The tax proposals of Democratic presidential nominee Joe BidenJoe BidenMcConnell challenger dodges court packing question ‘Hamilton’ cast to reunite for Biden fundraiser Trump relishes return to large rallies following COVID-19 diagnosis MORE would raise $2.8 trillion over 10 years and reduce taxes for most households in the near-term, according to an analysis released Tuesday by the right-leaning American Enterprise Institute (AEI).
“Overall, Biden’s tax proposals would make the US tax code more progressive,” AEI researchers said in their paper.
Biden has offered a number of tax proposals aimed at raising taxes on wealthy individuals and corporations. These include undoing portions of President TrumpDonald John TrumpTwo ethics groups call on House to begin impeachment inquiry against Barr Trump relishes return to large rallies following COVID-19 diagnosis McGrath: McConnell ‘can’t get it done’ on COVID-19 relief MORE‘s 2017 tax-cut law that cut taxes for people making over $400,000, subjecting
Nonpartisan tax groups and critics of President Donald Trump alike have rebuked a repeated claim by Ronna McDaniel, chair of the Republican National Committee, that Joe Biden intends to raise taxes on “82 percent of Americans.”
McDaniel’s false claim Sunday prompted Biden staff and supporters to highlight that Biden’s proposed tax plan promises never to raise taxes on any American who makes less than $400,000 per year. McDaniel shared on Twitter a Sunday interview in which Biden campaign co-chairman Rep. Cedric Richmond reiterated that middle-class Americans will not be hit with new taxes. McDaniel dismissed Richmond’s statement and instead pointed toward
For people who want to lowball their taxes, it helps to own a business. That can offer strategies for reducing what you owe Uncle Sam—and make you far harder to audit.
This has long been the case, but it’s in the news again in a big way for President Donald Trump, and a far smaller one for his opponent, former Vice President Joe Biden.
The tax spotlight is on Mr. Trump because the
New York Times
recently reported that it has obtained and analyzed years of his tax-return data despite his refusal to release it. The Times raised questions about his tax compliance, and Mr. Trump derided its reporting but provided no details. The Times’s report hasn’t been independently verified.
Mr. Biden, who has released years of returns, has been called out for employing a tax move the Obama administration wanted to end. In 2017 and 2018 he avoided as
Covid-19 and the social distancing it requires has pushed more of our purchasing online. In fact, since March an extra $107 billion has been spent online, according to Adobe Analytics.
For small business owners forced to close their doors for months and now still seeing dramatic drops in walk-in traffic, that online shift and exposure to new customers has likely been a lifeline. But it also may mean they aren’t charging the necessary sales tax on those purchases. According to a recent survey by Avalara, only about half of businesses are familiar with the sales tax rules for online transactions with customers in other states.
As state and local governments are grappling with major budget deficits over the coming year, they’re going to be diligent about collecting all the tax they’re due. That means online sales taxes could potentially be a big