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☆ 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
☆ 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
☆ 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.
☆ Biden to revisit 'billionaire minimum tax' in State of the Union address
  + stars: | 2023-02-07 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Win Mcnamee | Getty ImagesPresident Joe Biden will again call for a "billionaire minimum tax" during his State of the Union address on Tuesday. However, Biden's original billionaire minimum tax didn't gain traction in Congress and it's even less likely to happen with a Republican-controlled House now, experts say. I view this billionaire minimum income tax as a messaging bill to highlight some of the problems with our tax code. "I don't see a lot of support for Biden's billionaire minimum tax on the Hill," Rosenthal said. Problems with the billionaire minimum taxEven with more support, Biden's billionaire minimum tax may face other hurdles, experts say.
☆ New retirement account rules make it easier to tap savings early for emergencies
  + stars: | 2022-12-27 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +7 min
But they said the rules also amount to another source of so-called "leakage" that run contrary to the overall goal of retirement savings: to build a nest egg for the future. Participants can also access 401(k) savings via loans or non-hardship withdrawals. Non-hardship distributions also hit an all-time high in October — almost 0.9% of participants took one that month, according to Vanguard. And the share of workers taking 401(k) loans rose to 0.9% in October from 0.8% at the beginning of 2022. Beyond the apparent acute financial need among households, hardship withdrawals carry negative repercussions like tax penalties.
☆ Families can make a tax-free rollover from 529 plans to Roth individual retirement accounts starting in 2024
  + stars: | 2022-12-23 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
Maskot | Maskot | Getty ImagesMillions of 529 accounts hold billions in savingsThere were nearly 15 million 529 accounts at the end of last year, holding a total $480 billion, according to the Investment Company Institute. watch nowHowever, that investment growth is generally subject to income tax and a 10% tax penalty if used for an ineligible expense. A transfer would skirt income tax and penalties; investments would keep growing tax-free in a Roth account, and future retirement withdrawals would also be tax-free. The rollover can only be made to the beneficiary's Roth IRA — not that of the account owner. Some education savings experts think 529 accounts have adequate flexibility so as not to deter families from using them.
☆ Patagonia founder's big donation potentially saves him over $1 billion in taxes — and experts say it shows how the wealthy are able to 'entirely opt out of taxes'
  + stars: | 2022-09-16 | by ( Juliana Kaplan | Grace Kay | ) www.businessinsider.com   time to read: +9 min
The donations could save the Patagonia founder's family over $1 billion in taxes, experts calculated. "Instead of extracting value from nature and transforming it into wealth for investors, we'll use the wealth Patagonia creates to protect the source of all wealth." It also might give Chouinard and his family a big tax break, experts who monitor such big transactions told Insider. A Patagonia spokesperson told Insider the Chouinard family did not ask to create a company structure to avoid taxes. Russell James, director of graduate studies in personal financial planning at Texas Tech University, said that the ultra-wealthy generally "can't even use charitable income tax deductions."
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