By Ana Radelat, CTMirror.org Updated 6:27 pm EDT, Tuesday, April 23, 2019 President Donald Trump President Donald Trump Photo: Olivier Douliery / TNS Photo: Olivier Douliery / TNS Image 1 of / 1 Caption Close Image 1 of 1 President Donald Trump President Donald Trump Photo: Olivier Douliery / TNS Trump tax plan cap has silver lining for CT 1 / 1 Back to Gallery WASHINGTON — “Blue” states like Connecticut that fought against the Trump tax plan’s cap on state and local tax deductions are now seeing a silver lining - people turned to municipal bonds to lower their tax burden, which in turn lowered borrowing rates for state governments. The new tax law capped … [Read more...] about Trump tax plan cap has silver lining for CT
Donald trumps tax plan
President Donald Trump. MANDEL NGAN/AFP/Getty Images. The chief financial officer of Procter & Gamble is coming out against a U.S. domestic tax on foreign profits included in the Republican tax plan.“It’s kind of dawning on everybody at about the same time that this is going to be an issue,” P&G’s CFO Jon Moeller recently told The Wall Street Journal. “On the margin, it disincents [sic] local job creation.”Subscribe to Observer’s Politics NewsletterBecause of the $100 million minimum tax—known as the Global Intangible Low-Taxed Income tax (GILTI)—Moeller is hinting that P&G may be forced to move some of its operations overseas in order to compete and avoid handing over an extra two to three percent of its foreign earnings annually. Despite efforts from the Treasury Department to offset the tax, Moeller and other business leaders remain deeply skeptical of the measure.“That helped, but it didn’t kill the … [Read more...] about Procter & Gamble CFO Says Trump Tax Plan Hurts ‘Local Job Creation’
CLEVELAND, Ohio -- Roses are red, violets are blue, so are the faces of taxpayers finding they're getting big tax bills instead of refunds under the new Trump tax plan. XOXO HAPPY VALENTINE'S !!! from The Donald. WINNING !!! Trump had hyped a middle class tax cut, not a refund cut. The White House had promised a $4,000 raise for the middle class, instead some are getting tax bills for that much instead of the refund they were counting on. According the IRS, refund amounts will be down 8.4% for those getting them. The New York Times reports that last year of 100 million people got refunds last year averaging 2,800. Far fewer will get refunds this year. #GOPTAXSCAMS Social media has become the venting ground for taxpayers feeling cut up by Trump's fake tax cut act. Among the angriest appear to be Trump voters. Tweets streams from Trump voters feeling betrayed and scammed have gone viral. They describe the same scenario: They voted for … [Read more...] about Trump tax plan isn’t all roses and refunds: Darcy cartoon
opinion Joann M. Weiner Opinion contributor Published 4:00 AM EDT Oct 15, 2018 In the waning days of the 2016 presidential election, we learned that Donald Trump lost nearly $1 billion in a single year. This peek into his tax situation led his opponent Hillary Clinton to charge that Trump was refusing to release his tax returns because they’d show he didn’t pay any federal income taxes. Trump retorted, “That makes me smart!” At a later campaign rally, he said that he used the tax code “brilliantly.” Does paying no federal taxes make Trump the smartest tax guy in the room? That depends on what being smart about taxes implies. If it’s legal tax avoidance, that’s OK, but if it’s illegal tax evasion, that’s not OK. We recently got a glimpse into the tax avoidance/tax evasion conflict when The New York Times charged in an investigative repor that Trump has engaged in suspect tax schemes, some of which were … [Read more...] about Donald Trump, tax genius or tax con man? We need to see his returns.
U.S. Tax Bill When Congress passed a sweeping tax reform bill in late 2017, little was said about how nonprofit organizations like churches, colleges and hospitals would be affected. But the tax-code rewrite could cost some of these groups tens of thousands of dollars by forcing historically tax-exempt organizations to begin paying a 21 percent tax on employee fringe benefits, according to a report by Politico. One organization, the Jewish Federations of North America, told the news outlet it is already expecting a new $75,000 tax bill in 2018 due to the change.These fringe benefits often include things like providing company vehicles for employee commutes or, in the case of a college or university, providing a free shuttle between campus locations. Other common benefits involve things like health insurance, childcare reimbursement, and other medical accommodations. Recommended Slideshows5150 Highest Paying Jobs in the United States5150 Best-Selling … [Read more...] about Donald Trump’s Tax Plan Could Have Churches Paying Thousands of Dollars More