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Federal Tax Updates Archive

An Emergency Spending Bill and More State Tax Cuts

TweetShareSharePin0 Shares McConnell: No chance for a government shutdown. GOP senators are holding up a continuing resolution to keep the government operating past Friday, but Minority Leader Mitch McConnell promises it all will get worked out in time. “We’ll process a few amendments before doing the short-term CR,” McConnell says, “There is no danger of

Real Estate Remains A Strong Investment

TweetShareSharePin0 SharesReal Estate Remains A Strong Investment Opportunities to make big, quick profits in residential real estate tend to come and go in cycles. When a local market is hot, families may find it possible to buy a house at an attractive price, fix it up, and watch its value rise in just a few

Addressing the secrecy risks of complex ownership chains: Another tool to improve beneficial ownership verification

TweetShareSharePin0 Shares While beneficial ownership registration is increasingly becoming mainstream, a major concern prevails: complex ownership chains. More than 80 jurisdictions had laws as of April 2020 requiring the disclosure to a government authority the identity of the beneficial owners [MBM1] (BOs) of companies and other legal vehicles, meaning the natural persons who ultimately own or

Proposal to Rid Ohio of Gross Receipt Taxes

TweetShareSharePin0 Shares A group of lawmakers in Ohio have proposed to repeal the state’s gross receipt tax (GRT), also known as the commercial activity tax (CAT). House Bill 234 would phase out the tax over five years. Ohio’s CAT, implemented in 2005 as part of tax reform that lowered and consolidated business taxes, is one of

Taxes The Texan Way

TweetShareSharePin0 SharesTaxes The Texan Way There is an adage that claims that the only things certain in life are taxes and deaths. One could presume that tax laws are as easily determined and understood as one identifies death. When a person stops breathing and his brain stops functioning, he’s dead. However, this is not the

Should Congress Trade Temporary Assistance for Needy Families (TANF) For A Child Allowance?

TweetShareSharePin0 Shares As Congress struggles to develop a scaled back version of President Biden’s Build Back Better (BBB) plan, some observers (including my TPC colleague Howard Gleckman) have been thinking about a different child benefit. Instead of extending the enhanced child tax credit (CTC), which cut child poverty to historic lows after it was enacted

If It Walks Like a Bank and Talks Like a Bank…

TweetShareSharePin0 Shares Crypto currency platform BlockFi agrees to a $100 million settlement with the SEC and several states. The firm describes itself as a bank-like platform for users of crypto currency, advertising yields as high as 9.25 percent. But the Securities and Exchange Commission charged the company with failing to register its retail lending product.

February 2022 Spanish language podcast, Justicia ImPositiva: Un mundo sin paraísos fiscales…

TweetShareSharePin0 Shares Welcome to our Spanish language podcast and radio programme Justicia ImPositiva with Marcelo Justo and Marta Nuñez, free to download and broadcast on radio networks across Latin America and Spain. ¡Bienvenidos y bienvenidas a nuestro podcast y programa radiofónico! Escuche por su app de podcast favorita. En este programa con Marcelo Justo y Marta Nuñez: Un

State Income Tax Rates and Brackets, 2022

TweetShareSharePin0 Shares Key Findings Individual income taxes are a major source of state government revenue, accounting for 36 percent of state tax collections in fiscal year 2020, the latest year for which data are available. Forty-two states levy individual income taxes. Forty-one tax wage and salary income, while one state—New Hampshire—exclusively taxes dividend and interest
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