Monday, June 29, 2020

Two Chinese-Centric Casinos Exit Philippines on Virus, Taxes (1)

"There are more to come. We are doing our best to convince them to stay," Tria said in a mobile-phone message.

"They will most likely go to countries with lesser regulatory fees and taxes to be economically viable," the gaming agency official said.

Twitter: @tax
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Check out this next:

Did Pushing Back the Tax-Filing Deadline Do Americans a Disservice?

Most people who file a tax return wind up with a refund, and so far, the average refund this year has amounted to $2,767 -- not a small amount of money. The problem? By taking longer to submit their returns, Americans have also been delaying their refunds -- money they may have desperately needed these past few months.

Though filers weren't forced to delay their returns past the initial April 15 deadline, many seized the opportunity to take their time -- and that likely includes a lot of people whose tax situations weren't complicated, and who could've otherwise submitted their returns well before the original April 15 deadline despite the greater health crisis that emerged.

Publisher: Mooresville Tribune
Date: 2020-06-28T11:43:00-0400
Author: _____
Twitter: @mooresvilletrib
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Biden's record-setting tax increases will take your money — and your job | TheHill

President Trump's 2017 tax reform cut taxes for corporations, small businesses, blue-collar workers and the middle class. Since the 2016 election, employers have added 7 million new jobs and, until the COVID-19 pandemic this spring, Trump's tax reform package created an economy that produced the lowest unemployment in American history for Blacks, Hispanics and Asians, along with increases in wages and middle-class incomes.

Publisher: TheHill
Date: 2020-06-28T17:00:09-04:00
Author: Lewis K Uhler and Peter J Ferrara opinion contributors
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Gearing Up to File Your Taxes?

The tax forms you receive summarizing your various types of income aren't just sent out for your benefit; the IRS receives a copy of each one as well. That means you must report all of your income, including the $72 in savings account interest you earned or the $800 you received from a client in exchange for some freelance work you did last year.

If the income you report on your tax return doesn't match what the IRS has on file, you can pretty much bet on hearing from the agency after the fact, so don't take that chance. Instead, comb through all of your tax documents and make sure you're reporting every dollar you took in during 2019.

Publisher: Daily Journal Online
Date: 2020-06-28T07:49:00-0500
Author: _____
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And here's another article:

'Sin Taxes' Could Help States in Pandemic Budget Slump (at Least a Little Bit) | The Pew

Gas tax revenue plummeted this spring, income taxes won't rebound anytime soon and some states are offering a property tax holiday because people can't pay during the pandemic. But so-called sin taxes are rolling in as liquor stores boom, marijuana sales continue, vapers vape and smokers smoke.

While not a huge portion of state tax revenue, sin taxes are a relative bright spot in a dark revenue picture. And some states are considering increasing those levies to make up some of the lost pandemic revenue.

Twitter: @pewtrusts
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Fiscal watchdogs caution lawmakers on raising taxes on wealthy

ALBANY — Fiscal watchdogs are cautioning lawmakers against raising taxes on the wealthiest New Yorkers to plug the deficit, a move they said could prompt wealthy residents to move elsewhere.

But David Friedfel, director of state studies for the Citizens Budget Commission, said increasing those taxes could be the impetus for wealthy New Yorkers to flee to a state with lower taxes.

Publisher: Times Union
Date: 2020-06-28 16:47:12
Author: Amanda Fries
Twitter: @TimesUnion
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Changes in taxes from coronavirus that you should know

Several key changes, some designed to ease the financial burden of the resulting recession, are notable this year. They include changes affecting filing deadlines, retirement accounts and charitable deductions.

Perhaps the most obvious change was delaying the regular income-tax filing deadline, and date for paying 2019 taxes, from April 15 to July 15, 2020. Many taxpayers already had filed before the coronavirus really began to impact the economy in late February and were unaffected by the new deadline. For others, the delay offers more time to get records in order and make payments. Estimated payments for the first and second quarters of 2019 also were delayed until mid-July.

Publisher: The Arizona Republic
Author: Russ Wiles
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Readers sound off on wealth taxes, consumerism and NFL players - New York Daily News

Manhattan: The governor and mayor plan to cut social services and layoff city workers. Here are some alternatives:

1. End the $1 billion annual tax exemption (421-a) for big real estate developers to put up luxury residential high-rise buildings.

2. Stop refunding the "stock transfer tax" to investors. This small tax (up to 5 cents) on each purchase and sale of stock, if not refunded, would result in more than $16 billion annually for New York.

Publisher: nydailynews.com
Date: 02916AAC0DA8B068EFE01D721E03ED7E
Author: Voice of the People
Twitter: @nydailynews
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