Watch for the proposal in tonight’s State of the Union address. TO White House fact sheet released yesterday confirmed that President Joe Biden will use his State of the Union address to call for a minimum tax on billionaires, similar to the one his administration proposed in last year’s budget plan. Biden will also propose increasing the rate of the recently enacted tax on stock buybacks and expanding the child tax credit.
Yellen: Inflation may come down “significantly,” but the debt ceiling is looming. treasury secretary Janet Yellen said she sees inflation drop “significantly,” saying Good morning america, “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in over 50 years.” But he again warned that the economy could slip into recession if lawmakers don’t address the debt limit.
More types of vehicles qualify for the EV tax credit. Treasury and the IRS have revised its definition of qualifying vehicles, using the Environmental Protection Agency’s fuel economy labeling standard to determine if a vehicle is a car, sport utility vehicle or other type of vehicle. This standard supersedes your average corporate fuel economy standard. Higher priced crossover vehicles will now be eligible for the $7,500 credit.
Binance cryptocurrency exchange to launch tax filing tool. According to the exchange, BThe financial tax will allow its users to download a tax summary report, including profit or loss on their Binance account, including transactions, spot trades, crypto donations, and blockchain-based fork rewards. Binance created the tool in response to inquiries from its users about tax obligations.
Governor Gretchen Whitmer and Democratic legislative leaders announce a tax cut plan. He MI Cost Reduction Plan repeal the retirement income tax, increase the Working Families Tax Credit, and provide inflation relief payments of $180 to every Michigan tax filer. If the legislation passes, the changes will be retroactive and will affect taxpayers this year. Democrats won majorities in both houses of the legislature in November.
Connecticut Governor Ned Lamont announces a plan to reduce state income tax. The governor noted that the rate had not been lowered in nearly 30 years. He Proposes Connecticut’s 5 percent tax rate drops to 4.5 percent and its 3 percent rate drops to 2 percent beginning in tax year 2024. According to administration officials, the average Connecticut worker would save up to $600 a year .
And Oklahoma Gov. Kevin Stitt is once again making tax cuts a top priority for the new legislative session. Last year, Governor Stitt urged lawmakers to eliminate the state’s grocery sales tax and cut individual and corporate income tax rates, but to no avail. plans will be reappear in budget negotiations for this year.
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