This is an old topic — there were studies at the U.S. Treasury on optimal taxation systems in the 1970s, and their conclusions haven't changed much over the years. The best tax systems are broad, flat, and simple. Today, these are things like the payroll tax, VAT and retail sales taxes. They are one-rate taxes that are, by nature, "indirect." Even the payroll tax, which looks superficially like an income tax, is actually more like a retail sales tax on the sale of employment labor.
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Pennsylvania is sitting on billions in coronavirus relief money. What's the hold up?
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Update, May 28: Lawmakers on Thursday approved the use of $2.6 billion in discretionary federal stimulus dollars for a variety of purposes including providing relief to counties and hard-hit long-term care facilities. Read more.
Behind the Cover: Money - The New York Times
Kathy Ryan, director of photography: "For the cover of The Money Issue, Dan Winters worked with a licensed drone operator to capture an aerial photograph of an operation by the San Antonio Food Bank, which is now distributing food to 120,000 people a week because of the pandemic. We were drawn to the way this image projects both precision and collapse as institutions struggle to meet the demands of the moment."
Thinking of taking money from your 401(k)? Look at this scary math
Thanks to the CARES Act stimulus package Congress passed in March, if you've been negatively impacted by the coronavirus pandemic, you can pull up to $100,000 from your retirement account through the end of the year, without being dinged the usual 10% early withdrawal penalty if you're under age 59½. You still have to pay taxes on the money, but you can do so over three years.
People are biting . Since the CARES Act went into effect on March 27, Fidelity has seen more than 370,000 individuals take a distribution from their retirement savings account, according to the brokerage firm. The average amount yanked out was around $13,000, but more than 8,500 savers took the entire $100,000 allowed under the law.
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Election spending boosted by secret money tops $100M as IRS ends donor reporting rules
Political groups that don't fully disclose their sources of funding have already spent more than $100 million to influence 2020 races, a figure that is sure to rise as "dark money" backed super PACs unload their unprecedented cash reserves .
Dark money groups such as political nonprofits that don't disclose their donors have spent nearly $14 million to influence 2020 races, according to Federal Election Commission filings. "Grey money" outside groups that disclose a portion of their funding — such as super PACs that take money from shell companies or political nonprofits — have spent over $89 million.
Check your junk mail for stimulus money; debit cards arriving for some | WFLA
TAMPA, Fla. (WFLA) – Be careful when going through your mail. If you haven’t already received your stimulus payment, it may arrive on a debit card, in a plain envelope.
Some have mistaken the debit card for a scam or credit card offer. Some even report that they destroyed the cards, before learning what it really was: their long-awaited stimulus payment.
“At the time, we didn’t know what it was,” said Judy Johnson, of Odessa. “I hadn’t heard of anyone getting it before, so I questioned it, so I called my credit union, and they weren’t sure that it was legal.”
Michael Spears: Tips for teaching your children about money — Neuse News
Like many of you, I have had the opportunity to raise two children. At some point, when withdrawing money from the ATM or swiping your credit card, you will have to explain to your children that money does not grow on trees. Below are some tips to help your children understand that they cannot buy whatever they want without ever paying for it. Also, to help them learn how to handle their own money.
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Hopefully we all get to experience this sooner rather than later. How many times have you noticed that a beverage can run anywhere from $1 to $3 and become frustrated? One solution could be to explain to your children and grandchildren that they can choose the beverage, water, or the amount of money in cash the beverage would have cost. The beauty of this is that you are teaching them about money and also encouraging healthy habits.
Best ways to spend stimulus money or tax return | Fox 59
INDIANAPOLIS – More than 80 million Americans have already received their stimulus payment. If you received a stimulus check or a tax refund, what are the best things you can do with the money if you owe on bills? And if you decide to catch up on bills, which ones should you pay? The answer is it's different for everyone.
If you pay credit cards, look for a credit card that offers zero interest on balance transfers. Some of these promotional deals will allow you to defer interest on that balance transfer for up to 21 months. But be sure to pay off the entire balance before the interest free deadline is up. If you don't, you will probably get hit with all that interest at once!
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