Tax code

Lawmakers debate changes to NM’s tax code

In this archive photo, the gallery of the Maison is empty. at the rotunda. (Eddie Moore / Albuquerque Journal) SANTA FE – A group of influential lawmakers on Thursday launched ideas to reshape the New Mexico tax code in a bid to improve the business environment while stabilizing government revenues. Ideas ranged from reimposing a […]

Tax code

MAILBAG: A simple tax code would be fairer | Opinion

A recent view by a guest from the Portland, Maine Tribune, titled “Proof that the US tax code is rigged,” gave three main reasons for tax injustice. First, the obscene, unspendable, and rapidly growing wealth of the rich is not taxed. Second, the rich use all legal methods to pay only the required tax. Third, […]

Tax code

Trump once claimed to be the ‘king of the tax code’ – but now pleads ignorance ahead of the New York affair

Former US President Donald Trump speaks at a rally July 3, 2021 in Sarasota, Florida. Mr. Trump appeared to pretend to ignore tax laws during the rally. (Getty Images) As the 2016 US election approached, then-candidate Donald Trump claimed to be the “king of the tax code.” “I know all forms of tax – believe […]

Tax code

Trump once claimed to be the ‘king of the tax code’ – but now pleads ignorance ahead of the New York affair

As the 2016 US election approached, then-candidate Donald Trump claimed to be the “king of the tax code.” “I know all forms of tax – believe me – from [value-added taxes] to fair tax for – every form of tax, ”he once said in August 2015, according to The Washington Post. Around the same time […]

Tax code

How the tax code handles inflation (and how it doesn’t)

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 […]

Tax code

Illinois Makes Major Tax Code Changes | Morgan lewis

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 […]

Tax code

Legal pushback on the tax code in the event of a pandemic

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 […]

Tax code

The tax code’s Achilles heel is surprisingly popular – and it’s a problem for taxing the rich

Jeff Bezos’ wealth grew by $99 billion between 2014 and 2018. New ProPublica report shows he paid less than 1 percent of that in income taxes. Our research shows that although people don’t like the wealthy paying so little tax, the tax provision that allows this is hugely popular. It is a problem. The key […]

Tax code

Our tax code allows billionaires like Bezos to opt out – YubaNet

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 […]

Tax code

The DOF open to changing the tax code for private schools

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 […]

Tax code

Dorothy Brown on Racism in the Tax Code

A ProPublica Report released this week documents how some of the wealthiest Americans are taking advantage of loopholes to avoid paying federal income taxes. While the report focused on billionaires like Jeff Bezos and Elon Musk, Dorothy Brown — a South Bronx native and law professor at Emory University in Atlanta, who holds a master’s […]

Tax code

Ohio legislature considers tax code bill that could impact people working from home

Are you still working from home? Many people have done this at some point over the last year and a half. Working from your kitchen table instead of your desk could impact the use of your tax dollars if a bill passes the state legislature. “You can’t put your car in reverse at the same […]

Tax code

Senate Finance Committee Advances Emissions-Based Review of US Energy Tax Code | Davis Wright Tremaine LLP

On May 26, 2021, the Senate Finance Committee Advanced the Clean Energy for America Act (S1298, 117th Congress) to the entire Senate on a party vote. The legislation, which is part of President Biden’s bill Building back better plan, would overhaul the federal energy tax code by consolidating more than 40 different energy tax incentives […]

Tax code

Two-Dollar Life Insurance Plans and the Tax Code | law of the free man

A recent Tax Court decision in De Los Santos v. Commissioner illustrates the complexity of shared dollar life insurance arrangements. Taxpayers who participate in these types of life insurance arrangements or other types of life insurance arrangements should consult with a competent tax advisor to ensure that the arrangement is properly reported on all tax […]

Tax code

Tax Code 280E as an Obstacle for Cannabis Businesses and the SAFE Banking Act

Newswise – After passing new legislation in April allowing banks to provide services to cannabis companies in states where the drug is legal, the U.S. House of Representatives has signaled it may be high time to remove business barriers for the cannabis industry. The bill, dubbed the SAFE Banking Act, comes after a major lobbying […]

Tax code

House Democrats seek to change tax code to fund Biden’s infrastructure plan: NPR

House Democrats have begun reviewing the tax code to see how to change it to pay for President Biden’s $2 trillion infrastructure plan. Republicans promise to do everything they can to stop it. ARI SHAPIRO, HOST: Democrats want to reverse major elements of President Trump’s 2017 tax cuts to pay for part of President Biden’s […]

Tax code

Reviews | Katie Porter: abolish the single parent penalty from the tax code

Placeholder while loading article actions Katie Porter, a Democrat, represents California’s 45th congressional district in the United States House. During my first term in the House, I was the only single mother of young children in Congress. Raising three school-age children, I’m sensitive to how the tax code treats parents — married and unmarried — […]

Tax code

US tax code may make things even harder for black Americans

The code was designed with the intention of being largely progressive, meaning the less you earn, the less you are taxed. In other words, those who have the ability to pay more should be taxed more. At the same time, it also rewards certain economic and heritage activities, such as home ownership, retirement savings and […]

Tax code

Ducey signs bill aligning AZ tax code with new federal changes

Governor Doug Ducey on Wednesday signed into law a bill bringing Arizona’s tax code in line with federal law. The move will not only make it easier for taxpayers to prepare their taxes ahead of new federal and state deadlines on May 17, but Ducey’s office says Senate Bill 1752 will result in $600 million […]

Tax code

Biden should simplify the tax code. Trump’s taxes are just one more reason why

donald trump vaunted that avoiding taxes “makes me smart”. He also suggested that his Secret Service codename should be Humble. So maybe boundless humility drove him to fight like a wounded wolverine to conceal the intelligence displayed in his tax returns? Nope. More likely, he dreaded the sun flooding the dark financial recesses of Trump […]