Illinois Governor JB Pritzker enacted various bills on June 17, including the State Budget Bill, SB 2017 (Budget Bill), which contains several provisions intended to increase revenue. Other bills passed by both the Illinois Senate and House, but awaiting the governor’s signature, make significant changes to the Illinois tax code, including the creation of a […]
A temporary gas shortage, caused by a computer attack, across much of the east coast last month and fears of rising inflation have left some people wondering if the 1970s are back. The Bureau of Economic Analysis report released last week did little to allay this fear, finding that the personal consumption expenditure (PCE) price […]
WASHINGTON – Democrats are considering changing the law to allow Americans to deduct more state and local taxes from their federal returns as part of a major economic set of liberal priorities, a policy that would help heavily taxed states primarily in the Northeast. A group of House Democrats pushing to raise the “SALT” cap, […]
Do you own a business? The legislation is expected to generate nearly $ 150 million in annual revenue by changing the way various businesses pay their taxes. The biggest sum will come from insurance companies. It will now be more difficult for them to claim a tax deduction that rewards companies with offices in Colorado, […]
We are all trying to find a way to lower our tax bill without breaking the law, and some professions may claim things that others cannot. Tax time has arrived again and we are all trying to find a way to reduce our tax bill without breaking the law. All tax deductions are not the […]
It goes without saying that many Americans have made the switch to working from home for the first time due to the global pandemic. Such a change in the way businesses and employers operate has led to a delicate public policy question: how to tax businesses whose workers primarily operate from home. The Ohio legislature […]
Matthew X. Rolling Over the past decades, wealth inequalities in our country have started to spiral out of control. I believe one of the main culprits is the US tax code. When you step back and take a look at our tax laws, they seem like they were written for a select group of people. […]
During today’s hearing before the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) Asked Treasury Secretary Janet Yellen about the need for significant reforms to the U.S. tax code system . The exchange follows the recent ProPublica report which found that the wealthiest Americans often pay little or no federal income taxes. Senator Warren also […]
Article 80E specifies that only loans from specified financial institutions, including banks and any other financial institution notified by the central government, can benefit from exemptions. A student loan gives you the financial means and flexibility to undertake higher education and pay for it consistently over a longer period. At the same time, it gives […]
MANILA, Philippines – The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) support amendment of a provision in the Tax Code relating to the tax treatment of private schools and hospitals, provided that no refund is made . During the House Ways and Means Committee hearing yesterday, Deputy Finance Secretary Dakila Napao […]