• Biden, Promising Corporate Tax Increases, Has Cut Taxes Overall

    President Biden, amping up a populist pitch in his re-election campaign, has repeatedly said he would raise taxes on the wealthy and corporations to make them pay their “fair share.” Republicans say Mr. Biden has “an unquenchable thirst for taxing the American people.” His Republican opponent in the election, former President Donald J. Trump, said recently that Mr. Biden was “going to give you the greatest, biggest, ugliest tax hike in the history of our country.” So it might come as a surprise...

  • 'Find the Votes': Newsom Scrounging for (Only) Democrat Mail-In Ballots to Pass Signature Tax Increase

    One of the biggest issues facing California is rampant homelessness and the inability to compel homeless people who are mentally ill to comply with treatment recommendations, specifically medication and inpatient treatment. Billions of dollars have been spent over the last two decades on housing, bridge housing, treatment programs, and more, yet the problem - and the body count - has only grown. Now that people nationwide are aware of just how bad the problem is, Gov. Gavin Newsom knows he has...

  • Raising Corporate Taxes Doesn't Make Taxes 'Fairer' and Cuts Wages For the Middle Class

    Joe Biden wants to raise corporate taxes a trillion dollars over the next decade. Not a dime of that increase will go to cutting the budget deficit. That shouldn't surprise anyone who listens to Biden's economic populist mantra of getting corporations to pay their "fair share" of taxes.

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    High Court Dismisses Congress's Plea Against Tax Re-Assessment By Income Tax Officials

    The Delhi High Court today rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.

  • Chicago tax increase appears to fail after Black business owners call it a 'migrant tax'

    (The Center Square) – Chicago residents were asked during Tuesday's primary election whether the city should change the way it assesses real estate transfer taxes on the sale of higher-valued property for the stated purpose of addressing homelessness. Voters appear to have rejected the tax increase referendum in Tuesday's primary. Chicago already levies some of the highest commercial real estate property taxes in the nation. Cornel Darden, the Chicago Southland Black Chamber of...

  • Watch out Taylor Swift and C-suite execs, Biden’s new tax proposals aim to crack down on the corporate jet tax write off

    Biden’s proposed changes to the tax code, if adopted by Congress, could make it more expensive to take the jet.

  • Bill would put flat income tax before voters

    (The Center Square) - Iowa voters could get a chance to decide if they want a flat income tax rate embedded in the state's constitution. A Ways and Means subcommittee signed off on Senate Study Bill 3189 on Wednesday. The resolution will go before next year's legislature for adoption if approved. A tax plan passed by the Legislature in 2022 and signed into law by Gov. Kim Reynolds gradually lowers the state's tax rate before implementing a 3.6% flat tax in 2026. ...

  • House passes 2-rate income tax package

    Update: Senators derail House tax bill Wednesday, making room for potential negotiations. Click here, for latest update. TOPEKA (KSNT)- The Kansas House has passed a bill that would effectively set the state income tax to a two-rate system. The House voted 123-0 to unanimously pass House Substitute Bill for SB 300 on Wednesday, forwarding it []

  • LRA Must Adjust The Personal Income Tax Base

    Taxation is a fundamental aspect of any modern economy, playing a crucial role in funding government operations, public services, and societal development. While paying taxes may sometimes seem burdensome, it is important to recognize the underlying economic rationale behind taxation. It must be noted that while rationale is one thing, it’s up to governments to []

  • Georgia lawmakers weigh further decrease to state's income tax

    (The Center Square) — The Georgia Senate could vote Wednesday on whether to lower the state's income tax further. House Bill 1015 would lower the individual income tax rate from 5.49% to 5.39% for the tax years starting Jan. 1, 2024. It would decrease the rate by 0.1% annually starting Jan. 1, 2025, until it reaches 4.99%. However, the measure does contain some provisions that could delay the decrease, including if the governor's revenue estimate for the next...

  • How Retirees Can Minimize the Net Investment Income Tax

    One strategy is to consider your filing status, which can affect the net investment income tax (NIIT) that successful retirees pay on certain investment income.

  • Domestic startups come under income tax glare for their recent funding

    Several new economy ventures, primarily in the fintech sector, have received income tax notices in recent weeks with respect to venture capital raised by them, according to people in the know. The notices — served under Section 68 of the Income Tax Act — have clubbed the investments received by these startups with the income earned by them, and tax and penalties have been levied on the combined amount, the sources said.So much so that one startup, registered with the Department for Promotion of...