Monday, December 4, 2017

Google Alert - tax

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tax
Daily update December 4, 2017
NEWS
As 2017 draws to an end and a new tax law looks like a real possibility, now is the time to think about some financial planning. The GOP tax plan's centerpieces are to simplify the number of tax brackets from seven to four, reduce taxes for middle-income Americans by lowering tax rates and nearly ...
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The foundation of both the House and Senate tax proposals has been to reduce the corporate tax from 35% to 20%. But you can't do that without changing the treatment of pass-through businesses; after all, if you reduce the corporate rate to 20% but leave the income of S corporations and partnerships ...
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The exemption was related to a proposed 1.4% excise tax for endowment investments. The Democratic aide said the Senate GOP's bill included the excise tax for certain private universities that also have specific enrollment and endowment benchmarks, but the Toomey-Cruz proposal protected schools ...
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Republicans have pitched their tax plan as an economic godsend that will offer deliverance from middling growth and set off a torrent of investment, ...
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The tax overhaul bills passed by the Senate and House would likely to change your tax return in ways large and small -- which credits you can take, what you can deduct, how much you pay. But they differ on key points. You'll be hearing a lot about those differences in the days ahead. The Senate and ...
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WASHINGTON — Republicans on Sunday united behind the $1.5 trillion proposed overhaul of the tax code that the Senate passed along party lines early Saturday. The tax overhaul would affect individuals, families and businesses and increase the national debt. The House passed its own version, and ...
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A top Republican senator said Monday his comments were misinterpreted when he defended GOP efforts to scale back the federal estate taxes because it helps those who invest rather than people who spend their money on "booze or women or movies." "My point regarding the estate tax, which has ...
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Two obscure provisions of the tax reform proposals making their way through Congress threaten some of the tools local communities use to save money and develop affordable housing. The communities are already holding their breath, fearing the loss of historic and New Markets Tax Credits that help ...
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Currently, non-citizens filing taxes using an Individual Taxpayer Identification Number, or ITIN, are allowed to claim the child tax credit, which gives back up to $1,000 per child under age 17. In tax year 2013, according to the Government Accountability Office, 4.4 million ITIN filers claimed child tax credits ...
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Kevin McCarthy outlines his stances on key differences between the House and Senate tax plans. The chambers are expected to vote this week to go to a conference committee to work out a final bill. If both the House and Senate pass the final plan, it will go to President Donald Trump's desk for his ...
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Another big tax policy change included in both the House and Senate bills could have an effect on charitable giving. Right now, Americans can get tax breaks for donating to charity if they itemize their deductions or spell out to the government all the different ways they qualify for tax breaks. Both the GOP ...
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But there are significant differences that need to be ironed out, such as when the tax cuts for individuals expire. They're permanent in the House version but expire in 2025 in the Senate version. Also the Senate version has more tax brackets, eliminates Obamacare's individual mandate and leaves ...
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During the last overseas tax holiday in 2004, companies leaned very heavily on buybacks. In fact, the Center on Budget and Policy Priorities later concluded that the 2004 tax holiday "did not produce the promised economic benefits" because companies mostly bought back stock instead of investing to ...
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Economists expect a tax overhaul to provide a modest boost to the U.S. economy but are increasingly worried that a rewrite of the North American Free Trade Agreement will take a toll on growth. The National Association of Business Economics survey found that forecasters expect tax law changes to ...
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Another Cyber Monday has come and gone, again serving as a reminder that many online retailers are not required to collect sales taxes. Unfortunately, the debate has shifted away from important issues about tax simplification and instead focused almost solely on internet shopping giant Amazon.
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The Trump administration's tax reform bill is "fiscally irresponsible" and an assumption that growth will pay for the cuts is "delusional" — according to a top fixed income investment house. "This is going to produce larger and larger deficits which will have to have to be made up at some point in the future," ...
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This year has been a bonanza for investors: The Dow has risen more than 22 percent and there's no apparent end in sight for the latest leg of the market rally. However, the week ahead will bring a critical test for the market. Plus, a key economic indicator: the November jobs report.
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The lead author of the Senate Republican tax plan, Finance Committee Chairman Orrin Hatch of Utah, said that the federal government no longer has the money to fund the popular Children's Health Insurance Program, known as CHIP. "The reason CHIP is having trouble [passing] is because we don't ...
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Tucked in the Senate tax bill's hundreds of pages is a proposal to open up 1.5 million acres of Alaskan wilderness for oil drilling -- and Senator Lisa Murkowski is very happy. Murkowski, a Republican, lauded the measure hours after the Senate approved its version of the GOP tax plan early Saturday.
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WEB
Trump suggests he may be flexible on corporate tax rates
President Donald Trump has suggested that he may be willing to negotiate changes to a significant portion of the tax overhaul, the corporate...
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Millions face a Social Security tax hike in 2018
et despite the possibility that a tax reform package might bring some relief on the tax front, a substantial number of workers already face the prospect for a tax increase in 2018. For them, the boost will come from an increase in the amount of Social Security payroll tax that they have to pay. To help you ...
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Democrats fume over 'absurd' GOP tax bill full of last-minute handwritten edits
As a good portion of Americans were sleeping, Senate Republicans passed a $1.5 trillion tax bill in the wee hours of Saturday morning. The bill ...
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Critics lay into John McCain over his support of the GOP tax bill
REUTERS/Aaron P. Bernstein Republican Sen. John McCain is taking heat from critics, who say he flip flopped by voting for the GOP tax bill. In recent months McCain has called for bipartisanship and regular order in the Senate and, for years,...
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The Obamacare Mandate Is a Tax, So the Senate Bill Is Correct
The Washington Post is outraged. The New York Times even more so. Commentators are going nuts. "Using a tax bill to abolish the individual mandate amounts to a backdoor way of sabotaging Obamacare," writes John Cassidy. "Republicans, and Donald Trump, have counted on that (as well as your ...
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Grassley Implies Working Class Spends Tax Cuts On "Booze Or Women Or Movies"
After pretending for a brief moment in 2016 that the Republican Party stood for working people, the Republican-controlled Congress reverted back to trickle-down form on Friday when they passed a tax reform bill that overwhelmingly favored the rich. Not to be outdone, though, Senator Chuck Grassley ...
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Income - Small Business Investor Deduction
The deduction will not impact the calculation of a taxpayer's school district income tax liability for those who reside in a traditional tax base school district. Instead, it will be added back to Ohio taxable income for school district income tax purposes. If you took the small business investor deduction on ...
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Trump's Tax Cut - FDR Would Be Envious
"The first rule of politics is feather your own nest. President Trump's tax cut proposal always had this in mind..."
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TAX BILL: Ted Cruz Strikes A Blow For Families With Children
I haven't followed the whole tax debate all that closely. The little I've heard I like. I figure in the long the 45% of the population that pays no federal income tax will continue to do so and those of us who do pay will continue to do so. One thing I definitely like, though, comes via Senator Ted Cruz: ...
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The Tax Foundation's treatment of the estate tax in its macroeconomic model
I recently wrote a critique of the Tax Foundation's macroeconomic model in the context of the organization's score of the Tax Cuts and Jobs Act as…
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Property Tax Office
The tax office is charged with maintenance of the tax roll, as created by the County Trustee; collection of the tax, as assessed by the County Property Assessor, and as levied by the Board of Commissioners. Property tax is assessed on real property, business personal property, and mixed use property.
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Fainting Couches and Smelling Salts: A Tax Reform Story
Just in time for Christmas, Senate Republicans pushed through their tax reform bill early Saturday morning and, as expected, progressives gnashed their teeth and wrung their hands shortly thereafter. However, the tone of their criticism, full of apocalyptic rhetoric and doomsday prophesy, is off the charts.
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Republican Tax Bill an Attack on Working People
Statement by AFL-CIO President Richard Trumka in response to the Republican tax bill passing the Senate: The GOP tax bill that passed the Senate by one vote is nothing but an attack on America's workers. We will pay more, corporations and billionaires will pay less. It's a job killer. It gives billions of ...
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Tax-efficient Crypto-assets
The rise of crypto-economic systems has created tremendous potential for new charitable models that are tax-efficient, offering diversification for existing holders and potentially reducing tax bills.
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Barrasso Statement on Senate Passage of Tax-Reform Bill
WASHINGTON, D.C.— Today, U.S. Senator John Barrasso (R-Wyo.) issued the following statement regarding his vote to support the Tax Cuts and Jobs Act. "It has been more than 30-years since Congress enacted major tax relief. Today, the Senate voted to give Americans the tax relief they have been ...
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Gardner Statement on Passage of Historic Tax Relief Legislation
Washington, D.C. – Senator Cory Gardner (R-CO) today released the below statement following the Senate's passage of tax relief legislation. This legislation lowers the individual tax rates for low-and middle-income Americans by expanding the zero tax bracket and maintaining the 10 percent bracket.
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Here's How The Republican Tax Plan Is Going To Help You
A House staff member affixes a sign that says "Tax Cuts and Jobs Act" ahead of a gathering of House Republicans making statements to the media following a vote on the GOP tax overhaul bill, Thursday, Nov. 16, 2017, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin). Judging by the absolute ...
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The GOP Tax Bill: A Betrayal of Conservative Values
Early Saturday morning, the United States Senate passed a sweeping tax bill. While many conservatives are cheering its passage, they shouldn't be. The bill is a massive and disastrous betrayal of conservative values, for four reasons. First, the bill proves, once and for all, that no party in Washington ...
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New tax overhaul bill biggest thievery in US history: Sanders
US Senator Bernie Sanders has denounced the newly-approved tax overhaul bill as the "biggest act of thievery in the modern history of this country." On Saturday, the Senate approved the GOP tax plan that will offer huge tax cuts for US corporations and the wealthiest Americans and likely increase the ...
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"Here's What's In It": Goldman Explains All You Need To Know About The Current State Of Tax ...
To the delight of Donald Trump, just before 2am on Saturday morning the Senate passed the Republican Tax bill in a 51-49 vote, and with tax reform legislation now passing both chambers of Congress it looks very likely to become law by year-end, probably within the next two weeks according to ...
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Weekend Update on the GOP Tax Plan
Watch Saturday Night Live highlight 'Weekend Update on the GOP Tax Plan' on NBC.com.
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Sen. Lee Statement on Passage of Tax Cuts and Jobs Act
Lee Statement on Passage of Tax Cuts and Jobs Act. Dec 02 2017. WASHINGTON – Sen. Mike Lee (R-UT) issued the following statement Saturday after the United States Senate passed the Tax Cuts and Jobs Act of 2017. "Utah families are the big winners tonight thanks to the doubling of the child tax ...
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Germany Companies Demand German Tax Cuts
COMMENT: Mr. Armstrong; It is so clear you understand the basic human response that drives the economy. It is amazing why the entire world does not listen to you. Within 24 hours, German companies are demanding tax cuts to compete with the Trump tax cuts. They realize what you have been saying.
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Republican Senator Who Voted For Tax Bill Just Ejected A Terminally Ill Cancer Patient
It doesn't get any lower than this. One day after voting in favor of the Republican tax plan that eliminates the individual mandate requiring Americans to purchase health insurance and essentially undermines the basis for Obamacare, Senator Dean Heller (R-NV) appeared at the Libre Forum in Las ...
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James Woods Absolutely Destroys Cryin' Chuck Schumer Over Trump Tax Bill
Cryin Chuck Schumer came unhinged Friday night as did Nancy Pelosi after he realized the Senate Republicans were going to pass Trump's tax bill. That's right Schumer, you have no power. The adults are in charge so take a seat. Schumer tweeted: "Tonight, I feel mostly regret at what could have been ...
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Withholdings and Taxes
Pay and Benefits. WITHHOLDINGS AND TAXES. AUTOMATIC WITHHOLDINGS. The following are details on common withholdings and tax issues for service members. Service members can request automatic withholdings to buy U.S. Savings Bonds, make bank deposits or pay car loans, mortgages or ...
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2017 Tax Reform or Tax Deform?
It will necessarily have to combine spending cuts across the board with increases in federal tax revenue. There can be no sacred cows when it comes to spending cuts, and the tax revenue increases will have to come from either reducing exemptions, increasing effective tax rates, or increasing who or ...
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A Senate Tax Bill Energy Trifecta: Opening ANWR, Killing EV's and Energy Dominance!
Well... Maybe not killing EV's... Just leveling the playing field a bit. Guest gloating by David Middleton Senate Republicans approve plan to allow drilling in Arctic refuge with tax legislation Senate Republicans passed legislation early Saturday allowing oil and gas drilling in the Arctic National Wildlife ...
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Clean Energy Leaders Fear Brutal Impact on Renewable Growth As US Tax Reform Takes Shape
In the early morning hours of Dec 2, lawmakers in the U.S. Senate passed their version of a tax reform bill. Unlike the version of the bill passed by the U.S. House of Representatives, the Senate bill makes no changes to the Investment Tax Credit (ITC) and the Production Tax Credit (PTC), on which wind ...
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