TurboTax Maker Puts a Pink Spin on Exploitative Financial Products
Intuit, the maker of TurboTax, recently launched a campaign branding itself as a feminist company.
corporations
Guest commentary California needs higher taxes on corporations and the wealthy
President Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25 percent of their income in taxes. California faces a billion budget deficit and has a regressive tax system, with the lowest income earners paying the largest share of taxes. State and local governments can take action to ensure the ultra-wealthy and large corporations pay their fair share by ending tax breaks, increasing the corporate tax rate, and implementing a wealth tax on extreme wealth. Governor Newsom opposes the wealth tax, but public pressure is building with a majority of California voters supporting the idea.
Minn. Tax Panel OKs Corp. Disclosures, Reporting Study – Law360 Tax Authority
Minnesota approved legislation that would require disclosure of some tax information of large corporations and examine the state’s corporate tax base, including the possibility of worldwide combined reporting.
Pro-Palestinian protesters arrested at Yale, Columbia cancels in-person classes
Dozens of people were taken into custody during a pro-Palestinian demonstration at Yale University. More than 40 people were apprehended by police as they blocked traffic around Yale’s campus in New Haven, Connecticut, demanding the school divest from military weapons manufacturers. The protests at Yale and Columbia were in response to the latest escalation of the Israeli-Palestinian conflict, which began on Oct. 7. The Columbia University president canceled in-person classes to deescalate tensions on its New York campus following the arrest of over 100 protesters who disrupted school activities. President Joe Biden has put the full force of the federal government behind protecting the Jewish community. Student organizers from the Columbia University encampment responded to claims of antisemitism in the pro-Palestinian protests, stating that some individuals did not represent their movement.
Don Wooten: Taxes are dues we pay to be part of this society
The author, Don Wooten, reflects on his attitude towards paying taxes and the importance of contributing to society through taxes. He mentions his belief that taxes are necessary for the common good and expresses a willingness to pay them, despite some frustrations with how tax money is sometimes used.
ANALYSIS | Do wealthy Canadians pay enough taxes? That depends how we define ‘fair share’ | CBC News
The federal government announced an increase in capital gains taxes in the recent budget to ensure the wealthiest Canadians pay their fair share. The government plans to increase the inclusion rate of the capital gains tax for high-income earners. Data from the Fraser Institute and Statistics Canada show that high-income earners already pay a disproportionately large share of taxes. However, some argue that this data does not consider the totality of income inequality, with the wealthiest 20 percent of Canadians holding more than two-thirds of total net wealth.
Minnesota Legislature Weighs Corporations’ Role in State’s Economy
The Minnesota Legislature is considering several bills targeting corporations, including proposals to require large corporations to disclose their state income tax filings and to cap the number of single-family rental units a company can own. Rep. Esther Agbaje is pushing a bill that would cap the number of single-family homes one business entity can own, primarily corporations. Governor Tim Walz has stated that he is not interested in raising or cutting corporate taxes, but rather maintaining a proper balance. Minnesota has the highest corporate tax rate among the states, but the effective tax rate is lower due to deductions. Several bills are moving in the Legislature aimed at regulating corporations, including those related to single-family home ownership, tax transparency, hospital salaries, debt collection, corporate tax studies, health care acquisitions, and employee classification. Critics argue that the bills and underlying philosophy behind them are anti-business.
Biden floats tax hikes for all, says Trump cuts will ‘stay expired’ if re-elected — prompting WH walk-back
President Biden vowed that former President Donald Trump’s 2017 tax cuts would lapse next year if he’s re-elected, resulting in higher taxes for middle-class and low-income Americans.
Federal Budget 2024: What are the proposed capital gains tax changes and how might they affect me?
The fact described in the text is that Canada’s 2024 budget proposes to increase the capital gains tax inclusion rate from 50% to 66.67% for all capital gains realized by corporations and trusts, as well as for capital gains over 0,000 realized by individuals.
The year 2025 is the ‘Super Bowl of tax,’ says Rep. Blake Moore. Will your taxes go up?
In 2020, Rep. Blake Moore visited Nucor, a steel and recycling manufacturing plant in northern Utah, where he learned about the positive impact of the Trump-era Tax Cuts and Jobs Act of 2017 on the business. The tax cuts led to real wage growth and reinvestment in the community, such as Nucor buying ambulances for the local community. Moore believes that low corporate taxes benefit everyone and is pushing to increase deductions for small businesses. He anticipates that significant changes in tax policy may occur in 2025, depending on the outcome of elections and government control.