President Biden unveils budget proposal Top executives of dozens of major U.S. companies received more in their compensation packages from 2018 to 2022 than the businesses paid in federal taxes, according to a new analysis of financial data from the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF). The report highlights the issue … Read more
I’m Enda Curran, senior economics reporter in Washington, and today we’re looking at the implications of US economic exceptionalism. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X via @economics. And if you aren’t yet signed up to receive this newsletter, you can do so here. Plentiful jobs, confident consumers, sustained … Read more
Tax cuts for big business are once again facing off against the expanded child tax credit (CTC) in the yearly December fight to make last-minute changes to the tax code. Republicans want to see deductions extended for research and development costs, fixed capital investments like machinery and equipment, as well as interest expense. The White … Read more
IRS adjusting tax brackets upwards by 5.4% in 0224 The IRS is introducing new income limits for its seven tax brackets, adjusting the thresholds to account for the impact of inflation. That could provide a break to some taxpayers on their taxes in 2024. The tax agency on Thursday said it’s adjusting the tax brackets … Read more
Fidelity Investments is seeking clearance that would allow some of its best-known mutual funds to also operate as exchange-traded funds, becoming the largest firm to challenge Vanguard Group’s former monopoly on the concept. The Boston-based firm applied Tuesday for a government waiver that would allow its actively managed mutual funds to also issue a separate … Read more
Some taxpayers may get a break next year on their taxes thanks to the annual inflation adjustment of tax brackets set by the IRS. The tax agency hasn’t yet announced the new brackets for 2024, but that is likely to come within the next days or weeks, according to Steve Grodnitzky of Bloomberg Tax, which … Read more
Most California taxpayers already got an extra six months to file and pay their taxes this year but they’ll now have even more time. On the day of the original extended deadline, Monday, Oct. 16, the IRS announced it would further postpone the tax deadline for 55 of California’s 58 counties, including San Diego County. … Read more
IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. Chip Somodevilla | Getty Images IRS scrutiny of the employee retention credit The plan is part of the agency’s elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute … Read more
OLYMPIA, Wash.- President of the Association of Washington Business Kris Johnson has issued a statement about the Department of Labor and Industries proposed 2024 workers’ compensation tax rates. “Washington is already an expensive state to do business, and unfortunately this proposed 4.9% average rate increase in workers’ compensation insurance will only make it more expensive for … Read more
Sunak Hints at UK Benefits Cut After ‘Huge’ Rise in Payments Bloomberg Source link