federal taxes Archive

MORE Act | Federal Taxation of Recreational Marijuana
May 28, 2021
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TweetShareSharePin0 Shares Today, Rep. Jerry Nadler (D-NY) reintroduced the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) to reform federal treatment of marijuana by descheduling it, meaning it no longer would be a prohibited substance. Not surprisingly, the bill includes an excise tax on all sales of marijuana products, which would take effect six months

Arizona Legislators Consider Lower, Flatter Income Tax
May 27, 2021
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TweetShareSharePin0 Shares Arizona legislators are considering tax changes as part of the fiscal year 2022 budget process that is underway. Companion omnibus taxation bills HB 2900 and SB 1828 would reduce individual income tax rates for all taxpayers, consolidate the state’s graduated-rate income tax brackets into what would effectively be a two-rate structure by 2023,
Taxes Q&A: Understanding What Is And Is Not Taxable
May 27, 2021
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TweetShareSharePin0 Shares Taxes Q&A: Understanding What Is And Is Not Taxable Source: Flickr * Is Social Security retirement income taxable? Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more
Five Tax Questions to Ask When Looking at President Biden’s Budget
May 27, 2021
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TweetShareSharePin0 Shares President Biden on Friday is set to unveil his first full budget along with Treasury’s Green Book, which will provide the first detailed look at key revenue proposals in the American Jobs Plan and American Families Plan. We already know that Biden aims to raise the top individual income tax rate from 37

The Real American Dream – in Scandinavia: the Tax Justice Network podcast, May 2021
May 27, 2021
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TweetShareSharePin0 Shares Welcome to the latest episode of the Tax Justice Network’s monthly podcast, the Taxcast. You can subscribe either by emailing naomi [at] taxjustice.net or find us on your podcast app. In this episode: Taxcast host Naomi Fowler talks to millionaire and wealth tax campaigner Djaffar Shalchi of Millionaires for Humanity about his experience of moving from

The Real American Dream – in Scandinavia: the Tax Justice Network podcast, May 2021
May 27, 2021
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TweetShareSharePin0 Shares Welcome to the latest episode of the Tax Justice Network’s monthly podcast, the Taxcast. You can subscribe either by emailing naomi [at] taxjustice.net or find us on your podcast app. In this episode: Taxcast host Naomi Fowler talks to millionaire and wealth tax campaigner Djaffar Shalchi of Millionaires for Humanity about his experience of moving from
Biden’s Tax On Large Capital Gains At Death Will Catch A Few With Annual Incomes Of Less than $400,000
May 27, 2021
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TweetShareSharePin0 Shares President Biden’s campaign promise never to raise taxes on those making $400,000 or less annually will inevitably conflict with his proposal to tax unrealized capital gains at death. We estimate Biden’s new capital gains tax could exempt about 98 percent of decedents who made $400,000 or less, but about 2 percent may face
Donor Disclosures, Income Measures, and Tax Prep
May 27, 2021
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TweetShareSharePin0 Shares ISO: Funds to pay for infrastructure. Democrats and Republicans have been at loggerheads for weeks over how to pay for Biden’s big infrastructure bill, or some version of it. Democrats want to raise corporate taxes. Republicans say they want to raise unspecified user fees. Now a bipartisan group of eight senators is floating

Tax Relief for Families in Europe, 2021
May 27, 2021
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TweetShareSharePin0 Shares Most countries provide tax relief to families with children—typically through targeted tax breaks that lower income taxes. While all European OECD countries provide tax relief for families, its extent varies substantially across countries. One way to measure targeted tax relief for families is to compare the tax burdens on labor of a family
Hiring an IRS Dispute Lawyer
May 27, 2021
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TweetShareSharePin0 Shares Hiring an IRS Dispute Lawyer Source: Flickr Most people would probably break a cold sweat just by the mere mention of the IRS. Admittedly, dealing with an IRS agent can be one of the most absolutely terrifying experiences in an ordinary individual’s life. So what would you do if a ferocious IRS agent