theonlinetaxguy

Net wealth taxes are recurrent taxes on an individual’s wealth, net of debt. The concept of a net wealth tax is similar to a real property tax. But instead of only taxing real estate, it covers all wealth an individual owns. As today’s map shows, only three European countries covered levy a net wealth tax,
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This week’s map examines states’ rankings on the individual income tax component of the 2020 State Business Tax Climate Index. The individual income tax is important to businesses because states tax sole proprietorships, partnerships, and in most cases, limited liability companies (LLCs) and S corporations, under the individual income tax code. However, even traditional C corporations
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Tonight’s Democratic Debate in Atlanta will see the remaining 10 candidates argue that they are the best choice as their party’s nominee in the 2020 presidential election. The candidates currently in the top 4 polling positions—former Vice President Joe Biden, Senators Elizabeth Warren (MA) and Bernie Sanders (I-VT), and South Bend Mayor Pete Buttigieg—have all
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Economic Security Planning, Inc. Today’s column addresses what happens when benefits are withheld due to the earnings test, when spousal benefits might be available, public pensions and spousal benefits, survivor benefits and how excess spousal benefits are calculated. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic
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Looking for a “breakthrough.” The House passed another temporary federal government funding bill through Dec. 20. But agreeing on a permanent bill may not be so easy.  Senate Budget Committee Chair Richard Shelby says “impediments” have come up in negotiating top-line spending numbers for 12 appropriations bills. They’re familiar: ”It’s not just the allocations, it’s
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The tax landscape for online sales just got more confusing — again. Despite signing on to a U.S. Supreme Court amicus brief stating otherwise, California is now retroactively seeking sales tax from out-of-state online merchants, going back as far as 2012. The move is seen as a bellwether, as other states are watching to see
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Kenneth Fisher, founder, chairman and chief executive officer of Fisher Investments, speaks during a television interview in New York, May 10, 2010. Jonathan Fickies | Bloomberg | Getty Images The Chicago police pension fund is ending its $67 million relationship with Fisher Investments. The Policemen’s Annuity and Benefit Fund of Chicago joins a number of
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Share to facebook Share to twitter Share to linkedin Yet another business leader speaks out against Warren. Bryan Bedder/Getty Topline: A week after accusing Senator Elizabeth Warren of “tribalism,” former Goldman Sachs CEO Lloyd Blankfein again blasted the Democratic 2020 candidate for her war on billionaires, denouncing politicians like her for moving away from “populism”
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Pursuing whistleblower allegations that a political appointee interfered with a Trump or Pence IRS audit. Staff for Senate Finance Committee Chairman Chuck Grassley and top panel Democrat Ron Wyden met with an IRS whistleblower who alleges that at least one political appointee at Treasury tried to interfere with an audit of President Trump or Vice
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The IRS has issued Revenue Procedure 2019-46, which updates the rules for using the optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expenses. The guidance, which reflects changes from the Tax Cuts and Jobs Act, also provides rules to substantiate the amount of an
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