Federal Tax Updates Archive

Another Push For A Tax On The Ultra Wealthy

TweetShareSharePin0 Shares On the Hill. The Senate plans to vote this week on the Manchin-Schumer compromise reconciliation package. Meanwhile, House Democrats have introduced the Billionaire Minimum Income Tax Act. Sponsored by Reps. Don Beyer and Steve Cohen, it would implement President Biden’s proposal to impose a 20 percent tax on households worth more than $100

TN Is Combating Inflation By Nixing Grocery Taxes

TweetShareSharePin0 Shares As record-level inflation rates cause families around the United States to tighten up financially, the state of Tennessee is doing something to help combat rising costs. Governor Bill Lee proposed a monthlong suspension of grocery taxes in March — now, residents of the state can take advantage of tax-free grocery store purchases for the

Manchin Deal Set to Cost Big Oil Billions

TweetShareSharePin0 Shares On Thursday, July 14, Senator Charles Manchin (D-WV) and his staff dealt a “crushing blow” to Senate Majority Leader Chuck Schumer (D-NY), with the former saying he was only willing to support a reconciliation bill in August if it includes a provision to lower prescription drug prices and a two-year extension of Affordable Care Act

CBO Long-Term Budget Outlook: Details & Analysis

TweetShareSharePin0 Shares As the reality of a second quarter of negative economic growth settles in Washington, the Congressional Budget Office (CBO) released its own sobering report on the government’s long-term finances. The CBO long-term budget outlook report shows widening deficits over the next three decades as both federal spending and tax revenues are expected to

So Much To Do, So Little Time

TweetShareSharePin0 Shares First, you need to know this about the Manchin-Schumer climate and tax compromise. TPC’s Howard Gleckman outlines the main points of the Inflation Reduction Act of 2022, the deal between Sen. Joe Manchin and Senate Majority Leader Chuck Schumer. It includes a new tax on corporate book income, $370 billion in energy subsidies,

Shakira Prosecutors Vow to Seek Nearly a Decade of Jail Time

TweetShareSharePin0 Shares Latin music superstar, Shakira, is facing a tax trial in Spain after rejecting prosecutors’ deal earlier this week. The singer’s legal woes began quite some time ago — a July 2021  Newsweek article outlines the tax evasion allegations she is facing in Spain: Judge Jesús Juberías, who made this ruling after a three-year investigation,

Mega-Millions Hits $1 BILLION – What’s the Wild Tax Bill?

TweetShareSharePin0 Shares If you’ve been following the news lately, there’s very little chance that you’ve escaped details about the Mega Millions lottery jackpot No one has won Mega Millions since April 15, when Tennessee ticket hit for $20 million. Players’ next chance to win the current $1 billion payout will come at 11 p.m. EST tonight, Friday, July

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