Wednesday, February 26, 2020

Report: Illinois has second-highest property taxes in nation

I t may not come as a surprise to residents that a new report again found Illinois' property taxes were the second-highest in the nation, but the debate about how to address the problem continues, including among members of the Illinois Property Tax Relief Task Force.

Behind only New Jersey, Illinois had the second-highest property taxes in the U.S., according to the latest report from WalletHub. The consumer finance website found the average property taxes on a $205,000 home in Illinois were $4,700. The same $205,000 house in Kentucky or Indiana would come with a $1,760 property tax bill.

Publisher: Washington Examiner
Date: 2020-02-26T13:00:53.886
Twitter: @DCExaminer
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Many things are taking place:

AI Comes to the Tax Code - WSJ

Governments are increasingly relying on machine learning and data analytics to analyze troves of data as they seek to detect tax evasion, respond to taxpayers' questions and make themselves more efficient.

Publisher: WSJ
Date: 2020-02-26T10:30:00.000Z
Author: Richard Rubin
Twitter: @WSJ
Reference: (Read more) Visit Source



Taxes on gas, ride-hailing and businesses all in House transportation plan – Boston Herald

A hike in the state gas tax, a bump in ride-hailing fees and costs for corporations are all part of a House proposal to rake in up to $612 million from taxpayers to fix the state’s transportation woes.

“When it comes to our transportation system, revenue can’t wait. Revenue can’t wait any longer,” Speaker Robert DeLeo told reporters Wednesday. “Our residents, our communities and our economy are dependent on an immediate source of revenue.”

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Publisher: Boston Herald
Date: 2020-02-26T17:53:28 00:00
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How the IRS knows if you cheat on your taxes

Many tax forms you receive at tax time don't go only to you; in many cases, the senders give copies to the IRS as well. Those forms, called information returns, typically are records of certain payments you received or made during the tax year that you usually need to report on your tax return. Some of the most common information returns are W-2s, which report wages earned from a job, and 1099s, which report money received for things such as freelance work, dividends or interest.

Date: 9CD4A96D8A076527F07FD24CFCDE5489
Author: Tina Orem of NerdWallet
Twitter: @23WIFR
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Not to change the topic here:

Sanders's Pricey Tax and Spending Plans - The Atlantic

But Sanders benefited from the chaotic nature of the debate, which prevented his rivals from sustaining any individual line of attack against him for very long. And when he wasn't on the defensive, he confidently delivered his populist promise to deliver an economy that works better for working families.

Still, the debate's most lasting effect may be the seeds it laid down for a deeper discussion to come about the cumulative cost of Sanders's agenda, an issue that's received remarkably little attention until recently.

Publisher: The Atlantic
Date: 2020-02-26T10:13:56-05:00
Author: Ronald Brownstein
Twitter: @theatlantic
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Bloomberg - Are you a robot?
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How are taxes handled in an inherited trust? - MarketWatch

Q: My parents passed away years ago and left money in a trust that is now going to be distributed to their grandchildren. How are the taxes normally handled on a trust that originally came down from their grandparents? Can the trust hold funds in an education fund?

* * *

A.: Trusts can help accomplish a lot of goals. Because of this flexibility they can also be complex. I will discuss some basics here, but I am not an attorney and I recommend you engage a good one to assist you.

Publisher: MarketWatch
Date: 2020-02-26T10:40:00-05:00
Author: Dan Moisand
Twitter: @624413
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1 comment:

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