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The United States Needs a Value-Added Tax

The United States Needs a Value-Added Tax

The U.S. faces a large long-term imbalance between projected federal tax revenue and federal spending, which has widened during the coronavirus pandemic. Alan Viard of the American Enterprise Institute posits that a value-added tax is…

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New York authorities investigating millions in tax write-offs from the Trump Organization

New York authorities investigating millions in tax write-offs from the Trump Organization

New York authorities investigating the Trump Organization have expanded their inquiries to include tax write-offs involving millions of dollars in consulting fees, according to people familiar with the investigation. Investigators with the Manhattan district attorney’s office, which…

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IRS Announcement Regarding Effect of Entity Payment of Tax on SALT Deduction Limitation

IRS Announcement Regarding Effect of Entity Payment of Tax on SALT Deduction Limitation

The 2017 federal tax reform legislation included a limitation on the individual itemized deduction for state and local taxes (“SALT”). The limit is $10,000 per joint return and $5,000 per return for married taxpayers that…

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Lightfoot’s $94 Million Property Tax Hike Clears Major Hurdle

Lightfoot’s $94 Million Property Tax Hike Clears Major Hurdle

The city’s Finance Committee approved the tax hike by a 21-12 vote. Mayor Lori Lightfoot needs 26 votes at City Council to pass it. CHICAGO — Mayor Lori Lightfoot’s 2021 pandemic budget passed its first…

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Deficit-Adjusted Tax Brackets For 2021

Deficit-Adjusted Tax Brackets For 2021

Add the hidden and future taxes, and you get scary numbers. The top federal tax bracket for next year is 37%. Officially, that is. Peek inside the U.S. Treasury, though, and you can see a…

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Is a tax on people working from home justified?

Is a tax on people working from home justified?

When economists at Deutsche Bank Research proposed a special tax on the income of people working from home, they either deliberately provoked or didn’t expect the criticism their idea would trigger in Germany. Almost a…

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How U.S. states tax wage income may be forever changed by remote work

How U.S. states tax wage income may be forever changed by remote work

Many employees first forced into remote work at home by the coronavirus have, by now, left behind long commutes across state borders for good — New York-New Jersey, Massachusetts-New Hampshire, New Jersey-Pennsylvania, being prime examples.…

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San Francisco voters pass ‘Overpaid Executive Tax’

San Francisco voters pass ‘Overpaid Executive Tax’

The new law adds a 0.1 percent tax on companies whose executives earn 100 times more than the average worker. Trying to address the growing wage gap between chief executives and workers, San Francisco voters…

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Voters in Jersey City Embrace a New Tax to Finance the Arts

Voters in Jersey City Embrace a New Tax to Finance the Arts

Officials had worried that a new arts tax may be too much to ask in a place still reeling financially from the pandemic, but 64 percent of New Jersey voters approved of the idea. Officials…

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Analysis: Wall Street cheers U.S. election removing major tax-hike threat

Analysis: Wall Street cheers U.S. election removing major tax-hike threat

Wall Street breathed a sigh of relief on Wednesday, as the latest U.S. election tallies pointed to a divided government that made the prospect of tax hikes advocated by Democratic presidential candidate Joe Biden unlikely.…

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