federal taxes Archive
All They Want For Christmas Is A Spending Deal
November 30, 2022
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TweetShareSharePin0 Shares “Here to Christmas:” Will Congress extend its Dec. 16 funding deadline? After a leadership meeting at the White House, Senate Majority Leader Chuck Schumer declined to say whether he’d push for a short-term spending bill or a year-long deal. Minority Leader Mitch McConnell is still mulling whether to strike a deal with Democrats.
Elton John Sued His Accountants For $30 Million, Lost $12 Million Instead
November 30, 2022
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TweetShareSharePin0 Shares Sir Elton John, who recently concluded his “Goodbye Yellow Brick Road” farewell tour at Los Angeles’s Dodger Stadium, once tried to sue his accounting firm for $30 million. Credit: Scott Dudelson/Getty Images However, the legendary musician ultimately lost $12 million of his own money fighting a losing legal battle. According to one recent
Taxpayers Will Not Be Liable For Millions In Queen Mary Ship Repairs
November 30, 2022
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TweetShareSharePin0 Shares Early in November 2022, the Long Beach City Council approved a new round of funds to assist with repairs on the RMS Queen Mary. Council members voted for $1 million to pay for ongoing repairs on the aging tourist attraction, which primarily sailed the North Atlantic between 1936 and 1967. It was initially
States Should Make Full Expensing Permanent to Help Curb Inflation
November 29, 2022
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TweetShareSharePin0 Shares Consumers experience the pernicious effects of inflation every time they shop. And, in a vicious cycle, a forthcoming change in the federal tax code means that inflation will drive up the cost of the very business investments that can boost supply and start bending the cost curve down. Through inaction, states will follow
Suspensions, Exemptions, and Opportunities | Tax Policy Center
November 29, 2022
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TweetShareSharePin0 Shares Will Connecticut lawmakers keep a gas tax holiday? In a special session this week, the General Assembly will debate Gov. Ned Lamont’s proposal to extend the suspension of the state’s 25-cent-per-gallon gasoline tax, set to expire tomorrow. Lamont wants to delay the tax through the end of the year, then restore it in
Kanye West Admits He Owes the IRS $50 Million
November 29, 2022
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TweetShareSharePin0 Shares Rapper and entrepreneur Ye, formerly known as Kanye West, has admitted that he has a $75 million hold on four of his accounts because he owes the IRS $50 million. Credit: Arturo Holmes/Getty Images According to a new report from Business Insider, Kim Kardashian’s ex-husband spoke out during a recent episode of the “Timcast IRL” podcast.
Senators Bennet, Romney, & More Believe Child Tax Credit Will Be Extended
November 29, 2022
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TweetShareSharePin0 Shares Senator Michael Bennet (D-CO), Senator Mitt Romney (R-UT), and more hope to leverage Congress’s lame-duck session to extend the expanded Child Tax Credit (CTC) for American families. Credit: Stephen Emlund/Getty ImagesThe Denver Post reported that Bennet believes a deal can be made. “What we proved the last year was that we do not
California Gas Prices Fall to Lowest Rate Since September 2
November 29, 2022
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TweetShareSharePin0 Shares In October 2022, Californians faced a gas price crisis, with the average cost of fuel skyrocketing to $6.46 a gallon. At the time, Governor Gavin Newsom asked oil companies to switch to their “winter-blend” gasoline, which tends to be less costly for consumers. Los Angeles news station ABC 7 did note, however, that
EU “Fiscal Fairness”
November 28, 2022
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TweetShareSharePin0 Shares “Tax fairness” has been a lingering theme in European Union policy circles since the 2008 financial crisis. Over time, the meaning of “tax fairness” has expanded from combatting tax fraud and avoidance to promoting a certain vision of broader economic fairness. This vision has been primarily focused on taking from wealthy citizens and large corporations
Trump’s Tax Returns, A UN Tax Challenge, FTX And Crypto Taxes
November 28, 2022
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TweetShareSharePin0 Shares Three years after asking, Ways & Means will obtain the former president’s tax returns. The Supreme Court issued an unsigned order denying former President Donald Trump’s effort to block the Treasury Department from turning over his tax returns to the House committee. Chairman Richard Neal has not indicated whether the panel will publish
