WASHINGTON — A jaw-dropping report by ProPublica detailing how America's richest men avoided paying taxes has intensified interest in Congress, even among some Republicans, in changing the tax code to ensure that people like Jeff Bezos and Warren Buffett pay their fair share.
"My intention as the author of the 2017 tax reform was not that multibillionaires ought to pay no taxes," said Senator Patrick J. Toomey, Republican of Pennsylvania, who helped write the law that slashed taxes by more than $1 trillion. "I believe dividends and capital gains should be taxed at a lower rate, but certainly not zero."
Can Congress Really Increase Taxes Retroactively?
As was widely anticipated, President Biden's budget calls for some significant changes to the capital gains rules, including a proposal to increase the top capital gains rate (currently 20%) to 39.6% (before application of the 3.8% net investment income tax) for income in excess of $1 million. In somewhat of a surprise, however, President Biden's budget calls for the increase in the top capital gains rate to be implemented retroactively .
"This proposal would be effective for gains required to be recognized after the date of announcement."
3 Steps For Managing Your Small Business's Taxes
Filing business-related taxes can often be a time-consuming and complicated process, especially for new entrepreneurs. Small business owners need a good understanding of the federal, state, and local taxes required to file. The types of taxes can range from income, employment, excise, and sales.
It is critical that business owners are set up for success well before tax season. Here are three steps for managing your small business's taxes.
Premarket stocks: Climate, taxes and China: Investors are watching the G7 - CNN
Biden plan would raise tax on rich by $213,000 next year, report says
Such households, which earn about $800,000 or more a year, would see their after-tax income fall about 11% as a result, according to the report.
Biden proposed raising taxes on wealthy Americans and corporations to pay for a multi-pronged infrastructure plan and an expansion of the social safety net that would especially benefit low- and middle-income families.
The top tax rate on long-term capital gains would increase to a combined 43.4% , from the current 23.8%, for taxpayers with more than $1 million of annual income.
Families with children will pay far less in taxes under Biden's plans
The report finds that all low-income households earning $26,000 or less would see their tax bill drop by about $620, on average, in 2022. But families with children would benefit even more from proposed tax credits and changes, paying an average of $3,200 less.
TPC's analysis takes into account many — though not all — of Biden's recent proposed tax changes in the American Jobs Plan and American Families Plan, including:
That parents would receive big benefits is very much by design. Biden has made reducing child poverty a priority in his economic agenda.
Tax gap projected at 15% of total taxes owed over the next 10 years, tax official says | Fox
Rep. Byron Donalds, R-Fla., discusses the Biden budget, taxes, the Congressional Black Caucus and the state of Black America.
The amount of tax liability that is not paid by taxpayers is likely to hit trillions of dollars over the next ten years, a Treasury Department official said on Thursday.
The estimated tax gap for 2019 alone is about $580 billion, he said in testimony before a House subcommittee on Thursday.
Minnesota scoops up an extra $1.8 billion in taxes in May – Twin Cities
Minnesota collected nearly $1.8 billion more in tax revenue than expected in May, the state Department of Management and Budget reported Thursday.
Tax collections are up because of a surging economy and income tax payments that were delayed from April to May in response to the coronavirus pandemic. The state took in $3.3 billion last month, which was 119 percent higher than state finance officials had predicted in their last economic forecast in February.
It’s Not Just Income Taxes. Billionaires Don’t Pay Inheritance Taxes Either.
Leaving a fortune to your offspring has seldom been easier. Mother Jones Illustration/Getty Images
If you are an American citizen with hundreds of millions of dollars in assets, this would be a great time to die. No disrespect intended. It's just a fact. For seldom have there existed better conditions for transferring vast fortunes to one's offspring.
A married couple can now leave a total of $23.4 million to the kids without paying a dime in federal estate or capital gains taxes. That’s the highest exemption level in decades, not counting a temporary repeal of the estate tax in 2010. And the opportunities to sidestep inheritance taxes are legion.
Fact check: False claim that checkout charities offset corporate taxes
Anyone who's ever been to a grocery store has probably been asked whether they want to donate a few dollars to charity at checkout.
Some social media users are spreading misinformation about what happens to that spare change after customers leave the store.
There are two ways corporations can raise money for charity through checkout campaigns: by donating a percentage of their income or by encouraging customers to donate themselves.
Happening on Twitter
How do we afford everything President Biden wants to do and America needs? Raise taxes on the top. ProPublica's b… https://t.co/vREwtJmeWE RBReich (from Berkeley, CA) Thu Jun 10 17:41:48 +0000 2021
A report showing that the richest Americans, including Jeff Bezos, Elon Musk and Warren Buffett, pay almost no taxe… https://t.co/sCIpmcewYy nytimes (from New York City) Thu Jun 10 03:10:04 +0000 2021
10 important takeaways from @ProPublica's first report on a vast collection of tax records for America's wealthiest. https://t.co/tCdGSLPDU2 propublica (from New York, NY) Thu Jun 10 14:45:09 +0000 2021
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