Biden to propose free preschool for 5 million children
Funding the initiative would be a tax increase on the rich, most notably a near doubling of the capital gains tax rate on incomes above $1 million, to 39.6%.
Taxes
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Eager to build infrastructure, Biden plans to tax businesses
President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it.
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Indiana Senate passes bill to strip IndyGo funding, prevent rapid bus line expansion
Senate Bill 141 would withhold 10% of local income tax revenue from IndyGo until it meets a private fundraising threshold established in a 2014 law. It also would prevent IndyGo from moving forward with expansion projects, like the Blue and Purple lines, until it secures private funding.
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Senate committee narrowly approves bill that strips funding from IndyGo
Senate Bill 141, authored by Sen. Aaron Freeman, R-Indianapolis, would withhold 10% of local income tax revenue from IndyGo until it meets a private fundraising threshold established in a 2014 law.
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Indiana lawmakers discuss doubling cigarette tax rate
House Bill 1485, authored by Republican Rep. Julie Olthoff of Hebron, would increase the cigarette tax by $1 per pack and tax e-cigarettes and e-liquids.
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Articles
White House to offer new tax credit to help spur vaccinations
The tax change would provide a credit of up to $511 per day per employee for businesses with fewer than 500 workers to ensure that those workers or businesses don’t suffer a penalty by getting vaccinated.
Buttigieg casts transportation spending as down payment on infrastructure
Transportation Secretary Pete Buttigieg presented his department’s budget to lawmakers Thursday as a miniature version of the administration’s mammoth infrastructure plan, with new money for transit, rail and racial justice.
Indiana budget outlook shows bigger-than-expected tax revenue jump
A new state tax revenue forecast given Thursday to state legislators projects state tax collections going up by more than 4% in in each of the next two years.
Lawmakers adopt penalties for failing to protect monuments
The Indiana Legislature passed a bill Thursday that allows the state to withhold funding to cities that fail to protect public monuments and memorials from vandalism.
Biden says he’s open to compromise on infrastructure, but not inaction
The president has taken heat from Republican lawmakers and business groups for proposing that corporate tax increases should finance a $2.3 trillion infrastructure package that goes far beyond the traditional focus on roads and bridges.
Bezos endorses higher corporate taxes for infrastructure
Amazon has been criticized for years for paying virtually no federal taxes in the United States even as it built an e-commerce empire that currently has a market value of $1.6 trillion.
Yellen calls for minimum global corporate income tax
U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration’s proposed increase in the U.S. corporate tax rate.
Biden to reveal major spending plan that calls for revamp of tax code
President Joe Biden has made clear his plans will include tax-policy changes to help fund what aides have laid out as a roughly $3 trillion long-term program.
White House eyes tax increases on companies and ‘wealthy’ to fund infrastructure
The centerpiece of the tax increases would probably be a higher corporate tax rate—reversing part of President Donald Trump’s steep corporate tax cut in 2017—as well as higher levies on investment income and a higher top marginal tax rate.
Biden formulating $3T plan for infrastructure, schools, family leave
The infrastructure portion of the package would include roughly $1 trillion for roads, bridges, rail lines, electrical vehicle charging stations and the cellular network, among other items.
Holcomb extends state income tax filing deadline
In addition to giving taxpayers more time to file their state taxes, Indiana Gov. Eric Holcomb’s executive order also extends the temporary licensing of health care workers.
GOP attorneys general question stimulus barring tax cuts
The attorneys general list over a dozen instances of states currently considering new tax credits or cuts that they believe could be jeopardized simply because of the relief funds.
Yellen pushes global minimum tax as White House eyes higher corporate taxes
Although he has not proposed entirely reversing President Trump’s cut in the corporate tax rate, President Biden has said he would aim to raise potentially hundreds of billions more in revenue from big businesses.
U.S. budget deficit hits record $1.05 trillion after 5 months
The Treasury Department reported Wednesday that the October through February deficit was 68% larger than the $624.5 billion deficit recorded during the same period last year.
Whitestown council to weigh enacting food-and-beverage tax
In 2019, Whitestown was one of several suburban communities that received state approval to implement a 1% food and beverage tax, but it didn’t immediately impose it.
Drug companies seek billion-dollar tax deductions from opioid settlement
Four companies that agreed to pay a combined $26 billion to settle claims about their roles in the opioid crisis plan to deduct some of those costs from their taxes and recoup around $1 billion apiece.
States eye flurry of new taxes on Amazon, Facebook and Google
State lawmakers around the country are exploring a range of new taxes targeting Internet giants, seeking to capture some of Silicon Valley’s eye-popping profits and soaring share prices in the midst of the coronavirus pandemic.
Tax-form mailings help reveal extent of U.S. unemployment fraud
Simple tax forms being mailed to people who never collected unemployment benefits are revealing their identities were likely stolen months ago and used to claim bogus benefits that have totaled billions of dollars across the country.
Indiana lawmakers propose using cigarette tax for Medicaid
A House committee made significant changes Thursday to the way Indiana would spend proceeds from a proposal to hike the state’s cigarette tax for the first time in more than a decade and impose a new state tax on vaping liquids.