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October 22, 2021

Tax

U.S. agrees to drop tariffs on countries that imposed digital services taxes as a global tax overhaul moves ahead.

New York Times
WASHINGTON — The United States reached an agreement on Thursday with Austria, France, Italy, Spain and Britain that will terminate the threat of American tariffs on certain goods from those countries in exchange for the eventual removal of digital services taxes that they had imposed on companies like Facebook, Amazon......

EXCLUSIVE White House, top Democrats agree to boost carbon capture credit in budget bill -sources

Reuters
WASHINGTON, Oct 1 (Reuters) – The White House and top Democratic lawmakers have agreed to boost a tax credit for industrial carbon capture projects in a deal that could help solidify support for the budget reconciliation bill at the heart of President Joe Biden’s economic agenda, two sources with knowledge......

Lobbyists shielded carried interest from Biden’s tax hikes, top White House economist says

CNBC
CNBC – For more and to sign up click here WASHINGTON — Fierce lobbying by the private equity industry is the reason the carried interest tax rate is not included in President Joe Biden’s planned tax hikes, top White House economist Jared Bernstein told CNBC on Thursday. Biden and congressional......

Top CEOs say they’re worried about corporate tax hikes as Dems push bills aimed at boosting working families

CNBC
CNBC – For more and to sign up click here U.S. President Joe Biden discusses his ‘Build Back Better’ agenda for economic growth and job creation following early morning Senate passage of the bipartisan infrastructure bill and the budget resolution, during a speech in the East Room at the White......

Deal for state and local tax deduction cap may happen this week, key Democrat says

CNBC
CNBC – For more and to sign up click here Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Rep. Tom Suozzi, D-N.Y., is expecting an agreement......

Malaysia pledges spending, green goals in 5-year economic plan

Reuters
PM Ismail Sabri tables 12th Malaysia Plan Expects 4.5%-5.5% average annual GDP until 2025 Govt to spend over $95 bln on developments in 2021-2025 Carbon tax, no more coal power to reach 2050 carbon neutral goal KUALA LUMPUR, Sept 27 (Reuters) – Malaysia’s Prime Minister Ismail Sabri Yaakob on Monday......

Pelosi sets Thursday vote on infrastructure, eyes smaller social spending bill

Reuters
U.S. House Speaker Nancy Pelosi (D-CA) holds her weekly news conference at the U.S. Capitol in Washington, U.S. September 8, 2021. REUTERS/Jonathan Ernst/File Photo WASHINGTON, Sept 26 (Reuters) – U.S. House of Representatives Speaker Nancy Pelosi on Sunday set a vote on the $1 trillion bipartisan infrastructure bill for Thursday......

Crypto plunge a wake-up call — and tax opportunity — for investors

CNBC
CNBC – For more and to sign up click here A detail of the statue of Satoshi Nakamoto, a presumed pseudonym used by the inventor of Bitcoin, in Budapest, Hungary. Janos Kummer | Getty Images News | Getty Images The price of popular cryptocurrencies like bitcoin and ethereum plunged Friday......

Ecuador’s Lasso proposes economic reforms to reactivate economy

Reuters
Ecuador’s President Guillermo Lasso speaks during the annual gathering in New York City for the 76th session of the United Nations General Assembly (UNGA) in New York, U.S., September 21, 2021. Spencer Platt/Pool via REUTERS BOGOTA, Sept 24 (Reuters) – Ecuadorean president Guillermo Lasso on Friday proposed new labor regulations......

What Kind of Tax Revenue Could Ohio Expect From Recreational Marijuana Legalization?

ClevelandScene
Shutterstock What could Ohio’s tax collections look like on legal marijuana? When the people of Colorado and Washington voted for the recreational legalization of adult marijuana use in 2012, one of the primary arguments against doing so was that this would cause more young people to use weed and it......

Democrats see tax ‘framework’ to pay for huge $3.5T package

Detriot News
Detroit News – For more and to sign up click here Washington — The White House and congressional Democrats have agreed to a framework of options to pay for their huge, emerging social and environment bill, top Democrats said Thursday. Now they face the daunting task of narrowing the menu to......

America’s richest 400 families pay a lower tax rate than average taxpayer

CNBC
CNBC – For more and to sign up click here A sign featuring Jeff Bezos calls for taxing the rich in front of the U.S. Capitol in Washington, D.C., U.S., on Wednesday, Sept. 15, 2021. Stefani Reynolds | Bloomberg | Getty Images The wealthiest 400 American families paid an 8.2%......

In Push to Tax the Rich, White House Spotlights Billionaires’ Tax Rates

New York Times
WASHINGTON — President Biden is leaning into his push to increase taxes on the rich as he seeks to unify Democrats in the House and Senate behind a $3.5 trillion bill that would expand federal efforts to fight climate change, reduce the cost of child care, expand educational access, reduce......

‘I was depending on it’: One week later, parents say they still haven’t received the September child tax credit payment

CNBC
CNBC – For more and to sign up click here One week after September child tax credit (CTC) payments were sent out by the IRS, several parents tell CNBC Make It they still have not received theirs. The parents say the IRS won’t give them a clear answer on why......

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