President Trump's apparently minuscule tax payments are pumping new energy into Democrats' plans to raise taxes on rich people and beef up the Internal Revenue Service.
Check out this next:
Opinion | Trump's Tax Avoidance Is a Tax on the Rest of Us - The New York Times
We don't know if Donald Trump's recent federal income tax returns indicate illegal activity. But even if the $750 income tax bills he paid in each of the first two years of his presidency turn out to have been calculated in compliance with the U.S. Internal Revenue Code, he has enjoyed the benefits of the society we all contribute to build, then skipped out on his share of the bill — a sort of dine-and-dash on his fellow Americans.
Having spent the past 13 years studying and writing about these elite professionals who help the ultrarich reduce their tax bills as close to zero as possible, I understand how the game of "creative compliance" is played: They adhere to the letter of the law while violating its spirit. The tax avoidance professionals say, as Mossack Fonseca did after the Panama Papers broke , we complied with the law, so what's the problem?
Grocery store, online sales taxes keep Carbondale in black despite downturn | AspenTimes.com
A new, larger City Market store in Carbondale and a robust effort by the town to work with the state of Colorado to collect sales taxes for local online sales equals good news headed into the 2021 budget cycle.
Unlike some Roaring Fork Valley municipalities that saw large decreases in sales taxes during the ongoing business restrictions related to the pandemic, Carbondale seems to have weathered the worst better than most.
How did Trump reportedly avoid taxes? : Planet Money : NPR
Today on the show: We dive into the part of the American tax code reportedly used by President Trump to get his tax bill down to nearly zero. We explore the history of why this practice exists, and how it evolved. It's a story about workarounds and toy wooden arrows, a seemingly shady Treasury Secretary ... and a little something called a "quickie" refund.
While you're here, how about this:
Washington businesses won't be hit with unemployment solvency tax
Washington state’s unemployment system has rarely been associated with good news in recent months, plagued by everything from thieves to a massive backlog, not to mention the large depletion of the unemployment trust fund caused by widespread layoffs.
Ahead of Thursday's release of the full September quarterly Unemployment Insurance Trust Fund Forecast, the ESD announced things were looking up.
"There will not be a solvency tax for employers in 2021, a savings for businesses of nearly $200 million, based on a higher than expected unemployment trust fund balance at the end of September," according to a press release from ESD.
New Jersey Gas Tax Spikes Because of Coronavirus Impact - The New York Times
Drivers in New Jersey purchased nearly 40 percent less gas between March and May as businesses and schools closed and more people began working from home.
That led to a drop in tax revenue that chewed into funds the state was required by law to set aside to pay for improvements to rails, roads and bridges and, in turn, mandated a 9.3-cent tax increase, state officials say. The new rate took effect on Thursday.
It is the second major jump in gasoline taxes since 2016 in a state once known for bargain fuel prices, an enticement that lured drivers across the border from New York. And it comes on the heels of major increases in tolls on the state's main highways.
What do taxes have to do with your stimulus check? Everything. Here's what to know - CNET
If you filed your 2019 federal tax return before April 15, 2020, the IRS used your reported AGI to set the amount of your first payment. If you didn't file in 2019 but did in 2018, that's the year the IRS used. It's likely a second check would follow the same protocol, if and when it happens.
* * *
The deadline to use that tool expired mid-May, but the IRS would likely open it up again in the event a second stimulus check goes through.
If you get a payment this year it won't reduce your future tax refund or increase what you owe when you file your 2020 tax return next year. The payment also does not count as income to determine if you're eligible for federal government assistance or benefit programs.
Ed Day's 2021 budget raises taxes, cuts millions; no layoffs planned
NEW CITY – Saying Rockland must contend with decreasing sales tax revenues, state aid program cuts and added costs from the COVID-19 pandemic, County Executive Ed Day on Thursday proposed a $729 million budget for 2021 that slashes spending by $8.1 million and raises county property taxes by an average of $34 per homeowner per year.
Day, a Republican seeking his third, four-year term in November 2021, ripped into the Legislature's Democratic majority of nine lawmakers for rejecting his earlier plan that he claims would not have caused a property tax increase and massive spending cuts.
Happening on Twitter
Just posted: Donald Trump Paid $750 in Federal Income Taxes in 2017. Here's the Math From His Tax Return. (Hint: Mo… https://t.co/XfrWHOy9qF susannecraig Wed Sep 30 00:28:33 +0000 2020
The issue surrounding President Trump's tax payments is bolstering calls by Democrats to raise taxes on the rich an… https://t.co/f7tS79I57X WSJ (from New York, NY) Thu Oct 01 14:07:24 +0000 2020
If my tweeting "$750 $750 $750" wasn't clear: Before the debate the big story was the trump tax return leak — spec… https://t.co/B3uSqPNyT8 PhilippeReines (from Washington, DC) Thu Oct 01 16:48:40 +0000 2020
No comments:
Post a Comment