New Jersey officials agreed on Thursday to make the state one of the first to adopt a so-called millionaires tax to alleviate shortfalls caused by the pandemic, intensifying a national debate over whether to increase taxes on the rich to help address widening income gaps.
Gov. Philip D. Murphy, a Democrat, announced a deal with legislative leaders to increase state taxes on income over $1 million by nearly 2 percentage points, giving New Jersey one of the highest state tax rates on wealthy people in the nation. The agreement also includes an annual rebate of as much as $500 for families making less than $150,000.
Quite a lot has been going on:
The Excise Tax Trend Amidst the Coronavirus Pandemic
Political leaders say things like, "If digital businesses are succeeding in the pandemic , then we should have a tax that is specific to digital companies." Or, "Healthcare and pharmaceutical businesses stand to profit significantly from the health crisis, we should ensure they pay their fair share with a minimum tax."
Policies that have popped up reflect a (continued) focus on digital services taxes , financial transaction taxes , excess profits taxes , and minimum taxes .
Sussex County property taxes due Sept. 30 - Delaware State News | Delaware State News
GEORGETOWN – Sussex County reminds property owners that Sept. 30 is the state-mandated deadline to pay annual county property tax bills.
In August, the county's Billing Services office issued tax bills for the 2021 fiscal year, totaling an estimated $166.3 million in revenue. Annual tax bills include county property taxes, and county sewer and water, tax ditch and street lighting fees, where applicable.
Where Trump and Biden Stand on Tax Policy - WSJ
This article is part of a Wall Street Journal guide comparing President Donald Trump and former Vice President Joe Biden on issues from climate change to health care and jobs.
Were you following this:
If You Don’t File Taxes, IRS Could Still Owe You A Stimulus Check; Notices Going Out To 9
CHICAGO (CBS) — The IRS is notifying nearly 9 million people who might qualify for stimulus checks that went out earlier this year, but haven’t filed a claim, likely because they don’t typically file income tax returns.
The Internal Revenue Service will send letters to people who didn’t file an income tax return for 2018 or 2019, largely because they have very low incomes, and don’t have to file a return.
Nearly 310,000 people in Illinois alone will be receiving the notices, along with more than 150,000 in Indiana, and more than 111,000 in Wisconsin.
More Countries Target the Property Tax | Tax Foundation
A recent report from the Organisation for Economic Co-operation and Development (OECD) on tax reforms during the past year reveals a tendency towards higher property tax es, often in the form of base broadening , tax rate increases, or both.
Even though countries have increasingly targeted property taxes as a source of revenue, on average, they still only account for 5.6 percent of total tax revenue among OECD countries. Property taxes, especially those on real property, can be a relatively efficient way to raise revenue. This is because real property is not easily hidden from tax authorities and often has sufficient benchmarks for valuation purposes.
Trump's Payroll Tax Deferral Could Be Campaign Trail Problem
Can remote work lead to double taxation? | Fox Business
Upwork Chief Economist Adam Ozimek discusses where the jobs are in America and how coronavirus will change the future of the workforce.
Remote working during the coronavirus pandemic could cause some new scenarios for employees when they file their 2020 tax returns next year – including a situation where some may be taxed twice.
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In specific cases a remote worker’s resident state may not provide a credit for taxes assessed in the employer’s state because the income is actually earned in the state of residence, Edward Zelinsky, a tax professor at Yeshiva University’s Cardozo School of Law, told FOX Business.
Happening on Twitter
Great work @GovMurphy .... Deal Reached in N.J. for 'Millionaires Tax' to Address Fiscal Crisis https://t.co/vD3EEt3un4 justinhendrix (from NYC) Thu Sep 17 14:18:36 +0000 2020
Deal Reached in N.J. for 'Millionaires Tax' to Address Fiscal Crisis via @NYTimes https://t.co/7sUrlF8HP2 danieljohnbryan (from Maplewood, NJ) Thu Sep 17 13:43:37 +0000 2020
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