In New York, Governor Andrew Cuomo (D) is staring down a $2.3 billion shortfall, and he thinks he’s identified the culprit: the state and local tax (SALT) deduction cap. It’s a politically convenient scapegoat, but it misses the point—and more importantly, it misses an opportunity to improve the state’s uncompetitive tax code. Once a skeptic
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Legislation wending its way through Congress and a recent Government Accountability Office report may lead the way to boosting Social Security benefits for America’s poorest retirees. The mechanism: adjusting the formula for Social Security’s annual Cost-of-Living Adjustments (COLA) from the current system to one based on how Americans 62 and older really spend their money.
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Although sometimes overlooked in discussions about corporate taxation, capital allowances play an important role in a country’s corporate tax base and can impact investment decisions—with far-reaching economic consequences. And as today’s map shows, the extent to which businesses can deduct their capital investments varies greatly across European countries. Businesses determine their profits by subtracting costs
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Check out the companies making headlines midday Friday: XPO Logistics – XPO stock tanked a whopping 17 percent after the transportation company reported disappointing fourth-quarter results. Its earnings came in eight cents shy of estimates with adjusted quarterly profit of 72 cents per share, and the company’s revenue also fell short of expectations. XPO also
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Credit: Getty Royalty FreeCredit: Getty Royalty Free Retirement is a looming reality for many baby boomers, and a number of that generation already have hung it up. They think that now life will finally fall into place and everything will be peachy. But there are a lot of misconceptions about being retired. Maureen Crimmins, a
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Pedro Sánchez in the Spanish Congress on WednesdayLamoncloa.gob multimedia The Spanish President Pedro Sánchez has called general elections on April 28. The announcement has come after the Government’s defeat to approve the General State Budgets last Wednesday when the Congress rejected the so-called “more social budgets” of recent years. Apart from the political consequences, the
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Bloomberg News The Treasury Department and the IRS have issued guidance that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first-year depreciation deduction. Affected vehicles must also be subject to the depreciation limitations for passenger automobiles. Under the Tax Cuts and Jobs Act, the additional
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Victims of the earthquake that took place on Nov. 30 in Alaska may qualify for federal tax relief, according to the IRS. President Trump has declared that a major disaster occurred in Alaska. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers
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Photographer: Anthony Kwan/Bloomberg© 2019 Bloomberg Finance LP Apple made a big strategic mistake in China recently.  It assumed that its iPhone is so popular among Chinese consumers that they are willing to pay higher prices for newer versions of the product—even in the midst of a US-China trade war. They aren’t. That’s according to a recent
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Yesterday, the Organisation for Economic Co-operation and Development (OECD) released a consultation document in connection with its continuing efforts under the Base Erosion and Profit Shifting (BEPS) project Action 1 to address the challenges of taxation in the digitalizing economy. The document provides an outline of proposals that the Inclusive Framework (IF) on BEPS (a
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