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Taxreform

All articles tagged with #taxreform

real-estate5 months ago

Reforming Home Sale Taxes to Support Senior Homeowners and Boost the Housing Market

Joel and Kathryn Friedman, a retired couple in California, are hesitant to sell their large home due to potential $700,000 in capital gains taxes, which has delayed their downsizing plans. The current tax threshold has not changed since 1997, leading to more homeowners being taxed as home prices rise. Proposed bipartisan reforms aim to increase the tax exemption, potentially encouraging more home sales and easing housing shortages, especially in expensive markets like California.

via Business Insider|
#capitalgains#downsizing#homeowners
economy-and-business2 years ago

"Billionaires Seek Supreme Court Backing to Protect Trillions in Untaxed Fortune"

A report by Americans for Tax Fairness reveals that the wealthiest American families have $8.5 trillion in untaxed capital gains, highlighting the vast wealth inequality in the U.S. The Supreme Court is set to hear a case, Moore v. United States, which could impact the ability to tax these gains and potentially block efforts to implement a federal wealth tax. The case is supported by billionaire-backed think tanks and could have significant implications for tax law and the financial obligations of the ultra-wealthy.

via Rolling Stone|
##billionaires#capitalgains
economy2 years ago

"$8.5 Trillion Untaxed: The Case for a Billionaire Income Tax in the US"

A report by Americans for Tax Fairness reveals that Americans worth over $100 million held $8.5 trillion in untaxed profits in 2022, primarily from unrealized capital gains. This wealth, concentrated among 0.05% of households, may escape taxation without legislative changes. Proposals like the "Billionaires Income Tax" and ending the stepped-up basis loophole aim to tax these gains and could generate significant revenue. However, these proposals lack Republican support. The current tax system exacerbates wealth and racial disparities, with the majority of this untaxed wealth held by white households.

via HuffPost|
##economy#taxloophole
finance-and-business2 years ago

"Georgia Welcomes 2024 with Tax Cuts and Fresh Laws"

In 2024, at least 12 states in the U.S., predominantly with Republican leadership, are implementing tax cuts to lower income tax rates for residents. Arkansas, Connecticut, Georgia, Indiana, Iowa, Mississippi, Montana, Nebraska, New Hampshire, North Carolina, Ohio, and South Carolina are among the states reducing their tax rates, with some moving towards a flat tax system. These changes are part of broader tax reforms aimed at providing financial relief amidst ongoing inflation, with varying thresholds and rates depending on the state.

via Fox Business|
##finance-and-business#incometax
politics2 years ago

"Nebraska's 2024 Legislative Session: Tax Plans and Tight Budgets Amid a Busy Agenda"

Nebraska Governor Jim Pillen is set to propose a significant property tax reform plan in the 2024 legislative session, aiming to reduce property taxes by $2 billion through capping local government spending and increasing sales taxes. The plan includes "hard caps" on spending growth for cities and counties, and a shift of up to $1 billion of the property tax burden to the state. Pillen also plans to address workforce development by incentivizing businesses to offer child care and revising business incentives to retain skilled workers. Additionally, he defended his decision to reject $18 million in federal funds for a summer food program for children, and he discussed his stance on school choice and abortion legislation, indicating he would support efforts against a ballot initiative that could enshrine the right to an abortion in the state constitution.

via Nebraska Examiner|
##jimpillen#legislation
law-and-government2 years ago

"Illinois Ushers in 2024 with Over 300 New Laws Impacting Guns, Taxes, and Traffic Regulations"

Starting in the new year, a variety of new laws will take effect across the United States, addressing issues ranging from rearview mirror decorations in Illinois to gun control, online pornography, and LGBTQ+ rights. Illinois will no longer allow police to stop drivers solely for having items like fuzzy dice hanging from their mirrors, and will also ban high-powered semiautomatic rifles and high-capacity magazines. Minnesota and Colorado are implementing "red-flag" laws and ghost gun bans, respectively. Online activities are being regulated, with Connecticut requiring dating sites to handle harassment reports and North Carolina mandating age verification on pornographic sites. Several states are enacting or facing challenges to bans on gender-affirming treatments for transgender minors. Wage and tax laws are also changing, with over 20 states raising minimum wages and various states implementing tax reductions or exemptions.

via KOMO News|
##guncontrol#law-and-government