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Keyword: tax

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  • California Democrats want businesses to give half their tax-cut savings to state

    01/19/2018 7:16:32 PM PST · by Beave Meister · 48 replies
    SF Gate ^ | 1/19/2018 | Melody Gutierrez
    California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state. A proposed Assembly Constitutional Amendment by Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, would create a tax surcharge on California companies making more than $1 million so that half of their federal tax cut would instead go to programs that benefit low-income and middle-class families. “Trump’s tax reform plan was nothing more than a middle-class tax increase,” Ting said in a statement. “It is unconscionable...
  • Supreme Court to Consider Internet Sales Tax Collection

    01/14/2018 11:34:10 AM PST · by JeepersFreepers · 26 replies
    The Wall Street Journal ^ | January 12, 2018 | Brent Kendall and Richard Rubin
    The Supreme Court on Friday said it would consider whether states can broadly require online retailers to collect sales taxes even if they lack a physical presence in the state, taking a case that could have a major impact on online commerce. The justices on Friday took up that call, explicitly agreeing to consider whether the earlier high-court precedent should be overruled. “My bet is that they are looking at it to overturn,” said Edward Zelinsky, a tax-law professor at Yeshiva University’s Cardozo School of Law. The alternative, he said, would be to point to this issue as an example...

    01/11/2018 11:38:02 AM PST · by DFG · 10 replies
    Powerline ^ | 01/11/2018 | Steven Hayward
    Further to my post earlier today about how the corporate tax cut is extending benefits immediately to workers and consumers, Yahoo finance has put together a rundown of the 81 companies that have announced bonuses or new employee benefits because of the tax change:
  • Democrats in high-tax blue states look to gimmicks, loopholes to cut residents’ federal bill

    01/10/2018 10:37:15 PM PST · by Oshkalaboomboom · 20 replies
    Washington Times ^ | Jan 10, 2018 | David Sherfinski
    Democrats in high-tax blue states are already plotting ways to avoid the new tax law, hoping to seize on gimmicks that will allow their residents to cut their federal tax burden without costing the states themselves any money. The Democrats are trying to get around a new $10,000 cap on how much of their state and local taxes residents can write off on their federal forms. High-tax states fear their residents will quickly top the $10,000 limit, leaving them grumbling over their higher tax bills. New York Gov. Andrew Cuomo has suggested switching some of his state’s tax collections from...
  • To Put It Charitably, California’s Tax Idea Is Nuts

    01/04/2018 7:00:39 PM PST · by Cheerio · 25 replies
    The American Spectator ^ | January 4, 2018 | Steven Greenhut
    The latest notion by the Trump Resistance: Turn state tax bill into a charitable contribution to get around Republican tax law. Sacramento I’ve routinely slammed California’s Democratic leaders for their plodding lack of creativity in dealing with the state’s many crises. Pick a problem (infrastructure, poverty, housing, etc.) and they have the same basic solution: Raise taxes, expand a bureaucracy, and give the government more power and money to “do something.” It would never dawn on them that the biggest problems are in the areas where they’ve intervened the most. But it’s time to give credit where it’s due. Their...
  • California Looks For Ways Around Federal Tax Changes

    01/03/2018 5:10:51 PM PST · by Joe Dallas · 73 replies
    SACRAMENTO, Calif. (AP) — Democratic California lawmakers are exploring ways to blunt the impact of the new federal tax law on the state’s taxpayers. Federal law has long allowed people to deduct their state and local taxes from their federal tax bill, but the tax overhaul signed last month by President Donald Trump caps that deduction at $10,000.
  • Sen. Marco Rubio thinks the GOP tax plan helps corporations too much

    12/30/2017 6:12:11 AM PST · by upbeat5 · 68 replies ^ | December 29, 2017 | Jacob Pramuk
    Sen. Marco Rubio says the GOP "probably went too far" in slashing the tax burden on corporations. The Florida Republican told the News-Press of Fort Myers that corporations will largely use their major tax cut to buy back shares or increase dividends to shareholders — which "isn't going to create dramatic economic growth." "If I were king for a day, this tax bill would have looked different. I thought we probably went too far on (helping) corporations," Rubio told the newspaper in the interview published Friday. "By and large, you're going to see a lot of these multinationals buy back...
  • 2018 Will be the "Year of Divorce"- Tax Law Changes

    12/28/2017 8:14:12 AM PST · by tired&retired · 52 replies
    Vanity | Vanity
    For any divorce or separation agreement executed after Dec. 31, 2018, the act provides that alimony and separate maintenance payments are not deductible by the payer spouse. It repealed the provisions that provided that those payments were includible in income by the payee spouse. This will diminish the income benefits of increasing alimony and decreasing property settlement to take advantage of the differences in tax rates and deductions between the former spouses.
  • Oct 2016: Schumer Says Top Priority for Next Year Is Giant Corporate Tax Cut

    12/22/2017 10:20:43 AM PST · by Teflonic · 14 replies
    The Intercept ^ | 10/19/2016 | Jon Schwarz
    New York Sen. Chuck Schumer, likely to be majority leader next year if Democrats take back the Senate, told CNBC Tuesday that one of his top two 2017 priorities would be an enormous corporate tax cut. Speaking of himself in the third person, Schumer said that “we’ve got to get things done. … The two things that come, that pop to mind — because Schumer, Clinton, and Ryan have all said they support these — are immigration and some kind of international tax reform tied to a large infrastructure program.” American multinational corporations are now holding a staggering $2.5 trillion...
  • Liberals Have an EPIC Meltdown Over GOP Tax Reform

    12/22/2017 9:22:28 AM PST · by Cheerio · 32 replies
    Town Hall ^ | Dec 20, 2017 | Beth Baumann
    Now that the GOP has announced their tax reform bill success, Liberals across America are freaking out. For whatever reason, Liberals hate the idea of Americans having more money in their pockets. The best part of these meltdowns? The worst ones come from Hollywood elites who have money up the ying yang. see link for Conan tweet Like you're not bathing in your own money, Conan? Come talk to me about being an average, everyday person once you're no longer rich (assuming that will ever happen). see link for M\aAher tweet Oh, Bill. Must you forget that corporations provide jobs...
  • 🔴 ALERT: President Trump Signs Tax Cut Bill into Law - LIVE Stream 12/22/17

    12/22/2017 8:34:49 AM PST · by Signalman · 30 replies
    youtube ^ | 12/22/2017 | RSV
    Friday, December 22, 2017: Watch as President Donald Trump signs the biggest ever tax cut and reform bill into law. He will also sign a missile defense bill. The ceremony will take place in the Oval Office at the White House.
  • So, What Will Democrats Do When The Tax Bill Becomes More Popular?

    12/20/2017 5:11:16 PM PST · by EdnaMode · 46 replies
    Townhall ^ | December 20, 2017 | Matt Vespa
    As Guy wrote, this tax reform bill, the most extensive in 30 years, is a tax cut for the middle class. It will create a better job creating and investing climate. Even The Washington Post noted that for 80 percent of Americans, they’re getting a tax cut, contrary to the Democratic warnings that this is Armageddon. Right now, they’re confident that this bill will sink Republicans in the midterms. They see the polling. Yeah, it’s bad, but it can only get better—and we’re still many, many months away from the midterm elections. A lot can happen in the interim. So,...
  • democrats’ worst fears are coming true

    12/20/2017 3:49:04 PM PST · by Starman417 · 30 replies
    Flopping Aces ^ | 12-20-17 | DrJohn
    Nancy Pelosi called it the "worst bill in the history of Congress"  She said the bill will hurt little children like Tiny Tim. Chuck Schumer was so pissed off that Republicans wouldn't stop talking and listen to him insult them about it. He also suggested people will die as a result of its passage. Do they really believe that? No. Then what is the real fright? Well, the tax reform bill passed and if this is any indication, it will be interesting. AT&T announced that because of tax reform they will be giving a $1,000 bonus to 200,000 employees. And...
  • President Trump Delivers Remarks at a Bill Passage Event

    12/20/2017 1:35:43 PM PST · by Signalman · 3 replies
    youtube ^ | 12/20/2017 | Trey Gowdy Official
    For those who missed it. GOP Tax Bill celebration victory.
  • LIVE: President Trump VICTORY Event at White House After Tax Bill Passes 12/20/17

    12/20/2017 12:11:04 PM PST · by Enlightened1 · 120 replies
    Youtube ^ | 12/20/17 | President Trump
    President Trump will be holding a 3pm event with Republican lawmakers at the White House to celebrate their legislative victory in passing the tax bill. The tax reform bill passed the House today and the Senate yesterday. Watch the LIVE stream and replay of the tax bill victory event here.
  • House gives final approval to tax reform bill

    12/20/2017 10:06:21 AM PST · by Cato in PA · 98 replies
    Fox News ^ | 12/20/2017 | Judson Berger
    The House gave the final stamp of approval Wednesday to a sweeping tax reform package, handing President Trump his first major legislative victory and most Americans a tax cut starting next year. In a 224-201 vote, Congress sent the $1.5 trillion package to Trump’s desk. The biggest rewrite of the federal tax code since the Reagan administration will usher in steep rate cuts for American companies, double the deduction millions of families claim on their annual returns and make a host of other changes taking effect in a matter of weeks.
  • New Jersey may fight the 'legality and constitutionality' of GOP tax plan - Dem Gov.-elect Murphy

    12/20/2017 9:30:19 AM PST · by catnipman · 57 replies
    cnbc ^ | 12/20/2017 | Matthew J. Belvedere
    New Jersey will look at "all available means — both legal and otherwise — to challenge this or compensate for it," Murphy says.
  • MARKET SNAPSHOT: Stock Market Takes A Breather After Hitting Records Ahead

    12/20/2017 6:24:20 AM PST · by upbeat5 · 2 replies
    Marketwatch via ^ | December 19, 2017 | Sara Sjolin and M. gaudiano
    What's driving the markets? Hopes that the tax bill, which would slash corporate rates, will get approved before Christmas boosted stock markets world-wide and contributed to Monday's record push for U.S. indexes. The House of Representatives is expected to vote on the final version on Tuesday, while the Senate vote is expected to follow either on Tuesday or Wednesday. That should be enough time for the bill to land on President Donald Trump's desk for the final signature before Christmas, which is the Republicans' self-imposed deadline.
  • I learn from financial professionals why the tax bill is really, really bad

    12/20/2017 5:31:19 AM PST · by servo1969 · 82 replies ^ | 12-19-2017 | Bookworm
    In a blue county, financial professionals unwittingly reveal that the tax bill is “bad” because California loses its free ride on the back of poorer states.I was at a party during which I ended up speaking to a CPA and a personal financial adviser. They both assured me that the tax bill was a disaster. Of all the terrible things Trump has done, it is the worst. There is nothing more terrible than this tax bill. I put on my ingenuous face. “I don’t really know much about it. What’s wrong with it?” Said the CPA, “Well, I’m retired, so...
  • Senate passes tax bill, pushing it closer to Trump's desk

    12/19/2017 9:50:20 PM PST · by jazusamo · 134 replies
    The Hill ^ | December 19, 2017 | Jordain Carney
    The Senate approved the Republican tax-cut bill in a 51-48 vote on Wednesday morning, inching closer to finishing off the first major legislative victory of President Trump’s tenure. The party-line Senate vote came hours after the House on Tuesday approved the sweeping legislation in a 227-203 vote. But the House will have to vote again on Wednesday to get the bill to the White House because of a ruling by the Senate parliamentarian that two provisions in the House-passed bill didn't comply with budget rules that Republicans are using to prevent Democrats from mounting a filibuster. The 11th hour procedural...