A new International Monetary Fund (IMF) study shows that USD$5.2 trillion was spent globally on fossil fuel subsidies in 2017. The equivalent of over 6.5% of global GDP of that year, it also represented a half-trillion dollar increase since 2015 when China ($1.4 trillion), the United States ($649 billion) and Russia ($551 billion) were the largest subsidizers.
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column includes a note from a reader who was able to resist pressure to take lower benefits early and addresses Medicare Part B premiums, garnishing an ex’s benefits, self-employment income after
Budget deal, debt limit talks continue. Senate Majority Leader Mitch McConnell hosted a meeting between Treasury Secretary Steven Mnuchin, White House Chief of Staff Mick Mulvaney, Senate Appropriations Chair Richard Shelby, and chairs of that panel’s key subcommittees on Wednesday. After the meeting, Shelby said of a potential deal: “Did we crystalize it? No… We’re
“Don’t go into the horse breeding business” That is good advice. You might modify it to something like “ Go into horse breeding to follow your bliss, but don’t expect to make money at it . The way to make a small fortune in the horse breeding business is to start with a large fortune”
Next week, the House Ways and Means Committee plans a hearing on “Ending the TCJA Tax on Houses of Worship, Charities, and Nonprofits.” While this seems alarming, it isn’t. The provision ensures neutrality between tax-exempt organizations and C corporations as it relates to employee fringe benefits. Without it, not-for-profit employers could offer benefits at a
Share to facebook Share to twitter Share to linkedin Cyber-security is a hot topic at every company this year and it needs to be a board level discussion – the risk associated with cyber attack and data breaches is now clear from all the headlines. FedEx and Maersk forecast $300M in losses based on the
Sign on IRS headquarter building in downtown Washington, DC Getty If at first you don’t succeed, try, try again. And again. After a number of iterations, the Taxpayer First Act has finally passed the House and the Senate. The key provisions in the Taxpayer First Act have been reform talking points for well over a
The growth of the sharing economy has raised important questions about the proper tax treatment of assets divided between business and personal use. One example is the tax treatment of personal residences used as short-term rental properties, which are often advertised on new economy sharing platforms. While traditional hotels are permitted to fully deduct business-related
Martin Feldstein (MONEY SHARMA) AFP/Getty Images The cleverest idea from Martin Feldstein was a plan to take unemployment funds away from employers and hand them to employees. Workers of the world, unite! Feldstein, who died June 11, was an illustrious Harvard economist of a conservative bent. He worked for a while in the Reagan administration.
Neal shops a 3-year extender bill, and more. Politico reports that House Ways & Means Committee Chair Richard Neal is shopping a bill to restore and extend a pile of special interest tax provisions for three years. Neal also would expand the Earned Income Tax Credit, the Child Tax Credit, and the Child and Dependent
While former Colorado Gov. John Hickenlooper (D)—currently a 2020 presidential candidate—has described his state’s earnings from legal marijuana sales as a “drop in the bucket,” current Gov. Jared Polis (D) is taking a different approach. On Wednesday, his administration issued a report touting the fact that Colorado has so far brought in more than $1 billion in cannabis
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Credit: Getty Royalty Free Getty The name of the measure before Congress sounds like a good deal: the Setting Every Community Up For Retirement Enhancement Act of 2019, a.k.a., SECURE. But the ever-astute Rick Kahler, president of Kahler Financial Group in Rapid City, S. D., smells something rotten: Larry Light: What’s wrong with the retirement reform legislation?
Bloomberg recently reported that Sony sent Chicago a $1.2 million check, ending its legal challenge to the city’s so-called “Netflix tax.” That everyone called Sony’s payment a “Netflix tax” is problematic for a few reasons. One, as the Sony check proves, the tax goes well beyond Netflix. Two, in fact, Chicago’s tax applies to all
Last October, period equity supporters celebrated Nevada’s vote against the sales tax imposed on feminine hygiene products. Nevada became the 15th state to eliminate the tax and fueled the national debate around what constitutes a necessity product and who gets to define it. However, as legislative sessions now come to a close for the summer,
Minnesota went two legislative sessions without updating its tax conformity statute to reflect the changes made under the Tax Cuts and Jobs Act of 2017 (TCJA), so when a conformity bill passed during special session, the primary emotion was arguably one of relief that the job was done. There’s also a sense that it could
One of the most common questions I get from investors is how crypto investments like bitcoin are taxed. There seems to be a great deal of confusion, perhaps because of the different names people use for this new asset class. If bitcoin is a cryptocurrency … is it taxed like currency? If bitcoin is “digital
Trump backs off Mexico tariff threat—for now—in return for few concessions. The New York Times reports that the deal averting 5 percent tariffs on Mexican goods does little more than restate border control promises that Mexico made months ago. While the agreement appears to include no benchmarks for reductions in crossings at the US-Mexico border,
Share to facebook Share to twitter Share to linkedin Japanese Finance Minister Taro Aso (front 2nd L) is welcomed by IMF managing Director Christine Lagarde (top 3rd L), US Treasury Secretary Steven Mnuchin (front R), and other delegation members while arriving at a family photo session of the G20 finance ministers and central bank governors
Seven Deadly Sins of Investing Getty If you’ve ever seen the movie Seven with Brad Pitt, you know the seven deadly sins can be lethal. This also applies to investing. There are seven deadly sins of investing which could be costing you thousands of dollars a year, or even millions of dollars over a lifetime. You’re probably