Tag Archives: tax

Biden economic adviser calls expiring Child Tax Credit expansion just one piece of a bigger puzzle

When Democrats passed one year of an expanded Child Tax Credit within the $1.9 trillion American Rescue Plan, many of the credit’s supporters hoped it would become permanent. White House economic adviser Heather Boushey called the tax credit a “basic benefit” when speaking to Yahoo Finance in March as the relief package was becoming law. She predicted the overall package “will cut child poverty in half this year in no small part, due to this expansion of the Child Tax Credit.” That… Source link

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Why tax season may be adding to the rout in Bitcoin, cryptocurrencies

Starting in 2022, the Internal Revenue Service (IRS) is expected to shut down a longtime tax loophole that allows cryptocurrency investors to harvest their losses to offset their tax burden.  Digital coins, already under heavy selling pressure as the holidays approach, are getting hit by wealthy investors fearing a tighter tax regime next year. The shrinking loophole could be making matters worse. Following a “relief rally” after the Federal Reserve’s policy decision, cryptocurrencies have… Source link

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Satya Nadella sells half his Microsoft stock, weeks before state implements capital gains tax

Microsoft CEO Satya Nadella at the company’s shareholders meeting in 2015. (GeekWire File Photo.) Microsoft CEO Satya Nadella sold half of his stake in the company in a series of transactions last week, divesting about 840,000 shares for a sum of more than $285 million, according to a regulatory filing. Nadella sold the shares “for personal financial planning and diversification reasons,” the Redmond-based company said in a statement Monday afternoon. “He is committed to the continued… Source link

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Why tax increases in 2021 could make make it harder to balance the budget in coming years

The House of Representatives passed the Build Back Better Act on Nov. 19. Though the bill would implement several tax increases, it’s a far cry from Democrats’ initial ambitions for raising revenue through taxes. On the campaign trail Joe Biden vowed to raise the corporate income tax rate to 28% from 21%. In the end, the bill contains a less aggressive 15% corporate minimum tax. Likewise on individual taxes: Lawmakers floated several ideas, including raising the top individual tax rate to… Source link

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Democrats still batting around ideas for how to reinstate the contentious tax rule

In the negotiations over the Democrats’ social spending package, the fate of the State and Local Tax (SALT) cap has been one of the hardest to pin down. At some stages, the issue hasn’t been addressed at all. Other times, a full repeal has seemed to be on the table. What this controversial tax provision does is let certain taxpayers deduct their aggregated state and local taxes when it comes time to do their federal tax return. In 2017, Republicans capped the previously limitless deduction… Source link

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Mitt Romney says a billionaire tax will trigger demand for these two assets — get in now before the super-rich swarm

Mitt Romney says a billionaire tax will trigger demand for these two assets — get in now before the super-rich swarm Not everyone is a fan of massive government spending. Sen. Mitt Romney (R-Utah), for instance, told Fox News last week that the Democrats “are pretty desperate” to pass President Joe Biden’s spending bill, which was recently trimmed from $3.5 trillion to under $2 trillion. Romney’s main concern is spiking inflation. But when it comes to government spending, the question… Source link

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Osborne’s ‘Google tax’ on overseas profits now raises zero revenue, Treasury reveals | Tax and spending

A “Google tax” introduced by the coalition government to crack down on multinationals shifting profits overseas has been criticised as a “total failure”, as new documents show it is predicted to raise no money over the next six years. The diverted profits tax, introduced in 2015, was hailed as a pioneering effort to tackle multinationals who were reducing their UK corporation tax by shifting profits overseas. It was predicted by officials that the tax would raise up to £400m a year,… Source link

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The strongest weapon in Xi Jinping’s common prosperity armoury is a property tax

Chinese visitors look at model residential apartment buildings at a house fair in Nanjing city, east Chinas Jiangsu province, 8 April 2008. Chinese government on October 22 stepped in to bolster the ailing real estate market by lowering transaction taxes, reducing down payments and lowering mortgage rates. But analysts said the measures may not hold back price corrections because the current prices have surged far out of reach of many buyers. The Ministry of Finance and the central bank… Source link

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The Dalles approves tax break for new Google data centers

In this Tuesday, Oct. 5, 2021, photo, shows the exterior of a Google data center in The Dalles, Oregon. Andrew Selsky / AP The Dalles City Council voted Monday to approve tax breaks for Google, which plans to expand its footprint in the Columbia River Gorge. The city and Wasco County negotiated an agreement with the tech giant that will significantly reduce the amount of annual property taxes on up to two new data centers the company hopes to build in The Dalles. The deal would require Google… Source link

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Democrats Back Off Plan to Raise Tax Rates on Corporations, Wealthy

Raising tax rates on corporations and high-income households is a key part of Democrats’ plan to pay for their proposed multi-trillion-dollar social spending plan, but opposition to that approach from Sen. Kyrsten Sinema of Arizona has sent lawmakers scrambling to find alternative ways to offset costs. Given Sinema’s resistance, there’s a growing chance that the corporate income tax rate could remain untouched in the Democratic budget bill. Even the compromise rate of 25% reportedly… Source link

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