WASHINGTON — President Biden intends to pay for the $2 trillion package of infrastructure spending he will propose on Wednesday with a substantial increase in corporate taxes, people briefed on the plan said Tuesday.
The scale of the infrastructure program — one of the most ambitious attempts in generations to shore up the nation's aging roads, bridges, rail lines and utilities — is so big that it will require 15 years of higher taxes on corporations to pay for eight years of spending, they said.
While you're here, how about this:
How Much of Your Estate Will Be Lost to Taxes? | Kiplinger
This year, legacy planning will be more important than ever because of changes to inheritance rules and tax laws that went into effect last year and other changes that could be coming.
The good news is that many people are not likely to see their income taxes raised for the foreseeable future. But the bad news is that many more people are likely to see higher taxes on their estate after they have passed away.
Tax Season 2021: Quarterly Taxes are Still Due April 15 For Most
At least 35 states extended their tax deadline to May 17,2021 in accordance with the updated IRS federal tax deadline .
However, this relief does not apply to people who file quarterly estimated tax payments, which in most cases are still due on April 15. If you receive income that is not subject to federal or state withholding, such as self-employment income, interest, dividends, alimony or rental income, you should still plan to make your first-quarter estimated tax payments as per usual.
Plan advances for cutting Kansas income taxes
TOPEKA, Kan. (AP) — Some Republicans have downsized their ambitions for cutting Kansas income taxes and advanced a narrower proposal in the GOP-controlled Legislature.
Top GOP legislators want to provide relief to businesses and individuals whose state income taxes have risen because of changes in federal income tax laws in 2017. The measure also includes a modest increase in the standard deduction for all individual filers.
Check out this next:
Bloomberg - Are you a robot?
Opinion: Here's how you can save money on capital-gains taxes when you sell your home -
You no longer must buy another home in order to claim the capital-gains exemption. An earlier version of this article incorrectly said you had to.
Congratulations on selling homes that have gone up in value. The real-estate market has treated you well.
You bring up several issues in this one question. The answer, in part, comes down to whose name is on the deed currently. In addition, you may want to take some actions to save you money on capital gains in the future, no matter who owns the home.
Lynchburg real estate taxes may increase following city council vote
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LYNCHBURG, Va. – Dozens of Lynchburg residents voiced concerns over a possible increase to the real estate tax Tuesday night.
City council held a public hearing after, leaders say, most citizens saw an increase in the latest assessment.
Council would need to lower the rate from $1.11 to $1.03 in order to equalize it; otherwise, the property tax could go up.
"We need your help! We need you to keep our taxes from going up because it's just snowballing, and we can only handle so much on fixed income," said one Lynchburg resident.
Tax Season 2021: These States Updated Their Tax Deadlines
The IRS announced earlier this month that the federal income tax filing due date for individuals is now May 17, 2021, postponed about month from its traditional April 15 due date.
The federal tax filing postponement only applies to individual federal income tax returns and payments for the 2020 tax filing year. Relief doesn't apply to estimated self-employment tax payments, which will be due on April 15, 2021 as per usual.
Maryland announced an extension to file taxes by July 15, 2021. Unlike most states, Maryland's new deadline also applies to 2021 first and second quarter estimated tax payments.
Happening on Twitter
"To me, a mask seems like a very small price to pay for saving people's lives," Biden coronavirus adviser Andy Slav… https://t.co/ix5DQ7Il4y kaitlancollins (from Washington, D.C.) Tue Mar 30 12:25:39 +0000 2021
President Biden is planning to fund a $2 trillion infrastructure package by increasing corporate taxes for 15 years… https://t.co/IGFqM0uoYb nytimes (from New York City) Wed Mar 31 02:45:07 +0000 2021
If you have a family member here illegally, the U.S. taxpayer is going to pay to reunite the family illegally. Tha… https://t.co/EUUMiXj0Hn LindseyGrahamSC (from South Carolina) Tue Mar 30 15:56:30 +0000 2021
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