As negotiations over the Build Back Better Act (BBB) move forward, the state and local tax deduction, or SALT , has emerged as the latest intraparty bargaining chip in Democrats' efforts to pass the $1.75 trillion social spending package.
Specifically, Democrats in states with high state and local taxes like California, New York, and New Jersey are backing a proposal to raise the cap on the amount of state and local taxes individuals can deduct from their federal income taxes from $10,000 to $72,500.
Trump left a $7 million mess after delaying census workers' payroll taxes
"In total, $7,078,909 in payroll tax collections were deferred for 177,964 temporary employees," the bureau confirmed to NPR in a statement.
And it's created an accounting challenge for the bureau, which employed hundreds of thousands of workers temporarily for last year's national head count.
Elon Musk hits Twitter to ask if he should sell 10% of his Tesla stock to pay taxes - CNET
As talk of a "billionaire's tax" continues, Tesla CEO Elon Musk took to Twitter on Saturday to ask people if he should sell 10% of his stock in the electric-car maker in order to pay taxes.
At the time of this writing, 55.4% of respondents to Musk's poll had voted Yes, and 44.6% had voted No, with 22 hours left for the poll.
Trump's payroll tax deferral for census workers cost taxpayers : NPR
After former President Donald Trump signed a presidential memo in August 2020, the U.S. Census Bureau was directed to stop collecting payroll taxes from certain employees in the final months of last year. The bureau is now trying to get some former temporary workers to pay what they owe.
Public discourse on taxes: unsophisticated and demagogic
Things have only gotten worse since I noted in my 1981 college textbook that the politics of taxation in the U.S. was a mess:
"It is apparent that … although the electorate has the legal right to boot the rascals (members of Congress) out on the basis of their decisions regarding taxes, voters are in no position to exercise that right methodically in their own interests.
Gladys Knight’s son gets prison over restaurant taxes | The Seattle Times
ATLANTA (AP) — The son of R&B legend Gladys Knight has been sentenced to serve two years in prison for failing to withhold payroll taxes for the restaurants that bore his mother’s name, federal prosecutors in Atlanta said.
Bombshell report reveals how Colorado's Democratic governor avoided paying taxes - Axios
Driving the news: A ProPublica report published Thursday found Polis, a tech entrepreneur and former congressman, used donations and financial arrangements to get out of paying federal income taxes in 2013, 2014 and 2015.
Of note: His wealth reached an estimated $306 million in 2017, and he was ranked the third-wealthiest member of the U.S. House.
Albemarle, Charlottesville property taxes due Dec. 6 | Local Government | dailyprogress.com
The second-half of property tax bills in Albemarle County and Charlottesville are due next month, and there are options for residents to pay online.
Due to the COVID-19 pandemic, Albemarle is encouraging contactless payment methods, such as online, by phone, drop-off at either county office building (401 McIntire Road or 1600 Fifth Street Extended) or the automated payment kiosk at the McIntire Road County Office Building.
Letter: Planet needs us to leave gas taxes alone
As Republicans beat the drum to eliminate gasoline taxes in response to rising prices, greenhouse gas emissions continue to warm the planet.
Given that stark reality, a call for keeping the price of fossil fuels low is imprudent. We need leaders who understand that increased fuel bills are scary but can be addressed while rising global temperatures are even scarier, and their effects cannot be reversed.
Elon Musk, Jeff Bezos, other billionaires may faces more taxes soon - Deseret News
The public supports efforts to close loopholes that let the very rich skip taxes. What could that mean for public programs?
President Joe Biden in late October announced his $1.75 trillion Build Back Better Framework, which includes billions of dollars each for child care and preschool, the child tax and earned income tax credits, home care, health care, affordable housing units and clean energy and climate
Happening on Twitter
Proposed compromise for blue-state rich people: we keep SALT cap, but we dedicate the revenues to Amtrak. asymmetricinfo (from Washington, DC) Sat Nov 06 14:45:45 +0000 2021
No comments:
Post a Comment