Mass Millionaire Tax Advances

The Massachusetts legislature, meeting in Constitutional Convention (ConCon) this week gave procedural approval to placing a constitutional amendment on the ballot in 2022. The proposal would amend the state constitution by allowing for classes of taxpayers to be taxed at different levels – more specifically, imposing an additional 4% surcharge on incomes exceeding $1 million.…

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Push for Millionaire’s Tax Spreads

The class envy is getting deeper and against the backdrop of Senator Elizabeth Warren’s push for a federal wealth tax on assets, state efforts to adopt excise taxes and surcharges on income levels are becoming more pronounced. For 2019 legislative sessions, no fewer than a half dozen states are now seriously entertaining millionaire taxes. New…

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NJ Governor Wants Millionaire Tax

New Jersey Governor Phil Murphy continues to push for so many of the progressive programs and initiatives that were blocked in prior years by his republican predecessor, Chris Christie. This latest initiative, incorporated in the Governor’s $38.6 billion state budget for FY20, seeks to expand the universe of the multi-millionaire tax (incomes over $5 million)…

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Targeting Success

Newly announced presidential candidate Senator Elizabeth Warren (D-MA) has gotten much of the coverage on raising taxing of late with her plan to levy a 2% tax on assets over $50 million, but failed 2016 (and likely 2020) democratic Presidential candidate Senator Bernie Sanders (I-VT) is determined to penalize success as well. Staying in class…

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It’s Baaaaaaack!

For those who thought the idea of the so-called Millionaire Tax had run its course, think again. You will recall that Massachusetts advocates had teed up a ballot question for last November’s ballot that would have allowed the Bay State to apply a 4% surcharge to incomes over $1 million. The Massachusetts Supreme Court ultimately…

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Don’t Risk Your Network!

As evidenced here weekly in Small Regular No Sugar!, employment law issues and tax obligations can have a major impact on the success of your business. DDIFO will sponsor a regional meeting in New Jersey on Tuesday, December 4 at the Doubletree Hotel Newark Airport providing you with guidance on new tax obligations and employment…

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House Votes Today On Tax Reform 2.0

The US House of Representatives is scheduled to vote on a follow-up tax reform package later today that, among other provisions, would make the individual tax cuts passed last December permanent. Tax Reform 2.0 is a three-bill package that includes the Protecting Families and Small Business Tax Cut Act of 2018 (H.R.6760), the Family Savings…

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IRS Again Tweaking End-runs of New SALT Rules

Just 2 weeks after it proposed a new rule to block state efforts to circumvent the $10,000 state and local tax deductions limit (SALT), the Internal Revenue Service (IRS) this week clarified that companies that make business-related payments to charities or government entities may at times write off those donations as normal business expenses, just…

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Massachusetts Millionaire Tax Tossed by Court

The Massachusetts Supreme Court has thrown out efforts by progressives to implement an additional 4% surcharge on those who earn in excess of $1 million annually. The Millionaire’s Tax or the “Fair Share Amendment” as it is being called, was drafted as a ballot initiative for the November election and would have earmarked the projected…

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Ballot Initiative Battles

Efforts to implement more progressive policies as relates employment laws issues has shifted over the past several years to the ballot initiative process – and with a fair amount of success unfortunately. That trend appears to be continuing in a couple of recent examples. Recent polls indicate that a ballot initiative in Massachusetts that would…

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