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☆ Trump-era tax cuts set to expire after 2025 — here's what you need to know
▼ + stars: | 2024-05-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

The TCJA reduced federal income tax rates across the board, with the top rate falling to 37% from 39.6%. That would return the federal income tax rates to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. In the meantime, some higher earners have been leveraging lower income tax rates through 2025 by incurring income now, experts say. The standard deduction could fallWhen filing taxes, you claim the standard deduction or itemized deductions, whichever is greater. Before 2018, about 70% of taxpayers claimed the standard deduction, compared with 90% in tax year 2020, according to the Tax Policy Center.

Persons: Donald Trump, Michael M, Erica York, Roth, it's, Gleckman, Robert Dietz Organizations: Santiago, Getty, Tax, Center, Federal Tax, Senate, Bernstein Private Wealth Management, CNBC Locations: Wildwood Beach, Wildwood , New Jersey, California , New Jersey, New York, Minneapolis

☆ Biden, Trump face 'massive tax cliff' amid budget deficit, experts say
▼ + stars: | 2024-05-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The next U.S. president will face trillions in expiring tax breaks. While President Joe Biden and former President Donald Trump have shared early proposals, the federal budget deficit could complicate plans, experts say. Many TCJA tax breaks are temporary and slated to sunset after 2025 unless Congress passes legislation to extend them. "It's a massive tax cliff," said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. Here's why prices still aren't going downHowever, the federal budget deficit will be a "huge sticking point" amid tax negotiations, York said.

Persons: Joe Biden, Donald Trump, Erica York, Biden, York, Howard Gleckman Organizations: Trump, Tax, Center, Federal Tax, Finance, Congressional, Urban, Brookings Tax Locations: Washington

☆ Here's what Trump's proposed tariffs could mean for your wallet
▼ + stars: | 2024-03-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As President Joe Biden and former President Donald Trump secure enough delegates to clinch their party nominations, policy experts are weighing how proposed tariffs could affect American consumers. While the Trump campaign hasn't released many tax policy specifics, he has renewed his support for tariffs, which are taxes levied on imported goods from another country. "I'm a big believer in tariffs," Trump said Monday on CNBC's "Squawk Box," suggesting that he's likely to reinstitute duties if elected for a second term. The Biden administration has maintained some of those tariffs. "Here's an area where the candidates are actually pretty similar — first what Trump imposed and then what Biden maintained," said Erica York, a senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy.

Persons: Joe Biden, Donald Trump, hasn't, Trump, dysmorphia, Biden, Erica York Organizations: White, Washington , D.C, Trump, Finance, European Union, Tax, Center, Federal Tax Locations: Washington ,, China, Mexico

☆ US PCAOB fines PwC in China for allowing cheating on audit exams
▼ + stars: | 2023-12-01 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A US regulator has hit the China arm of prestigious “Big Four” firm PwC with a $7 million fine. In its announcement, the PCAOB said the practice was widespread, involving more than 1,000 employees from PwC Hong Kong, and hundreds more from PwC China. It fined PwC $7 million in total, with its entities in Hong Kong and mainland China ordered to pay $4 million and $3 million, respectively. The mainland Chinese arm works in collaboration with its Hong Kong and Macao offices, collectively boasting a headcount of more than 20,000. On Thursday, the US regulator also penalized a mainland Chinese accounting firm for violations, including issuing a false audit report.

Persons: “, Erica Y, Williams, ” PwC, ”, Shandong Haoxin Organizations: Hong Kong CNN, US Public Company, PwC, US, Shandong Haoxin Locations: Hong Kong, China, Macao, Shandong Haoxin, Shandong

☆ The SALT deduction is like the trickle-down economics for Democrats, says Harvard's Jason Furman
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe SALT deduction is like the trickle-down economics for Democrats, says Harvard's Jason FurmanErica York, Tax Foundation senior economist, and Jason Furman, Harvard Kennedy School professor and former Chairman of the Council of Economic Advisers under President Obama, join 'Squawk Box' to discuss a new study from the Tax Policy Center, which found that loopholes in the SALT cap are costing the federal government $20 billion a year after generating between 80% to 85% of its intended revenue, and more.

Persons: Harvard's Jason Furman Erica York, Jason Furman, Obama Organizations: Tax Foundation, Harvard Kennedy School, of Economic Advisers, Tax, Center

☆ These are the key tax policy issues to watch for during the first GOP presidential debate
▼ + stars: | 2023-08-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Scott Olson | Getty ImagesEight candidates will take the stage for the first Republican presidential debate on Wednesday night — and experts are watching closely for comments on key tax policy issues. "The 800-pound gorilla in the room is the Tax Cuts and Jobs Act and the expiration of all the individual income tax provisions slated after 2025," said John Buhl, senior communications manager at the Tax Policy Center. Enacted in 2017, former President Donald Trump's signature tax legislation ushered in sweeping changes to the tax code including lower income tax brackets, higher standard deductions and a significantly larger estate tax exclusion, among other provisions. Most Americans could see higher taxesOne of the closely-watched Tax Cuts and Jobs Act provisions is changes to the individual income tax brackets. "I don't think we're going to see a complete extension of everything in the Tax Cuts and Jobs Act," she said.

Persons: Scott Olson, John Buhl, Donald Trump's, Buhl, Erica York, There's Organizations: Getty, Tax, Center, Trump, Federal Tax

☆ The Next Tax Battle: 'Gig tax' targets payment app users
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Next Tax Battle: 'Gig tax' targets payment app usersSteve Rosenthal, Urban-Brookings Tax Policy Center senior fellow, and Erica York, Tax Foundation senior economist, join 'Squawk Box' to discuss the battle over the so-called 'gig tax', which requires third-party payment apps like PayPal and Venmo to send 1099 forms to anyone reporting business income over a certain threshold.

Persons: Steve Rosenthal, Erica York Organizations: Urban, Brookings Tax, Center, Tax Foundation, PayPal

☆ Climate change and El Niño have left parts of South America sweltering under a heat wave -- in the middle of winter
▼ + stars: | 2023-08-04 | by ( Sophie Tanno | ) edition.cnn.com time to read: +5 min

CNN —Parts of South America are sweltering under abnormally hot temperatures – despite being in the depths of winter – as the combination of human-caused climate change and the arrival of El Niño feed into extreme winter heat. “This temperature is the highest recorded in this period in all of Chile,” a spokesperson for the Meteorological Directorate of Chile told CNN. Ivan Alvarado/ReutersIn Argentina, some places reached highs of 38 degrees Celsius (100.4), according to the country’s national meteorological service. This smashed the previous record for that day of 24.6 degrees Celsius (76.3 Fahrenheit) set in 1942. For comparison, New Orleans’ average high the first week of February is also 18 degrees Celsius, and the city has never been above 28.3 degrees Celsius in the first week of February.

Persons: Maximiliano Herrera, ” Herrara, ”, Maisa Rojas, Hace, Ayer, 🥵🌎, jcHZq7vL — Organizations: CNN, Northern Locations: South America, Chile, Argentina, America, Southern

☆ Owe Taxes This Year? Here’s How to Lower Your Balance Due in the Future.
▼ + stars: | 2023-04-07 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

Most Americans equate tax season with the hope of getting a big refund. Yet one in four taxpayers typically owes money at the time of filing, according to the Internal Revenue Service. A tax bill can come as a costly surprise, so it pays to know your payment options. Last year, the average balance due was nearly $8,000, compared with an average of $5,273 from 2010 through 2019. Given that average refunds for those who have filed their taxes are smaller this year so far, balances due could be larger, said Erica York , a senior economist at the Tax Foundation in Washington, D.C.

☆ Biden pushed a billionaire minimum tax – here's what Elon Musk would pay
▼ + stars: | 2023-02-08 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

"Pass my proposal for a billionaire minimum tax," Biden told Congress. Biden's billionaire tax, however, also hits top millionaires. Under the plan, households would calculate their effective tax rate for the minimum tax. The Biden administration says that aside from restoring "fairness" to the tax code, the billionaire minimum tax would raise $360 billion in added revenue over 10 years. Opponents say that aside from potentially being unconstitutional, the billionaire minimum tax would be difficult to administer – especially for an IRS already understaffed.

☆ The Fair Tax Act, explained: what to know about the Republican plan for a national sales tax, decentralized IRS
▼ + stars: | 2023-01-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

John Miller | iStock | Getty ImagesA group of House Republicans are revisiting the Fair Tax Act, which would replace certain federal levies with a national sales tax and decentralize the IRS. Erica York Senior economist and research manager at the Tax FoundationThe Fair Tax Act comes amid increased scrutiny of the $79.6 billion in IRS funding, enacted through the Inflation Reduction Act in August. After months of critique, House Republicans in January voted to rescind the funding. A 'pretty significant' tax hike for the middle classWhile the Fair Tax Act isn't likely to gain traction in Congress, experts say the plan would be a significant change for middle-income earners and the wealthiest Americans. If enacted, middle-income earners would see a "pretty significant tax increase," and the wealthiest Americans would see the biggest cuts, according to John Buhl, senior communications manager at the Tax Policy Center.

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