changes (Freeport, NY)

    02/11/2020 1:45:05 PM PST · by lowbridge · 20 replies
    spectrumlocalnews.com ^ | February 10, 2020 | MORGAN MCKAY†
    Itís an issue that law enforcement and District Attorneys have been raising concerns about for the last few months, that these new criminal justice bills are placing a strain on their already tight budgets. And now the Mayor of the Village of Freeport is saying he has had to find another way to cover these added costs. "We havenít raised taxes in the Village of Freeport in 7 years," said Robert Kennedy.† Kennedy is not only the Mayor of the Village of Freeport, he is also President of the State Conference of Mayors. And he says that he has already...
  • Lawmakers plan online survey to find out why people are leaving NY

    01/31/2020 6:01:29 PM PST · by metmom · 78 replies
    cnycentral.com ^ | January 30th 2020 | WHAM
    Albany, N.Y. (WHAM) - Two New York State legislators are planning to launch a effort to determine the causes behind the state's population loss. Federal estimates released by the U.S. Census Bureau show New York has lost 76,790 people from 2018 to 2019 - making it the fourth largest state in the country. This also makes the fourth straight year of a population decline for New York.
  • Ensuring Safe & Lawful E-Commerce for US Consumers, Businesses, Government Supply Chains, and Intellectual Property Rights

    01/31/2020 3:36:08 PM PST · by ransomnote · 3 replies
    whitehouse.gov ^ | January 31, 2020 | President Donald J Trump
    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Policy. E-commerce, including transactions involving smaller express-carrier or international mail packages, is being exploited by traffickers to introduce contraband into the United States, and by foreign exporters and United States importers to avoid applicable customs duties, taxes, and fees. It is the policy of the United States Government to protect consumers, intellectual property rights holders, businesses, and workers from counterfeit goods, narcotics (including synthetic opioids such as fentanyl), and other contraband now...
  • U.S. Consumers Growing Less Supportive of Tax-the-Rich Plans. More consumers are saying wealth taxes could hurt the economy. Wealth tax may cut wages more than $1 trillion, economists say.

    01/31/2020 6:47:51 AM PST · by karpov · 7 replies
    Bloomberg | January 10, 2020 | Laura Davison
    No excerpt from Bloomberg allowed, story here. The article says the number of consumers who thought raising taxes on the wealthy would help the economy fell from 49% in 2018 to 43% in 2019, and the number who thought it would hurt rose from 22% to 31%. It is based on a University of Michigan survey.
  • Tax System Favoring Central Park Co-ops and Brooklyn Brownstones Could End

    01/31/2020 6:28:04 AM PST · by Theoria · 8 replies
    The New York Times ^ | 30 Jan 2020 | Emma G. Fitzsimmons, Matthew Haag and Jeffery C. Mays
    New York Cityís antiquated method of calculating property taxes has long allowed owners of multimillion-dollar brownstones in Brooklyn and high-rise co-ops by Central Park to pay less in taxes than working-class homeowners in the South Bronx, relative to the value of their properties. Now, a high-level city commission empowered by the mayor and City Council speaker is proposing a major overhaul that would fundamentally shift the tax burden to those wealthier neighborhoods and lessen it for low- and moderate-income homeowners. In a preliminary report posted online Thursday, the commission recommended that the city assess most homes, including co-ops and condominiums,...
  • Vanity: Tax Deduction of Travel for a Tour Organizer?

    01/30/2020 10:06:07 AM PST · by C19fan · 13 replies
    January 30, 2020 | Me
    My wife organizes Christian oriented tours working with a tour company. She traveled to Europe twice in 2019 with one or both our kids visiting various European countries. She wants to deduct her portion of the travel expenses on her Schedule C form. She has used the knowledge she gained to promote tours to the region and plan future tours. Is this legitimate or my family is asking for an IRS audit?
  • Three promising bills could provide property tax relief for Idahoans

    01/28/2020 1:10:26 PM PST · by Twotone · 20 replies
    Idaho Freedom Foundation ^ | January 24, 2020 | Wayne Hoffman
    There is, perhaps, a glimmer of hope for people like Boiseís Kari Wardle. Kari, 40, juggles full-time employment and raising a 5-year-old boy, while caring for her terminally-ill mom. But itís her rising property taxes that have her really rattled. ďMy wages donít increase enough every year to offset these costs,Ē Wardle explained. ďWith medical expenses and my child, even with working a full time job, we are barely getting by. If property taxes increase again next year, I honestly have no idea what we will do!Ē Some relief, however, may be on its way, in the form of three...
  • Report: State Cannot Afford its New "Washington College Promise" Law

    01/26/2020 9:49:21 AM PST · by CheshireTheCat · 15 replies
    Legal Insurrection ^ | January 26, 2020 | Fuzzy Slippers
    This is Legal Insurrection posting an article from The Seattle Times about Washington State's new tax on businesses that is designed to pay for a large part of the tuition costs for college students. The state is already experiencing a shortfall.
  • So Long, California? Goodbye, Texas? Taxpayers Decide Some States Arenít Worth It. After new tax law made it costlier to own a house in many high-price areas, some residents are pulling up stakes

    01/25/2020 1:25:23 PM PST · by karpov · 87 replies
    Wall Street Journal ^ | January 25, 2020 | Ben Eisen and Laura Kusisto
    ... Many people saw their overall taxes go down after the 2017 law was passed. But the law had two main changes making it tougher to live in high-cost, high-tax states, especially compared with lower-taxed options. It essentially curbed how much homeowners can subtract from their federal taxes for paying local property and income taxes, by capping the state and local tax deduction at $10,000. It also lowered the size of mortgages for which new buyers can deduct the interest, to $750,000 from $1 million. These changes have the biggest impact on a sliver of the population who have high...
  • New Year, New Tax: What You Need to Know About Oregonís Gross Receipts Tax

    01/24/2020 3:25:24 PM PST · by Twotone · 31 replies
    Cascade Policy Institute ^ | January 20, 2020 | Katie Eyre
    The 2019 Oregon Legislature established a new tax affecting all firms that do business in Oregon. While it is called by its misnomer the ďCorporate Activity Tax,Ē the CAT actually applies to most types of organizational entities such as partnerships, individuals, limited liability companies, and trusts that have commercial activity generated in Oregon in the regular course of their trade or business. It is a tax paid annually for the privilege of doing business in Oregon. Initial expectations are that it will raise about $1 billion in new revenue annually. These funds are to be set aside for exclusive use...
  • Biden, Sanders tax plans would raise less revenue than claimed: studies

    01/23/2020 5:57:51 AM PST · by karpov · 2 replies
    The Hill ^ | January 23, 2020 | Naomi Jagoda
    Tax proposals from two leading 2020 Democratic presidential candidates, former Vice President Joe Biden and Sen. Bernie Sanders (I-Vt.), would raise less revenue than the campaigns say they would, according to analyses released Thursday by the nonpartisan Penn Wharton Budget Model (PWBM). The analyses were released less than two weeks before the first-in-the-nation Iowa caucuses. PWBM released three analyses Thursday. One looked at Sandersís wealth-tax proposal, and a second looked at Sandersís proposal to expand the estate tax. The third examined nine tax changes proposed by Biden. Sandersís wealth tax proposal would create a progressive tax that starts with a...
  • Senators introduce bill to prevent using abortions as tax deductions

    01/22/2020 6:30:05 PM PST · by Morgana · 6 replies
    Live Action News ^ | January 21, 2020 | STAFF
    Senator Mike Lee of Utah introduced a bill on January 9, 2020, to prevent abortions from being tax-deductible. The Abortion is Not Healthcare Act would amend Section 213 of the Internal Revenue Code and make expenses related to abortion ineligible for a medical expense deduction. Currently, the IRS considers abortion to be ďmedical care,Ē which means taxpayers can include abortions as qualifying out-of-pocket medical expenses on their tax returns. Sen. Lee, along with sixteen co-sponsors of the Abortion is Not Healthcare Act ó including Sen. Marsha Blackburn (R-TN), Sen. Joni Ernst (R-IA), Sen. Cindy Hyde-Smith (R-MS), Sen. Marco Rubio (R-FL),...
  • Trump: 'Very Big' Tax Cut Planned for US Middle Class In Interview with Maria Bartiromo

    01/22/2020 12:45:14 PM PST · by SeekAndFind · 38 replies
    NewsMax ^ | 01/22/2020 | Sandy Fitzerald
    A "very big" tax cut for middle-class Americans will be announced over the next 90 days, President Donald Trump said in an interview Wednesday. "We will make that permanent for the middle class," Trump told Fox Business' Maria Bartiromo in an interview from the World Economic Forum in Davis, Switzerland, where he also added that further initiatives are coming on healthcare. "We've done well with health care. We got rid of the individual mandate. That was a thing people couldn't do, they couldn't afford it, they didn't want it," said Trump. "They were forced to pay a number and not...
  • Proposition 13 Modification On The Ballot For November 2020

    01/21/2020 8:38:18 PM PST · by nickcarraway · 57 replies
    KHTS ^ | January 14, 2020 | Jade Aubuchon
    The 2020 ballot initiative would amend the state constitution to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their market value. Under the new initiative, residential properties are excluded from this potential policy and would continue to be taxed under the original requirements of Proposition 13, when property ownership changes or when new construction is done. Property tax rates would not change, and there would be a qualified exception for some small businesses, according to official documents. First set in 1978, Proposition 13 places a cap on tax rates for residential, commercial...
  • First in Nation - Portland's Climate Justice Tax

    01/19/2020 8:46:45 AM PST · by nwrep · 134 replies
    Willamette Week ^ | January 17, 2020 | Nigel Jacquiss
    ďThe goal is ensuring the green economy benefits folks who are hurt first and worst by global warming,Ē says Oriana Magnera. In just a few months, the city of Portland will begin investing the proceeds from a groundbreaking new tax on large companies. No other city in the U.S. has such a tax. The Portland Clean Energy Community Benefits Fund, or PCEF, will raise as much as $60 million a year from a new tax on big retailers. The money is supposed to supply clean, efficient energy and jobs to people the city has long slighted. The overarching goals:...
  • [AZ] Online purchases now help fill state coffers

    01/18/2020 8:13:18 PM PST · by libh8er · 9 replies
    Ahwatukee Foothills News ^ | 1.8.2020 | Howard Fischer
    Arizonans are now paying more money to state and local governments for the items theyíre buying online. The Department of Revenue reports it collected an extra $51.5 million in the first two months after a new law went into effect. Of that, $23.4 million is going into the state treasury, with the balance parceled out among cities and counties. What makes this number so impressive is budget analysts predicted the net gain to the general fund for a full fiscal year would be just $85 million. And the collections reported so far donít even represent December Christmas sales. The new...