Bill Gates, who routinely ranks as one of the world's wealthiest people, is echoing Democrats' calls for higher taxes on the rich.
Pointing to growing income inequality as well as mounting government red ink, the Microsoft co-founder and philanthropist cites a litany of ways the rich ought to be paying more.
* * *
He endorsed a type of wealth tax, saying he favors "taxing large fortunes that have been held for a long time (say, ten years or more)."
Other things to check out:
How changes in retirement and tax law will help save you cash in 2020
Time to pick your brackets. Not for your March Madness office pool, but for April 15th when 2019 federal taxes are due to be filed.
Changes in tax and retirement law for 2020 will allow Americans to save more money this year than last. "Here's an opportunity to put money away tax deferred," according to Geltrude & Company Founder Dan Geltrude who is also known as America's accountant.
Somebody Stopped Paying Their Social Security Taxes Today
Most likely you will pay your Social Security taxes all year round. But some high earners will stop paying a few hours after we ring in the New Year, many before we return to work in the new year.
* * *
Lopsided growth in earnings is the main reason behind the system's shortfall. Every year, the earnings cap means that over $1.2 trillion dollars of earnings—wages and salaries, not capital income—of an economy-wide $8.4 trillion in taxable earnings escapes Social Security tax. That's over one-fourth of total earnings.
Starting a new job or changing your withholding? What you need to know about the new W-4 form.
Anyone who has a New Year's resolution to change jobs or wants to adjust how much tax is taken out of their paychecks in 2020 will have to tackle the IRS' redesigned W-4 form.
The new tax form is designed to be less complex while increasing the "transparency and accuracy of the withholding system," according to the Internal Revenue Service.
"While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees," the IRS said on its website .
And here's another article:
Paying Taxes While Receiving Benefits - Government Executive
Over the years, I have frequently received a question from from employees who have worked past their full retirement age for Social Security benefits and from those who are over 65 and eligible for Medicare. They ask why Social Security (FICA) and Medicare taxes continue to be deducted from wages when a worker is eligible to receive Social Security and Medicare benefits.
* * *
Here's my response: As long as you're employed, you're required to pay the FICA and Medicare taxes. These are payroll taxes that don't really have anything to do with whether you are enrolled in Medicare or collecting Social Security retirement. Although these taxes may add up to a substantial withholding from your earnings, they ensure that the Medicare and Social Security programs have enough funding.
Customers experience sticker shock with high taxes on legal marijuana | News Headlines | kmov.com
2020's new taxes, regulations to clobber small businesses | Fox Business
As of Jan. 1, there are higher minimum wages in a quarter of the states, and new federal overtime rules. The IRS has new W-4 forms owners will need to get used to. Plastic bags are on their way out at stores and other businesses in a growing number of places around the country. And California has new laws on freelancers and consumer privacy that can affect out-of-state companies.
NEW YORK (AP) — Small business owners have plenty of changes to deal with as 2020 begins — higher labor costs for many companies and some owners will discover that they have to comply with new laws that aren’t on the books in their own states.
Jeannette hikes property taxes by almost 6% | TribLIVE.com
After approving a $5.5 million preliminary budget in late November that carried no property tax increase , council approved a final 2020 spending plan this week that raises the tax rate by 2 mills, an increase of 5.9%. City officials expect to bring in $105,000 more in current real estate taxes with the increase.
The amount of money taken out of a reserve account will decrease by $75,000. The preliminary plan called for the use of $303,000 from that account, while the final budget includes using $228,000. The reserve account contains money set aside from the 2015 sale of the city’s sewage authority.
Happening on Twitter
'The rich should pay more' — Bill Gates calls for higher taxes on the wealthy in New Year's Eve blog post https://t.co/O0KkdDPi5X businessinsider (from New York, NY) Thu Jan 02 13:33:05 +0000 2020
No comments:
Post a Comment