Key Findings: The Tobacco Tax Equity Act would double taxes on cigarettes and equalize rates on all other tobacco and nicotine products to match the new higher cigarette rate. The increase would result in substantial increases on chewing tobacco (2,034 percent), pipe tobacco (1,651 percent), and snuff (over 1,677 percent). Vapor products, which are not
As lawmakers look for ways to pay for trillions in new spending, they are considering changes to prescription drug pricing under Medicare Part D. As explained here, H.R. 3, the Elijah Cummings Lower Drug Costs Now Act, would use the leverage of steep excise tax penalties to make drug manufacturers lower their prices, generating about
The pandemic has put college affordability and student debt in the spotlight. As the economy continues to recover from Covid, the price of higher education is now the biggest financial consideration among college-age Americans and their parents. At the same time, the cost a four-year college or university has never been higher. Tuition and fees, alone, reached
With more people working from home due to the COVID-19 pandemic, they and their companies are facing tax issues, even if they’ve relocated to a low-tax state. Some states have been enacting a so-called “convenience of employer” rule that subjects employees to state income taxes for the employer’s state even if the employee has moved
As policymakers consider using the budget reconciliation process to make tax changes and enact new spending programs, they may be inclined to add to an already growing list of temporary tax provisions. New temporary tax policy should be avoided in reconciliation. Temporary policy creates uncertainty for taxpayers and scheduling more expirations will add to the
To tackle problems of homelessness and housing costs, Senator Ron Wyden (D-OR) has released a major tax proposal, the Decent Affordable Safe Housing (DASH) For All Act. Several of Wyden’s proposals are also components of the Biden administration’s infrastructure agenda, with a large focus on tax credits designed to either incentivize new housing or directly
In this article PYPL SQ HOOD The PayPal app shown on an iPhone Katja Knupper | DeFodi Images | Getty Images PayPal is exploring a possible stock-trading platform. After rolling out the ability to trade cryptocurrencies last year, the payments giant has been exploring ways to let users trade individual stocks, according to two sources
SDI Productions Expecting an enhanced write-off for charitable gifts in 2021? The deduction won’t look the same as it did in 2020, according to tax experts. As the pandemic ravaged American lives, Congress added a provision to the CARES Act to spark more charitable giving: an improved tax deduction for cash gifts up to $300
Numerous countries, negatively impacted by the pandemic, are revamping their tax laws. The issue of transfer pricing is a top focus as governments look to ensure multinational companies aren’t evading their tax responsibilities by reallocating profits to lower-tax jurisdictions. Transfer pricing refers to the guidelines and practices regulating pricing transactions between businesses under common ownership.
In this article SPRT The Reddit logo is seen on a smartphone in front of a displayed Wall Street Bets logo in this illustration taken January 28, 2021. Dado Ruvic | Reuters Shares of Support.com are poised to extend their massive GameStop-style rally as Reddit-obsessed retail investors zoned in on the heavily shorted software name. The
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