Thursday, August 4, 2022

Meet the accountants who may become the new power brokers of taxes. - The New York Times

The Financial Accounting Standards Board, a private organization run by a seven-member board, determine how quarterly and annual profits are calculated.

The Senate could vote as soon as this week on a climate and tax bill that, if passed, would hand a good deal of power to an obscure group of accountants in Norwalk, Conn., according to the DealBook newsletter .

Date: 2022-08-04T14:31:29.000Z
Twitter: @nytimes
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Georgia says an 'unborn child' can be claimed as a dependent on state taxes - CNNPolitics

(CNN) Georgians can now claim an "unborn child" as a dependent on their state taxes, the state's Department of Revenue announced this week.

Publisher: CNN
Date: 2022-08-04T12:57:42Z
Author: Nouran Salahieh and Chuck Johnston CNN
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Growth and Taxes are Issues of Concern in Midlothian; Not National Issues

MIDLOTHIAN – The Midlothian City Council opened its meeting Tuesday night with a presentation of certificates awarded to eight organizations that were instrumental in assisting the city with the April 4, 2022 tornado event.

Council passed five consent agenda items unanimously, one confirming this year's Heritage Day & a Night event hosted by the Midlothian Downtown Business Association and the Midlothian Chamber of Commerce. The event this year will be held on Saturday, September 10, 2022.

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Publisher: Focus Daily News
Date: 2022-08-03T20:33:13 00:00
Author: Rita Cook
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Manchin-Schumer Taxes Would Hit Both Rich and Poor Americans | The Heritage Foundation

The bill would increase taxes collected from the American people by more than half a trillion dollars, affecting both rich and poor alike.

Taxpayers earning $50,000 – $100,000 would face about $2,431 of the burden, while those earning less than $50,000 would face about $1,009.

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Publisher: The Heritage Foundation
Author: Preston Brashers
Twitter: @heritage
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Inflation Reduction Act and Taxes | Kiplinger

You're probably not thinking much about taxes right now, in part because record inflation has you paying sky-high prices for essentials like food, clothing, and gas. But recently, Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.

Still, if the legislation does pass soon, it's good to have information about how the Inflation Reduction Act might impact your taxes.

Publisher: Kiplinger
Author: Kelley R Taylor
Twitter: @Kiplinger
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Column: The golden years: An end to rising taxes – Knox County VillageSoup

Towns have long struggled with how to help residents facing rising property taxes, especially when they are the result of an unexpected increase in property value.

Increased property value does not always mean increased taxes. This is only true if your property increases in value by more than the average increase seen across the entire town.

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Publisher: Knox County VillageSoup
Date: 2022-08-04T12:15:00 00:00
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How much will Mega Millions winner get after taxes?

(WJW) – The winner of the $1.337 billion Mega Millions jackpot has yet to come forward. Someone in Illinois bought the winning ticket for Friday night's drawing.

$1.337 billion is the second-largest jackpot in Mega Millions lottery history. The winner has just 12 months from the date of the draw to claim their prize. In Illinois, they only have 60 days to decide whether they want the lump sum or annual payments.

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Publisher: Fox 8 Cleveland WJW
Date: 2022-08-04T02:51:47 00:00
Author: Talia Naquin
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How Much Can Tax-Managed Model Portfolios Save on Taxes? | Morningstar

The number of model portfolios designed to maximize aftertax returns is growing quickly. At the end of 2021, there were more than 275 models reported to Morningstar that list tax management as an objective.

To see how much tax-managed model portfolios can save investors in taxes, we ran a case study using the Vanguard Tax-Efficient model portfolios and the Vanguard Core model portfolio series. Both earn Morningstar Analyst Ratings of Gold.

Publisher: Morningstar, Inc.
Date: 2022-08-03
Twitter: @MorningstarInc
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Senate plan to cut county taxes released | News | bdtonline.com

Publisher: Bluefield Daily Telegraph
Author: CHARLES BOOTHE Bluefield Daily Telegraph
Twitter: @bdtonline
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Inflation Reduction Act Will Increase Taxes for Most People - Econlib

Inflation is caused by too much money chasing too few goods. That means there are only two ways to reduce inflation: reduce the growth rate of the money supply or increase the growth rate of the economy. The act would do neither.

Fortunately, the Joint Committee on Taxation (JCT) has done its job, estimating the increase in taxes for people in each income group.

Publisher: Econlib
Date: 2022-08-04T12:00:54 00:00
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