Janet Yellen's confirmation hearing to be the first female Treasury secretary took an unusual turn Tuesday showing that lawmakers are girding for fights over whether to reverse the Republican tax cuts passed in 2017.
Yellen got a warm bipartisan reception from the Senate Finance Committee. A vote on her nomination by the full Senate was tentatively set for Thursday.
While Yellen came ready to defend President-elect Joe Biden's $1.9 trillion coronavirus relief package, Republicans on the Senate panel seemed to be girding for a battle over tax hikes.
Other things to check out:
State's marijuana workgroup calls for new taxes to improve industry diversity
In an effort to improve racial equity in ownership of Michigan's marijuana businesses, a state-led advisory group is recommending new taxes on marijuana sales to encourage diverse ownership.
A cornerstone of the Michigan Regulation and Taxation of Marihuana Act passed handily by voters in 2018 was to "to promote and encourage participation in the marijuana industry by people from communities that have been disproportionately impacted by marijuana prohibition and enforcement and to positively impact those communities."
How wealthy families will save on estate taxes in Biden presidency
Wealthy Americans worried about the prospect of higher estate and gift taxes might have more time to come up with a strategy.
With Jon Ossoff and Raphael Warnock both winning their Senate runoff elections in Georgia, the Democrats now have control — albeit precarious — of the Senate.
That will help President-elect Joe Biden push his legislative agenda, and higher taxes are expected to be a major part of his plans
Don't usually file taxes? Nonfilers might have to this year to get missing stimulus money - CNET
Even if you don't usually have to file a federal tax return, if you're trying to claim missing stimulus money, you will this year.
So how do you claim a Recovery Rebate Credit if you don't typically have to file taxes? Luckily, the IRS has a program that can help you get started. Here's what we know. (This story was recently updated.)
Typically, during tax season, if you're included in any of the above groups, you don't have to file a federal tax return. However, if you received any health care tax credits or subsidies, you'll need to file to keep receiving them. You can also still file to get back any taxes withheld from your pay, or to claim certain refundable tax credits. That's what you're going to have to do this year to claim your missing stimulus money.
Not to change the topic here:
Military Tax Services Available Through Military OneSource > U.S.
Filing taxes can be a daunting task every year, but the Defense Department has helpful resources for active-duty service members and their families, and it's all free through Military OneSource beginning today.
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An advantage to the MilTax software, Smith noted, is it's designed and tailored for the military community.
E-filing allows service members to file their federal returns along with up to three state returns at no cost.
Taxing the Rich -- A Fault Line for Cuomo and Lawmakers?
Less than an hour after Gov. Andrew Cuomo wrapped up his budget address, a statement from Senate Majority Leader Andrea Stewart-Cousins landed in the in-boxes of reporters.
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This could be at odds with Gov. Andrew Cuomo, who wants $15 billion in direct aid from the federal government by the end of March approved in order to stave off a mix of spending cuts and tax increases. If the full money is approved for New York, which is no guarantee, tax increases are possible.
What Taxes Do You Have to Pay on an Inheritance? | Personal Finance | theindependent.com
The first rule is simple: If you receive property in an inheritance, you won't owe any federal tax.
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But that doesn't mean that taxes can't affect the amount you inherit. Estate taxes apply at the federal level. They're charged directly against the estate, forcing the estate's personal representative to use cash or sell estate assets to pay the tax.
If the estate improperly fails to pay any estate tax due, the IRS has the power to collect from heirs. Technically, though, this isn't a tax on the heirs but rather a collection from inherited assets that should never have been distributed from the estate in the first place.
Gas taxes and fees could reach $1 per gallon under new Washington state transportation proposal |
Washington state drivers could wind up paying $1 per gallon for fuel taxes if lawmakers approve an 18-cent gas tax boost and carbon fees proposed Tuesday by state House Democrats.
“There’s no good time,” said Rep. Jake Fey, D-Tacoma, who chairs the House Transportation Committee.
Fey said a dip in state income poses a risk of cutting road projects. “We knew going into this, that doing nothing was not an option,” he said.
Happening on Twitter
Biden's Treasury Security nominee Janet Yellen says provisions in the 2017 Republican tax bill for wealthy American… https://t.co/XbZ1DJLIAD kylegriffin1 (from Manhattan, NY) Tue Jan 19 20:40:00 +0000 2021
In 2018, Biden's Treasury nominee Janet Yellen said, "If I had a magic wand, I would raise taxes and cut retirement… https://t.co/YVV3fYHjQu GOPChairwoman Tue Jan 19 15:09:58 +0000 2021
Janet Yellen, the first woman to be nominated as Treasury secretary, will push for a robust fiscal stimulus to get… https://t.co/OBBjCONn4v nytimes (from New York City) Tue Jan 19 15:26:35 +0000 2021
During testimony tomorrow, Treasury Sec. nominee Janet Yellen will say the country is headed for a major recession… https://t.co/CQmffBgfEG GeoffRBennett (from Washington, D.C.) Tue Jan 19 01:52:25 +0000 2021
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