At least a dozen profitable major U.S. companies paid little or no U.S. income tax in 2020 but are active in industry groups that object to helping fund with taxes the same public projects they want to profit from.
Hoosiers getting state tax refund after surprising revenue surplus
Overall tax collections came in about 14% higher than a year ago, giving Indiana a surplus of almost $3.9 billion and triggering a tax refund.Read More
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.Read More
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.Read More
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.Read More
The proposal to go after taxpayers who skip out on income taxes initially had potential bipartisan appeal, but outside groups came forward to lambaste it as a way to enable the IRS to snoop around Americans’ personal finances.
Democrats see this as a landmark program along the same lines as Social Security. But many Republicans warn that the payments will discourage parents from working and ultimately feed into long-term poverty.
Sen. Bernie Sanders said Monday that he and President Joe Biden are on the same page as Democrats draft a “transformative” infrastructure package unleashing more than $3.5 trillion in domestic investments on par with the New Deal of the 1930s.
The agreement announced Thursday is an attempt to address challenges presented by a globalized and increasingly digital world economy in which profits can be relocated across borders.
The support line for individual income tax returns received about 85 million calls, with only about 3% reaching a customer service representative, according to the taxpayer advocate report.
The group had been narrowing on a much smaller but still sizable $1 trillion proposal of road, highway and other traditional infrastructure projects.
President Joe Biden wants to increase taxes for corporations and those households making more than $400,000 a year. Republicans have ruled that out, putting forward alternatives that Democrats find unacceptable.
Half of the total in the $6 trillion plan is expected to be paid for with Biden’s proposed taxes on corporations and those earning more than $400,000.
The president and the Democratic leaders have been engaged in a two-track strategy—reaching for a bipartisan deal with Republicans but also setting the stage for a potential majority-rules strategy in case talks fail.
Lawmakers say the group’s tentative agreement represents important progress in fashioning a bill that can pass such an evenly divided Congress this year, but they are also aware that it could easily unravel.
The bill would boost investment in roads and bridges by about 54% with an emphasis on fixing existing infrastructure. It would dedicate about $4 billion to electric vehicle charging stations and would provide record levels of investment for pedestrian and cyclist pathways.
President Joe Biden is trying to break a logjam with Republicans on how to pay for infrastructure improvements, proposing a 15% minimum tax on corporations and the possibility of revenues from increased IRS enforcement as a possible compromise.
Privately, the president has sized up the GOP’s latest $928 billion offer as unworkable, in large part because it taps unused COVID-19 funds. Instead, Biden wants to hike the corporate tax rate—a nonstarter for Senate Republicans—to generate revenue for his $1.7 trillion package.
The Noblesville City Council approved vehicle excise and wheel taxes Tuesday to generate $1.8 million in annual revenue starting next year. The money is slated to pay for a portion of the city’s estimated $113 million Pleasant Street extension project.
The White House said Monday that President Joe Biden is awaiting an infrastructure counteroffer from Senate Republicans after a core group of GOP negotiators rejected his latest $1.7 trillion proposal, leaving the talks at a standstill before a Memorial Day deadline.
Officials told the State Lottery Commission this past week that they projected that scratch-off ticket sales would be up almost 27% for the fiscal year ending June 30 compared with a year ago.
Securing a vast infrastructure plan is Biden’s top priority, but Republicans are refusing Biden’s idea of a corporate tax hike to pay for the spending.
Competition to cut corporate tax rates has been “undermining the United States’ and other countries’ ability to raise the revenue needed to make critical investments,’’ the Treasury said in a statement
Among the proposed changes, businesses that receive “cryptoassets” with a fair market value of more than $10,000 would have to report it to the IRS.