Sherry Robinson | All She WroteLet’s start with the good news: New Mexico is number one on an important ranking. We have the nation’s lowest property taxes, and they’ve been the lowest for a long time.The reason goes back in history to the 1800s, when New Mexicans lost land to tax sales because they didn’t … Read more
Russia’s finance ministry proposed introducing extra progressive income tax rates for those earning more than 2.4 million roubles annually, as well as raising the mineral extraction tax for fertiliser and iron ore producers.
The corporate alternative minimum tax (CAMT) was reintroduced in 2022 as part of the Inflation Reduction Act, imposing a 15% minimum tax on large corporations with three-year average annual adjusted financial statement income (AFSI) exceeding billion. This new CAMT is based on AFSI, not taxable income, and impacts about 150 companies according to the U.S. Congress’ Joint Committee on Taxation. Corporate tax departments need to understand CAMT rules, analyze tax liability, consider financial reporting implications, and engage in strategic planning to navigate the complexities of remaining compliant with the new regulations.
The fact described in the text is that the 21% corporate flat tax rate enacted under the TCJA is permanent and does not expire.
Georgia residents have reason to celebrate as Gov. Brian Kemp approved 0 million worth of tax relief measures for individuals and businesses. It is estimated that Georgia taxpayers could save about .1 billion by 2024 and billion over the next ten years.
Illinois is one of four states with a flat tax rate enshrined in its constitution since 1969. Past attempts to move to a granulated tax rate based on income have been unsuccessful. Statehouse Republicans in Illinois hope Iowa will be the 5th state to require a flat tax in its constitution.