A federal tax break meant to help poor communities that became a windfall for wealthy investors is being investigated by the Treasury Department, the agency's deputy inspector general said on Wednesday.
The inquiry is being conducted at the request of three Democratic lawmakers, Senator Cory Booker of New Jersey, Representative Emanuel Cleaver II of Missouri and Representative Ron Kind of Wisconsin.
The lawmakers made their request after articles in The New York Times and ProPublica raised questions about the Opportunity Zone tax break.
While you're here, how about this:
Trump's SALT Cap Fuels a Wealth Exodus From High-Tax States
(Bloomberg) -- Some of the hardest evidence yet indicates that the 2017 Republican tax law is pushing money and people from high-tax U.S. states like New York and New Jersey and into low-tax states including Florida.
In 2018, low- and lower-tax states gained $32 billion more in adjusted gross income than higher tax states, according to a Bank of America Global Research analysis of income migration data. The net gain -- almost $2 billion more than in 2017 -- was nearly twice the average over the last 13 years. The Republican overhaul capped state and local deductions at $10,000, making it harder for people to shield as much income from taxes as they could before.
Employees Should Know These Three 2020 Tax Numbers
Key tax numbers have been inflation-adjusted for 2020. Many of these are important for employees, ... [+] their paychecks, and their basic tax planning for 2020.
Many tax-code sections are adjusted, and it can be hard to spot those that matter to you. Some are of interest only to super-wealthy executives and other individuals, such as the federal exemption for estate tax (in 2020, $11.58 million for single taxpayers and $23.16 million for married joint filers). Others are chiefly matters for corporate benefit-plan administrators.
Time for common sense solutions, not more taxes
So it was a bit of a surprise when New Hampshire Gov. Chris Sununu attributed his decision not to enter the Transportation Climate Initiative to “common sense.” The multistate compact would raise gas prices between 5 and 17 cents per gallon in the first year, which Sununu called "absolutely outrageous."
He had previously referred to the measure as a “financial boondoggle” for the residents of his state.
The New Hampshire governor met with Boston Herald editors this week to discuss TCI and other issues our states share.
And here's another article:
Abigail Disney backs California bill to raise corporate taxes and curb CEO pay - CNN
Trump economic aide says new tax proposal could be unveiled this summer | TheHill
"I am still running a process of tax cuts 2.0. We're many months away. It will come out sometime later during the campaign," Kudlow said in an interview on CNBC .
CNBC asked Kudlow if the White House is considering a payroll tax cut and an expansion of the earned income tax credit. Kudlow did not provide any specifics about what might be included in a new tax proposal but said the goal is to "help middle-class economic growth."
Kudlow has said for several months that the White House would unveil a "tax cuts 2.0" package as Trump runs for reelection. In August, Kudlow said that such a package could include lower individual tax rates, lower capital gains tax rates, changes for noncorporate businesses and tax relief for residents of high-tax states.
EDGE Board approves tax break for UPS
MEMPHIS, Tenn. (WMC) - UPS is expanding its operation in the backyard of shipping rival FedEx, and Memphis leaders approved a big tax break to make it happen.
EDGE, the Economic Development Growth Engine for Memphis and Shelby County, approved a $38 million PILOT (payment in lieu of taxes) for UPS.
The tax break is a generous incentive by local governments where businesses pay less in property taxes to set up shop or expand.
Pot taxes in Chicago could be as high as 41% by July as county moves forward with 3% levy -
The Cook County Board will vote on approving the Cannabis Retailers' Occupation Tax on recreational pot sales on Thursday after a committee signed off on it.
A 3% tax on cannabis retailers was approved by a Cook County panel Wednesday and is expected to be approved by the full Board of Commissioners Thursday — meaning taxes on some pot products in Chicago could exceed 41% by the summer.
The county proposed the Cannabis Retailers' Occupation Tax on recreational cannabis in December. It would be imposed on "all persons engaged in the business of selling cannabis."
Happening on Twitter
A federal tax break meant to help poor communities is being investigated by the Treasury Department. Wealthy invest… https://t.co/vwS3fV6OF4 nytimes (from New York City) Thu Jan 16 11:00:06 +0000 2020
A provision in Trump's tax plan includes opportunity zones. They claim to offer incentives for businesses and devel… https://t.co/1PDW8CD5wW publicintegrity (from Washington, D.C.) Wed Jan 15 12:00:00 +0000 2020
Controversy is mounting over a Trump tax break for investing in poor U.S. communities — but wealthy investors keep… https://t.co/pKy4ig5Z51 business (from New York and the World) Thu Jan 09 06:28:40 +0000 2020
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