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Among President-elect Joe Biden’s proposals is increasing taxes on corporate income, both at the entity level and at the shareholder level. If enacted, Biden’s plan would reduce after-tax income for corporations and shareholders across the income distribution, reduce economic growth by over 1.5 percent, and eliminate more than half-a-million jobs. Increasing taxes on corporate income
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Last week, New Jersey’s legislature took the first step towards making recreational marijuana legal when Senator and Majority Whip Nicholas P. Scutari (D) and Senate President Stephen M. Sweeney (D) introduced Senate Bill 21 (S21), New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act. If enacted, S21 would legalize and tax recreational marijuana in
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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was implemented in March of 2020 in an effort to provide financial assistance for workers, families, and businesses affected by the COVID-19 pandemic. In addition to the Paycheck Protection Program (PPP) and Economic Impact Payments (EIP), the U.S. Department of the Treasury has implemented multiple,
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In Tuesday’s election, voters in two states—California and Colorado—were tasked with deciding whether to amend their states’ constitution to change how the property tax burden is distributed. In many ways, the ballot measures were mirror images of each other, but the outcomes were similar. California Proposition 15 sought to shift more of the property tax
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Life’s most momentous occasions typically impact our finances the most, some more unexpectedly than others. Whether you’ve just purchased a new home or you’re welcoming a new member to the family, your bank account is liable to reflect these changes in a variety of ways. But how do major life events change your tax situation?
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Regardless of one’s current employment situation, it’s no secret that 2020 has put the vast majority of Americans through the wringer in one way or another. Some of those hit the hardest include self-employed individuals such as freelancers, independent contractors, and small- to medium-business owners. The CARES Act and self-employment taxes The CARES Act aimed
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Spanish taxpayers are facing several tax hikes in addition to the two major taxes—a financial transactions tax (FTT) and a digital services tax (DST)—approved by Spain’s upper house less than two weeks ago. The coalition government this week presented the 2021 budget which includes a 53 percent increase in non-financial public spending from last year,
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Policymakers across the world are currently enamored by tax policies that target digital companies, and there are many policy efforts projects that are currently running in parallel. First, the OECD has been working on an approach that we learned last week is expected to wrap up by mid-2021. Second, many countries have been moving unilaterally
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Earlier this week we published our annual State Business Tax Climate Index, which measures tax structure. It’s an extremely valuable diagnostic tool, enabling readers to compare states’ tax structures across more than 120 variables. Unlike most studies of state taxes, it is focused on the how more than the how much, in recognition of the
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Note: Below is a brief excerpt from our new publication with the Centre for Policy Studies, A Framework for the Future: Reforming the UK Tax System, which is a comprehensive study of Britain’s tax system that identifies key areas for improvement in UK tax policy and provides recommendations that would support long-term growth without negatively impacting government revenues. To
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Last week, Zoom Video Communications announced that, come November, the company will start collecting and remitting local utility and communications taxes in California, New York, Maryland, and Virginia. The specific taxes and their rates vary depending on the state and locality in which the user is located. As an example, in California, the company will
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On a yearly basis the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep,” when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income. The IRS used to
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