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US Treasury Secretary Janet Yellen told her G20 colleagues Friday that Washington is dropping a push for a controversial provision in a global digital tax, opening the door to a likely agreement. The US shift -- part of a broader repositioning by President Joe Biden from the "America First" agenda of former President Donald Trump -- prompted immediate praise from Germany and France, which said a deal was now "within reach" following the US pivot. Yellen announced at the G20 finance ministers meeting that US officials "will engage robustly" in the talks and "is no longer advocating for 'safe harbor'...

Following today's release of the latest Personal Income and Spending data, Wall Street was predictably focused on the changes in these two key series, which showed a surge in personal income (to be expected in the month when the $900BN December 2020 stimulus hit), coupled with a far more modest increase in personal spending.But while the change in the headline data was notable, what was far more remarkable was data showing just how reliant on the US government the population has become.We are referring, of course, to Personal Current Transfer payments which are essentially government sourced income such as unemployment...

The Great Bend-Hallstead exit (230) off Interstate 81 in Susquehanna County is due for repair in the next few years and PennDOT has proposed installing an electronic toll, that would use E-ZPass or pay-by-plate collection for drivers who pass through the area. The funds collected would be used to pay for the construction, maintenance, and operation of that bridge. We spoke with several people who use this section of highway about the proposed idea. "I guess to raise taxes to everybody is really hard, so I guess for the people using the road, then maybe that's a good idea," said...

Iowa’s high property taxes are a growing concern. The Tax Foundation examined the “effective tax rates on owner-occupied housing” across the United States. Iowa ranked 12th highest in the nation. At the heart of high property taxes is local government spending. Unless spending is controlled, any property tax relief will be limited. Iowa’s property tax system is complex, and more transparency is needed. Iowa should look to Utah’s Truth-in-Taxation law, which since 1985 has been controlling the growth of property taxes and providing transparency and accountability for taxpayers. Utah’s Truth-in-Taxation is the gold standard model for any property tax reform.

“A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.” It is no secret that the democrats want to strip Americans of their Second Amendment right. And though it hasn’t happened thus far, Joe Biden apparently isn’t ruling out using executive orders to crackdown on the right to bear arms. The topic was discussed during a White House press briefing on Tuesday, in response to a statement that Biden put out last week calling to ban semi-automatic firearms, along with other gun control...

Freepers. Met with my CPA over the innerwebs today. A conservative, 30+ years in the biz.So they tell me what Team Biden is thinking of doing.Elimination of the Step Up in Basis, That is mind blowing.How many of you are keeping running ledgers of Assets and or improvements to hard assets aka real estate etc.? We have been running under the Step Up in Basis rule for some time now.It gets worse.You don't or can't come up with a basis? The IRS will assume Zero, that's right, you will pay tax on the full value of the asset.The only saving...

In Naperville, Illinois, the school board announced it would distribute $10 million back to taxpayers this year. Yes. A tax refund. In a news release, Superintendent Dan Bridges told residents that he "understands the great burden many of our families have faced during the COVID-19 Pandemic and hopes that this reimbursement lessens that burden." The typical family will receive a refund of $200 to $500. Good for Naperville. The 10-month pandemic shutdown generated a savings of roughly $20 million, or about 6.5% out of a $300 million school budget. The Naperville Sun reported that the district's expenses for everything from...

The pandemic caused counties across the state to issue varying levels of business shutdown orders meant to slow the spread of a life-threatening virus. Now businesses that lost their ability to make money during the pandemic want a tax refund for the time they were forced to hang “closed” signs. Lawmakers heard competing arguments about property tax rebates this week. Businesses say the closures put them on the brink of shutting down for good. Local governments warn they don’t have the resources to be offering mass tax refunds. A pending bill is a first step in a larger discussion looming...

WASHINGTON, DC, Feb 12 – “We’re not giving up on our efforts to eliminate the unfair income tax on Social Security benefits. The Senior Citizens Tax Elimination Act is being reintroduced and the Association of Mature American Citizens [AMAC] will be doing what it takes to encourage lawmakers to support the measure,” says Bob Carlstrom, president of AMAC Action, the association’s senior advocacy affiliate. The original Social Security and tier 1 railroad retirement benefits were specifically exempted from income taxes when they were created in the mid 1930s. “After all, workers pay for them with taxes that are taken out...

State lawmakers across the country are exploring a range of new taxes targeting Amazon, Facebook, Google and other Internet giants, seeking to capture some of Silicon Valley's eye-popping profits and soaring share prices in the midst of the coronavirus pandemic. Even as the U.S. economy struggles to regain its footing, some of the tech industry's most valuable companies have thrived as Americans spend more time - and money - shopping and communicating on the Web. The disparity has caught the eye of policymakers across the United States who increasingly say it is time for the Internet's cash-flush companies to start...

Most individuals eligible for the Recovery Rebate Credit have already received the full amount in two rounds of payments, known as Economic Impact Payments. If we issued you the full amount of each Economic Impact Payment, you won’t need to claim the Recovery Rebate Credit or include any information related to it when you file your 2020 tax return because we already issued your Recovery Rebate Credit as Economic Impact Payments. If you’re eligible for the credit, and either we didn’t issue you any Economic Impact Payments or we issued less than the full amounts, you must file a 2020...

Jenna Ryan seemed like an unlikely participant in the mob that stormed the U.S. Capitol on Jan. 6. She was a real estate agent from Texas. She flew into Washington on a private jet. And she was dressed that day in clothes better suited for a winter tailgate than a war. Yet Ryan, 50, is accused of rushing into the Capitol past broken glass and blaring security alarms and, according to federal prosecutors, shouting: “Fight for freedom! Fight for freedom!” But in a different way, she fit right in. Despite her outward signs of success, Ryan had struggled financially for...

As the war on the rich continues to escalate on both coasts, it's the middle-class residents of blue states that will be stuck with the tab.The war on the rich is escalating on both coasts. While Democrats argue they’re righteously demanding the wealthy pay their fair share, it’s the middle class who will pay the biggest price. Legislation labeled a “wealth tax” targets the wealthy. In Washington state, billionaires would be hit with a 1 percent tax on intangible assets. New York’s legislation includes tax hikes on income, capital gains, inheritance, and even stock trades. Seattle state Rep. Noel Frame...

It was only three months ago that we lowly voters passed Prop 117 to stop the state legislature from raising taxes without our consent by calling them new “fees.” Thanks to our Taxpayer’s Bill of Rights, we get to vote on tax increases. Well, at least we did until our TABOR-loathing state Supreme Court ruled that taxes labeled a “fee” need no consent. We just want consensual taxation. Now, the legislature is already entertaining a colossal tax increase, again, without our consent, this time for transportation. The dodge they plan to get around 117 is to immensely increase an existing...

Accountants along Colorado’s Front Range are telling CBS4 that dozens of clients who paid their 2019 taxes are nonetheless getting menacing letters from the IRS. Those letters are threatening late fees, penalties and in some cases, property seizure. “Well they’re frightened,” said Denver CPA William Fraser, “They don’t understand why the government, the IRS, would be chasing after them when they’ve paid their taxes.” Fraser said he has about 30 clients who paid their 2019 taxes but are still getting the intimidating letters from the feds. He says his clients are “frightened, angry, stressed, worried because the letters say they’re...

Economists interviewed by FEE warn that Senator Warren's new proposal would backfire horribly... Senator Elizabeth Warren made a “wealth tax” on net worth one of the defining proposals of her unsuccessful 2020 presidential campaign. Now, the staunch progressive is using her new perch on the Senate Finance Committee to introduce a wealth tax at long last. Warren’s wealth tax would affect families with assets of $50 million and greater, Fox Business reports. It would start at a 2 percent annual tax, but add an additional 3 or 6 percent levy on those with assets totaling $1 billion and more. Other...

At a glance: Gov. Tom Wolf’s budget proposal once again includes a municipal fee that’s expected to raise $168 million for the Pennsylvania State Police. Unlike in previous years, when the proposal failed to pass the Legislature, this fee would be charged to all municipalities based partially on services rather than focusing on a specific group of communities. Across all funds, including a significant one-time infusion of COVID-19 aid via the federal government, the agency’s budget remains relatively flat at $1.38 billion. Over at the Department of Criminal Justice (corrections, probation and parole to us laypeople), total funding decreases slightly...

SPOKANE, Wash. — Thousands have signed a petition urging the Washington Legislature to "say no" to a bill that would put new safety rules in place for kayakers, standup paddleboarders and others. House Bill 1018 would require anyone operating a "human-powered" vessel in Washington to take a boater education course and purchase a boater education card for $10. This means kayaks, canoes, rafts, standup paddleboards and other vessels would fall under the same set of rules as motorboats in the state. Five Washington state representatives are sponsoring the bill. It was introduced in the House on Jan. 11, 2021 and...

Gov. Tom Wolf’s 2021-22 budget proposal contains the largest increase in education spending Pennsylvania has ever seen along with a sizable increase in the state’s personal income tax rate. While the governor is proposing to raise the income tax for the first time in nearly two decades, some of the new money would be directed to provide tax relief for lower income families and some tax-shifting at the local level. According to sources, the governor will be proposing hiking the 3.07% personal income tax rate rise to 4.49%, starting July 1. That would be the first time it has increased...

The EU's police agency on Monday warned travellers to watch for organised crime gangs selling fake Covid-negative certificates at airports, sometimes for as much as 300 euros each. The warning from Europol comes after police busted several suspects selling forged certificates declaring people Covid-19 negative at airports in Britain and France, online and through mobile messaging chat groups in Spain and the Netherlands. Many EU countries and others now require proof that passengers are not infected by the disease, which has killed more than 2.2 million people around the world. "As long as travel restrictions remain in place due to...