The Biden administration is exploring tax cuts that mostly benefit wealthier Americans as congressional Democrats home in on restoring the breaks for their relatively well-heeled constituents. The administration’s talk of bolstering a federal income tax write-off for state and local taxes, or SALT in tax-speak, comes as President Biden vows
Senate Republicans removed all the non-mystery of whether they might become part of the solution to America's infrastructure problems on Thursday when Minority Leader Mitch McConnell declared bipartisan outreach dead.
The New York Times editorial board on Sunday laid out a plan for how the U.S. could recover $1.4 trillion in taxes that would otherwise go uncollected.
President Biden is preparing a massive tax-and-spend plan that would greatly expand the federal government and harm economic growth. The higher taxes being put forth by Mr. Biden would reverse important aspects of the Tax Cuts and Jobs Act signed into law by then-President Trump in 2017. Those tax increases
West Virginia Gov. Jim Justice wants to get rid of personal income tax offset it by increasing the state consumer sales tax by about 2% and adding a tax on luxury items that cost $5,000 or more.
"At the end of the day, we need massive tax reform in this country, so that we end the tax loopholes and the giveaways to the wealthy and large corporations."
Treasury Secretary Janet Yellen will reportedly call for a global minimum corporate tax rate to prevent U.S. companies from relocating offshore in response to the Biden administration's forthcoming tax hikes, Axios reported on Monday.
"If you paid $14.99 a month for a Zoom Pro membership, you paid more to Zoom than it paid in federal income taxes even as it made $660 million in profits last year."
The pandemic has been bad for business, but it hasn't necessarily been bad for U.S. state tax revenues; in fact, 22 states saw tax revenues increase during 2020. These outcomes ran counter to estimates made during the year, but a new analysis from researchers at NC State and the University of Texas at Dallas reveals one possible explanation.
Arkansas Gov. Asa Hutchinson on Sunday defended his veto of a bill that would prohibit gender reassignment surgery and treatment — that the state legislature later overrode. “I said, that’s too much, and this interferes with patient care. It interferes with parental decisions on an area that science is continuing to learn more about,” the
"The largest federal tax increase since 1942," is how The New York Times, in a front-page news article, is describing President Joe Biden's plan for the American economy.