Collectively, governing entities across New York state levy more than twice the national average in personal income taxes, according to a recently released study. Pew Charitable Trusts, a Philadelphia-based think tank, recently released a national analysis that looked into the ways local governments raise tax dollars on a state-by-state basis. On average, governing agencies across New York…
Analysis: NY State’s Personal Income Tax Levy More Than Twice the Amount of National Average
Trump’s Tax Returns Must be Released to Congress: Department of Justice
Tax officials must give former President Donald Trump’s tax returns to a congressional panel, the Department of Justice said Friday. The House Ways and Means Committee has long sought the returns, only to be stymied by federal officials. Rep. Richard Neal (D-Mass.), chairman of the panel, has said he wanted six years of Trump’s tax…
Best Ways to Generate Tax-Free Income in Retirement: Think About This Stuff Now
This story originally appeared on MarketBeat Nothing feels more deflating than having to pay taxes on every penny you’ve ever saved and invested. If you have the wherewithal to think about how you’d like to receive your retirement income in advance, good for you. It’ll benefit you down the road, big time! Let’s take a…
7 Small Business Tax Deductions You’ve Probably Overlooked
Small businesses spend thousands of dollars and over eighty hours a year to prepare for and file their federal taxes. Despite all of this time and effort, these businesses lose billions of dollars annually on tax deductions to which they fail to take advantage. Here are seven tax deductions that your small business is probably…
Nike Loses Fight Against EU Probe Into Dutch Tax Deal
BRUSSELS—U.S. sportswear maker Nike on Wednesday lost its fight to stop a probe into its Dutch tax affairs, as Europe’s second-highest court backed an EU investigation opened two years ago. The EU case was part of a crackdown on multinationals’ sweetheart tax deals with EU countries that Brussels says gives them an unfair advantage, among…
EU Puts Digital Levy Plans on Hold in Face of US Criticism
BRUSSELS—In a gesture of goodwill to the United States, the European Union on Monday put work on plans for a digital tax levy on hold for the moment to concentrate on finalizing the historic tax decision endorsed by the Group of 20 nations over the weekend. In the face of criticism from U.S. Secretary of…
Hit by a Ransomware Attack? Your Payment May Be Deductible
WASHINGTON — As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don’t pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax deductible. The IRS offers no formal guidance on ransomware payments, but multiple tax experts interviewed…
Australian Dentists and Doctors Lobby For a New Sugar Tax
Dentists and doctors are welcoming a sugar tax to wean Australians off sugar in a bid to tackle Australia’s obesity crisis which leads to some of the nation’s biggest killers of diabetes, cancer, and heart disease. The “sin tax” would target sugary drinks, which are a major contributor to the crisis and provide almost no nutritional…
Biden’s $6 Trillion Spending Plans at Risk Unless Congress Approves Tax Hikes: White House Budget Chief
Acting White House budget director Shalanda Young told a Senate committee hearing Tuesday that President Joe Biden’s proposed $6 trillion spending plans are at risk unless Congress approves associated tax hikes. Young made the remarks while testifying at a Senate Budget Committee hearing on Biden’s fiscal year 2022 budget proposal, which calls for a sharp ramp-up of non-defense…
South Korea Seeks Tax Cuts for US Investment by Firms Such as Samsung
May 22, 2021
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SEOUL—South Korea requested from the United States incentives such as tax deductions and infrastructure construction to ease the U.S. investment of Korean firms including leading chipmaker Samsung Electronics, its presidential office said on Friday. South Korean President Moon Jae-in, in Washington for a summit with U.S. President Joe Biden, told a gathering of U.S. Secretary…
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