federal taxes Archive
JR Cigars: Offering You Better Choices
October 26, 2021
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TweetShareSharePin0 SharesJR Cigars: Offering You Better Choices Do you want to purchase cigars online? Do you want a reputable online retailer – one that offers quality cigars at affordable and reasonable prices? Did you ever consider buying from JR Cigars? Are you a veteran cigar smoker and likes to buy hand made cigars? Why don’t

Billionaires Tax on Capital Gains Invites Tax Collection Volatility
October 26, 2021
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TweetShareSharePin0 Shares Congressional Democrats are reported to be weighing a special tax on the assets of billionaires to raise revenues to pay for their Build Back Better spending plan. There are two fundamental challenges to such a plan. First, the incomes and wealth of such individuals are anything but stable; they rise and fall with
A Billionaire Tax And Repealing The SALT Cap (Temporarily)
October 26, 2021
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TweetShareSharePin0 Shares Growing optimism for a framework this week. President Biden wants one before he leaves for the United Nations Climate Summit at the end of the week. Sen. Joe Manchin says he thinks that will happen and expressed support for a proposed billionaire tax. Negotiators have scaled back the Build Back Better plan to
Top 5 Reasons to Buy a Hybrid Car
October 26, 2021
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TweetShareSharePin0 SharesTop 5 Reasons to Buy a Hybrid Car 1. – Gas Savings – Hybrid cars can get up to 60 mpg (miles per gallon), due to their advanced aerodynamics, engine efficiency, tire technology (which is so different to the standard cars) just to mention some of its characteristics. 2. – Environmental Issues – Reduced
Knowing the Fundamentals – Bankruptcy Laws
October 25, 2021
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TweetShareSharePin0 SharesKnowing the Fundamentals – Bankruptcy Laws Bankruptcy laws generally protect distressed people and businesses that can no longer pay their creditors. In the United States, bankruptcy laws are placed under federal jurisdiction as stated in the United States Constitution (in Article1, Section8), allowing the Congress to enact “uniform laws on the subject of Bankruptcies

Washington Voters to Weigh in on New Capital Gains Income Tax
October 25, 2021
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TweetShareSharePin0 Shares On May 4th, Gov. Jay Inslee (D) signed legislation creating a 7 percent capital gains tax, to take effect next year. On November 2nd, Washington lawmakers will learn what voters think about it. Although the ballot measure asking voters to recommend on retaining or repealing the new tax is purely advisory, this gauge

Lawmakers Could Pay for Reconciliation While Improving the Tax Code
October 25, 2021
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TweetShareSharePin0 Shares With corporate and individual rate hikes potentially out of the Build Back Better (BBB) reconciliation package, lawmakers are weighing alternative options to raise revenue. Rather than come up with complicated changes to the tax base, or untested proposals such as mark-to-market for billionaires, they should prioritize options that raise revenue while improving the

Wyden’s Billionaire Income Tax Is Ambitious But Problematic
October 25, 2021
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TweetShareSharePin0 Shares Senate Finance Committee Chairman Ron Wyden (D-OR) likes to say: “There are two tax codes in the United States: one for workers who pay taxes out of every paycheck and the other for high-fliers who use games and tricks to avoid their taxes.” He’s now proposing to add a third tax code, one for

Minimum Tax on Book Income Would Hit Stock Compensation
October 25, 2021
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TweetShareSharePin0 Shares One way employees can be compensated for their work, in addition to wages, salaries, and benefits, is through awards of company stock. The tax treatment of stock-based compensation has received attention for contributing to the gap between corporate taxable income and book income reported on financial statements, which President Biden has proposed targeting

Looming R&D Capitalization Would Hit Manufacturing And Tech Sectors Hardest
October 25, 2021
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TweetShareSharePin0 Shares US taxation of intellectual property (IP) is facing big changes. Starting next year, research and development (R&D) expenditures, now fully expensed (written off in the year in which they are acquired), must be capitalized and amortized over a period of 5 to 15 years. Additionally, President Biden would repeal a special tax deduction