Utah Considering New Soda Tax

I would submit one probably wasn’t too surprised by Seattle, Philadelphia and a host of California cities adopting additional taxes on sugary beverages, so-called soda taxes, but Utah?? Well, it seems that the soda tax proposal is part of an array of Tax Reform Proposals being entertained by the Tax Restructuring and Equalization Task Force…

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The Good, the Bad & the Ugly!

Fortunately, we don’t have to report on every legislative initiative that comes down the road, but there is a vast array of fringe legislation regularly considered and sadly enough, often adopted as the law of the land! For a few examples, consider that the New Jersey legislature recently increased the state minimum wage to $10/hour…

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New Jersey Showdown Over Millionaire Tax

Despite the fact that New Jersey is a democratic trifecta state (all three branches of government controlled by democrats), there is an old-fashioned standoff in the Garden State over a Millionaire Tax proposal. Governor Phil Murphy has strongly advocated for adoption of an extra tax on incomes over $1 million, but thus far, legislative leaders…

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Millionaire Tax Clears First Hurdle in Massachusetts

The Massachusetts state legislature, not a group that is shy about new taxes and meeting in Constitutional Convention on Wednesday, gave initial approval to a proposed constitutional amendment that would impose an additional 4% tax surcharge on all Massachusetts residents with annual income in excess of $1 million. The 147-48 vote advances the question to…

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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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