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Business

“$283,927,000,000: Federal Tax Collections Set Record in October”

“(CNSNews.com) – The federal government, according to the Monthly Treasury Statement, collected a record $283,927,000,000 in total taxes in October, which was the first month of fiscal 2022. Federal spending hit $448,983,000,000 in October, which was the second highest ever for… Continue Reading…

Personal Finance

“The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax-Free”

“…Officially, gifts are taxable: If you send someone more than $15,000 per year, you’re supposed to file a separate gift tax return, with the total counting toward your $11.7 million lifetime estate-and-gift-tax exemption. (Double that for married couples.) Once you… Continue Reading…

Business, Economy

“House Democrats propose top 39.6% tax rate at these income levels”

“House Democrats have proposed a top marginal income tax rate of 39.6% for individuals, part of a sweeping change to the tax code to fund climate investments and an expansion of the U.S. safety net. That rate, an increase from… Continue Reading…

Economy

“Poll: 80% Oppose Tax Hikes…”

“By an 80-20 margin voters oppose tax increases as the U.S. comes out of the pandemic, according to a new poll conducted by HarrisX. The poll was conducted by HarrisX between Sept. 3 – 6 among 1,916 representative registered voters.  Respondents were… Continue Reading…

Cryptocurrencies

“Bitcoin’s slump opens the door to a tax loophole every investor needs to know”

“…If you’re a crypto investor down in the dumps, there’s a strategy you can use that might take some of the sting out of your recent losses. It’s called a “wash sale… Let’s say your Bitcoin investment lost you $50,000… Continue Reading…

Business, Economy

“These charts show the highest and lowest corporate tax rates around the world”

“Highest and lowest corporate tax rates Generally, countries in Africa and South America impose higher corporate tax rates compared with many in Europe and Asia, according to data by Washington-based think tank Tax Foundation, the OECD and consultancy KPMG. Many… Continue Reading…

Economy

“New $3,000 child tax credit to start payments in July, IRS says”

“The IRS plans to begin sending monthly payments from the new $3,000 child tax credit in July, Commissioner Charles Rettig said Tuesday during a hearing with the Senate Finance Committee. The new and significantly expanded child tax credit was included in the $1.9 trillion… Continue Reading…

Economy

“Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan”

“President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter. Unlike the $1.9 trillion… Continue Reading…

Economy

“The IRS changed the tax filing rule for Social Security recipients — why that’s a good thing”

“The rebate checks are part of the $2 trillion stimulus package President Donald Trump signed into law last week, intended to provide financial relief to Americans in the wake of the coronavirus pandemic. People can receive a rebate check up… Continue Reading…

Economy

“Had Enough? Californians Turn Down Higher Taxes, Debt”

“Everyone knows that living in California comes with a price: Its residents pay some of the nation’s highest taxes on the money they earn, the gas they pump and the clothes they wear. But for the moment, at least, it appears voters… Continue Reading…