Wednesday, February 26, 2020

Streator library asking for tax increase to maintain building | The Times

The Streator Public Library is asking the average homeowner in the city for roughly $15 more in property taxes to maintain its 117-year-old building.

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Interior dome repair estimated at $86,000, masonry stone work at $32,000, dome roof replacement at $20,000 and mural restoration are four projects the library board has cited will need immediate attention.

The ballot question specifically asks citizens: Shall the annual library tax for corporate purposes in the city of Streator be increased from 0.15% to 0.23%?

Date: 2020-02-25T21:36:00Z
Author: Michael Urbanec
Twitter: @MyWebTimes
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Quite a lot has been going on:

Murphy wants to raise New Jersey’s cigarette tax to among highest in nation

TRENTON — New Jersey Gov. Phil Murphy wants to raise taxes on cigarettes by $1.65 per pack, which would make the Garden State one of the most expensive places in the country for smokers.

The new cigarette tax, which was included in the $40.9 billion state budget proposal Murphy submitted to the Legislature on Tuesday, would increase rates from $2.70 to $4.35 per pack. That would match the amounts charged in New York and Connecticut, which have the highest rates in the country.

Publisher: Politico PRO
Twitter: @politico
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WV MetroNews Tax overhaul resolution falls short in state Senate - WV MetroNews

CHARLESTON, W.Va. — After weeks of discussion and two hours of floor debate, there was not enough support in the state Senate to pass a resolution allowing citizens to vote on a constitutional amendment allowing the property tax changes.

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"This Republican tax scheme does nothing but cut taxes for out of state corporations while increasing taxes for our citizens," stated Senator Roman Prezioso, D-Marion, leader of the Democratic caucus that lined up against the resolution.

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Publisher: WV MetroNews
Date: 2020-02-25T21:17:32 00:00
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Analysis: 2 million taxpayers would see tax cut from GOP-passed legislation

M ore than 2 million taxpayers would see a tax cut from a Republican passed bill in the Wisconsin legislature, according to an analysis from the Center for Research on the Wisconsin Economy (CROWE).

"We find it would reduce taxes for about 2 million taxpayers and reduce state tax revenue by about $200 million, so the reduction per affected taxpayer is about $100," the CROWE study found. "Low-to-middle-income taxpayers would benefit the most.

Publisher: Washington Examiner
Date: 2020-02-25T21:00:19.091
Twitter: @DCExaminer
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While you're here, how about this:

Bernie Sanders reveals 'major plans' to be funded by new taxes, massive lawsuits,

Democrats attack Sanders following Nevada win; Fox News senior political analyst Brit Hume weighs in.

Bernie Sanders unexpectedly released a fact-sheet  Monday night explaining that he'd pay for his sweeping new government programs through new taxes and massive lawsuits against the fossil fuel industry, as well as by slashing spending on the military, among other methods.

Publisher: Fox News
Date: 2020-02-24
Twitter: @foxnews
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Is Kentucky's gas tax plan running on fumes? | In-depth | wdrb.com

Marcus Green joined WDRB News in 2013 after 12 years as a staff writer at the Louisville Courier-Journal. He reports on transportation, development and local and state government.

Publisher: WDRB
Author: Marcus Green
Twitter: @WDRBNews
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The Secure Act upended estate planning and taxes for a lot of people — here's how to adapt -

About two months ago, I gave a presentation to a group of CPAs, attorneys, and financial professionals on the use of trusts as beneficiaries of retirement plans. I spent about an hour explaining the complicated rules for timing distributions and the identification of beneficiaries, of the requirements for see-through trusts, and what it meant for a beneficiary to stretch their inheritance.

Well, please let me apologize to the attendees, because Congress passed the Secure Act, blowing it all up effective Jan. 1. Sorry.

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Publisher: MarketWatch
Date: 2020-02-25T10:08:00-05:00
Author: Keith Stevens
Twitter: @624413
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How Scandinavian Countries Pay for Their Government Spending

Scandinavian countries are well-known for their broad social safety net and their public funding of services such as universal healthcare, higher education, parental leave, and child and elderly care. High levels of public spending naturally require high levels of taxation. In 2018, Denmark's tax-to-GDP ratio was at 44.9 percent, Norway's at 39.0 percent, and Sweden's at 43.9 percent. This compares to a ratio of 24.3 percent in the United States.

So how do Scandinavian countries raise their tax revenues? A first breakdown shows that consumption taxes and social security contributions [1] —both taxes with a very broad base—raise much of the additional revenue needed to fund their large-scale public programs.

Publisher: Tax Foundation
Date: 2020-02-24T12:20:28-05:00
Twitter: @taxfoundation
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