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Think about that for a second.”Second, Haley is almost certainly right: tariffs can be a regressive tax, borne largely, if not exclusively, by ordinary American workers. The moderate, non-partisan Tax Foundation found that the existing Trump tariffs will bring in a mere $74 billion in revenues over ten years, while costing jobs, lowering growth and depressing American wages. Haley is right. Who is likely to benefit most from any future Trump tax cuts? Haley is right; Trump wins.
Persons: Edward J, McCaffery, Robert C, Donald Trump’s, Nikki Haley, Haley, Trump, Adam Smith, Harris, Smoot, Hawley, Hood, Herbert Hoover, Ronald Reagan Organizations: CNN, Packard, University of Southern, McCaffery, Jobs, South Carolina Republican, Foundation, Tax Foundation, Biden, Trump, Tax, Walmart, Republican, Trump University Locations: University of Southern California, Washington, China
New York CNN —New Hampshire, the “first-in-the-nation” primary state (which will hold those elections Tuesday), has been a relatively “better-off” state than most others nationally. Median income/povertyThe typical New Hampshire household has a higher income compared to the average in the United States, and a smaller share of state’s residents are in poverty. Southeastern New Hampshire — where three-quarters of the state’s residents live — benefits from being close to the Boston metropolitan area, said Phil Sletten, research director at the left-leaning New Hampshire Fiscal Policy Institute. Some 42% of New Hampshire residents approved of Biden on the economy, with 55% disapproving, according to a November CNN/University of New Hampshire poll. But when it comes to their personal finances, New Hampshire residents are downbeat.
Persons: ’ ”, Charlie Dougherty, , ” Dougherty, “ You’ve, Patricia M, Anderson, Patrick Connelly, ” Connelly, that’s, Brian Gottlob, , Spencer Platt, Lori Harnois, Gottlob, Phil Sletten, Sletten, Joe Biden, Biden, Gina Ferazzi Organizations: New, New York CNN —, United States, of Labor Statistics, Wells, Labor, Reserve, Dartmouth University, CNN, Housing, Tax Foundation, Tourism, Census, Granite State, Survey, New Hampshire —, University of New, Commerce Department, University of New Hampshire Survey Center, Patrons, Los Angeles Times, Independents Locations: New York, New York CNN — New Hampshire, Granite, New Hampshire, Boston, , New Hampshire, “ New Hampshire, , Hampshire, Chester , New Hampshire, Manchester, Devon, Bartlett , New Hampshire, Ohio, Washington, New, Canada, Pennsylvania, United States, Granite State, University of New Hampshire, Colebrook , New Hampshire
ATLANTA (AP) — With a runup in home values sparking higher property taxes for many Georgia homeowners, there is a groundswell among state lawmakers in this election year to provide relief. Political Cartoons View All 253 ImagesIn Texas, voters in November approved a plan cutting property taxes by $18 billion. Pennsylvania is using lottery proceeds to cut property taxes and subsidize rent for seniors and people with disabilities. That owner would have paid more except for a $950 million property tax rebate championed by Gov. More than $2 billion in property value in Columbus is shielded from taxation by homestead exemptions which don't allow for any rise in value.
Persons: Jon Burns, Newington, , Jared Walczak, Chuck Hufstetler, Bill, I’ve, Hufstetler, Burt Jones, It's, Atlanta Sen, Jason Esteves, Esteves, Burns, Shaw Blackmon, Kathleen, That's, Suzanne Widenhouse, Brian Kemp, Widenhouse, ” Widenhouse Organizations: ATLANTA, Georgia's, Republican, Tax Foundation, Democratic, Finance, Rome Republican, Associated Press, Georgia Department, Revenue, Georgia counties, Association of, of Georgia, Gov, Atlanta Locations: Georgia, Texas, Kansas, Colorado, Pennsylvania, California, Muscogee County, Columbus
Mike Segar | ReutersMarkets need to begin thinking about the structural impact of Donald Trump's proposed 10% tariff increase, which "shakes up every asset class," according to Michael Every, global strategist at Rabobank. He suggested one of investors' top concerns would be the 10% tariff on all U.S. imports. Trump floated the 10% tariff during an interview last year with Fox Business' Larry Kudlow, his former White House economic advisor, saying "it's a massive amount of money." China responded with its own tariffs on U.S. goods, and Trump also imposed tariffs on steel and aluminum imports from most countries, including many of Washington's biggest allies. He noted Trump's tendency to "change his mind" so frequently on geopolitical issues that "people won't know where his thinking is at."
Persons: Donald Trump, Mike Segar, Donald Trump's, Michael Every, Janet Yellen, Ron DeSantis, CNBC's, Trump, Tom Lee, Larry Kudlow, it's, Keen, Joe Biden's, Dan Boardman Organizations: U.S, Republican, New, Reuters, Rabobank, The, Foundation, Forum, GOP, Trump, Fox Business, White, AAF, BRI Wealth Management Locations: New Hampshire, Rochester , New Hampshire, U.S, America, China, Beijing, Weston
House Republicans reintroduce bill to repeal 'death tax'
  + stars: | 2024-01-19 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023. House Republicans this week reintroduced legislation to permanently repeal what they're calling the "death tax" — or federal estate tax, which is levied on inherited property above a certain value. Introduced by Rep. Randy Feenstra, R-Iowa, with support from 162 lawmakers, the Death Tax Repeal Act follows past Republican proposals to abolish estate taxes, including a Senate bill from early 2023. The federal estate tax exemption adjusted for inflation by rising to $13.61 million per individual or $27.22 million for spouses in 2024. "Because the revenue effects are relatively small, they may have more leeway to eliminate [the estate tax] altogether if they had full control," Watson said.
Persons: Jason Smith, Joe Biden, Randy Feenstra, , Biden, Garrett Watson, Donald Trump's, Watson Organizations: Republicans, Finance, Tax Locations: Iowa
The House was scheduled to vote Thursday on a GOP plan for cutting income, sales and property taxes by a total of $1.6 billion over three years. Top Republicans want to impose a single personal income tax rate of 5.25%, replacing three rates that top out at 5.7%, starting in 2025. The dispute over the single-rate or “flat” plan blocked a large tax cut in Kansas last year, when a dozen other states cut taxes, according to the conservative-leaning Tax Foundation. Her income tax proposal would increase the standard deductions that all individual filers claim. Kansas Senate President Ty Masterson, a Wichita-area Republican, said retaining an income tax with multiple rates would keep Kansas “behind the eight ball” economically.
Persons: Laura Kelly, Kelly, , Sen, Mike Thompson, Republican Sen, Caryn Tyson, Kelly's, Sam Brownback, “ Kansans, ” Kelly, Brianna Johnson, Neva Butkus, Butkus, Kim Reynolds, Ty Masterson, It's, Hannah Fingerhut Organizations: , Democratic, GOP, Gov, Top Republicans, of Revenue, Tax Foundation ., Kansas City, Republican, Social, Republican Gov, Taxation, Economic, Tax Foundation, Kansas, Associated Press Locations: TOPEKA, Kan, Kansas, Tax Foundation . Kansas, Iowa, Wichita, Des Moines , Iowa
Hinterhaus ProductionsHow much the credit could be worth for familiesWhile less generous than the enhanced child tax credit enacted during the Covid-19 pandemic, the changes would boost the maximum refundable tax break to $1,800 per child for 2023, up from the current 2023 limit of $1,600. The limit would increase to $1,900 for tax year 2024, and $2,000 for tax year 2025, along with inflation adjustments. "It's extremely well-targeted to provide significant relief to millions of low-income families," said Chuck Marr, vice president for federal tax policy for the Center on Budget and Policy Priorities. 'Not much time in a best-case scenario'With proposed retroactive changes for 2023, there's pressure to enact the legislation by the opening of tax season on Jan. 29. "But there's not much time in a best-case scenario," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.
Persons: Chuck Marr, Garrett Watson, Watson Organizations: Hinterhaus, Center, Budget, Tax Locations: U.S
See Personal Finance Insider's roundup of the best tax software >>How does New York tax income? Nonresidents and part-year residents may have a New York income tax liability depending on their living situation and how much they earn. New York income tax ratesIf your New York adjusted gross income was less than $107,650, the tables below would be used to calculate your state tax liability for 2022. New York state tax rates FAQsWhat is the New York state income tax rate for 2023? What are the New York state tax brackets for 2023?
Persons: , Zaher Dehni, Eric Bronnenkant, Dehni Organizations: Service, Finance, state's Department of Taxation, New, Department of Taxation, Tax Foundation, New York, Excelsior Jobs, Tax Locations: New York, California, New, York, , New York, New York City, Yonkers, Nonresidents, Chevron
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSCOTUS wealth tax case ruling could blow up 'significant portions' of income tax: Tax Foundation CEOFormer U.S. Senator John Breaux (D-La.) and Tax Foundation president and CEO Daniel Bunn join 'Squawk Box' to discuss next week's Supreme Court wealth tax case, what the possible outcomes are, potential broader impact on income taxes, and more.
Persons: John Breaux, Daniel Bunn Organizations: Tax, Former U.S, Tax Foundation
IRS announces new income tax brackets
  + stars: | 2023-11-10 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +3 min
New York CNN —If you are someone who likes to plan ahead on your taxes, the IRS this week released the new inflation-adjusted income tax brackets and standard deduction amounts that will be in effect for tax year 2024. The IRS makes inflation adjustments annually to tax brackets, the standard deduction and some other tax breaks. New income tax bracketsThe US federal income tax code currently has seven tax rates – 10%, 12%, 22%, 24%, 32%, 35% and 37%. For tax year 2024, each of the seven rates will apply to the following new income tax brackets:10%: Income up to $11,600 ($23,200 for married couples filing jointly)12%: Income over $11,600 ($23,200 for joint filers)22%: Income over $47,150 ($94,300 for joint filers)24%: Income over $100,525 ($201,050 for joint filers)32%: Income over $191,950 ($383,900 for joint filers)35%: Income over $243,725 ($487,450 for joint filers)37%: Income over $609,350 ($731,200 for joint filers). Taxable income, remember, is your gross income minus the various tax breaks for which you’re eligible.
Persons: Alex Durante, , Robert McClelland Organizations: New, New York CNN, IRS, The Tax, Tax, Center Locations: New York
State Tax Masochism by the Sea
  + stars: | 2023-10-29 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellyOne great benefit of America’s federalist Constitution is policy competition among the states. Voters in Florida don’t have to live under New York’s laws, and Americans and businesses can vote with their feet by moving across state lines. That truth came into focus again last week when the Tax Foundation released its annual ranking of state business tax climates, and there’s a yawning gap between the winners and losers. The worst stack up punishing rates, making new business much more difficult and costly.
Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly Organizations: Reuters, Voters, Tax Foundation Locations: Florida
Texas became the latest state to repeal tax on period products by passing a bill that went into effect September 1, 2023. So the idea of a tampon tax is kind of a misnomer,” said Loughead. The sales tax on period products is only one part of a multi-faceted challenge for consumers who need them, advocacy groups said. “The end goal Is that we take down the tampon tax. When I started this work, the tampon tax was in 40 states and now it’s in 21.
Persons: Cora, Lola, Rael, Flo, Saalt, , Nadya Okamoto, Okamoto, , ” Okamoto, Katherine Loughead, ” Loughead, Troy Moore, Moore, It’s Organizations: New, New York CNN, Coalition, Paypal, CVS, Target, Tax Foundation, Washington DC, National, Bank Locations: New York, Texas, Target, Washington, United States
The amount Americans pay in annual property taxes varies by thousands of dollars depending on where they live, a Tax Foundation analysis reveals. In New Jersey, residents pay a median of $8,797 — the highest of all U.S. states — based on data provided to CNBC Make It. In Alabama, the median property tax bill is only $646. The varying totals were calculated based on five years of Census data as of 2021, the most recent available. When looking at the totals for all states and the District of Columbia, the median tax bill was $2,331.
Persons: Organizations: CNBC, District of Columbia Locations: New Jersey, Alabama
Republican presidential candidate, former Vice President Mike Pence speaks at the Pray Vote Stand Summit at the Omni Shoreham Hotel on September 15, 2023 in Washington, DC. Former Vice President Mike Pence on Thursday dumped on Donald Trump's plan to slap a universal 10% tariff on imported goods if he is reelected in 2024, slamming the idea as a "middle-class tax increase." An across-the-board tariff like the one Trump has proposed would worsen inflation and "reward adversaries like China," Pence's GOP presidential campaign said in an unusually sharp one-page memo. "He and his imitators in this race are backing away from American leadership," Pence said. Trump skipped the first debate last month, but he nevertheless stole much of the evening's attention.
Persons: Mike Pence, Donald Trump's, Pence, Trump, Larry Kudlow Organizations: Omni, Washington , DC, Trump, GOP, Republican, Tax Foundation, Reagan, Fox Business, White Locations: Washington ,, China, California, Detroit
Property taxes can vary by nearly $8,000 for the same-priced home, depending on where you live in the U.S., a new study reveals. New Jersey's effective tax rate is 2.23%, the highest in all 50 states and the District of Columbia, according to Tax Foundation's analysis of the Census Bureau's most recent data. Hawaii is the lowest-taxed state, with an effective tax rate of 0.32%. For a home that's worth the U.S. median of $416,100, that means New Jersey homeowners would pay $9,279 in property taxes. In Hawaii, the tax bill for the same home would only be $1,332.
Organizations: District of Columbia Locations: U.S, Hawaii, Jersey
And now, the state overall ranks as the most expensive place to retire in the U.S., according to recent Bankrate data. New York moved up to the top spot from ninth place on last year's list of the most expensive states to retire. California ranks as the second-most expensive state to retire for the second year in a row, according to Bankrate. The Golden State doesn't tax Social Security benefits, but applies income taxes to withdrawals from other sources. Here are the top 10 most expensive U.S. states to retire in 2023, according to Bankrate.
Persons: Bankrate, — it’s Organizations: Tax Foundation, Council for Community, Economic Research, Fiscal, Security, State Locations: York City, U.S, New York, NYC, California
West Virginia ranks as the least expensive state to retire in 2023, according to data from Bankrate's "Best and Worst States to Retire" list. The state's light tax burden and low cost of living may make it an attractive option for retirees. West Virginia is relatively tax-friendly toward retirees, according to SmartAsset. Although Florida has long been considered a popular destination for retirees, the state didn't place among the cheapest states to retire for the second year in a row. Here are the most and least affordable states to retire in 2023, according to Bankrate.
Organizations: West Virginia, States, Council for Community, Tax Foundation, Sunshine State, National Association of Realtors Locations: Virginia, West, Florida
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
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
Property tax is "really instrumental" as a local revenue source, but stressed that every community has different priorities and budgeting goals. Property taxes have 'so many variables'"With property taxes, it's pretty simple stuff," said Richard Auxier, senior policy associate at the Urban-Brookings Tax Policy Center. watch nowThis is why your next-door neighbor's property tax bill can be so different from yours, Auxier explained. Generally, cities tend to have more expensive property tax rates if there's high property tax reliance, low property values, or more robust local government spending, the report concludes. 5 highest effective property tax rates in 2022Detroit skyline Reese Lassman | EyeEm | Getty Images
Persons: Katherine Loughead, Loughead, Richard Auxier, Auxier, Reese Lassman Organizations: Istock, Getty, Lincoln Institute of Land Policy, Minnesota Center, Fiscal, Center for State Tax, Tax, Urban, Brookings Tax, Reese, EyeEm Locations: Detroit
The best state to retire in 2023 isn't Florida. 1 state to retire, according to a recent Bankrate study. To determine which states are the best for retirees, Bankrate used data from a number of sources, including the U.S. Census Bureau, the Tax Foundation and the Centers for Medicare and Medicaid. Since most retirees live on a fixed income, lower housing costs can help them stretch their dollars further than other states, Bankrate reports. Here are the best and worst states to retire in 2023, according to Bankrate.
Organizations: Southeast . Iowa, U.S . Census Bureau, Tax Foundation, Centers, Medicare Locations: Florida, Southeast
Biden recently announced student-debt relief for over 800,000 borrowers on income-driven repayment. The American Rescue Plan said debt relief will not be subject to federal taxes through 2025. While most states adopted the same guidance, some states could tax the latest relief. However, states can choose whether to craft their tax laws in accordance with federal law — and while most states have chosen not to tax debt relief, some have. Along with the varying state laws, the blog said that borrowers who receive debt relief through Public Service Loan Forgiveness are exempt from taxes, along with those who receive relief if their school closed down.
Persons: Biden, Joe Biden's, Organizations: American, Plan, Service, Joe Biden's Education Department, of Education, Mississippi North Carolina Indiana Wisconsin, Arkansas Revenue, Tax Foundation, Public Locations: Wall, Silicon, Mississippi North Carolina, Mississippi North Carolina Indiana Wisconsin Arkansas
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
For the second year in a row, Alaska ranks as the worst state to retire, according to a recent Bankrate study. Despite placing 20th on last year's list of best states to retire, New York came in 49th this year. Meanwhile, California maintained its standing as the third worst state to retire. A massive housing shortage has caused living costs to rise in the Golden State, placing it 49th place in affordability, following closely behind New York. Here are the 10 worst states to retire in 2023, according to Bankrate.
Persons: Bankrate Organizations: U.S . Census Bureau, Tax Foundation, National Oceanic, Atmospheric Administration, New York, Golden State Locations: Alaska, , New York, New, California, Golden, New York
The Mega Millions jackpot grew to $1.25 billion on August 3, 2023. Justin Sullivan | Getty ImagesAfter months of no winners, the Mega Millions jackpot has grown to an estimated $1.25 billion this week, the fourth-largest prize in the game's history. The next Mega Millions drawing is Friday at 11 p.m. Lottery revenue isn't as consistent as income tax revenue, which may cause program funding shortfalls. Federal tax bill on a $1.25B Mega Millions jackpotThe federal government receives a sizable chunk of revenue after the lottery announces a winner because there's a mandatory 24% federal withholding.
Persons: Justin Sullivan, there's, Aravind Boddupalli, Boddupalli Organizations: Mega, Brookings Tax, North American Association of State, Provincial, Tax, Tax Foundation Locations: Federal
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