Senate approves debt ceiling law. Just days before the US could potentially breach its debt limit, a 63-36 Senate vote sent legislation to President Biden to suspend the debt ceiling through 2025 and rein in discretionary non-defense spending. . Now awaits Biden’s signature.
The Washington state capital gains tax may bring in $849 million this fiscal year. 7 percent sales tax or exchange of $250,000 or more in assets such as stocks and bonds, was recently declared constitutional by the state Supreme Court. Collections so far are well above the $248 million the Washington Department initially estimated the tax could raise.
Three companies paid a third of all corporate tax in Ireland between 2017 and 2021. The Irish Tax Advisory Council concluded that three companies accounted for 34 percent of all corporate tax revenue in recent years. Participation ranged from 30 to 38 percent. Last year, Ireland collected 22.6 billion euros ($24.3 billion) in corporate tax, up 182 percent from 8 billion euros ($8.6 billion) five years ago. The Irish government plans to use corporate tax windfalls to set up a sovereign wealth fund.
The California Senate approves the Airbnb tax to finance housing in California. A bill in the state Senate would impose a 15 percent tax on short-term rentals beginning in 2025. The proposed tax, with current local transient occupancy taxes, could generate an estimated $150 million a year to build or rehabilitate low- and moderate-income housing. Opponents of the proposal argue that the tax would likely be passed on to customers and hurt businesses.
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