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    A NEW plan is under consideration that if implemented could spell financial relief for millions of Americans. Proposed by Florida Governor Ron DeSantis, the tax relief initiative is geared toward helping families in the state. 1A new proposal from Florida's Governor, Ron DeSantis, if passed, would provide up to $1.1billion in tax relief to state residentsCredit: Getty If passed by the legislature in the upcoming session, DeSantis' bill would provide $1.1billion in tax relief. The Governor explained that the proposal includes an expansion of Florida's annual Back to School tax holiday. Also included in the proposal are tax exemptions for baby and toddler items. Also, if passed, there will be a yearlong tax exemption on other household items used by families on a daily basis. More on tax reliefthat's grand Applications now open for brand new direct payment of at least $1,000CASHING IN Urgent deadline to apply for $400 direct payment in less than a week “I’m proud that Florida has a record budget surplus and am happy to propose historic tax relief to Florida families,” DeSantis said. “This proposal...
    On Tuesday, August 16, President Joe Biden signed the Inflation Reduction Act of 2022 into law. Getting the massive $750 billion climate change/economic/health care package past the finish line was not easy; no Republicans voted for it in the U.S. Senate, and getting Sen. Joe Manchin of West Virginia and Sen. Kyrsten Sinema of Arizona on board took a lot of maneuvering. But ultimately, the bill made it to Biden’s desk in the White House Oval office for approval — much to the chagrin of Senate Minority Leader Mitch McConnell and other GOP senators who were disappointed that Manchin and Sinema supported it. Some progressives have been complaining that Manchin watered the bill down and that Sinema watered it down even more, arguing that Sinema, in 2024, deserves a Democratic primary challenge from the left — which could be risky in Arizona, a swing state that isn’t the bastion of Goldwater conservatism it once was but is still far from deep blue like Massachusetts or California. Many Democratic strategists, meanwhile, view the Inflation Reduction Act as something that incumbent Democrats...
    WITH less than two weeks until tax day, states are still adding tax credits for this year. For thousands of families, a $600 child tax credit was pushed forward on April 5. 1The Connecticut state budget surplus is projected at $1.5billionCredit: Alamy The credit would impact residents of Connecticut, where two major tax changes are on the table. The first is the child tax credit. The second is an increase to the state earned income tax credit. Both would apply to the 2021 tax season. Read More in TaxGAS RELIEF Low-income Americans could get $240 payments every three months under proposalTAX BACK New $1,000 payments ditched but thousands could still get $325 child tax credits The final deal needs full approval from state lawmakers, which is expected by May 4. The plan comes as states around the nation are seeing huge budget surpluses, but also want to help families as they are crunched by inflation. How much is the child tax credit? If passed, it would provide a maximum of $600 per year for up to three children. The...
    RELIEF may be on the way for qualifying Connecticut families. A new law is being proposed in Connecticut that may give some much-needed aid to qualifying families: a statewide child tax credit. 1A new law could provide millions with relief As tax season is rapidly approaching, Americans are looking for breaks where they can. Connecticut families are no different. The child tax credit, CTC, sponsored by seven Connecticut Representatives, would come after pandemic relief, stimulus checks and the temporary boosted federal child tax credit, comes to an end. The proposed law would offer families the following: $600 per child Children must be under 17 years old Income qualifications include up to $100,000 individual filers, up to $160,000 head of household, up to $200,000 married couples filing jointly Parents may only claim a maximum of three children Read More on TaxesFAMILY PAYMENTS Automatic monthly $250 payments could be sent as 'family stimulus checks'AGE LIMIT Know the age at which child tax credit payments stop coming in The state is currently operating on a projected surplus of $1.48 billion...
    Elon Musk thinks he has a better plan for his money than Democrats who plan to tax corporations and the ultra-rich to fund their $2 trillion plan.  The Tesla CEO tweeted in response to an article titled 'Democrats’ billionaire tax would heavily target 10 wealthiest Americans, but alternative plan is emerging'.  Musk replied: 'My plan is to use the money to get humanity to Mars and preserve the light of consciousness.'  The article cited experts who say the increased taxes could raise more than half of its revenue from the countries 10 wealthiest people: Musk, Jeff Bezos, Bill Gates, Larry Page, Mark Zuckerberg, Sergey Brin, Larry Ellison, Steve Ballmer, Warren Buffet, and Jim Walton.   'Musk would pay as much as $50 billion under the tax over its first five years, while Bezos could pay as much as $44 billion,' it states. Elon Musk, the world's richest man, is a vocal opponent of Democrats' proposed billionaire tax President Joe Biden announced the Build Back Better Framework on Thursday outlining how the government would fund his $2 trillion social services plan by...
    "My Build Back Better Agenda costs zero dollars. Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt," the tweet said. House Speaker Nancy Pelosi (D-Calif.) has also made the claim. "It's not about a dollar amount," she said last month. "The dollar amount, as the president said, is zero. This bill will be paid for."
    (CNN)The battle over raising the debt ceiling may seem like political gamesmanship on Capitol Hill, but it has real-life implications for tens of millions of Americans.Social Security payments could be delayed. The next monthly child tax credit installment might not be sent on time. Food stamp recipients could be left waiting for funds.That's because unless Congress suspends or raises the debt limit in coming weeks, the federal government will no longer be able to borrow to pay for its operations, forcing it to limit its spending. "In a matter of days, millions of Americans could be strapped for cash," Treasury Secretary Janet Yellen wrote in a Wall Street Journal op-ed. "We could see indefinite delays in critical payments. Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays."Though officials have warned for months about the need to address the debt ceiling, Congress has been at an impasse. The House has passed legislation along party lines to suspend the nation's...
    The Manhattan DA will not charge Donald Trump for alleged tax and real estate fraud, according to a new report, and Fox News legal analyst Gregg Jarrett told "Hannity" that the media’s assumption that the former president would be put behind bars was always foolish. JARRETT: So much for all the breathless reporting that Donald Trump would be criminally charged and wearing an orange jumpsuit, peering behind steel bars. Reporters who relied on a notorious liar like Michael Cohen and his prediction of Trump's imprisonment now look like the chumps that they are… It was always a fool's errand to try to go after somebody like Trump for tax and real estate fraud because HE doesn't fill out his taxes, he doesn't fill out loan applications. He relies on the expertise, the counsel and advice of a team of professionals like lawyers and CPAs and tax accountants and real estate experts. It's exceedingly difficult for the government to prove the intent necessary for fraud if you are relying on the expertise of professionals.  So here we have years of an...
    Lisa Cook, associate professor at the Michigan State University, arrives for dinner during the Jackson Hole economic symposium, sponsored by the Federal Reserve Bank of Kansas City, in Moran, Wyoming, on Thursday, Aug. 23, 2018.David Paul Morris | Bloomberg | Getty Images The Democratic chairman of the Senate Banking Committee sees economist Lisa Cook, an advocate for remedying racial and gender income inequality, as his top choice to fill the remaining vacancy on the Federal Reserve's governing board, people familiar with the matter told CNBC. If nominated and confirmed, Cook would be the Fed board's first Black woman. A staffer familiar with Sen. Sherrod Brown's thinking said the Ohio lawmaker supports Cook's candidacy for the Fed's Board of Governors based on her expertise, research, and lived experience as a woman of color. Cook is a professor of economics and international relations at Michigan State University. She is also a member of the steering committee at the Center for Equitable Growth, a progressive Washington-based think tank that counts several of President Joe Biden's top economists among its alumni. Other congressional staff...
    Journalist Glenn Greenwald has criticized MSNBC host Joy Reid for what he calls 'conspiratorial derangement' after she claimed a senator was a Russian agent. The journalist, part of a team that won a Pulitzer for reports about government surveillance programs based on leaks by Edward Snowden, slammed Reid on Friday for stating that Sen. Ron Johnson, R-Wisconsin, was acting on behalf of Russia.  Reid was mocking the senator who has come under fire himself for questioning accounts of what what occurred on January 6 at the Capitol, but Greenwald did not find Reid's description amusing.  MSNBC host Joy Reid suggested on her show that Wisconsin Senator Ron Johnson was a Russian agent Reid's comment were quickly picked up and slammed by journalist Glenn Greenwald 'This – 'Ron Johnson, Senator from Wisconsin, by way of Moscow' -- is as bats*** crazy and as much conspiratorial derangement as anything from QAnon, and far more damaging since it's mainstream, but because it's on a corporate outlet, it doesn't count,' Greenwald tweeted on Friday morning. 'If you're a liberal media figure, it's a...
    Loading the player... Veteran MSNBC host Joy Reid recently made comments on Twitter regarding conservative’s secret desires to say the N-word. The tweet was immediately met with backlash from well-known Republicans. “I’ll say it again: people on the right would trade all the tax cuts for the ability to openly say the n-word like in ‘the good old days,’” tweeted the host. “To them, not being able to be openly racist and discriminatory without consequence is oppression. Trump is the avatar for this “freedom.” The conversation started with Bari Weiss, a former New York Times opinion editor, who wrote and promoted a piece criticizing the ‘illiberal left’ for coming across as a ‘totalitarian society,’ per DailyMail.com. NEW YORK, NEW YORK – SEPTEMBER 28: Joy Reid speaks onstage during the 2019 Global Citizen Festival: Power The Movement in Central Park on September 28, 2019 in New York City. (Photo by Theo Wargo/Getty Images for Global Citizen) Read More: Joy Reid nails the difference between white and Black people after Capitol riots Reid’s comment was in response to Dr. Jason Johnson’s...
    MSNBC host Joy Reid sparked outrage this week when she tweeted that conservatives would trade tax cuts to use the n-word. Reid's comments have been slammed for apparent hypocrisy after stirring up previous homophobic comments the embattled news host and political commentator has made. 'I'll say it again: people on the right would trade all the tax cuts for the ability to openly say the n-word like in 'the good old days',' Reid tweeted. 'To them, not being able to be openly racist and discriminatory without consequence is oppression. Trump is the avatar for this 'freedom'.'   MSNBC host Joy Reid claimed Texas was reopening because white people want black people back 'making them steaks' MSNBC host Joy Reid sparked outrage this week when she tweeted that conservatives would trade tax cuts to use the n-word Reid's response was made to a thread of tweets from MSNBC contributor Jason Johnson and former New York Times opinion editor Bari Weiss. Weiss' tweet sparking the conversation promoted an op-ed piece she wrote for the Deseret News in which she slammed the 'illiberal...
    (CNN)Wealthy Americans would enjoy a big tax cut if the Supreme Court overturns the Affordable Care Act.That's because the landmark health care law included two taxes levied specifically on higher-income folks. Those would disappear if Obamacare comes to an end.The Supreme Court is scheduled to hear oral arguments Tuesday in a case that could decide the Affordable Care Act's fate. A coalition of Republican state attorneys general led by Texas and joined by the Trump administration are arguing that the individual mandate is unconstitutional because Congress reduced the penalty for not having health insurance to zero as part of the 2017 Republican tax cuts -- and that, as a result, the entire law must fall. As part of the Affordable Care Act, which was enacted 10 years ago, the wealthy were hit with a 3.8% tax on net investment income -- including interest, dividends and capital gains -- and a 0.9% Medicare tax on wages. Both are levied only on individuals with modified adjusted gross incomes above $200,000 and on married couples with incomes above $250,000. And both apply only...
    What kind of economic growth can we expect if Joe Biden wins the presidency in November and Democrats sweep Congress? And how does it compare to a hypothetical Trump victory and a Republican sweep? The boffins at Moody’s Analytics took a look at the likely impact of economic policy in both scenarios and came up decidedly bearish on Republicans: The economic outlook is weakest under the scenario in which Trump and the Republicans sweep Congress and fully adopt their economic agenda. In this scenario…it is not until the first half of 2024 that the economy returns to full employment…unemployment remains persistently higher…labor force participation rate that never fully recovers to its pre-pandemic highs…real after-tax income does not change much during the president’s term…The economy suffers in Trump’s second term, as we expect he will double down on the foreign trade and immigration policies he pursued in his first term…The significant increase in tariffs during Trump’s first term—from an effective tariff rate of 1.5% when he took office to a peak of more than 6% just prior to the Phase One...
    The chief actuary for Social Security has grim news for Trump supporters on Social Security: There wouldn't be any more of it before his second term ended if he gets his way on the payroll tax. His plan to eliminate payroll taxes would deplete the Social Security Trust Fund by 2023, "with no ability to pay benefits thereafter." That’s the "Old Age and Survivors Insurance" portion of the fund. The Disability Insurance Trust Fund would be gone next year. Stephen Goss, the chief actuary, detailed this in a letter in response to a query from Democratic Sens. Chuck Schumer (New York), Ron Wyden (Oregon), Chris Van Hollen (Maryland), and independent Bernie Sanders (Vermont) about hypothetical legislation passed by Congress to enact Trump’s plan to defund Social Security. This is what would happen in Trump's plan to "terminate" payroll taxes permanently in his second term. Trump announced this plan when he signed his executive order to allow employers to suspend taking payroll taxes out of employees’ pay. That order was so poorly conceived and executed that employers are having a hard...
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