DIRS.INFO The most relevant business & tech news

☆ Kenya president backs down on tax rises after deadly protests
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +3 min

Kenya's president on Wednesday withdrew planned tax rises, bowing to pressure from protesters who had stormed parliament, launched demonstrations across the country and threatened more action this week. "Listening keenly to the people of Kenya who have said loudly that they want nothing to do with this finance bill 2024, I concede. And therefore, I will not sign the 2024 finance bill, and it shall subsequently be withdrawn," he said in a televised address. Thousands took to the streets of Nairobi and several other cities during two days of protests last week as an online movement gathered momentum. Protests in Kenya have usually been called by political leaders who can be amenable to negotiated settlements.

Persons: William Ruto, Ruto, Ruto's, Lawmakers Organizations: Wednesday, Kenyan, IMF, The Nation, Kenya Medical, Medical, Protesters, State, World Bank, International Monetary Fund Locations: Kenya, Eldoret, Nairobi

☆ Behind the Unrest in Kenya, a Staggering and Painful National Debt
▼ + stars: | 2024-06-26 | by ( Patricia Cohen | Keith Bradsher | ) www.nytimes.com time to read: +1 min

The underlying cause, though, are the billions of dollars their government owes its creditors. Kenya has the fastest growing economy in Africa and a vibrant business center. Interest payments alone are eating up 27 percent of the revenue collected. But the debts that are causing misery in Kenya and across Africa remain. More than half the people on the continent live in countries that spend more on interest payments than they do on health or education.

Persons: William Ruto Organizations: United Nations Conference, Trade, Development Locations: Kenya, Africa

☆ Analysis, fits for all 58 NBA Draft picks from John Hollinger and Sam Vecenie
▼ + stars: | 2024-06-26 | by ( John Hollinger | Sam Vecenie | ) www.nytimes.com time to read: +109 min

He’s going to be a killer rebounder, monster screener and will consistently establish his position even against some of the stronger NBA players. I’m done doubting Edey, even as an NBA player. As an enormous ballhandler with serious touch and incredible vision as a passer, Topić is clearly an NBA player, even if it doesn’t all translate. Shannon is an elite athlete, but the NBA game requires more nuance, especially if he continues to be an inconsistent shooter. However, I also think he’s more than just a floor spacer on offense in spot-up situations and potentially as an off-ball scorer.

Persons: Read Sam Vecenie’s, Sam Vecenie, John Hollinger, Zaccharie Risacher, Zaccharie, Risacher, he’s, he’d, —, Saddiq Bey, De’Andre Hunter, Jalen Johnson, Dejounte Murray, Alexandre Sarr, Chet Holmgren, Victor Wembanyama, Myles Turner, Wembanyama, Holmgren, Nic Claxton, Kyle Kuzma, Flagg, Reed Sheppard, Sheppard, Sheppard isn’t, he’ll, Lonzo, Tyrese Haliburton, savants, Houston couldn’t, He’s, Donovan Clingan, Ron Holland, Holland, haven’t, don’t, Aaron Gordon, Cade Cunningham, Trajan Langdon, Tidjane, it’s, Mark Williams, Miles Bridges, Jarrett Allen, Deandre Ayton, Clingan, Ayton, Robert Dillingham, Dillingham, Tyrese Maxey —, Maxey, Trae Young, Ja Morant, Morant, Young, Dennis Schröder, Mike Conley, Zach Edey, Edey, I’m, Joel Embiid, Zach Kleiman, It’s, Devin Carter, Matas, Cody Williams, Williams, isn’t, We’re, Buzelis, Patrick Williams, Nikola Topić, Nikola Djurišić, Topić, “ Vasa, Shai Gilgeous, Alexander, Carter, Carlton “ Bub ” Carrington, Bub Carrington, Carrington, White, Will, Kel’el Ware, Ware, doesn’t, Wood, There’s, Thomas Bryant, Orlando Robinson, Bam Adebayo, Philadelphia 76ers Jared McCain, Duke Vecenie’s, Jared McCain, McCain isn’t, Seth Curry, McCain, Dalton Knecht, He’ll, Knecht, Will Hardy, Erik Spoelstra, Tristan da Silva, Tristan da Silva’s, da Silva, Jett Howard, Da Silva, Johnny Furphy, Ja’Kobe Walter, Walter, Gary Trent Jr, Bruce Brown, Isaiah Collier, Scottie Barnes, RJ Barrett, Jaylon Tyson, Tyson, Yves Missi, Yves Missi’s, Clint Capela, Zion Williamson, Missi, Jonas Valančiūnas, Larry Nance Jr, DaRon Holmes, Holmes, Jaylin Williams, Zeke Nnaji, A.J, Johnson, Jackson, Giannis, Kyshawn George, Kyle Anderson, George, Washington, George ., Dadiet, evaluators, Tobias Harris, Harris, Dillon Jones, Jones, Cason Wallace, Lu Dort, Alex Caruso, Nikola, rebounder, Minnesota Timberwolves Terrence Shannon Jr, Terrence Shannon, Shannon, Bart Torvik’s, Buddy Hield, Jimmer Fredette, Chris Duarte, Ochai Agbaji, Matisse, Marshon Brooks, Quincy Pondexter, Lazar Hayward, Davon Reed, Carrick Felix, Orlando Johnson, Hield, Phoenix Suns Ryan Dunn, Ryan Dunn, I’ve, Herb Jones —, Dunn, Derrick Jones Jr, Herb Jones ’, Hollinger, Joanna Gaines, Utah Jazz Isaiah Collier, Collier, Kris Dunn, Baylor, Creighton Vecenie’s, Baylor Scheierman, closeouts, didn’t, Toronto Raptors Jonathan Mogbo, Francisco Vecenie’s, Jonathan Mogbo, Utah Jazz Kyle Filipowski, Kyle Filipowski, Kristaps, Nikola Jokić, Brook Lopez, Duke, Milwaukee Bucks Tyler Smith, Tyler Smith, Smith, let’s, AJ Johnson, Christian Wood, Bobby Portis, Tyler Kolek, Jalen Brunson, Antonio didn’t, Juan Núñez, Juan Núñez’s, Monte Morris, — Morris, McConnell, Sergio Rodriguez, Rodriguez, Núñez, Klintman, Ajay Mitchell, UC Santa Barbara Vecenie’s, Mitchell, Wells, wasn’t, Oso, Ighodaro, Nikola Vučević, Philadelphia 76ers Adem Bona, Adem Bona, Bona, Paul Reed’s, Charlotte Hornets K.J, Simpson, Simpson isn’t, AJ Griffin, Djurišić, Pelle Larsson, Pelle Larsson’s, Larsson, Duncan Robinson, Jamal Shead, Eric Bledsoe, Patrick Beverley, Shead, I’d, Kyle Lowry, Cam Christie, Christie, Nickeil Alexander, Walker, Max, Antonio Reeves, Reeves, He’d, Nate Duncan, hadn’t, That’s, Jordan Hawkins, San Antonio Spurs Harrison Ingram, Harrison Ingram, Ingram, Newton, Tristen Newton, . Indiana Pacers Enrique Freeman, Enrique Freeman, Paul, Millsap, Freeman, Melvin Ajinça, Quentin Vecenie’s, Ajinça, Trent, Cam Spencer, Spencer doesn’t, Spencer, Luke Kennard’s, Boston Celtics Anton Watson, Gonzaga Vecenie’s, Anton Watson, He’s switchable, Watson, James, Bronny James, that’s, Still, LeBron James, Kevin McCullar Jr, Kevin McCullar, Ulrich Chomche, Ariel Hukporti, Tristan Vukčević, Khalifa Diop, Karlo Matković, Marko Simonovic, Luke Hales Organizations: Hawks, Atlanta, Perth Wildcats, Defense, NBA, Wizards, Kentucky, Wildcats, UCLA, Tyrese, Iowa State, Stephon, Spurs, Ignite, League, Pistons, Deandre, Minnesota Timberwolves, 76ers, Dillingham, Purdue, IMG, intel, Grizzlies, Edey, Memphis, Colorado, Sunrise, Lithuanian GM, Bulls, Crvena Zvezda Vecenie’s, Mega, Red Star, doesn’t, Oklahoma City, Providence Vecenie’s, Sacramento, Kings, Washington Wizards, Blazers, Carlton, Pittsburgh, Indiana, Philadelphia 76ers, Duke, McCain, Philadelphia, Sixers, Tennessee, Lakers, NCAA Tournament, Baylor, Houston, Denver Nuggets, Suns, Dayton Vecenie’s, Nuggets, Denver, Ilawarra Hawks, Jackson, Bucks, Miami, New York Knicks, Ratiopharm Ulm, Knicks, Oklahoma City Thunder, Weber State, Golden State Warriors, Illinois, Wolves, Phoenix Suns, Virginia Vecenie’s, Alabama, Mavericks, Dallas, Utah Jazz, USC, Trojans, Jazz, Baylor Scheierman, Celtics, Hoop, Toronto Raptors, Francisco, Raptors, Brook, Utah, Milwaukee Bucks, Marquette, Mikal Bridges, . Indiana Pacers, SAS, Kansas, San Antonio Spurs, today’s NBA, Ratiopharm, Detroit Pistons, Cairns, UC Santa Barbara, Belgian, Thunder, Memphis Grizzlies, Washington, Washington State, Charlotte Hornets, Atlanta Hawks, G League, Rockets, Miami Heat, Arizona, SAC, Summer League, Minnesota, Pelicans, Clippers, New Orleans Pelicans, North Carolina Vecenie’s, Stanford, Ingram, Pacers, UConn, Akron Vecenie’s, Louisiana Tech, MAC, Dallas Mavericks, Saint, Boston College Vecenie’s, Boston College, Boston Celtics, Gonzaga, Los Angeles Lakers, G, NBA Academy Africa, NBA Academy, Melbourne United Locations: Zaccharie, Indiana, Washington, Kentucky, Iowa, Haliburton, Sheppard, Connecticut, San Antonio, Detroit, Portland, Dillingham, Minnesota, Memphis, Colorado, Lithuanian, Chicago, Oregon, Miami, Philadelphia, Tennessee, Utah, California, Atlanta, Orleans, Oklahoma, Dayton, Denver, Fla, Swiss, Dadiet, New York, Shannon, Kansas, Alabama, Virginia, Collier, Boston, Oklahoma City, Milwaukee, Marquette, He’s, Europe, Spain, Spanish, Ratiopharm Ulm, Núñez, NY, OKC, Arizona, Philly, Charlotte, ORL, North, Newton, Akron, Ajinça, Africa, DAL, Cleveland

☆ IRS watchdog pushes for transparency on pandemic-era small business tax credit backlog
▼ + stars: | 2024-06-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Many taxpayers are experiencing "long delays and uncertainty" amid a backlog of roughly 1.4 million pandemic-era small business tax credit claims, according to the National Taxpayer Advocate. "It’s time for the IRS to be transparent on how and when it plans to move forward addressing these ERC claims," she wrote. Some 85% of pending ERC claims are more than 120 days old. "The IRS is between the proverbial rock and a hard place when it comes to ERC claims," Collins said in a statement.

Persons: Erin Collins, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, National Taxpayer, ERC, IRS, Finance Locations: Washington ,, U.S

☆ Denmark to charge $100 per cow in world’s first carbon tax on farming
▼ + stars: | 2024-06-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Dairy farmers in Denmark face having to pay an annual tax of 672 krone ($96) per cow for the planet-heating emissions they generate. The country’s coalition government agreed this week to introduce the world’s first carbon emissions tax on agriculture. On average, Danish dairy cows, which account for much of the cattle population, emit 5.6 tonnes of CO2-equivalent per year, according to Concito, a green think tank in Denmark. Using the lower tax rate of 120 krone results in a charge of 672 krone per cow, or $96. With the tax break in place, that levy will rise to 1,680 krone per cow in 2035 ($241).

Persons: Lars Lokke Rasmussen, “, ”, Torsten Hasforth, Landbrug, Peter Kiær, ” Peder Tuborgh, Kristian Hundeboll Organizations: London CNN — Dairy, ”, United Nations, Food, Agriculture Organization, CNN, Arla Foods, DLG, Initiative Locations: Denmark, Danish, Europe

☆ Rampant Identity Theft Is Taxing the I.R.S.
▼ + stars: | 2024-06-26 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Rampant identity theft has overwhelmed the Internal Revenue Service, resulting in a backlog of 500,000 unresolved fraud cases, leaving taxpayers without refunds and credits that they are due, the agency’s watchdog wrote in a report to Congress on Wednesday. The report by the National Taxpayer Advocate described the slow pace of addressing the identity theft cases as a “blemish” on the performance of the I.R.S., which is in the midst of a sweeping modernization campaign that aims to improve taxpayer services. was criticized by the watchdog for identify theft delays last year, the backlog has gotten only worse. is taking nearly two years to resolve identity theft victims’ assistance cases and has an inventory of approximately 500,000 cases, up from 484,000 cases in September. delays in resolving identity theft victim assistance cases are unconscionable,” Erin Collins, the taxpayer advocate, wrote in the report.

Persons: “, ” Erin Collins Organizations: Internal Revenue Service, National Taxpayer

☆ Live Updates: Casualties Reported as Police Fire on Protesters in Kenya
▼ + stars: | 2024-06-25 | by ( Abdi Latif Dahir | ) www.nytimes.com time to read: +7 min

The police used live fire and tear gas on protesters who marched on the Parliament building in an attempt to stop a vote on a contentious finance bill. The police used tear gas in an attempt to keep the protesters from approaching Parliament, and the sound of live fire rang out. Before Tuesday’s demonstration, several activists who are prominent critics of the bill were abducted, according to the Law Society of Kenya. But protesters have denounced other taxes, including on imported goods, and have urged the government to abandon the draft legislation. Image President William Ruto promised to be a champion of the poor, but critics say his administration has been marred by extravagant spending.

Persons: Faith Odhiambo, Odhiambo, Martha Koome, ”, Kasmuel McOure, William Ruto, Urs Flueeler, Ruto, Instagram, Mike, “, Kimani Ichung’wah, It’s, Anita Barasa, McOure, Mr Organizations: Amnesty International, Law Society of Kenya, Mr, Kenyan, Observers, KFC, Protesters Locations: Nairobi, Kenya, East, reneging, ”

☆ Protests in Kenya Over Tax Bill: What to Know
▼ + stars: | 2024-06-25 | by ( Eve Sampson | ) www.nytimes.com time to read: +1 min

The sting of tear gas, the crack of live bullets and images of wounded people sprawled across the ground accompanied mass protests Tuesday in Nairobi, the Kenyan capital, after Parliament passed a controversial bill raising taxes, despite criticism that it would intensify economic desperation. At least five people died from gunshot wounds, civic groups said, and crowds breached the Parliament amid plumes of smoke as days of protests against the tax bill ended with police and protesters clashing. Typically a regional bastion of economic security, Kenya has a population of over 54 million. Here is what we know about the contentious legislation that set off Tuesday’s clashes. What will the tax bill do?

Organizations: Kenyan Locations: Nairobi, Kenya

Photographs and news agency reports showed protesters clashing in the streets of Kenyan capital Nairobi on Tuesday, as the African state passed a controversial finance bill set to raise national taxes. Kenya's Human Rights Commission on Tuesday shared a video of officers shooting at protesters, calling for accountability. At least 50 people were injured by gunfire during the latest demonstrations, Reuters reported, citing a local paramedic outside of the parliament. The news agency further said sections of the parliament building were set on fire, as the compound was stormed. Blood has already been shed in similar protests, after two people died in separate demonstrations held last week, the Associated Press reported.

Organizations: Kenyan, Rights, Reuters, CNBC, Kenyan Police Service, Ministry of Foreign Affairs, Associated Press Locations: Nairobi, Kenya

☆ Fewer Americans are buying life insurance. Here's when you might need it
▼ + stars: | 2024-06-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Overall, the share of households with life insurance has "steadily" decreased since the early 1970s, according to the NAIC. That said, even as fewer people buy life insurance, "I do think there's a need for it," he added. What type of life insurance to buyThere are two broad types of life insurance: Term and permanent. Permanent life insurance, such as a whole or universal life policy, is meant to last throughout life. How much life insurance to getLuca Sage | Digitalvision | Getty Images

Persons: Knoll, Shapiro, Scott Shapiro, —, Luca Sage Organizations: Planning Center . Insurance, Getty, Illinois Department of Insurance, KPMG, Digitalvision

☆ Protests Driven by Younger People Aim to Push Kenya to Scrap Tax Rises
▼ + stars: | 2024-06-25 | by ( Abdi Latif Dahir | ) www.nytimes.com time to read: +1 min

Before Tuesday’s demonstration, several activists who are prominent critics of the bill were abducted, according to the Law Society of Kenya. The abductors’ identities were not publicly known, but some were believed to be intelligence officers, said the Law Society’s president, Faith Odhiambo. Lawmakers in Parliament are set to debate and vote on proposed amendments to the bill on Tuesday. President William Ruto’s governing alliance has enough votes to pass it, although opposition leaders have rejected the measure in its totality. Once the bill has parliamentary approval, Mr. Ruto can sign it into law or send it back for amendments.

Persons: Faith Odhiambo, William Ruto’s, Ruto Organizations: Amnesty International, Law Society of Kenya Locations: Kenya, East

☆ Anti-Tax Riots Rock Kenya, as President Vows Crackdown on ‘Treasonous’ Protesters
▼ + stars: | 2024-06-25 | by ( Abdi Latif Dahir | Declan Walsh | ) www.nytimes.com time to read: +1 min

Thousands of demonstrators flooded the streets of Kenya’s capital, Nairobi, and some broke into Parliament and briefly set fire to the entrance on Tuesday, after lawmakers approved tax increases that critics said would drive up the cost of living for millions. During the protests, the police fired tear gas and guns, plunging the capital into turmoil. At least five people were fatally shot and 31 others injured, according to Amnesty International and several prominent Kenyan civic organizations. The independent Kenya Human Rights Commission posted a video that showed police officers firing as protesters marched toward them. As tear gas wafted through the streets, some protesters climbed through the windows of Parliament after lawmakers voted 195 to 106 in favor of the tax bill on Tuesday, with supporters saying it would raise revenue for education and other essential services.

Persons: William Ruto, Ruto, ” Organizations: Amnesty International, Kenyan, Kenya Human Rights Locations: Kenya’s, Nairobi, Kenya

☆ Great savers could face a 'tax time bomb' in retirement, advisor says — here's how to avoid it
▼ + stars: | 2024-06-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're nearing retirement with a large pre-tax 401(k) plan or individual retirement account balance, you need a plan for managing future levies, financial experts say. Great savers could face a "tax time bomb" in retirement when required withdrawals kick in, said certified financial planner Scott Bishop, partner and managing director of Presidio Wealth Partners in Houston. RMDs are typically tied to pre-tax retirement accounts, which incur regular income taxes for withdrawals. Those RMDs could push some retirees into a higher tax bracket, according to Bishop, who is also a certified public accountant. Those lower rates are scheduled to sunset after 2025 without an extension from Congress.

Persons: Scott Bishop, Joe Biden Organizations: Presidio Wealth Partners, Finance Locations: Houston

☆ Wyoming, Delaware, and Montana are the most entrepreneurial states of 2024 so far. It might be due to business-friendly taxes.
▼ + stars: | 2024-06-21 | by ( John Towfighi | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Delaware and Montana are second and third in new business openings per 100,000 residents since the start of 2024. AdvertisementThe boom in business translates to 283 new businesses per 100,000 residents in Wyoming, 153 in Delaware, and 106 in Montana. Wyoming also led the nation in new business applications per capita in 2023, according to the Chamber of Commerce. Business-friendly taxationWyoming, Delaware, and Montana are all particularly attractive to new business owners due to their tax laws. AdvertisementAre you a new small-business owner in Wyoming, Delaware, or Montana?

Persons: —, Louis Fed, LendingTree, Louis, EIG Organizations: Service, Business, Census, Chamber of Commerce, Fed, of Labor Statistics, Louis Fed, Tax Foundation, Washington D.C, Fortune, state's, Corporations, Economic Innovation Group Locations: Wyoming, Delaware, Montana, In Montana, New York City, San Francisco, South Dakota, Nevada, Washington, , Wyoming, West, Wyoming , Delaware

☆ Chinese cities desperate for cash are chasing companies for taxes — some from the 1990s
▼ + stars: | 2024-06-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Last year, the soy milk seller made a net profit of only 209 million yuan ($29 million). And it’s still unsure how much it owes in fines, which could be potentially higher than the actual $11.7 million tax bill. Including fines, the company needed to pay a total amount of 480 million yuan ($66 million). The amounts paid vary from 8 million yuan ($1.1 million) to 310 million yuan ($43 million). It said in January that the Shenzhen government had asked for payment of 19.8 million yuan ($2.7 million) in back taxes for 2017 and 20.2 million yuan ($2.8 million) in fines.

Persons: they’ve, ”, Craig Singleton, Frank Tian Xie, ” Singleton, it’s, ” Bohui, “ Organizations: Hong Kong CNN — Authorities, Food & Beverage, Foundation for Defense of Democracies, Administration of Taxation, “ Police, Taxation, Centers ”, University of South, University of South Carolina Aiken, Ningbo Bohui Chemical Technology, Healthcare, ChinaLin Securities, Yixintang Pharmaceutical Group Locations: China, Hong Kong, Zhijiang, Hubei, Yichun, Jiangxi, University of South Carolina, “, ” Beijing, Ningbo, Qinghai, Golmud, Chongqing, Shanghai, Shenzhen

☆ If you’re grabbing tax-free income from this asset, you may be sacrificing yield
▼ + stars: | 2024-06-21 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Though municipal bonds generally offer income that's free of federal income taxes – and state taxes if the investor resides in the issuing state – they also come with lower yields compared to other bonds. When it comes to muni bonds, the higher your tax bracket, the more valuable the tax-free income is. A tax-conscious approach to fixed income You don't have to bulk up on municipal bonds to get the best yield for your tax scenario. Municipal bonds are good contenders in taxable brokerage accounts, where investors can benefit from their tax-free income. Some fund families offer "tax-aware strategies" either in mutual funds or ETFs, which can include some exposure to municipal bonds, as well as equities.

Persons: Wells Fargo, aren't, Nisha Patel, That's, Collin Martin, Michael Carbone, it's, Beth Foos Organizations: Wells, Wells Fargo Investment Institute, Federal Reserve, SEC, Bond, Corporate Bond, York Life Investments, Schwab Center, Financial Research, Morningstar Locations: Wells Fargo, Chelmsford , Massachusetts

☆ Supreme Court rejects challenge to tax on foreign investments — but avoids wealth tax debate
▼ + stars: | 2024-06-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

An exterior view of the Supreme Court on June 20, 2024 in Washington, DC. In a closely watched case, the Supreme Court on Thursday denied a challenge to a federal tax on certain foreign investments — but left questions about whether a wealth tax is constitutional. The provision was enacted via the Republicans' 2017 tax overhaul to help pay for the legislation's other tax breaks. While the Supreme Court upheld the tax on the Moores, the justices steered clear of the broader debate on whether a wealth tax is constitutional. He emphasized the limited scope of the opinion and how it only addressed the "precise and narrow question" of the Moore's case.

Persons: Moore, Moores, Xers, haven't, Brett Kavanaugh Organizations: Republicans, Finance, Trump, Moores Locations: Washington , DC, United States, Washington, India

☆ Justices uphold Trump tax on overseas investments in win for Biden
▼ + stars: | 2024-06-20 | by ( John Fritze | Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —The Supreme Court on Thursday upheld a Trump-era tax on overseas investments, rejecting an argument from a Washington state couple in a case that could have jeopardized existing tax provisions and torpedoed Democratic talk of a wealth tax. Justice Brett Kavanaugh wrote the majority opinion and Justice Clarence Thomas wrote a dissent. In reading his opinion from the bench, Kavanaugh repeatedly stressed that the opinion was “narrow” and did not implicate the raging debate over a wealth tax. “Those are potential issues for another day, and we do not address or resolve any of those issues here,” Kavanaugh wrote in Thursday’s opinion. Elizabeth Warren of Massachusetts and Ron Wyden of Oregon and Independent Sen. Bernie Sanders of Vermont have also unveiled tax proposals that would hit the wealthiest Americans.

Persons: Brett Kavanaugh, Clarence Thomas, Kavanaugh, Charles, Kathleen Moore, Moores, Donald Trump, Joe Biden, ” Kavanaugh, “, ” Biden, Biden, Democratic Sens, Elizabeth Warren of, Ron Wyden, Independent Sen, Bernie Sanders, Paul Ryan, Moore, Samuel Alito, Alito, Charles Moore Organizations: CNN, Trump, Democratic, Government, Oregon, Independent, Capitol, Moores Locations: Washington, India, trillions, Elizabeth Warren of Massachusetts, Vermont

CNN —Violent clashes between police and protestors have broken out in Nairobi, Kenya on Thursday as a government vote on a controversial finance bill gets underway. Parliament has been sealed off since Thursday morning with roads around it blocked as lawmakers debate the Finance Bill inside. Police are breaking up peaceful protesters with tear gas and water cannons around the city center in Nairobi. Festo Lang/CNNCNN has met protesters as young as 18 who say they’re fighting for their future. Look at the tears of the women in the country of Kenya,” one young man told CNN’s Larry Madowo.

Persons: Anger, Festo Lang, Ruto, ”, CNN’s Larry Madowo, Young Organizations: CNN, Police, CNN CNN Locations: Nairobi, Kenya, East

☆ Supreme Court Upholds Trump-Era Tax Provision
▼ + stars: | 2024-06-20 | by ( Abbie Vansickle | ) www.nytimes.com time to read: 1 min

The Supreme Court on Thursday upheld a tax on foreign income that helped finance the tax cuts President Donald J. Trump imposed in 2017 in a case that many experts had cautioned could undercut the nation’s tax system. The vote was 7 to 2, with Justice Brett M. Kavanaugh writing the majority opinion. Justice Amy Coney Barrett wrote a concurring opinion, joined by Justice Samuel A. Alito Jr., and Justice Clarence Thomas dissented, joined by Justice Neil M. Gorsuch. The question before the justices appeared narrow at first glance: Is the tax in question allowed under the Constitution, which gives Congress limited powers of taxation? In the majority opinion, Justice Kavanaugh wrote that the tax fell within the authority of Congress under the Constitution.

Persons: Donald J, Trump, Brett M, Kavanaugh, John G, Roberts, Amy Coney Barrett, Justice Samuel A, Alito Jr, Clarence Thomas, Neil M Organizations: Chief

☆ Democrats’ Dream of a Wealth Tax Is Alive. For Now.
▼ + stars: | 2024-06-20 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

For years, liberal Democrats have agitated for the United States to tax wealth, not just income, as a way to ensure that rich Americans who derive wealth from real estate, stocks, bonds and other assets were paying more in taxes. On Thursday, that dream survived a Supreme Court scare, but just barely. The idea of a wealth tax was not directly before the court on Thursday. Justices were considering the constitutionality of a new tax imposed under former President Donald J. Trump that applies to certain income earned by businesses overseas. But in taking the case, the court could have pre-emptively ruled federal wealth taxation unconstitutional.

Persons: Donald J, Trump, “, Amy Hanauer, ” Organizations: Taxation, Economic Locations: United States

☆ Kenya: Hundreds arrested as protests flare over tax hikes
▼ + stars: | 2024-06-19 | by ( Nimi Princewill | ) edition.cnn.com time to read: +2 min

CNN —Protests have erupted in parts of Kenya, with hundreds detained by police as citizens rejected planned tax hikes in the East African nation already grappling with escalating living costs. Civil society groups said that at least 283 people have been arrested since Tuesday as protests flared over the proposed hikes. Among the taxes suspended was a 16% value-added tax on bread and a 2.5% tax on motor vehicles, a statement from Kenya’s presidency said. Amnesty International’s Kenya office said it was “deeply outraged by the arbitrary arrest of peaceful protestors” in Nairobi on Tuesday. An alliance of civil society groups called for the unconditional release of detained protesters, which it said included journalists.

Persons: Kenyan John Wills Njoroge, It’s, “, ” Organizations: CNN, Kenyan, NTV, Kenyan Police Service, ” CNN Locations: Kenya, East, Nairobi, Mombassa, Mombasa, Kenya’s

☆ Trump tax breaks are set to expire after 2025. Here's what advisors are telling their clients
▼ + stars: | 2024-06-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

With trillions of dollars in tax breaks scheduled to expire after 2025, financial advisors are working with clients to prepare for the looming tax cliff. Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, included lower federal income tax brackets, bigger standard deductions and higher gift and estate tax exemptions, among other provisions. If Congress doesn't take action, those tax breaks will sunset after 2025. And if the TCJA provisions expire, more than 60% of tax filers could face increased taxes, according to the Tax Foundation. Here are some tax strategies advisors are discussing with their clients.

Persons: Donald Trump, Jim Guarino, Baker Newman Noyes, Mary, Guarino Organizations: Tax, Finance Locations: Woburn , Massachusetts

☆ The Kansas City Chiefs want millions in tax incentives so the team can switch states
▼ + stars: | 2024-06-18 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

Read previewThe Kansas City Chiefs may be on the move. All eyes are on now the bill which, if passed, could help the reigning Super Bowl champions (as well as MLB team the Kansas City Royals) move from the Missouri side of the city to the Kansas side of the city. Officials in Jackson County, Missouri on Monday proposed a resolution for a countywide sales tax, local Kansas City outlet KSHB reported. AdvertisementAnd back in 2022, Donovan even floated the idea of moving from Missouri to Kansas, according to the outlet. Representatives for the Kansas City Chiefs and Royals did not immediately respond to a request for comment from Business Insider.

Persons: —, we've, Korb Maxwell, Bond, Mark Donovan, Donovan, Taylor Swift Organizations: Service, Kansas City Chiefs, Super Bowl, MLB, Kansas City Royals, Business, Royals, Chiefs, Revenue, Kansas City Star, Missouri Independent, Kansas City, Sports, Kansas - Locations: Kansas, Missouri, Jackson County , Missouri, Kansas - Missouri

☆ New Jersey Democratic kingmaker George Norcross indicted on racketeering charges
▼ + stars: | 2024-06-17 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

George Norcross, who for decades had been a Democratic political kingmaker in New Jersey, was charged with racketeering in an indictment unsealed Monday. Norcross's brother, Phillip Norcross, and four other defendants also were charged in the 13-count, 111-page indictment filed by New Jersey Attorney General Matthew Platkin. George Norcross, a 68-year-old insurance executive and former member of the Democratic National Committee, was chair of the board of trustes of Cooper University Health Care and chair of Conner Strong & Buckelew. Now a resident of Florida, George Norcross was in attendance at a press conference Platkin gave on the charges Monday in Trenton. CNBC has requested comment on the indictment from George Norcross' lawyer, Michael Critchley.

Persons: George Norcross, Matt Platkin, Norcross's, Phillip Norcross, Matthew Platkin, Platkin, Conner Strong, CSB, Michael Critchley Organizations: Democratic, New Jersey, New, Cooper Health, Democratic National Committee, Cooper University Health Care, Norcross Enterprise, City of, CNBC Locations: Trenton , N.J, New Jersey, South Jersey, Camden , New Jersey, Florida, Trenton, of New Jersey, City, City of Camden

Search resuls for: "The Tax"

25 mentions found