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.
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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.
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.
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.
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.
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.
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.
State lawmakers again considering change to business property tax exemption
Senate Bill 336, authored by Sen. Aaron Freeman, R-Indianapolis, would base the exemption on the assessed value of equipment—called personal property—rather on the value at the time the company acquired it.
IRS gets more pandemic relief payments out after delays
The National Consumer Law Center estimates that up to 20 million Americans who filed their taxes with an online preparation service found that their payment did not make it to them directly.
Some taxpayers find relief payments sent to wrong account
A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for their money.
In a first, Congress overrides Trump veto of defense bill
The bill affirms a 3% pay raise for U.S. troops and guides defense policy, cementing decisions about troop levels, new weapons systems and military readiness, personnel policy and other military goals.
‘Trickle-down’ tax cuts make rich richer but don’t boost economy, study finds
The authors say their findings offer one clear pathway for policymakers looking to dig their way out of the financial hole created by the coronavirus crisis: Make the rich pay for it.
White House secures ‘three martini lunch’ tax deduction in draft of relief package
The tax break for corporate meal expenses has been denounced by congressional Democrats, but they agreed to the provision in exchange for expanded tax credits for low-income families and the working poor.
Top GOP lawmakers signal support for coronavirus legal protections for businesses
During the chamber’s annual legislative preview event—which was held virtually this year as a safety precaution—the organization announced its top five priorities for the session that starts in January.
Global watchdog proposes tax overhaul for Big Tech
If countries don’t all agree on the new tax rules, the Organization for Economic Cooperation and Development warned there’s a risk of a global trade war triggered by individual countries launching their own digital services taxes to help their recovery from the pandemic.
Trump used strategies common among real estate developers to shrink taxes
U.S. tax law has long been kind to big real estate developers. It allows them myriad legal loopholes and breaks that can significantly shrink their tax bills.