Key Findings A broad-based financial transaction tax (FTT) in the United States would be a substantial revenue source. For example, the Inclusive Prosperity Act proposed by Sen. Bernie Sanders (I-VT), with an FTT levied at 0.5 percent on stocks, 0.1 percent on bonds, and .005 percent on derivatives, has been estimated to raise between approximately
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The Internal Revenue Service said it may provide relief from double taxation in some circumstances to corporations because of the repatriation tax under the Tax Cuts and Jobs Act. The IRS said Friday it has determined that in unique circumstances, such as where a corporation paid an unusual dividend for business reasons, not because of
Since the 2008 financial crisis, financial transaction taxes (FTTs) have been debated as a potential instrument to address financial market instabilities and as a source for tax revenue. Today’s map shows which European OECD countries impose a type of FTT. FTTs are levied on the trade in financial instruments such as stocks, bonds, or derivatives.
An Airbus narrow body plane Nicolas Economou | NurPhoto | Getty Images European planemaker Airbus is working with Nasdaq to develop a derivatives-based trading platform that will allow airlines to protect against swings in ticket prices. Just like airline companies use oil futures to hedge against the volatility in fuel costs, they will soon be able
Tom Werner | DigitalVision | Getty Images Investing a pot of tax-free cash for medical expenses is a great idea, with apparently few takers. Health savings accounts, which are offered alongside high-deductible health-care plans, come with a bevy of tax benefits. You can contribute to an HSA on a pretax or tax-deductible basis and have
President Trump says the White House will reveal new tax cut plan in 3 months. He told The Wall Street Journal that he’ll propose a “fairly substantial… middle-class tax cut…” in 90 days, or just in time for Tax Day on April 15. Essentially a campaign plan, it would be contingent on Republicans holding onto
The Internal Revenue Service did a good job last tax season dealing with the many changes in the tax law, despite the 35-day government shutdown, but it still needs to improve its dealings with taxpayers who have limited proficiency with the English language, according to a new report. The report, from the Government Accountability Office,
Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020. Aly Song | Reuters The very short-sellers that Elon Musk skewers frequently for betting against Tesla could ironically help the eccentric chief executive score a big payday. Nearly a fifth of Tesla
In the wake of the 2018 South Dakota v. Wayfair case, states were quick to take advantage of their new authority to tax online sales. By the end of 2019, all states with sales taxes except Florida and Missouri had adopted remote sales regimes, whether by legislation or revenue department regulations. After its notable wait,
Former Vice President Joe Biden (L) greets Sen. Bernie Sanders (I-VT) before the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa. Scott Olson | Getty Images Top Democratic presidential candidates all want to boost Social Security benefits. But two of the candidates — Sen. Bernie Sanders (I-Vt.) and
Key Findings A lookback charge is in addition to traditional income taxes due on the realization of a capital gain. In an ideal setting, the lookback charge eliminates the benefit of deferral and removes the “lock-in” effect, a design flaw in the current system of realization-based taxation of capital gains. Taxing capital gains with a
Key Findings: The American nicotine market is developing faster than ever due to introduction of non-combustible recreational nicotine products. These new products, along with a greater consciousness about the dangers of smoking, have prompted millions to give up smoking. This contributed to federal and state excise tax collections on tobacco products declining since 2010. Excise
Presidents Emmanuel Macron and Donald Trump agreed to a truce in their dispute over digital taxes that will mean neither France nor the U.S. will impose punitive tariffs this year. Macron said on Monday he had a “great discussion” with Trump on the issue, without giving details. “We will work together on a good agreement
Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018. Mason Trinca | The Washington Post | Getty Images Tesla’s winning streak is unlikely to last much longer, Bernstein analysts found after looking through historical data for what happens after large stocks
If you think bringing a new human into the world is daunting, wait until you see what he or she will do to your budget. It will cost a middle-income married couple an average of $233,610 to raise a child from birth through age 17, according to 2015 data from the U.S. Department of Agriculture.
When Congress voted in December to repeal the Affordable Care Act’s “Cadillac tax” on high-cost employer-sponsored health insurance plans (ESI), it took health policy in exactly the wrong direction. Rather than fully preserving the exclusion from taxable income of these insurance benefits, Congress should have further scaled it back, or even repealed it. That step
I have interviewed many companies across the country in many sectors, from the largest multinationals to small and midsized enterprises. My focus was on whether and how these businesses are evaluating their tax operating models and reconsidering how their tax teams approach increasing regulatory, talent, technology and other challenges in order to build a future-ready
Global index and fund provider MSCI said Tuesday that investors need to more readily integrate ESG metrics, or a company’s environmental, social and governance factors, into investing philosophies. “We are sounding the alarm bells that if you are an investment institution and you’re not embracing this and taking it into account, it’s going to be
Massachusetts policymakers should reform the Commonwealth’s corporate excise tax to make it a simpler, more neutral revenue tool conducive to better economic growth. In our previous blog post, we looked at three provisions of the corporate excise tax that impact C corporations and recommended that Massachusetts adopt a consistent corporate apportionment formula, cap, or eliminate
Jose Luis Pelaez Inc | Getty Images Lawmakers passed a bill last week that would allow seniors to fight age discrimination in the workplace more easily — and that could help protect older Americans at a precarious time in their financial lives. The House of Representatives passed the Protecting Older Workers against Discrimination Act on
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