All articles tagged with #tax breaks
Texas voters approved measures to increase the homestead exemption from $100,000 to $140,000, providing property tax relief to homeowners, especially seniors and disabled residents, and also approved an exemption for business inventory, aiming to reduce overall property tax burdens in the state.
Democratic Colorado lawmakers are phasing out approximately $150 million in tax breaks to help address a $750 million budget shortfall, focusing on closing loopholes and increasing revenue through targeted legislation, while facing opposition from Republicans who favor spending cuts over tax increases.
The Trump administration is considering actions that could reduce federal funding and subsidies for renewable energy projects, following recent legislation that cut tax incentives for wind and solar energy, potentially impacting the growth of these industries.
The House approved a GOP megabill filled with various special tax breaks and provisions, including billion-dollar earmarks and targeted incentives for industries like oil, space, and agriculture, despite some Republican opposition and accusations of pork-barrel spending. The bill now awaits President Trump's signature.
President Trump's signature legislation could negatively impact rural hospitals in Minnesota due to Medicaid funding reductions, despite a rural hospital stabilization fund, while offering tax benefits to farmers and potential economic growth in rural areas. Support and opposition among Minnesota politicians vary, with concerns about healthcare and funding shortfalls.
Senator Vance's support for a controversial bill that includes Medicaid cuts and tax breaks for the wealthy has drawn criticism from opponents like Pete Buttigieg, while he remains a leading figure in early GOP primary polls, signaling his potential as a prominent face in upcoming political battles.
California politicians, who once opposed Hollywood tax breaks as corporate welfare, are now supporting a $750 million subsidy to boost movie and TV production, claiming it will create jobs, reflecting a shift from past opposition to industry support.
Senate Republicans are poised to derail a bipartisan bill aimed at expanding the child tax credit and providing tax breaks for businesses, with key Republicans issuing demands that could disrupt the coalition that enabled the bill to pass the House. The $78 billion bill, which would benefit about 16 million children in low-income households, has faced resistance in the Senate, where Republicans have expressed willingness to sink it unless major revisions are made. Despite efforts to find common ground, the bill remains in limbo, with Senate Democrats eager to pass the legislation while facing opposition from some Republicans.
President Biden's budget proposal for fiscal 2025 includes tax breaks for families, lower healthcare costs, and higher taxes on the wealthy and corporations, aiming to reduce deficits by $3 trillion over a decade. The proposal covers various programs, including increased child tax credit, homebuyer tax credit, and down payment aid. It also seeks to help families afford basic needs, address housing shortage, and provide child care access. Biden's plan faces opposition from Republicans, who criticize it as reckless spending, while also highlighting differences in approaches to entitlements and spending cuts.
President Biden has proposed new tax breaks to address affordable housing issues, including a $5,000 per year "mortgage relief credit" for middle-class, first-time homebuyers and a one-year credit of up to $10,000 for middle-class families who sell their "starter homes." However, experts have mixed opinions on the proposals, with concerns about the impact on mortgage rates and the ongoing housing supply crisis.
Holtec International, a New Jersey energy company linked to powerful Democrat George Norcross III, has agreed to pay a $5 million penalty to avoid criminal charges after an investigation into fraudulent tax breaks. The company, which dismantles nuclear power sites, was found to have submitted a bogus 2018 application for $1 million in tax credits. Norcross, who sits on Holtec's board, has not commented on the matter. The state attorney general's office emphasized that regardless of size or influence, those who deceive the state for financial gain will be held accountable.
The Republican-led House is aiming to vote on a bipartisan bill to expand the child tax credit and provide tax breaks for businesses, facing obstacles in the House and uncertainty in the Senate. The $78 billion package, which cleared the Ways and Means Committee, has garnered support for its provisions for families with children but faces objections from some liberals and pro-SALT Republicans. Despite the discontent, proponents are confident about the bill's passage in the House, but its fate in the Senate remains unclear.
A bipartisan tax agreement has been unveiled by top U.S. lawmakers, aiming to revive expired breaks for businesses and increase the child tax credit for low-income families with a $78 billion package. The deal, proposed by Sen. Ron Wyden and Rep. Jason Smith, faces skepticism in both parties and a tight deadline before tax season starts.
The chief tax writers in Congress have reached a deal to temporarily expand the Child Tax Credit and undo restrictions on popular business tax breaks, with the roughly $80 billion package also including subsidies for affordable housing and disaster assistance. The plan would be paid for by cracking down on the troubled Employee Retention Credit and could potentially be attached to must-pass budget legislation or passed as a standalone measure. The agreement represents a significant victory for Democrats and would cost roughly $35 billion over three years, largely benefiting lower-income individuals.
German farmers flooded the streets of Berlin with their tractors in protest against the government's plan to eliminate tax breaks on the diesel they use, culminating a week of demonstrations. The farmers are dissatisfied with the proposed cuts and demand their withdrawal, emphasizing that they are an essential part of Germany. The protests reflect broader discontent with Chancellor Olaf Scholz's government, and the finance minister acknowledged that the original proposal was too abrupt. The farmers argue that their frustration extends beyond diesel cuts, citing increasing regulations and competition from imported food. Despite discussions with government leaders, the disagreement over diesel tax breaks remains unresolved.