On this day: Polio vaccine announced as safe and effective in 1955
On April 12, 1945, Franklin Roosevelt, the U.S. president for four terms, died in office, and Vice President Harry Truman took over.
Washington
Israeli defence minister says a direct Iranian attack would require appropriate response
Israeli Defence Minister Yoav Gallant stated that Israel would respond directly to any attack by Iran. The United States has expressed its commitment to Israel’s security against threats from Iran and its proxies. The U.S. also expects an attack by Iran against Israel, but one that would not lead to war. Army General Michael “Erik” Kurilla is visiting Israel to discuss current security threats. The White House has warned Iran not to escalate further in the region following an air strike against an Iranian military commander in Damascus.
EXPLAINER-Trump says migrants are fueling violent crime. Here is what the research shows
Donald Trump is blaming migrants in the U.S. illegally for fueling violent crime as part of his campaign to win back the White House, repeating rhetoric used during his previous run for the presidency. Studies show immigrants are not more likely to engage in criminality.
Small business owners ask U.S. House tax writers to extend Trump-era deductions • Pennsylvania Capital-Star
The text describes how economists and small business owners are urging U.S. lawmakers to extend or make permanent the Trump-era tax cuts, particularly the deductions that allowed them to reinvest in their operations. The Tax Cuts and Jobs Act of 2017 allowed business owners to deduct up to 20% of qualified business income and temporarily cut taxes on new equipment purchases. If Congress does not extend these deductions, small business owners could face significant tax hikes and be at a disadvantage compared to larger corporations.
Middle East on alert for Iranian attack as Lufthansa suspends Tehran flights
Lufthansa extended the suspension of its flights to Tehran due to the situation in the Middle East, which is on alert for Iranian retaliation for a suspected Israeli air strike on Iran’s embassy in Syria. The region and the United States have been on alert for a retaliatory attack by Iran since April 1, when Israeli warplanes were suspected of bombing the Iranian embassy compound in Syria.
State Tax Rates on Long-Term Capital Gains, 2024
The text discusses the taxation of capital gains at the state level and the impact of inflation on capital gains taxes. It highlights that 32 states and the District of Columbia overtax capital gains income by subjecting them to the same rate schedule as ordinary income. Only eight states apply lower effective individual income tax rates to long-term gains than to ordinary income. The text also emphasizes the importance of considering all layers of taxes on investment income, including corporate income taxes, to avoid overtaxation.
Bill phasing out corporate income tax, tax credits in hands of Missouri Senate – Washington Examiner
House Bill 2274 aims to phase out the corporate income tax in Missouri, decreasing the rate from 4% to 3% in 2025, 2% in 2026, 1% in 2027, and eliminating it in 2028 and beyond. The bill also seeks to end tax credits for corporations. The state’s general revenue is projected to decrease significantly if the bill is fully implemented. Republicans argue that eliminating the tax would benefit workers and consumers, while Democrats question the fairness and necessity of the bill.
Business groups and lawmakers battle over ballot measure to limit California tax increases
Californians will be paying billions of dollars in federal and state income taxes and property taxes this month. The state of California levies the highest taxes per capita in the nation at ,200 annually, totaling about 0 billion a year. Governor Gavin Newsom has rejected tax hikes and proposes a budget that closes the deficit with spending deferrals, bookkeeping maneuvers, loans, and money from the state’s rainy day reserves. There is increasing discontent among residents about their tax burdens, leading to a rejection of a tax increase measure in 2020. A measure has been qualified for the November ballot that would make raising state and local taxes more difficult, requiring two-thirds votes for any increases. This has sparked a legal and political war between Newsom, the Legislature, and pro-tax interests.
Who Pays Taxes in America in 2024
– America’s tax system is just barely progressive, with room for improvement to combat economic, wealth, and racial inequality.
– The share of all taxes paid by the rich slightly exceeds the share of total income they receive.
– The share of all taxes paid by the poor is slightly less than the share of income received by the poor.
– The tax system would appear less progressive if it included unrealized capital gains.
– Federal tax system is relatively progressive, while state and local taxes are mostly regressive.
– Federal personal income tax, corporate income tax, and estate tax are considered progressive.
– Payroll tax, including Social Security tax, is not particularly progressive.
– Tax laws enacted over the past 25 years have made the tax system less progressive.
– Some politicians claim the tax system is too progressive, but data shows it is not as progressive as claimed.
– President Biden has proposed tax reforms to raise trillions in new revenue.
– The IRS has documented that hundreds of billions of federal taxes owed each year go unpaid due to underreporting of income.
Israeli military reduces troops in southern Gaza, spokesperson says
The Israeli military has withdrawn ground troops from the southern Gaza Strip, leaving just one brigade there. The move comes as Egypt prepares to host talks for a ceasefire and hostage release deal. The offensive in Gaza has focused on the south, with more than 33,100 Palestinians killed. Israel is facing threats from Hezbollah in Lebanon and potential retaliation from Iran. President Biden has demanded Israel improve humanitarian conditions and work towards a ceasefire, leveraging U.S. aid to influence Israeli military behavior. More than 130 hostages are still in captivity in Gaza.