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    OAKLAND — Residents will decide in November whether to overhaul the way the city’s businesses are taxed. The City Council this week decided to place a measure on the ballot that would require businesses making a lot of money to pay higher taxes and others to pay less. If passed, the measure would scrap the current tax structure that imposes a flat rate on all businesses’ gross receipts and enact a progressive, tiered rate that increases as a company’s gross receipts grow. City leaders describe the proposal as a compromise between one presented earlier this year by Council President Nikki Fortunato Bas and Councilmember Carroll Fife and the pushback from businesses that said they need some tax relief because of the pandemic. The council members’ original proposal would have generated $40 million extra per year for the city, but the Oakland Metropolitan Chamber of Commerce called that too drastic. Earlier this week, city leaders, union groups and the business chamber announced they had drafted a measure they could all get behind this election. It’s estimated to generate $22 million annually...
    THERE are new changes for 2022 in regards to incomes tax rates – which could impact how much you pay. The adjustments take into account surging inflation in recent months - with the latest data showing that consumer prices climbed to a four-decade high. 1Your tax brackets might change in 2022 According to the IRS, the standard deduction (the amount tax isn’t paid on) for couples will rise to $25,900 in 2022, up by $800 from this year. For single filers, the threshold will climb to $12,950 from $12,550. For 2022, the IRS revealed seven tax brackets – and there are quite a few changes. How much you pay in taxes of course depends on your income. Federal income tax brackets 2022 Single individuals 10% - on earnings $0-$10,275 12% - on earnings $10,276-$41,775 22% - on earnings $41,776- $89,075 24% - on earnings $89,076 -$170,050 32% - on earnings $170,051-$215,950 35% - on earnings $215,951-$539,900 Most read in MoneyNEW MONEY Surprise $175 payments on the way as exact date '$2,200 check' is due revealedMEAL DEAL How to apply...
    Alexandria Ocasio-Cortez lashed out at the NYPD and her colleagues in Congress over the arrests of 12 shoplifters for stealing diapers and baby formula in the Bronx, saying the removal of the child tax credit by the federal government was to blame for the crime. 'It's much easier to frame people who steal baby formula and medicine as monsters to be jailed than acknowledge our politics and economic priorities create conditions where people steal baby formula to survive,' she posted in response to a police department tweet, showing the arresting officers and the ill-gotten goods recovered by the cops.  Police said that officers from the 44th Precinct, which covers the Grand Concourse and High Bridge where Yankee Stadium sit, busted a dozen shoplifters after getting multiple complaints from storeowners. 'The arrests made led to the closure of 23 warrants & recovery of $1800 worth of merchandise,' police said. The photo of the recovered goods, which has since been removed, showed stacks of diapers, baby wipes, laundry detergent and other household goods that are easy to resell on the street.  Crime...
    Frederic J. Brown | AFP | Getty Images It can literally pay to get a Covid vaccine in some places. Across the country, many states are offering lottery prizes to boost the number of residents who inoculate themselves against the virus. If you are among the winners, just don't forget the taxman. "Generally, when people win a lottery, they should make themselves familiar with their tax liability, whether it's for cash or noncash prizes," said Ulrik Boesen, a senior policy analyst at the Tax Foundation. More from Personal Finance:Consumer losses top $500 million due to Covid-related fraudWhat to know before adding cryptocurrency to your portfolioThese summer activities can impact next year’s tax situation Over the last few months, state officials around the U.S. have rolled out initiatives aimed at enticing individuals to sign up for the Covid shot. Last week, Missouri — with just 40.8% of its residents fully vaccinated as of Friday — joined the other two dozen or so states that have turned to prizes to help deliver more vaccinations. Missouri plans to give 900 vaccinated individuals either...
    ALAMEDA COUNTY (KPIX 5) – As of Thursday, sales tax rates in Alameda County have gone up, pushing them to the highest in the state. While the money is now getting collected, a taxpayers’ group is still fighting to stop it. “Well, you can see the number up here is $69.99, which is what I thought I was going to pay,” said a Dublin shopper named Robert, who was buying a television for his mother. “Obviously, I knew that was gonna be some tax.” In Dublin and through much of the county, that would be the new rate of 10.25%. “I was surprised by the amount of that tax,” Robert said. It would have been higher, if he had done his shopping at the same store in Union City. “$2.15, for a $20 mouse,” said Kathy. “Pretty ridiculous.” Union City is among the six Alameda cities with a sales tax of 10.75%. That means they all share the distinction of having the highest sales tax in California, at least for the moment. Other cities with 10.75% sales tax rates include...
    A group of millionaires drove a truck around key sites in New York and Washington DC on Monday - including Jeff Bezos's homes in both cities - begging to pay more in taxes.  The group, which calls itself the Patriotic Millionaires, is arguing in favor of Joe Biden's tax plan, which would raise rates on many individuals and on corporations. Two of its highest-profile members are Abigail Disney, the daughter of longtime Disney chief Roy Disney, and Kathleen Kennedy Townsend, the daughter of Robert F. Kennedy. With trucks carrying flashing billboards bearing Jeff Bezos's face that said: 'Tax me if you can!' the group also held a small rally outside of Bezos's New York apartment. The Amazon chief is ranked No. 1 in the world on Forbes' list of billionaires, with a net worth of $187 billion. The group argues billionaires and millionaires need to pay more. It scheduled the events for this year's tax-filing day. 'Selfish billionaires, Wall street tycoons, and CEOs are all fighting tooth and nail to protect their own special tax breaks, and misleading the American...
    Joe Biden’s proposed tax hike to pay for his ‘human infrastructure’ bill will cost high-earning Americans in more than a dozen states upwards of 50% on their long-term capital gains and other qualified dividends. Nearly doubling the federal capital gains rate could discourage those making more than $1 million from investing in the stock market as it’s increased from 23.8% to 39.6%, which would lower the GDP by 0.1% and reduce federal revenue by around $124 billion over 10 years, according to the Tax Foundation. The current per state capital gains average is 29%, while the new rate Biden is proposing would make the average 48%. When local and state capital tax rates are combined with the new federal level, 13 states and Washington D.C. would have a combined rate above 50%. California, New York and New Jersey would have the highest rates at 56.7%, 54.3% and 54.2% respectively – and top combined rates in some localities would go even higher. New York City, for example, has a local capital gains rate of 3.87% – meaning an investor would pay...
    New York City's top earners may be slugged with a massive tax increase that will see them pay the highest taxes in the country, according to a state budget plan under consideration. New York Governor Andrew Cuomo and state lawmakers are close to finalizing a spending plan that will see corporate and income taxes increase by $4.3 billion per year, the Wall Street Journal reported. Under the so-called 'millionaire's tax', income taxes would rise from 8.82 per cent to 9.65 per cent for individuals who make more than $1 million or married couples who make more than $2 million. Anyone earning more than $5 million would have to pay a rate of 10.3 per cent, and those with an annual income of more than $25 million would be taxed at 10.9 per cent - the first time earners in those top brackets have faced additional taxes. When combined with city taxes of 3.88 per cent, it would see New York's wealthiest paying a combined state and local tax of up to 14.8 per cent.   Embattled New York Governor Andrew...
    Happy Friday MarketWatchers. Don’t miss these top stories:Vaccine trials have underrepresented people of color for the past decade — and many failed to report demographic data Pfizer and Moderna have both published the numbers of minority enrollees in their COVID-19 vaccine trials.Some 730,000 Walmart employees won’t be getting $15 an hour pay — they’re hardly alone 'Why is it so hard for the richest family in America to just do what they should have done years ago and raise base pay for all Walmart associates to $15/hour?' one worker questioned. Weekend reads: How to counter rising inflation Also, Texas and its power outage, and a deep look at marijuana stocks. See inside actor Adam Pally’s $4.1 million NYC apartment "Happy Endings" star Adam Pally is looking for a satisfying conclusion to placing his New York City home on the market. The five-bedroom abode with panoramic views is available for $4,095,000.Mortgage rates soar to highest level in months amid inflation concerns ‘The market’s outlook seems to suggest that the days of all-time low rates may be a thing of the past.’My...
    DOVER, Del. (AP) – Democratic lawmakers in Delaware are proposing several new tax brackets that would result in higher-income individuals paying more to the state’s coffers. The current top tax rate in Delaware is 6.6% for taxable income exceeding $60,000. A bill introduced Wednesday would apply the 6.6% rate to income between $60,000 and $125,000 and create a new rate of 7.1% for taxable income in excess of $125,000, up to $250,000. Those with income between $250,000 and $500,000 would pay 7.85%, and a top rate of 8.6% would be established for Delawareans with taxable income of more than $500,000. Co-sponsors of the measure include the state Senate president and several progressive Democrats who were elected in November. Copyright 2021 The Associated Press.
    ELIZABETH, Colo. (CBS4)– Coloradans will soon decide the fate of 11 different statewide ballot measures and one of them will determine how much homeowners pay in property taxes. If Amendment B passes, property tax rates will be frozen. If the measure fails, homeowners are expected to see a decrease in property taxes next year. (credit: CBS) Opponents say a tax increase in the middle of a recession is a bad idea. Supporters say it’s a small price to pay to save many of the state’s rural fire districts that are funded almost entirely by residential property taxes and would lose millions of dollars if the measure fails. Over the last four years, Elizabeth Fire Protection District has grown considerably, but it’s budget hasn’t kept pace. Elizabeth Fire Chief T.J. Stack says while population has increased 44%, since 2016, revenue has grown only 10% percent. (credit: CBS) “We stood in 2018 to lose almost $450,000 out of our budget, which is about a 25% decrease in revenue,” said Stack. The paradox is the result of a constitutional measure called...
    FORT WORTH (CBSDFW.COM) — Governor Greg Abbott was joined by Lieutenant Governor Dan Patrick, Speaker Dennis Bonnen and Fort Worth Mayor Betsy Price for the press conference addressing the defunding of police departments in cities across the state. Last week the Austin City Council voted to cut the police department’s budget by about one-third and move the money to social services. Today Gov. Abbott announced new actions that will be taken against municipalities that do the same. “To maintain the safety that our communities deserve today we are announcing a legislative proposal that will discourage defunding law enforcement in Texas,” he said during the afternoon press conference. “Any city that defunds police departments will have its property tax revenue frozen at the current level. They will ever be able to increase property tax revenue again if they defund police.”
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