Scandinavian countries are well-known for their broad social safety net and their public funding of services such as universal health care, higher education, parental leave, and child and elderly care. High levels of public spending naturally require high levels of taxation. In 2019, Denmark’s tax-to-GDP ratio was at 46.3 percent, Norway’s at 39.9 percent, and Sweden’s at
In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax. Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes. Maryland is the only state to impose both. Hawaii and Washington State have the highest estate tax top rates in
Pavlo Gonchar | LightRocket | Getty Images The firm that provides clearing and settlement services for brokers proposed shortening the time it takes to settle a trade, amid the GameStop controversy that caused brokerages like Robinhood to restrict trading. The Depository Trust & Clearing Corporation, or DTCC, outlined what a T+1, or one-day settlement period,
MoMo Productions | Getty Images Millions of self-employed and gig workers got good news this week. The Biden administration on Monday changed how the Small Business Administration’s Paycheck Protection Program calculates forgivable loans for the smallest firms and sole proprietors. But there’s a catch. The updated formula — which will likely lead to larger loan
Table of Contents Key Findings President Joe Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations. The proposals are being considered to raise revenue for new spending
Change and uncertainty are a feature of our world alongside innovations in our fast-changing economy. Investments in new business models and intangible assets — such as brands, technology and customer relationships — are increasingly key to driving value creation as companies research new technologies, cultivate customer relationships, manage their workforce and more. But information related
If you buy something through our links, we may earn money from our affiliate partners. Learn more. Working in an office typically involves spending a great deal of time sitting in an office chair – a position that adds stress to the structures in the spine. Sitting down for an extended amount of time actually
Workhorse W-15 Electric Pickup Truck. Source: Workhorse Shares of Workhorse Group dropped more than 50% at one point on Tuesday after the company was passed over for a key contract from the U.S. Postal Service. Amid heightened volatility, the stock was halted multiple times during the last half hour of trading, before ultimately finishing the
Al Drago | Getty Images News | Getty Images The measure, the American Rescue Plan Act of 2021, would pay unemployed workers an extra $400 a week through Aug. 29. Those additional relief payments would raise federal spending by about $163 billion through 2022, according to a cost estimate the Congressional Budget Office issued last
Delaying filing; inbox anxiety; a new voice; and other highlights from our favorite tax bloggers. Fun times ahead Tax Vox (https://www.taxpolicycenter.org/): Opponents of additional federal aid to state and local governments have noted that overall state revenue declines have not been as bad as expected during the pandemic, thus the need for assistance has lessened.
In December, scholars David Hope and Julian Limberg released a study with the London School of Economics (LSE) examining the economic effects of reducing tax rates for high-income individuals and corporations. The paper illustrates how overlooking an important element of the tax system—the structure of the tax base—can lead to an incomplete understanding of how
Pavlo Gonchar | LightRocket | Getty Images Hedge funds are still licking their wounds after a retail trading frenzy forced the industry to slash its overall exposure to stocks, leading to an underperformance in 2021. Last month, an army of retail investors who coordinated on social media managed to push GameStop shares up 400% in
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course’s graph on February 09, 2021 in Paris, France. Chesnot | Getty Images Bitcoin‘s roller-coaster ride has continued, flashing a warning sign for curious investors who may be interested in putting money in the highly
So you thought 2020 was a challenge? Not even two months into 2021 and the groundwork is being laid for a year that may rival 2020 in terms of complicating factors for tax professionals. Right out of the gate, this year has provided some intriguing storylines that undoubtedly will have ripple effects when tax pros
Content Freshness Usefulness An easy inspirational book for small business owners by small business owners. If you buy something through our links, we may earn money from our affiliate partners. Learn more. I have found that I have to consciously discipline myself to clear my mind, hear my own inner voice and trust it. Every
The U.S. Small Business Administration’s Paycheck Protection Program (PPP) is providing an important lifeline to help keep millions of small businesses open and their workers employed during the COVID-19 pandemic. Many borrowers will have these loans forgiven; eligibility for forgiveness requires using the loan for qualifying purposes (like payroll costs, mortgage interest payments, rent, and
An image from the video taken by multiple cameras as NASA’s Perseverance rover landed on Mars on Feb. 18, 2021. NASA/JPL-Caltech NASA on Monday released first-of-its-kind video of a spacecraft landing on another planet, as multiple cameras captured its Perseverance rover touching down on the surface of Mars. The U.S. space agency landed Perseverance on
The smallest businesses that have had the most trouble accessing forgivable loans from the Paycheck Protection Program will soon get extra help. The Biden administration on Monday announced changes for the pandemic aid program focused on helping small and minority owned firms as well as sole proprietors. For two weeks, starting Wednesday, the Small Business
The California Society of CPAs announced that Richard Simitian will serve as interim CEO starting March 1. The society’s Transition Committee recommended Simitian, a retired audit partner at Grant Thornton and past chair of the CalCPA, to fill in for departing CEO Anthony Pugliese (see our story) after interviewing a number of internal and external
Originally intended to be presented during the fall of 2020, and postponed due to the COVID-19 pandemic, a new United Kingdom budget will finally be published on March 3. Although normally most tax rate changes come into effect on budget day or soon after, 2021’s tax reforms might need to wait. Consultations on policies that
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