Nearly 200,000 households in Connecticut will benefit from an increase in the state’s Earned Income Tax Credit, Gov. Ned Lamont said.
The governor said in a news release that the Department of Revenue Services will increase the 2020 Earned Income Tax Credit from 23% to 41.5% as directed by the state budget.
Lamont said the increase will “provide needed economic support to low-to-moderate income working individuals and families” who faced negative economic impacts amid the COVID-19 pandemic.
Copper State small business owners appear to have embraced the local colloquialism “Don’t California my Arizona,” according to results of a new survey.
The Arizona chapter of the National Federation of Independent Business released its annual poll of Main St. entrepreneurs Monday.
NFIB got responses to three questions from 247 small business owners across the state this month.
Facebook knowingly chooses to prioritize its profits over the safety of its users, Frances Haugen, a whistleblower and former Facebook employee, said in an interview with “60 Minutes” on Sunday.
“The thing I saw at Facebook over and over again was there were conflicts of interest between what was good for the public and what was good for Facebook,” Haugen told Scott Pelley on “60 Minutes” Sunday night. “And Facebook, over and over again, chose to optimize for its own interests, like making more money.”
Haugen, a former Facebook product manager, leaked thousands of internal company documents to The Wall Street Journal last month which detail the inner workings of the company. The leaked documents showed that Facebook employs a separate content review system for high-profile accounts, the company has conducted research into the harms its Instagram platform has on teen users, and it stokes controversy by boosting inflammatory content.
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.
President Joe Biden’s proposal to increase the United States’ Global Intangible Low-Tax Income (GILTI) tax will lead to job losses at 266 public companies in Arizona, according to research from Arizona State University.
The proposal doubles the GILTI rate to 21% from 10.5%. Ninety-four percent of U.S manufacturers believe the increase will harm their business, according to a National Association of Manufacturers (NAM)survey on Sept. 9.
The study by the Seidman Institute at ASU’s W. P. Carey School of Business and Ernst & Young’s Quantitative Economic and Statistics Team (QUEST) said the tax “is specifically targeted at the income earned by foreign affiliates of those companies from intangible assets including intellectual property such as patents, trademarks, and copyrights.”
While the state of California and multiple counties continue to settle with churches after imposing unconstitutional restrictions against them, one county is expanding its efforts to pursue damages against a church, claiming their worship services are a public nuisance.
In its latest request, filed Aug. 31, Calvary Chapel has asked the court to dismiss the public nuisance claim along with the $2.8 million in fines levied against it, arguing the county has not provided any evidence to support the accusation that the church has caused any harm to the public.
The battle between the county and the church began in late spring 2020 after the state and county encouraged residents to protest the death of George Floyd without numerical limitations or public health restrictions, even as the same authorities imposed severe constraints on houses of worship.
Apple and Google might change their app store business practices because of a new South Korean law similar to recent legislative efforts by U.S. lawmakers.
The new law would prohibit app stores, including Apple’s App Store and the Google Play Store, from forcing developers to use the tech giants’ payment systems, The Wall Street Journal reported. The bill, passed by South Korea’s National Assembly, will become law once signed by President Moon Jae-in.
The Korean bill is similar to a bipartisan bill introduced by Sens. Richard Blumenthal, Amy Klobuchar, and Marsha Blackburn to the U.S. Senate earlier this month that seeks “to promote competition and reduce gatekeeper power in the app economy, increase choice, improve quality, and reduce costs for consumers.” Both bills prevent app stores from requiring the use of their billing systems and take aim at the tech giants’ commission structure.
Arizona taxpayers who received unemployment benefits in 2020 and filed their state tax return before the American Rescue Plan Act (ARP) was enacted on March 11 can receive a new income tax refund.
That’s according to a Thursday announcement from the Arizona Department of Revenue.
Congress passed the ARP to give communities money to address public health and economic recovery issues which resulted from the COVID-19 pandemic.
Far-left Congresswomen Rashida Tlaib (D-Mich.) and Ayanna Pressley (D-Mass.), who have both been vocal critics of landlords and supportive of the eviction moratorium that prevents them from collecting rent indefinitely, made tens of thousands of dollars themselves collecting rent last year, according to the Washington Free Beacon.
Tlaib disclosed in a recent financial statement that she made between $15,000 and $50,000 from rent out of a property she owns in Detroit, even after she had recently criticized “landlords and bill collectors” and said that Americans needed to be protected from them “in the midst of a pandemic.” Pressley made roughly $15,000 from 2019 to 2020 off a property she owns in Boston. Pressley has denounced landlords for trying to collect rent during the pandemic, claiming it to be “literally a matter of life and death.”
Both congresswomen, along with others in the so-called “squad” and other congressional Democrats, were supportive of extending the eviction moratorium that has forbidden landlords across the nation from collecting rent, ostensibly to provide financial relief to Americans who cannot pay their rent due to losing their jobs to lockdown orders. The Biden Administration extended the eviction moratorium through October, after the original moratorium implemented last September by the Centers for Disease Control (CDC) was set to expire earlier this year.
A conservative digital media company’s focus on the culture wars in America appears to be paying off, as it is the fastest-growing private advertising and marketing business in the U.S., according to the 2021 Inc. 5000 list released Tuesday.
“We focus on working with groups that are advocating for or otherwise advancing conservative causes or conservative beliefs,” Olympic Media Founder and CEO Ryan Coyne told the Daily Caller News Foundation on Thursday.
Olympic was founded in 2018 and has had many high-profile clients, such as Reps. Elise Stefanik, Jim Jordan, and Madison Cawthorn, Sen. Bill Hagerty and Turning Point USA.
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.
Taxpayers are coming to Arizona from other states by the tens of thousands and bringing billions of dollars in annual earnings with them.
The Internal Revenue Service released its annual migration statistics, a record of address changes by filers and their dependents between tax years. The data released in late May reflects changes from the 2018-2019 tax years, which symbolize moves that occurred between 2017 and 2018. Nationwide, 8 million people relocated to either another state or county.
Arizona gained 218,736 new taxpayers in that time. Having lost 152,769, that’s a net gain of 65,967 exemptions from one tax year to the next. That’s nearly 1,000 more than the previous tax year.
California residents of all ages and incomes are leaving for more tax friendly climates, and they’re taking billions of dollars in annual income with them.
The Internal Revenue Service recently released its latest taxpayer migration figures from tax years 2018 and 2019. They reflect migratory taxpayers who had filed in a different state or county between 2017 and 2018, of which 8 million did in that timespan.
California, the nation’s most-populous state, lost more tax filers and dependents on net than any other state.
Millions of American families will receive hundreds of dollars in regular federal payments beginning next month, the Internal Revenue Service said Monday.
The IRS announced July 15 as the start date for monthly child tax credit payments that would affect the vast majority of Americans with children.
“Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above,” the IRS said in a statement.
Rising Republican star U.S. Rep. Josh Hawley, R-Mo., is sponsoring a new measure that would give unprecedented tax cuts to parents with children, and now he is saying his bill is on the front line of the nation’s “culture war.”
The plan in question would give a fully refundable tax credit of $12,000 for married parents and $6,000 for single parents who have children under the age of 13.
“Starting a family and raising children should not be a privilege only reserved for the wealthy,” Hawley said. “Millions of working people want to start a family and would like to care for their children at home, but current policies do not respect these preferences. American families should be supported, no matter how they choose to care for their kids.”