Coupon clippers are doing just fine in this pandemic, what with stocks and bonds back to where they were at the start of the year or slightly ahead. Low-paid workers are getting crushed.
Capitalism is a mixed blessing. The system has lifted billions of people out of poverty, but it doesn't work particularly well for people without capital.
The past four decades have delivered quite a windfall to Americans with capital. Counting from the end of 1981, which is close to the bottoms in financial markets, a dollar put into corporate bonds has grown to $14, in stocks to $24. Those are real returns, beyond inflation.
This may worth something:
House Rules Committee votes against GOP request to suspend business tax triggers
House Democratic leadership has rejected a proposal to suspend business tax triggers due to the pandemic, arguing more information is needed before doing so.
In a party-line vote Wednesday, Democratic members of the House Rules Committee voted against an effort by House Republican Leader Dick Hinch to eliminate the trigger mechanisms that could cause New Hampshire business taxes to rise in 2021 if revenues fall below target.
Public safety officials: Voter-approved taxes hold upgrades, improvements | Local News |
Joe Hadsall is the digital editor for The Joplin Globe. He has been the editor of the former Nixa News-Enterprise and has worked for the Christian County Headliner News and 417 Magazine.
JOPLIN, MO - William E. "Bill" Wise, 84, a retiree of EaglePicher, passed away Tuesday, June 2, 2020. The family will hold a private memorial service. Cremation arrangements are under the direction of Parker Mortuary.
Trump wants to give workers a payroll tax cut. How it would work
Payroll tax cuts could be in the next round of coronavirus aid legislation, if President Donald Trump gets his way.
Vice President Mike Pence reiterated the administration's support for the idea during a Friday morning interview on CNBC .
"We've got to have a payroll tax cut," Pence said. "We've got to have the kind of pro-growth policies that will continue this economic recovery."
The idea comes as lawmakers are poised to consider their next efforts to support the economy. House Democrats recently passed a bill that would include another round of $1,200 stimulus checks and an extension of the extra $600 per week in unemployment benefits to the end of January.
In case you are keeping track:
Indictment: East Lansing man lied to avoid paying $830,000 in taxes
GRAND RAPIDS – A federal grand jury has indicted an East Lansing businessman for tax evasion, mortgage fraud, filing false documents with the IRS and making false statements to investigators.
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Chappelle is an attorney and former certified public accountant who operated Terra Management Co., Strathmore Development Co. and Terra Holding. All three companies are involved in real estate development and property management.
Chappelle is charged with failing to pay the IRS more than $830,000 in employment taxes withheld from employee wages between 2010 through 2019, according to a press release and court documents.
IRS tax deadline postponed: when is the new payment date? - AS.com
As it has been for many years, the deadline for tax submissions is 15 April, but the United States government has extended it this year until 15 July due to the coronavirus pandemic in the country. This means that taxpayers have an extra three months to both file and pay their taxes. The announcement was made on 20 March by Treasury Secretary Steven Mnuchin.
The extra 90 days given to Americans struggling during the outbreak will not see them incur interest or penalties. In the past, even though taxes were due in April, people often asked for an extension and were often allowed to do their tax return by October.
TaxProper raises $2M to automate getting your property taxes lowered – TechCrunch
If you disagree with how much you’re paying in property taxes, you can appeal the assessment. Most people don’t, though — perhaps because they are unaware they can, or because they just don’t have the time or resources to deal with the lawyers and paperwork.
TaxProper , a company out of Y Combinator’s Summer 2019 batch , has raised $2 million to simplify the process. The round was led by Khosla Ventures, backed by Global Founders Capital, Clocktower Ventures and a handful of angel investors.
How a Tax Benefit for Developers Could Backfire in the Pandemic - The New York Times
Something remarkable is percolating in the commercial real estate market : Investors may end up losing millions in tax savings on gains from the sale of their properties because of the coronavirus pandemic.
Like-kind real estate exchanges, also known as 1031 exchanges (after the provision in the Internal Revenue Code), allow investors to sell a commercial property and pay no tax on the gains as long as the money from that sale is reinvested in other real estate. It could be a similar building, land or even air rights.
Happening on Twitter
@ArvindKejriwal Delhi contributes a huge chunk of Taxes, Centre must help the National Capital in this #pandemic *… https://t.co/ddQVnMI06q aartic02 Sun May 31 08:17:30 +0000 2020
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