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May 1, 2021

Taxes

Biden’s American Jobs Plan and American Families Plan: What’s in them and where the funding will come from

CBS News
CBS News – For more and to sign up click here President Biden’s ambitious agenda comes with a major price tag: In the first 100 days of his term, Mr. Biden’s three major initiatives —  the American Rescue Plan, which has been signed into law, and the proposed American Jobs......

What Biden’s latest moves could signal for Social Security reform efforts

CNBC
CNBC – For more and to sign up click here President Joe Biden attends the Democratic National Committee’s “Back on Track” drive-in car rally to celebrate his 100th day in office at the Infinite Energy Center in Duluth, Georgia, April 29, 2021. Evelyn Hockstein | Reuters People who earn more......

Louisiana Senate passes legislation to avoid raising employer taxes, cutting unemployment benefits

WashingtonExaminer
USA TODAY – For more and to sign up click here Three measures meant to hold employer taxes and worker benefits steady despite the state’s empty unemployment trust fund were approved Wednesday by the Louisiana Senate. Before the COVID-19 pandemic, the state fund that pays for unemployment benefits had a......

Biden on corporate America and the wealthy paying their fair share of taxes

CBS News
CBS News – For more and to sign up click here Biden on corporate America and the wealthy paying their fair share of taxes – CBS News Watch CBSN Live In his first presidential address to Congress, President Biden said it’s time for large companies and wealthy Americans to pay......

More $1,400 stimulus checks are sent as the IRS processes tax returns

CNBC
CNBC – For more and to sign up click here William Thomas Cain | Getty Images About 2 million $1,400 stimulus checks have been issued in a seventh batch of payments. The total number sent to date is now approximately 163 million, or about $384 billion. This latest round is......

How Biden’s capital gains proposal may hit middle-class home sellers in red-hot markets

CNBC Real Estate
President Biden delivers remarks on the COVID-19 response and the state of vaccinations at the South Court Auditorium of Eisenhower Executive Office Building on April 21, 2021 in Washington. Alex Wong | Getty Images As home prices soar, some sellers in red-hot markets may face a costly surprise come tax......

A third of Americans file taxes at the last minute. Why that might be a bad idea

CNBC
CNBC – For more and to sign up click here The May 17 deadline for filing 2020 taxes is swiftly approaching. If you haven’t filed your taxes yet, it’s time to start. As many as 33% of Americans procrastinate doing their taxes and wait until the last minute, according to......

Samsung’s Lee family to pay more than 12 trln won inheritance taxes

Reuters
The family of deceased Samsung Electronics (005930.KS) chairman Lee Kun-hee said on Wednesday it will pay more than 12 trillion won ($10.78 billion) in inheritance taxes for the estate of the late patriarch. Lee, who is credited with transforming Samsung into the world’s largest smartphone and memory chip maker, died......

Emmer: Vulnerable Democrats who vote to raise taxes will lose in 2022

TheHill
USA TODAY – For more and to sign up click here Mychael Schnell Rep. Tom EmmerThomas (Tom) Earl EmmerRepublicans race for distance from ‘America First Caucus’ Democrats debate timing and wisdom of reparations vote Trump digs in on attacks against Republican leaders MORE (R-Minn.), chair of the National Republican Congressional......

10-year Treasury yields will break out of slump within weeks, Wells Fargo predicts

CNBC
CNBC – For more and to sign up click here The 10-year Treasury Note yield may be on the verge of breaking out of its slump. After stabilizing over the past several weeks, Wells Fargo Securities’ Michael Schumacher predicts the current risk backdrop will re-energize yields in the coming weeks.......

Taxes and inflation will be key themes for markets in the week ahead

CNBC
CNBC – For more and to sign up click here Traders on the floor of the New York Stock Exchange. Source: NYSE The final week of April is going to be a busy one for markets with a Federal Reserve meeting and a deluge of earnings news. Hot topics in......

Illinois Senate passes state and local tax deduction bill

WashingtonExaminer
USA TODAY – For more and to sign up click here Small businesses in Illinois, where taxes are among the highest in the nation, stand to benefit from a state senator’s legislation to alter tax deductions. The legislation passed the Senate on Thursday. The bill utilizes an IRS-approved method to......

Edwards open to corporate flat tax, less so for individual taxpayers

WashingtonExaminer
USA TODAY – For more and to sign up click here Gov. John Bel Edwards said Thursday he is open to a flat income tax for Louisiana businesses but is wary of the same concept for individuals. A flat income tax system is one in which all taxpayers pay the......

Biden will seek to raise taxes on richest Americans to fund sweeping education and child care proposals

CNN
USA TODAY – For more and to sign up click here Multiple sources familiar with the discussions underway tell CNN that Biden’s forthcoming American Family Plan could nearly double the capital gains tax for people who make more than $1 million a year by taxing it like wages and salaries,......

IRS impostors scam college students with fake federal student tax

CBS News
CBS News – For more and to sign up click here IRS impostors scam college students with fake federal student tax – CBS News Watch CBSN Live More college students and their parents are finding themselves the victims of an ongoing phone scam where thieves impersonate IRS officials. They demand......

New batch of $1,400 stimulus checks includes more payments for people who recently filed their tax returns

CNBC
CNBC – For more and to sign up click here kate_sept2004 | E+ | Getty Images A sixth batch of $1,400 stimulus checks has gone out, bringing the total number of payments sent to date to about 161 million. More than $379 billion has been sent to Americans via direct......

Elizabeth Warren invites billionaire critic Leon Cooperman to testify at Senate hearing on taxes

CNBC
CNBC – For more and to sign up click here Sen. Elizabeth Warren wants one of her biggest critics to face lawmakers in a hearing next week. Warren, a progressive Democrat from Massachusetts, is inviting billionaire investor Leon Cooperman to testify before a Senate Finance subcommittee hearing on taxes. Cooperman,......

The Hill’s Morning Report – Presented by Facebook – GOP draws line on taxes; nation braces for Chauvin verdict

TheHill
USA TODAY – For more and to sign up click here Alexis Simendinger and Al Weaver                         Presented by Facebook     Welcome to The Hill’s Morning Report. Today is Tuesday! We get you up to speed on the......

Market bull predicts stocks could surge another 8% by July, but lacks clarity on rest of year

CNBC
CNBC – For more and to sign up click here With stocks at all-time highs, one of Wall Street’s biggest bulls is taking his optimism up a notch. Federated Hermes’ Phil Orlando believes the S&P 500 could hit his year-end price target of 4,500 by July, which implies about an 8%......

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