Tag Archives: tax

Democrats want $273 billion in tax credits to achieve Biden’s climate goals

In recent weeks Democratic lawmakers have formalized just how much they want climate change to be at the center of the forthcoming multitrillion-dollar budget reconciliation package. They have formally unveiled a proposal with measures that include taxes on some imported fuels, a new federal aid program for clean-energy developers, investments in electric vehicles, and more. The key driver on the supply side – i.e., insuring there are enough solar panels and wind turbines in operation to… Source link

Read More »

Tax hikes in 2022 are ‘pretty certain:’ Chief Investment Officer

As the proposed $3.5 trillion infrastructure bill continues to receive pushback in the Senate—even from within party lines—looming tax hikes in 2022 have become an ever-increasing concern. According to Kevin Simpson, Capital Wealth Planning founder and chief investment officer, tax increases next year is the most likely scenario. “I’m pretty certain we’re going to get tax hikes next year in 2022,” Simpson told Yahoo Finance Live. “None of us like that but we’ve got to pay for a… Source link

Read More »

FTSE falls as Johnson unveils tax rises

UK prime minister Boris Johnson plans to raise national insurance rates by an expected 1.25 percentage points. Photo: Toby Melville/Pool/Reuters Markets made moves lower on Tuesday in London as an announcement by prime minister Boris Johnson that the UK will implement a tax rise of more than £12bn a year reverberated. The tax rise will finance a new tranche of spending on health and social care and has been met with a wave of opposition from Conservative MPs. It is the largest tax increase in… Source link

Read More »

Biggest Tax Hike on Wealthy Since ‘93 Is Bogged Down in U.S. Congress

(Bloomberg) — Wealthy Americans wondering how much more taxes they’ll owe after Democrats pass their sweeping social-spending package may have to wait until deep into the fall, or later, to find out. The tax-writing panels in the House and Senate had until Sept. 15 to finish writing the details of what would amount to the biggest tax-hike package since 1993. Those details are part of a legislative push that incorporates Democrats’ plans for ramping up spending on initiatives including… Source link

Read More »

97% of small-business owners won’t face income tax increase under Biden tax plan

WASHINGTON, DC – AUGUST 18: U.S. President Joe Biden delivers remarks on the COVID-19 response and the vaccination program. (Photo by Anna Moneymaker/Getty Images) Ninety-seven percent of small-business owners will not face an income tax increase if President Biden’s tax plan becomes law, according to new analysis released by the Treasury Department on Thursday.  Biden is seeking to raise taxes on corporations and the wealthiest Americans to help fund a $3.5 trillion plan that would include… Source link

Read More »

61% of U.S. households paid no federal income tax last year

The majority of U.S. households paid no federal income taxes in 2020, a spike driven by the pandemic-induced economic downturn and multiple rounds of tax-based assistance. The trend is likely to continue in 2021. Nearly 107 million households — or 61% of U.S. households — owed no federal income taxes in 2020, according to estimates by The Tax Policy Center, marking a 40% increase from 2019 when 43.6% of households didn’t pay taxes. “Even though those numbers are very dramatic, they are… Source link

Read More »

The sneaky tax move Democrats are planning

U.S. President Donald Trump (L) congratulates Speaker of the House Paul Ryan (R-WI) (C) and Sen. Tim Scott (R-SC) during an event to celebrate Congress passing the Tax Cuts and Jobs Act with Republican members of the House and Senate on the South Lawn of the White House December 20, 2017 in Washington, DC. (Photo by Chip Somodevilla/Getty Images) Democrats swallowed the tax cuts for businesses and high earners that President Trump and his fellow Republicans passed unilaterally in 2017. They… Source link

Read More »

IRS sends $15 billion in second round of Child Tax Credit payments amid tech issues

The Internal Revenue Service sent the second set of monthly Child Tax Credit payments to families of nearly 61 million children — worth $15 billion — this week. But some recipients may face delays, getting their payments in the mail instead of by direct deposit due to a technical glitch. “Today 61 million children across America are benefiting from the advance Child Tax Credit, helping families put food on the table and meet the needs of the next generation,” Deputy Treasury Secretary… Source link

Read More »

Despite US Crypto Tax Plans, Institutional Investors Return to Bitcoin: Blockchain Data

Lawmakers and regulators’ increasing scrutiny of crypto markets, including the debate over the U.S. infrastructure bill’s crypto tax reporting provision, may be spooking retail investors but not institutional ones, recent blockchain data from Glassnode indicates.   These larger investors, as represented by large-value dollar transactions, fueled Bitcoin’s nearly 20% price gains since last week, the Berlin-based blockchain data firm found. A number of analysts say the trend shows that… Source link

Read More »

Tesla’s Musk denies demanding to be Apple CEO, calls App Store fee ‘global tax on the internet’

Tesla (TSLA) CEO Elon Musk denied reports Friday that he demanded to be Apple (AAPL) CEO during a 2016 phone call in which Apple’s Tim Cook discussed buying the electric vehicle maker. Musk also took a separate swipe at Apple’s App Store fee on Friday, tweeting that it’s a “global tax on the internet.” The tweets from Musk were apparently prompted by a new book from The Wall Street Journal’s Tim Higgins, called “Power Play: Tesla, Elon Musk and the Bet of the Century.” That… Source link

Read More »