That's not quite how they put it, of course. The words "race to the bottom" get thrown around a lot, the implication being that since state and local taxes mostly go to the needy, removing the subsidy will drive affluent Americans to lower-tax states, in effect defunding the folks who need help the most.
At this point, SALT's boosters often retort that blue states subsidize red states, so SALT deductions just readjust the balance a little. Alas, this legend isn't exactly true : There are red states among the net donors to the treasury, and many blue states are among the most subsidized. Moreover, those imbalances are largely a product of things most of SALT's boosters support, such as federal employment, and progressive transfer programs such as Social Security.
Not to change the topic here:
The Day - What are Lamont's ideas for property tax relief? - News from southeastern Connecticut
At a moment of historic disruption and change with the ongoing COVID-19 pandemic , and the calls for social and racial justice , there's never been more of a need for the kind of local, independent and unbiased journalism that The Day produces.
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State Senate President Martin M. Looney, the unapologetic progressive, has emerged as the advocate for the municipalities, gathering bipartisan support to direct more state aid their way.
Whoa: Stimulus check may appear to reduce your tax refund
When they enter the amount they received for last year's stimulus check, their refund goes down, leading many to wonder if we are now getting taxed on those $1,200 checks.
Missy Stenger heard time and again that the stimulus check was not taxable, and that she would not have to pay it back.
But when she started filing her taxes through a popular tax program, she was stunned by what popped up when she was done.
Walz targets smoking, vaping with higher taxes | MPR News
In his proposed budget, Gov. Tim Walz increases the tax on cigarettes and puts a new tax on vaping devices.
The DFL governor concedes that taxes aimed at smoking and vaping are regressive, meaning that they disproportionately hit low-income earners, but Walz made it clear last week that his proposed increases on smoking and vaping are all about public health.
"We use the tax code to either incentivize or dis-incentivize behaviors," Walz said. "That's nothing surprising. And we're trying to do that. I would also say that a bulk of that cigarette tax goes to cessation programs and education programs, and that's a proactive way to reduce that down."
Were you following this:
How to Prepare and File Your Taxes for Free – NBC 5 Dallas-Fort Worth
The IRS starts accepting 2020 tax returns on Feb. 12 and after two rounds of stimulus payments, there are questions about reconciling incorrect or missing payments on taxes.
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You can find free tax preparation services and e-filing help at community tax centers. IRS-certified volunteers provide free tax help to filers who earn less than $58,000 a year.
There are various levels of tax preparation assistance – including a full-service option for people without reliable internet access.
Lawmakers eye Personal Income Tax elimination as they return to session
Winter Storm Warnings go in effect at 7 PM tonight for Wythe, Bland, Tazewell, Giles, Mercer, Monroe, Summers, and Greenbrier counties until Sunday…
What Robinhood Traders Need to Know About Taxes - WSJ
Joseph Holler started day-trading stocks last July when he was stuck at home during the pandemic and his work slowed down.
Now this fun will be put to the test by Uncle Sam: This week Mr. Holler received his first tax document, a 1099 form detailing a small portion of his trades. It's 34 pages long.
"It's so convoluted, I have no idea what it means," says Mr. Holler, who has always prepared his own taxes using software. With hundreds more pages of records coming, he thinks he'll need to hire a professional preparer this year.
What Seniors Should Know Before Filing 2020 Taxes
The Internal Revenue Service (IRS) set Feb. 12 as the start date for processing 2020 returns , which is later than normal. It was Jan. 27 last year. The IRS says it needed the extra time to reprogram systems due to the tax law changes on Dec. 27 that authorized a second round of stimulus payments .
Another certainty: If you're required to file a federal tax return but don't, you'll pay. If you file after April 15 without having asked for an extension, you'll have to pay a late filing fee, which is 5 percent of the taxes you owe for each month, or part of a month, that a tax return is late. That penalty starts accruing the day after the tax filing due date and can build up to a maximum of 25 percent of your unpaid taxes.
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