When filing a joint return, the first name listed could mean more than you think. According new research from the University of Michigan and the US Treasury, the first name that appears on a joint return can say a lot about a couple’s beliefs and attitudes. The study finds that on joint 2020 tax returns filed by heterosexual couples, men are listed before women 88 percent of the time, a higher proportion than would be expected if couples only listed those they were first. they earn more. Traditional gender expectations may be trumping the role of money in some cases, said Joel Slemrod of the University of Michigan. The IRS warned that taxpayers who list names in a different order than the previous year could have their return delayed processing.
Nonprofit hospitals may face increased scrutiny, given their tax-exempt status. CNN reports on a Pennsylvania school district that appealed a non-profit state of the local hospital, as converting the hospital to a tax-exempt nonprofit meant the school district lost $900,000 a year. A Pennsylvania state court struck down the hospital’s property tax exemption, and nonprofit hospitals have taken notice. Ge Bai of Johns Hopkins University, a health policy expert, told CNN: “I don’t think hospitals will lose tax breaks any time soon. [but] there will probably be more pressure from the public and legislators for hospitals to provide more benefits to the community.”
Minnesota made a $352 million mistake in its new tax law. TO wording error allowed obsolete standard deduction rates in state law for tax year 2024. As a result, married joint filers could deduct $24,400 instead of $27,650, an amount adjusted for inflation, while single filers would see a $12,200 deduction instead of $13,285. In the absence of a fix, the bug would cost taxpayers $352 million a year. Revenue Commissioner Paul Marquart and the chairs of tax committees in the General Assembly say they are working on a correction.
Wisconsin Governor Evers is open to tax cut negotiations. Democratic Gov. Tony Evers recently used his veto powers to block a tax cut passed by the Republican-led legislature. He has now expressed his openness to a more comprehensive tax cut proposalemphasizing the importance of a reciprocal agreement.
The Texas House of Representatives and Senate reach an agreement to reduce property taxes. His $18 billion commitment would lead $12 billion to reduce the school property tax rate for homeowners and commercial property. It would also increase the homestead exemption and create a pilot program to reduce taxes on certain residential and commercial properties. Republican Gov. Greg Abbott says he hopes to sign the measure into law.
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