If President-elect Joe Biden bats the thorny question of tech taxes down the road the way Democratic predecessor Barack Obama did, investors will pay the price.
U.S. tech giants are already handing over so-called digital-service taxes to the French government. Unless the incoming administration restarts global efforts to reform corporate-tax rules, the likes of Alphabet, Apple and Facebook will soon face myriad such levies around the globe. On Thursday, the U.S. trade representative said it would delay retaliatory action against France promised by President Trump, essentially leaving the problem for Mr. Biden.
Other things to check out:
How 2020's Payroll Tax Holiday Could Affect Your Taxes in 2021 | Personal Finance |
In August, President Trump issued an order allowing employers to defer payroll taxes for employees from Sept. 1 through Dec. 31, so if your employer participated, your paychecks during that period would have been larger by the 6.2% that is normally deducted in Social Security taxes. You would, however, have continued to see deductions for the other payroll taxes listed below.
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But again -- Trump's payroll tax postponement was not a "get out of tax free" pass for anyone. Workers will still have to pay those Social Security taxes at a later date.
U.S. suspends French tariffs over digital services tax | Reuters
WASHINGTON/PARIS (Reuters) -The United States on Thursday said it would hold off slapping tariffs on French cosmetics, handbags and other imports in retaliation for a digital services tax Washington says will harm U.S. tech firms, while it investigates similar taxes elsewhere.
The U.S. Trade Representative's office (USTR) said the 25% tariffs on imports of the French goods, which are valued at around $1.3 billion annually and were due to go into effect on Wednesday, would be suspended indefinitely.
Bloomberg - Are you a robot?
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New Tax Changes You Should Know About
This post published Jan. 7, 2021, and was updated on Jan. 8, 2021 to change the headline and correct the charitable contribution limits for the 2020 tax year.
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The 2020 charitable deduction limit for married couples is $300 for MFJ, $150 each if filing separately. 2021 does up the joint limit to $600. It should also be noted that these are for monetary donations only.
The 2020 tax brackets are not adjustments for "next year". The 2021 tax brackets are different from above, and the 2020 tax brackets have been known for a long time.
Democratic lawmakers back new taxes on rich to plug state budget gap | News | CITY News. Arts.
Inflated property taxes still burden some Detroit homeowners
African-American voters in Detroit — who constitute 80% of the city's population —, voted overwhelmingly for President-elect Joe Biden,.in November, shoring up his 155,00-vote victory in our critical swing state.
If Democrats truly value these voters, and those like them in other cities and states, then they must stop racially discriminatory property tax administration, which has surreptitiously robbed African-Americans of their hard-earned homes, land and wealth.
How concerned investors should be about Biden's tax proposals
The Democrats' control of Congress has shone a new spotlight on Biden's tax proposals, particularly those that would affect stocks and bonds.
While Biden has repeatedly said he would not raise taxes on Americans earning less than $400,000 a year, he has proposed:
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3) taxing long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million.
Happening on Twitter
If posting a meme of Joe Biden sniffing the Viking guy gets censored I wonder how the Big Tech gods are going to re… https://t.co/3PQClcmiyY AP4Liberty (from Jefferson City, MO) Fri Jan 08 16:32:27 +0000 2021
#BREAKING US autocrat Donald "Papa Don" Trump says he will hand over keys to barricaded presidential palace on Jan… https://t.co/bnlUrS9RwL gathara (from Nairobi) Thu Jan 07 09:05:04 +0000 2021
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