federal taxes Archive

Woman Sentenced to Federal Prison Without Parole For Embezzlement, Tax Scheme
September 14, 2022
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TweetShareSharePin0 Shares A Missouri woman has been sentenced to federal prison without parole for conducting a scheme to embezzle funds from her employer while evading taxes. According to Springfield, MO news outlet KY3, Carrie Leigh Long, 52, will serve three years and five months in federal prison without the possibility of parole. Judge Stephen R.. Bough

Industrial Policy Is Back. What Will It Mean For Taxes?
September 13, 2022
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TweetShareSharePin0 Shares Industrial policy is trending. At a time when few policy ideas win bipartisan support, government subsidies for favored industries are feeling the love from Democrats and even many Republicans. But how these benefits are delivered to businesses, through direct subsidies or tax policy, matters a lot. This new-found enthusiasm for industrial policy—the idea

Working On The Margins In Spending And Tax
September 13, 2022
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TweetShareSharePin0 Shares Still fighting over permitting reform in the stop-gap spending bill. Senate Majority Leader Chuck Schumer wants to include a provision to expedite the development of fossil fuel and other energy products in the temporary spending bill that must pass by Sept. 30 to avoid a government shutdown. The language is part of a

Property Taxes by State & County: Median Property Tax Bills
September 13, 2022
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TweetShareSharePin0 Shares Property taxes are the primary tool for financing local government and generating state-level revenue in some states as well. In fiscal year 2020, property taxes comprised 32.2 percent of total state and local tax collections in the United States, more than any other source of tax revenue. Local governments rely heavily on property taxes to fund schools, roads, police departments, fire and

King Charles Faces Backlash, Paying No Tax on $430 Million Inheritance
September 13, 2022
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TweetShareSharePin0 Shares King Charles III is facing backlash as it has emerged that he will not pay taxes on the $430 million fortune he inherited from his late mother, Queen Elizabeth II. The Queen — who celebrated her Platinum Jubilee this year — passed away on September 8, 2022 at age 96. Her son, Charles, immediately

Amid FBI Probe, Next Anaheim Mayor Faces “Incredibly Difficult” Uphill Battle
September 13, 2022
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TweetShareSharePin0 Shares In May 2022, the Federal Bureau of Investigation (FBI) launched a probe into the City of Anaheim, ultimately uncovering layers upon layers of corruption in the California city. Now, new mayoral candidates have emerged, and they are facing an uphill climb. When news of the original FBI investigation broke, the Los Angeles Times

Petition For Trump Criminal Tax Trial to Be Delayed Is Denied
September 13, 2022
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TweetShareSharePin0 Shares A recent petition for the criminal tax trial against the Trump Organization has been denied on the heels of former Trump CFO Allen Weisselberg turning state’s witness against his ex-employer. Reuters reported on the ongoing situation, sharing details about yesterday’s ruling in New York City, noting that the judge believes that the company

Massachusetts Graduated Income Tax Amendment: Details & Analysis
September 13, 2022
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TweetShareSharePin0 Shares Key Findings Massachusetts’ tax advantage in New England is primarily driven by its competitive individual income tax rate and its sales and use tax structure. The graduated income tax amendment would be paid by many small businesses, in addition to wealthy individuals. The proposed surtax is likely to have negative economic effects that

In The Context Of The Federal Budget, The Inflation Reduction Act Wasn’t Very Big
September 12, 2022
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TweetShareSharePin0 Shares It’s always tempting to exaggerate the importance of the latest big fight in Congress. The Inflation Reduction Act of 2022 (IRA) made some major policy changes. But big or revolutionary in sheer dollars? No. Most of the major provisions of the new law will move around just a fraction of one percent of total

Ensuring Tax Rates Don’t Rise with Inflation
September 12, 2022
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TweetShareSharePin0 Shares With record inflation now squeezing American household budgets, you can thank our Senior Fellow Emeritus Steve Entin for shielding U.S. workers from being pushed into higher tax brackets. If ever there was a paycheck protection program, defending people from bracket creep may be the most important one ever designed. It all started some