The Michigan Senate will consider legislation to eliminate sales and use taxes from automotive manufacturer rebates, which could save new car buyers in the state an estimated $31 million annually.
House Bills 4939 and 4940 passed the Michigan House earlier this week. The bipartisan bills were sponsored by Reps. John Damoose, R-Harbor Springs, and Joe Tate, D-Detroit. The bills aim to take new vehicle customers off the hook for paying taxes on automotive manufacturer discounts.
Currently, Michigan car buyers incur a tax obligation for the full price of the vehicle they purchase, and no deductions are allowed for rebates offered by manufacturers. The bills under consideration would exempt rebates from state sales and use taxes. Read More
West Virginia Democratic Sen. Joe Manchin came out against his party’s plan to tax billionaires in order to finance their social-spending package just hours after it was first released.
“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters Tuesday morning, describing billionaires as people who “contributed to society and create a lot of jobs and a lot of money and give a lot to philanthropic pursuits.” Read More
A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.
The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.
In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan. Read More
President Joe Biden mistakenly called Michigan Gov. Gretchen Whitmer (D) “Jennifer” on Wednesday, an apparent reference to a previous Michigan governor, Jennifer Granholm, who is now Biden’s energy secretary.
Of course, the two Great Lake State Democrats aren’t that easy to get confused; Granholm finished her tenure as governor eight years before Whitmer took office. Read More
President Joe Biden has proposed amending the inheritance tax, also known as the “death tax,” but farmers around the country are raising concerns about the plan.
In the American Families Plan introduced earlier this year, Biden proposed repealing the “step-up in basis” in tax law. The stepped-up basis is a tax provision that allows an heir to report the value of an asset at the time of inheriting it, essentially not paying gains taxes on how much the assets increased in value during the lifetime of the deceased. This allows heirs to avoid gains taxes altogether if they sell the inheritance immediately.
Under Biden’s change, heirs would be forced to pay taxes on the appreciation of the assets, potentially over the entire lifetime of the recently deceased relative. Read More
President Joe Biden has pushed for beefing up IRS audits of corporations to raise revenue for his new spending proposals, but Republicans are raising the alarm about the potential consequences of the plan.
Biden unveiled his “Made in America Tax Plan” earlier this year as a strategy to help fund his trillions of dollars in proposed new federal spending that includes several tax hikes. Despite this, a bipartisan coalition in the U.S. House and Senate have agreed to a basic framework for Biden’s proposed infrastructure plan, but one element has been the theme of the negotiations among Republicans: no new taxes.
The GOP pushback against raising taxes, though, puts more pressure on the Biden administration to find ways to fund his agenda. Aside from Biden’s controversial tax hike proposals, the president also has proposed adding $80 billion in funding to the IRS so it can increase audits of corporations. Read More
Two days after touting her administrations support of Michigan’s small businesses, Gov. Gretchen Whitmer vetoed bipartisan bills that would have exempted certain business purchases of personal protection equipment (PPE) from the 6% state sales tax.
The bills would have offered businesses exemptions and refunds for sales or use tax paid on PPE retroactive to March 10, 2020, through 2021. Read More
A bill passed by the Ohio House would eliminate a step businesses owners must take to file taxes with the state and local governments and free up time for those owners to create more jobs and increase business, according to the bill’s sponsor.
The legislation allows businesses to opt into a system run by the Ohio Department of Taxation to pay net profits taxes to the state, and the state notifies each municipality of the taxes. Currently, business owners can decide to be part of the state’s system but must notify municipalities themselves, instead of a one-time notification.
“The current system for filing municipal net profits tax in Ohio creates unnecessary paperwork for our hard-working business owners,” Rep. Bill Roemer, R-Richfield, said. “As if the complications of the tax code itself weren’t enough, the state also requires businesses to jump through unnecessary administration hoops to meet their tax obligations. This bill streamlines and simplifies this process, so our business owners can spend more time creating jobs and contributing to our local economies, instead of complying with burdensome filing requirements.” Read More
Gas shortages on the East Coast have helped rally Congressional opposition to the portions of President Joe Biden’s infrastructure plan that would force oil and gas companies to pay more in taxes.
House Republicans sent a letter to House Speaker Nancy Pelosi, D-Calif., and House Majority Leader Steny Hoyer, D-Md., calling on Democrats to oppose Biden’s plan to “eliminate tax preferences for fossil fuels.”
The letter, signed by 55 Republicans, came after a cyber attack of Colonial Pipeline shut down a major pipeline on the East Coast and led to fear-driven gasoline shortages. The attack also raised questions about the nation’s energy infrastructure and vulnerability to attack. Read More
The Ohio Department of Taxation announced on Thursday that it would be extending the deadline to file and pay taxes in the state from April 15 to May 17. Read More
The Georgia House has rejected a bill that would have launched a review of the state’s revenue and tax structure.
Senate Bill 148 would have created two panels to study and make recommendations for the state’s coffers. It would have re-established the Special Council on Tax Reform and Fairness for Georgians and create the Special Joint Committee on Georgia Revenue Structure.
The House voted, 139-20, against the bill Thursday. It had 39 sponsors. Read More
A new law signed by Ohio Gov. Mike DeWine will increase tax exemptions for spouses of fallen first responders.
House Bill 17 was an expansion of previous legislation and increases the homestead tax exemption from $25,000 to $50,000. The legislation allows the spouse of a fallen first responder to exempt $50,000 of their home’s appraised value from property taxes or the manufactured home tax. Read More
New York Gov. Andrew Cuomo, who once pled for an influx of healthcare workers to treat COVID-19, now says they have to pay up for the privilege of having worked there to treat the coronavirus.
Cuomo said out-of-state medical professionals who volunteered to help his state owe income taxes, Fox News said. That applies even if they stayed on the payroll in their home states. However, only workers who stayed in New York for more than 14 days are on the hook. Read More
A new bill package introduced to the Michigan House of Representatives could help fix local roads without increasing taxes. Read More
More than 50 Michigan business leaders are pushing for the legislature to support a tri-county regional transit tax that would cover Oakland, Washtenaw and Wayne counties. Read More
The City Council of Hermantown, a Duluth suburb, wants state lawmakers to approve a resolution to place a half-cent sales tax increase on the November ballot.
Council members this week passed a resolution 4-1 to consider increasing the city’s sales tax by 0.5 percent for 20 years. Read More
The CEO of FedEx challenged New York Times publisher A. G. Sulzberger to a public debate Sunday after the publication reported that the company didn’t pay any federal taxes in 2018. Read More
by Rick Manning Stock markets go up and down based upon the latest trade rumors. Predictions of price hikes make headlines, yet the inflation rate remains at the levels, 2.0 percent at last count, desired by the Federal Reserve. What is going on? And is this even really a trade war with… Read More
The Republican-held Ohio Senate joined Republicans in the House of Representatives in opposing Gov. Mike DeWine on his proposed gas-tax hike. House Bill 62 (HB 62), the 2020-21 Ohio transportation budget, first proposed by DeWine on Feb. 12, originally called for an 18 cent increase to the current gas tax. This was the… Read More
by Brittany Hunter When the private sector needs to generate more revenue, entrepreneurs innovate and create in order to draw in consumers and raise profits. When the government needs to generate additional revenue, they are left with only one option: Extort through fees and taxation. And after it has taxed… Read More
A federal court has ruled that all of the Affordable Care Act, or Obamacare, is unconstitutional based on the individual mandate that requires people to have insurance and how that affects a new tax law. The ruling came just before Saturday, which is the deadline to enroll for Obamacare for… Read More
by Brittany Hunter “If it moves, tax it.” That’s government’s eternal motto, as Ronald Reagan quipped. To this, the city government of Chicago has added, “If it amuses, tax it.” A few weeks ago, PlayStation 4 users in Chicago were shocked when they turned on their consoles and saw a… Read More
by Richard McCarty Congresswoman Maxine Waters (D-CA-43) represents all that is wrong with Washington, D.C., yet she is next in line to chair the House Financial Services Committee should Democrats seize control of the House. It should be noted that the Financial Services Committee has broad authority with jurisdiction… Read More
Although the federal tax cuts promoted by President Donald Trump and passed by the Republican Congress, without a single Democrat vote in support of the plan, are not yet fully in place Tennessee voters support the plan according to a new Tennessee Star poll conducted in early September. The tax… Read More
Tennessee State Senators Bo Watson (R-Hixson) and Todd Gardenhire (R-Chattanooga) joined State Representative Mike Carter (R-Ooltewah) to file Senate Bill 2656, which would end mandatory emissions tests for vehicles registered in those counties that still have the requirement. The bill’s summary, as it appears in the legislative database reads: Motor Vehicles –… Read More
Early voting for the Williamson County referendum to raise the sales tax began Wednesday and will run through Thursday, February 1. On the ballot is a proposal that would increase the county’s contribution to the state sales tax by a hefty 22 percent resulting is a new tax rate of 2.75… Read More
US President Donald Trump will roll out a plan to reform America’s tax code Wednesday, a high stakes bid to salvage his agenda and bolster his faltering presidency. Amid a string of legislative setbacks, Trump teased a “big announcement tomorrow,” when the White House and Republicans will unveil tax reform… Read More
Proponents of Governor Bill Haslam’s fuel tax increase claim it is actually a tax CUT thanks to reductions in a couple of large corporate taxes, like the Franchise & Excise tax. Cutting taxes on businesses to create more job growth while we have a $2 billion surplus is a great… Read More
Once again, powerful business interests have approached the Metro Nashville Development and Housing Agency for a tax break, and once again, the Metro Nashville Development and Housing Agency appear to be all-too-happy to grant their request. Nashville taxpayers, however, are not so eager. In a statement released by the Beacon… Read More