Massachusetts Clears Millionaire’s Tax

Despite the fact that tax receipts have been well above expectations in the wake of the coronavirus pandemic, the Massachusetts legislature this week cleared the so-called Millionaires tax to appear on the state ballot in 2022. The measure, which required approval by two consecutive legislative sessions in order to advance, was passed Wednesday on a…

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New York Budget Imposes New Taxes

The New York General Assembly and Governor Andrew Cuomo reached agreement on a spending plan for the current fiscal year that calls on several significant tax increases to balance the $212 billion spending plan. Notwithstanding billions of dollars coming in federal largesse from the recently passed American Rescue Plan Act of 2021, New Yorkers will…

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But a New Taxman Cometh

Notwithstanding the magnanimity of the Internal Revenue Service in the wake of the coronavirus pandemic and extreme winter storms in some states, reports have the Biden administration putting together a package of new tax increases – the first since 1993 – that’ll raise taxes on many individuals and businesses across the nation. Needless to say,…

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The Warren Wealth Tax is Back

Notwithstanding that she never won a single primary – losing even her home state – Massachusetts Senator Elizabeth Warren has resurrected the centerpiece of that failed campaign, the Ultra-Millionaire Wealth Tax Act for consideration in the US Senate. Were it to be passed into law, the bill would create an annual tax of 2 percent…

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Ways & Means Advances New Unemployment Premium

Another important issue that’s being debated and will have a significant impact on businesses’ ability to rehire the help it will need is the unemployment insurance premium that democrats in Congress are pushing. It’s not back to the $600 mark just yet, but it’s certainly moving in that direction. This week, the US House Ways…

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When Is $1 Million not $1 Million?

For a number of years recently, the idea of imposing an additional tax on incomes over $1 million was all the rage across the political landscape. A handful of states – notably California in 2012, followed by Connecticut and New York along with Washington DC were quick to impose the new tax on “millionaires”. More…

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Ballot Questions Abound

Aside from the Presidential, Senatorial and Congressional elections on the ballot on Tuesday, there are also a broad array of ballot questions that may have a significant impact on business interests – now and/or in the future across the country. We want to highlight a few of these for you. We’ve advised you in past…

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California Eyeing Retroactive Tax Hike

As many, if not most states, focus on how they can revive business and get their economies back on track, elected officials in the California legislature are looking at going in a different direction. Senators in the California Senate resurrected and amended AB 1253 two weeks ago recommitting it to the Committee on Government and…

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Paying for the Pandemic in Cities

City governments are constantly lamenting the loss of tax and other revenues and are now mapping plans to restore their revenue streams whether there’s more federal money or not. Too often, that means increased taxes for the business community.  As a case in point, amid widespread opposition, the DC Council preliminarily approved a FY21 budget…

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Tale of Two Approaches

As Congress gets closer to possibly another economic recovery legislation, and the clamor to date has been for as much a $1 trillion in relief to state and local government, we’ve now entered FY 2021 budget. With tax receipts significantly reduced, every state and local government is facing some tough budget decisions. A quick look…

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