Yellen worked on tax issues when she led the White House Council of Economic Advisers during the Clinton administration. She's also taken public positions on certain tax issues in recent years, from expressing support for a carbon tax to criticizing the impact of Trump's 2017 tax cuts on the federal deficit.
Additionally, Yellen has long been concerned about income inequality. Unlike a number of previous Treasury secretaries, Yellen does not have a background working on Wall Street, and progressives see her as likely to prioritize the interests of ordinary Americans over those of large financial institutions.
In case you are keeping track:
Lewis F. Powell Jr. wrote Attack on American Free Enterprise System
History often has a hidden beginning. Since the 1970s, people who are already well off have enjoyed a rising percentage of income and wealth. Meanwhile, ordinary Americans face declining social mobility, a shrinking middle class, widening income inequality and crumbling infrastructure. There is plenty to be mad about and plenty of blame to go around.
In August 1971, less than two months before he was nominated to serve as an associate justice of the Supreme Court, Lewis F. Powell Jr. sent a confidential memorandum to his neighbor and friend Eugene B. Sydnor Jr., chair of the Education Committee of the U.S. Chamber of Commerce. Powell was a leading Virginia corporate lawyer, a former president of the American Bar Association and served on 11 corporate boards.
Valley News - Column: 'Welfare for the rich,' and what we can do about it
People seeking and using political influence to make themselves richer by enlisting government to their advantage has long been a deplorable practice in the history of this country.
Enrichment techniques are legion. Outright cash grants and credits. Preferential taxation. Tariffs and quotas to block competing imports. Regulatory favoritism and obstructionism. Subsidized insurance and guarantees. Stringent occupational licensing. Government-sanctioned cartels.
Treasury Department and IRS Issue Final Regulations Regarding Like-Kind Exchanges of Real
The 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property. As of January 1, 2018, exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Also, like-kind exchange treatment applies only to exchanges of real property held for use in a trade or business or for investment.
Under the final regulations, real property includes land and generally anything permanently built on or attached to land. In general, real property also includes property that is characterized as real property under applicable State or local law. In addition, certain intangible property, such as leaseholds or easements, qualifies as real property under section 1031. Property not eligible for like-kind exchange treatment prior to enactment of the TCJA remains ineligible.
In case you are keeping track:
Howard Swint: The advent of the WV solar economy | Op-Ed Commentaries | wvgazettemail.com
West Virginia's longstanding barriers to utility-scale solar power development have finally been removed and that's great news for future economic development.
Earlier this year at the behest of the Justice Administration, the Legislature passed with bipartisan support Senate Bills 578 and 583, that effectively enable both regulated utilities and independent wholesalers to sell solar-generated electricity on the national power grid.
Citing the need to modernize regulations that were preventing broader industrial recruitment efforts, the West Virginia Development Office reported that many of their high technology prospects are effectively mandated by corporate governance to be environmentally responsible.
John McClaughry: Combating welfare for the rich | Columnists | manchesterjournal.com
People seeking and using political influence to make themselves richer by enlisting the government to their advantage has long been a deplorable practice in the history of this country.
Enrichment techniques are legion. Outright cash grants and credits. Preferential taxation. Tariffs and quotas to block competing imports. Regulatory favoritism and obstructionism. Subsidized insurance and guarantees. Stringent occupational licensing. Government-sanctioned cartels.
IRS To Issue SALT Deduction Regulations For Pass-Through Entities - Tax - United States
IRS Announces Intent to Issue SALT Deduction Regulations for Pass-Through Entities
The IRS, in Notice 2020-75 , announced that it, along with the U.S.
Generally, the Code disallows certain deductions to partnerships and S corporations in determining their taxable income, and instead, such items must be separately stated and taken into account pro rata by the partners or shareholders of such entity. However, the anticipated proposed regulations will clarify that Specified Income Tax Payments (defined below) are deductible by partnerships and S corporations in computing their non-separately stated income or loss.
Big Tech Digital Service Tax Due In France | PYMNTS.com
The French Finance Ministry has advised big technology companies that the Digital Service Tax is now due, according to a Reuters report on Wednesday (Nov. 25).
"Companies subject to the tax have received notice to pay the 2020 installment," a Finance Ministry official told Reuters.
The 3 percent levy affects tech companies with revenues of more than 25 million euros in France and 750 million euros worldwide. The tax was passed last year but collection was suspended during negotiations at the Organization for Economic Cooperation and Development (OECD), which had been working on revamping international tax rules. OECD is looking to develop standard regulations that would work worldwide.
Happening on Twitter
The US is on 'inequality autopilot' – how can Biden's treasury pick help change course? The 2020 election handed Bi… https://t.co/wrIiRTMSKp alfonslopeztena (from Catalonia) Sat Nov 28 11:25:38 +0000 2020
Janet Yellen will be @JoeBiden's Treasury Secretary. She sees potential for #BipartisanClimate progress. Yellen "p… https://t.co/S9JL19Izq3 citizensclimate (from Nationwide) Fri Nov 27 20:30:00 +0000 2020
Dear @realDonaldTrump: You stated the Dow would collapse if @JoeBiden won. The opposite has occurred. https://t.co/jTRRe5XrC5 tedlieu (from California) Tue Nov 24 17:10:09 +0000 2020
Biden picks Janet Yellen as Treasury Secretary. She believes the US debt is "completely unsustainable."… https://t.co/8knKT6ZprX krystalball (from King George, VA) Mon Nov 23 20:05:43 +0000 2020
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