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☆ Analysis: US debt-ceiling deal dooms Biden's revolutionary tax plans
▼ + stars: | 2023-06-01 | by ( David Lawder | ) www.reuters.com time to read: +6 min

Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire. TAX CHANGES ARE TOUGHBiden's unrealized campaign tax pledges illustrate the political difficulty of changing the U.S. tax code, barring a commanding majority in Congress. "House Republicans have successfully blocked every penny of President Biden’s tax hikes on families, farmers, and small businesses in the debt ceiling deal and protected the 2017 Tax Cuts and Jobs Act from repeal," said U.S. House Ways and Means Chairman Jason Smith. The Missouri Republican added that Americans want Congress to build on the Trump tax cuts "with more tax relief." Republicans will argue for making the 2017 individual tax cuts permanent, said John Gimigliano, KPMG's head of federal tax legislative and regulatory services.

Persons: Joe Biden's, Biden, That's, William McBride, Joe Manchin, Kyrsten Sinema, Jason Smith, Michael Kikukawa, Kikukawa, John Gimigliano, Gimigliano, Steve Rosenthal, Rosenthal, David Lawder, Heather Timmons, Matthew Lewis Organizations: Saturday, Revenue Service, Trump, White, Tax Foundation, Democratic, Republican, Republicans, IRS, House, The, The Missouri Republican, Economic Co, Congressional, Brookings Tax, Center, Thomson Locations: Washington, The Missouri

☆ In New Hampshire, DeSantis Avoids Talking About Florida’s Abortion Ban
▼ + stars: | 2023-06-01 | by ( Nicholas Nehamas | ) www.nytimes.com time to read: +1 min

At a stop on his first trip to New Hampshire as a presidential candidate, Gov. Ron DeSantis mentioned his efforts to provide tax relief for Florida families. But what he did not mention was the six-week abortion ban he signed in Florida this year. The ban — which Mr. DeSantis chose to highlight in his speeches to audiences in socially conservative Iowa this week — is a potential lightning rod for voters in more moderate New Hampshire. One New Hampshire Republican, Bob Kroepel, approached Mr. DeSantis after his speech in Rochester as the governor signed baseballs and took selfies with the crowd.

Persons: Ron DeSantis, DeSantis, Bob Kroepel, baseballs, Kroepel Organizations: Gov, Disney, One New Hampshire Republican Locations: New Hampshire, Florida, Iowa, One, Rochester

☆ DeSantis Skirts Abortion Ban Even When Speaking to His Base
▼ + stars: | 2023-05-21 | by ( Nicholas Nehamas | ) www.nytimes.com time to read: +1 min

The comments, one of his most direct public challenges to the former president so far, demonstrated how Mr. DeSantis could use his record, which anti-abortion activists praise, to distinguish himself. As Mr. DeSantis is hitting the trail and visiting early nominating states, he is talking little about his abortion legislation. When he does, he does not explicitly tell audiences that the law prohibits the procedure after six weeks. “We enacted the Heartbeat Protection Act to promote life,” Mr. DeSantis said without elaborating as he addressed a crowd of voters in Iowa earlier this month. Speaking at Liberty University, another friendly setting, the day after he signed the ban, Mr. DeSantis almost entirely avoided the subject.

☆ DC Mayor Muriel Bowser wants to expand tax breaks for developers turning empty downtown offices into much-needed housing
▼ + stars: | 2023-05-08 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

DC's mayor has proposed an expansion of tax relief for developers who convert offices into residences. The city has more than 20 million square feet of unused office space — an unprecedented vacancy rate, according to the DowntownDC Business Improvement District's 2021 report. —Mayor Muriel Bowser (@MayorBowser) December 15, 2022The mayor and city officials say the tax relief, called the Housing in Downtown (HID) Abatement, is necessary to incentivize and speed up costly commercial building transformations. "We know that creating new housing in downtown will lead to a more vibrant neighborhood and 24/7 economy. The Housing in Downtown Abatement Program will incentivize more conversions, and bring about more housing affordability and retail opportunities."

☆ There's another April 18 tax deadline that many forget about, pro says. Here's how to avoid a penalty
▼ + stars: | 2023-04-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

ozgurcankayaIf you're scrambling to file your taxes, it's easy to miss another key deadline on April 18: the due date for 2023 first-quarter estimated tax payments. Income taxes are pay-as-you-go, meaning you must remit taxes throughout the year. The first estimated tax deadline is April 18, which applies to self-employed or gig economy workers, investors and other filers who expect to owe $1,000 or more in 2023. However, some filers affected by natural disasters have more time for estimated tax payments, such as eligible filers in Alabama, California and Georgia, according to the agency. The late payment penalty is 0.5% of your unpaid balance per month, up to 25%, plus interest.

☆ Brazil targets Asian e-commerce giants, local companies in tax push
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, April 3 (Reuters) - Brazil will soon unveil tax measures, including a crackdown targeting Asian e-commerce giants and curbs on some company tax benefits, as it looks to raise more than 100 billion reais ($20 billion), Finance Minister Fernando Haddad said on Monday. The e-commerce measures come in response to complaints from local retailers about unfair competition from Asian giants such as AliExpress, Shein, and Shopee. He later told journalists that combating the practice, which Haddad called "smuggling", should generate 7 billion reais to 8 billion reais in new revenue for the government. The most significant impact will come from the government's move to seek approval from the Federal Supreme Court to disallow companies from receiving tax breaks from states on operating expenses, which result in them paying less federal tax. The tax reform proposal should be voted in the Lower House by July and in the Senate by October, Haddad said.

About a quarter of Americans waited until the last two weeks to file their taxes last year. You can create a plan to file early next year with a schedule and an organization system for your documents. Editor's Rating 4.2/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On TurboTax's website Learn more On H&R Block's website Learn more On Tax Slayer's website1. You'll want to begin gathering documents related to your taxes all in one place throughout the year. "Half the battle when it comes to preparing your taxes is rounding up all your tax documents," said Allec.

☆ Analysis: Sweden faces recession as housing market troubles take toll on economy
▼ + stars: | 2023-03-15 | by ( Simon Johnson | ) www.reuters.com time to read: +6 min

But in Sweden, the structural problems rooted in its housing market are magnifying the effects. Banking group Nordea (NDAFI.HE) expects household consumption to fall around 2% in 2023, while the National Board of Housing expects housing starts to fall around 50% in the coming year compared with 2021. "However, in the last few months, the interest rate has almost tripled making it almost unaffordable to survive," Logan said. Sweden's banks are among the most strongly capitalised in Europe - partly as a result of worries about the housing market. But Sweden's economy is likely to remain a hostage to imbalances in the housing market while its structural problems go unresolved.

☆ What Is Adjusted Gross Income?
▼ + stars: | 2023-03-05 | by ( ) www.wsj.com time to read: +11 min

Your adjusted gross income, or AGI, is your gross income—the sum of all your income sources for the year—less certain above-the-line deductions allowed by the Internal Revenue Service. Your adjusted gross income acts as a guidepost for several aspects of your finances. For instance, if you earned $55,000 from your job, rental income of $10,000 and dividend income of $630, your annual gross income would be $65,630. Here’s a tip: Your AGI will never be more than your gross income, and some taxpayers may find their gross income and AGI are the same. No conversation about adjusted gross income is complete without discussing modified adjusted gross income, or MAGI.

☆ Ex-Maryland Gov. Larry Hogan won't challenge Trump in 2024
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +7 min

He was Maryland's second Republican governor ever to be reelected. Some Republicans had hoped that Hogan, emerging as the new best hope of a small group of "Never Trump Republicans," would challenge Trump in 2020. In his first year as governor, Hogan went right to work on pocketbook issues. Hogan has long been upfront about his distaste for Trump as president. "I did not go out of my way to criticize the president," Hogan said.

☆ New Jersey Is Latest State to Push Tax Relief Despite Economic Uncertainty
▼ + stars: | 2023-02-28 | by ( Jimmy Vielkind | ) www.wsj.com time to read: 1 min

Phil Murphy, governor of New Jersey, plans to make a full $7 billion payment toward the state’s underfunded pension liabilities and will increase reserve funds to $10 billion. New Jersey Gov. Phil Murphy on Tuesday will propose another $2 billion in property-tax rebate checks as part of a $53 billion state budget, a state treasury official said, making it the latest state to push ahead with tax-relief proposals despite recession concerns. Measures under discussion in more than a dozen states vary widely but the trend cuts across political divides: Governors and state lawmakers are looking for ways to give taxpayers a break.

☆ States Propose Billions in Tax Relief Despite Economic Uncertainty
▼ + stars: | 2023-02-28 | by ( Jimmy Vielkind | ) www.wsj.com time to read: 1 min

☆ In Argentina's drought-hit fields, billion dollar losses and farmers going under
▼ + stars: | 2023-02-16 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

[1/5] Dried sunflowers are seen on a farm, amid Argentina's worst drought in sixty years, in Tostado, northern Santa Fe Argentina February 8, 2023. The wheat harvest was already slashed in half by drought. Like many farmers, Giailevra - who has experienced bad droughts before - has seen his livelihood hammered over the last year. Many farmers in the area say they have lost early-sown corn, wheat and soy, so to rake back income they have planted fields with more drought-resistant cotton. The government has rolled out some tax relief measures for farmers, though with depleted state coffers has limited firepower.

☆ Here’s when you should expect to receive your tax refund in 2023, according to the IRS
▼ + stars: | 2023-02-12 | by ( Jasmin Suknanan | Elizabeth Gravier | ) www.cnbc.com time to read: +2 min

While we have yet to see how the average refund size Americans receive in 2023 will compare to last year's refunds, here's what you need to know about how long you might have to wait for your refund check. Jan. 23, 2023 marked the beginning of tax season as the Internal Revenue Service (IRS) began accepting and processing 2022 tax returns. Last year, Americans received an average refund of $3,253 for their 2021 tax returns, NBC News reported. This year, though, the IRS is urging caution to any taxpayer who received from their state last year any special inflation-related tax relief or payments. You also have the option to receive live assistance or have a tax professional file your taxes on your behalf, which can decrease the likelihood of a mistake delaying your refund.

☆ Biden's stock buyback tax isn't working. In State of the Union, he's asking Congress for more
▼ + stars: | 2023-02-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +14 min

In September 2021, Sen. Sherrod Brown (D-Ohio) and Sen. Ron Wyden (D-Oregon) proposed that stock buybacks should be taxed at 2%. Lazonick, who thought any minor buyback tax would be ineffective, says he has been proven correct. If a higher buyback tax is enacted, he is betting it will not have the outcomes that Democrats envision. While it's hard to see a higher tax getting passed in the current Congress, it does make sense for Biden to state his desire for 4%. Changing a buyback tax, though, might first prove harder.

☆ Here are 5 things to know about filing a tax return this year
▼ + stars: | 2023-01-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Filing — and tax help — may be freeCertain taxpayers can leverage free (and often little-used) resources when filing a return. The IRS Free File program offers free, guided tax preparation online. You can use last year's tax return to get a sense of what forms you may need. (Aside from tax forms, be sure to have receipts handy for relevant tax deductions and credits.) To avoid delays, file an electronic, error-free tax return with direct deposit for payments.

☆ New Zealand's top PM contender wants to change central bank mandate, Ardern's policies
▼ + stars: | 2023-01-25 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

WELLINGTON, Jan 25 (Reuters) - New Zealand's main opposition party leader and top prime ministerial contender, Christopher Luxon, wants to change the central bank's mandate and reverse some of former leader Jacinda Ardern's polices if he is elected. Luxon's conservative, centre-right National Party is leading over the governing centre-left Labour Party in opinion polls. There is a general election set for October and with inflation tracking near three-decade highs the cost of living is the key election issue. Luxon said if elected prime minister, he would change the mandate of New Zealand's central bank to focus solely on inflation, provide tax relief and widen immigration settings in an effort to dampen price inflation. Critics say the dual focus has contributed to inflation tracking at near three-decade highs, which has led to aggressive interest rate increases.

☆ Alberta premier says province open to providing carbon capture tax credits
▼ + stars: | 2023-01-10 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

[1/2] A Shell employee walks past the company's new Quest Carbon Capture and Storage (CCS) facility in Fort Saskatchewan, Alberta, Canada, October 7, 2021. REUTERS/Todd KorolJan 10 (Reuters) - Canada's main oil-producing province Alberta is open to bolstering tax credits for carbon capture and storage (CCS) technology but also wants the federal government to increase financial support, Premier Danielle Smith said on Tuesday. Carbon capture and storage is seen as a key plank in global efforts to fight climate change by cutting emissions, and last April Ottawa unveiled tax credits designed to spur investment in the costly technology. Last week Liberal Prime Minister Justin Trudeau urged the province to use its budget surplus to boost the tax credits. "We are working towards the same goal...then we can figure out what portion comes from federal tax relief and what portion comes from provincial tax relief," Smith said.

☆ Why do I owe taxes this year? 6 reasons you may not get a refund
▼ + stars: | 2022-12-19 | by ( Jamie Johnson | Lisa Niser | Jamie Johnson Is A Kansas City-Based Personal Finance Writer Whose Work Has Been Featured On Several Of The Top Finance | ) www.businessinsider.com time to read: +10 min

Common reasons include underpaying quarterly taxes if you're self-employed or not updating your withholding as a W-2 employee. Let's look at six common reasons some people could owe money to the IRS. Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Tax Slayer's website Learn more On Liberty Tax's website Learn more On H&R Block's website1. If you underpay your quarterly taxes — or fail to pay them — you could owe money at the end of the year. If you haven't paid any income taxes on the benefits you received, you may owe money when you file.

Car buyers are watching the clock tick down for the Inflation Reduction Act’s updated electric vehicle tax incentives to kick in. If you shop right nowState and federal EV incentives already exist. Their car was built in Tennessee and qualified for the full $7,500 federal tax credit, which they were able to combine with a Massachusetts EV tax exemption of $2,500, effectively knocking $10,000 off the price. Plus, caps on how many vehicles can qualify for existing tax incentives have kept some buyers on the sidelines. If you shop in 2024After next year, the IRA makes an important change to how consumers apply their tax credit.

☆ Britain's M&S warns of 'gathering storm' of higher costs and weak consumer
▼ + stars: | 2022-11-09 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummarySummary Companies H1 profit down 24%Expects profit decline in full yearFacing higher labour, energy, currency costsLONDON, Nov 9 (Reuters) - British retailer Marks & Spencer (MKS.L) warned on Wednesday of a "gathering storm" of higher costs and pressure on household budgets, as it reiterated full-year profits would fall. Profits fell, despite an 8.5% rise in revenue to 5.54 billion pounds, due to higher costs. Prior to Wednesday's update, analysts were on average forecasting a profit before tax and adjusting items of 397 million pounds for the 2022-23 fiscal year, down from 523 million pounds in 2021-22. Marks & Spencer (M&S), whose shares have halved this year, said total food sales increased 5.6% in the first half, while clothing and home sales rose 14%. "Across all M&S markets it is highly likely that conditions will become more challenging in FY24," M&S said.

☆ 3.5 million student-loan borrowers in California will get $1.3 billion in relief because the state won't tax Biden's debt cancellation, Gavin Newsom says
▼ + stars: | 2022-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Gavin Newsom asked the state to prep early to waive state taxes on student-debt relief. Some other states have already said Biden's student-loan relief will be subject to state taxes. "Californians who get student debt relief shouldn't be hit with taxes for it. This will provide up to $1.3 billion in tax relief for more than 3.5 million Californians," Newsom said in a statement. "We believe strongly that the lawsuits are entirely meritless, and that the debt relief plan is lawful and necessary," Cardona said.

☆ Jeremy Hunt set to outline 60 billion pounds in tax rises and spending cuts, the Guardian reports
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - British finance minister Jeremy Hunt plans to set out on Nov. 17 up to 60 billion pounds ($67.82 billion) of tax rises and spending cuts, including at least 35 billion pounds ($39.56 billion) in cuts, the Guardian reported on Sunday. Citing a Whitehall source, the newspaper said the figures remained estimates and subject to change, but that Hunt had told staff he was looking for at least 50-60 billion pounds' worth of measures in his autumn statement. Responding to a Reuters request for comment, the Treasury said it does not comment on speculation around fiscal events. Early drafts of the statement to be delivered on Nov. 17 contain plans for up to 35 billion pounds of spending cuts and up to 25 billion pounds of tax rises, likely to include freezing income tax thresholds and targeting dividend tax relief, the Guardian report said. ($1 = 0.8847 pounds)Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Russia's finance ministry cuts 2023 taxable oil expectations
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Of this, refining volumes were revised down by 56 million tonnes, or almost 20%, to 230.1 million tonnes from 286.1 million tonnes seen in previous forecast. Oil exports, eligible for exports duty, are expected at 178.2 million tonnes, down 19.4% from the earlier made projections. "The estimate for 2022 was reduced to 515 million tonnes, in 2023 to 490 million tonnes. In 2024-2025, the level of oil production will average about 500 million tonnes," it said. So far, Russian oil production, the third-largest after the United States and Saudi Arabia, has been resilient to sanctions, buoyed by rising sales to China and India. .

☆ BOJ, BoJo, Beijing and bond bounce
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +5 min

A surge in Japan's ailing yen from 32-year lows later on Friday, amid reports of out-of-hours Bank of Japan intervention in New York, saw a peak-to-trough drop in dollar/yen of almost 4%. There were wild swings again on Monday amid suspicion of further BoJ sales, even though officials refused to confirm the action. A weekend of political twists from Beijing to London only added to edgy market on Monday. China leadership China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a top governing body stacked with loyalists. Hong Kong's Hang Seng index (.HSI) has now underperformed MSCI's broadest global stock index by almost 50% over two years.

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