Russia says it’s reducing forces in two Ukranian cities, including Kyiv—after peace talks prove promising. Sen. Elizabeth Warren is praising President Joe Biden’s new billionaire tax plan. Lockdowns could be costing China billions of dollars per week. For a month, the amount is north of $100 billion. Walmart is dropping cigarettes in some U.S. stores, as it looks…
7 Lockdown Days Costs China $10B: Study; Walmart to Pull Tobacco at Selected Stores | NTD Business
12 of the Cheapest States to Retire
Are you ready to retire from your career but worry that you may not be financially prepared? This is a common concern. The majority of baby boomers have no retirement savings, and 40 percent plan to rely solely on Social Security for their income after retirement. What’s worse, most Americans have no idea how much…
CRA Looked to Resume Collection Efforts in Full Ahead of Tax Season, Documents Show
The federal minister in charge of the Canada Revenue Agency was told after the election that the agency planned to go full speed on collecting debts just in time for tax season. The briefing documents to Revenue Minister Diane Lebouthillier said the agency planned the full resumption of collection activities early this year. The move…
IRS Plans to Hire 10,000 Workers to Relieve Massive Backlog
WASHINGTON—The IRS said Thursday it plans to hire 10,000 new workers to help reduce a massive backlog that the government says will make this tax season the most challenging in history. The agency released a plan to work down the tens of millions of filings that includes speeding up the traditionally slow hiring process, relying…
San Francisco Homeowners, Beware
March 3, 2022
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Commentary Dean Preston, a member of the San Francisco Board of Supervisors, has set the wheels in motion to put a residential vacancy tax on the November ballot. His proposed “Empty Homes Tax” is a direct threat to one of the fundamental tenets of our American way of life: the concept of private property. What’s…
Turkey to Lower Taxes on Basic Foods to Fight High Inflation
ISTANBUL—Turkey’s president announced a significant reduction in taxes on basic food supplies Saturday as the country faces rampant inflation and numerous protests over eroding living standards. President Recep Tayyip Erdogan said the value-added tax would be lowered to 1 percent from 8 percent on food purchases. His decision will be published in the Official Gazette…
January Jobs Report: Stronger Than Expected; Automakers Report Record Earnings | NTD Business
A strong jobs report from the Labor Department Friday shows the job market is still tight. Where are the jobs, and how are companies trying to attract workers? Automakers are reporting record earnings. What are the most recent trends, and what are the obstacles? Interest rates in the European Union are staying steady. But the…
Japan Has No Plans to Review Sales Tax Rates, Finance Minister Says
TOKYO—Japan is not considering reviewing future national sales tax rates as the current 10 percent levy provides a vital source of funding the social security spending to support its aging population, the finance minister said on Friday. Shunichi Suzuki told reporters after a cabinet meeting that Japan must tackle spending and revenue reform to win…
Budget Officer Suggests Feds’ Foreign Homeowner Tax to Yield Less Than Liberals Plan
OTTAWA—The parliamentary budget officer is estimating that a new federal tax on vacant, foreign-owned properties may not bring in as much as the Liberals hope. The one percent tax was to take effect at the start of the year and the Finance Department estimates it will bring in $200 million in the 2022-2023 fiscal year,…
Don’t Assume Your Taxes Will Be Lower in Retirement
Franklin D. Roosevelt once said, “Taxes are paid in the sweat of every man who labors.” But, I have a not-so-well-kept-secret. You’re also going to have to pay taxes in retirement. Some of you may be floored upon hearing this. I mean you’re no longer drawing a salary. So, that means that no more payroll…
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