Some state ballots also had questions relating compensation and tax policy looming. In that regard, voters were apparently feeling generous. Initiative 433 on the Nebraska ballot was approved and provides for a $15 per hour minimum wage to be phased in over the next three years. The measure passed easily with 62% of voters in…
Read More »Over the past few weeks, we’ve focused on various ballot initiatives around the country by subject matter – minimum wages last week, right to work laws the week prior, etc. Without getting too far into the weeds, that leaves us a couple to call to your attention. In Massachusetts, there’s a Millionaire’s tax on the…
Read More »The Massachusetts Supreme Court this week cleared the so-called Fair Share Act to appear on the Massachusetts November ballot. The proposed constitutional amendment seeks to impose an additional 4% surcharge on Massachusetts taxpayers with income in excess of $1 million in any calendar year. Currently, the Massachusetts Constitution prohibits any kind of graduated income tax,…
Read More »Notwithstanding the deep political divisions that continue to fester in the Nation’s Capital, there seems to be bipartisan agreement about correcting one major problem for small business by reinstating the business-friendly Employee Retention Tax Credit (ERTC). Republicans Carol Miller (R-WV) and Kevin Hern (R-OK) joined Democrats Stephanie Murphy (D-FL) and Terri Sewell (D-AL) in filing…
Read More »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…
Read More »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…
Read More »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,…
Read More »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…
Read More »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…
Read More »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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