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The Latest Breaking News from Income Tax

Commentary: California’s economy may seem healthy. But just wait for the next recession

The California economy may seem healthy on the surface, with home prices soaring, Silicon Valley booming and the state government posting big multi-year state budget surpluses thanks to a massive surge in capital gains tax revenues and income tax revenues from tech stocks.

Los Angeles Times

Liberals should make superannuation voluntary and childcare free, moderate Andrew Bragg says

NSW senator’s proposed reform agenda also includes increasing climate targets and introducing state income tax, as party reels from election loss

The Guardian - AU

We can’t all work ourselves out of the cost of living crisis

Letters: An immediate increase in benefits could surely be brought into play, writes Jill Westby. Plus letters from Lisa J Rafferty and Carolyn Sutton on their struggles with rocketing household bills

The Guardian - UK

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Tax deal reached in final weekend of session at Minnesota Capitol

MINNEAPOLIS — Seniors would no longer pay taxes on social security income, millions of Minnesotans could see a small income tax cut and tens of thousands of families and renters across the state would be eligible for more tax credits under a sweeping deal struck Saturday at the divided Capitol.

Tribune News Service

Election Commission decides to curtail perks of CEC, ECs

The Election Commission unanimously decided that the CEC and ECs will not take any Income Tax benefits given to them now.

The Hindu

About five lakh BPL cards axed

Bengaluru

The Hindu

Romania considers changing its tax system

Romania is considering changing its tax system, Prime Minister Nicolae Ciuca said on Wednesday in a surprise announcement, and his leftist coalition partners said they wanted to replace the current flat income tax rate with a progressive one.

Reuters

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3 changes Rishi Sunak could make to your finances - as MPs vote on emergency budget today

From a windfall tax on energy giants and a 1p income tax cut to a quadrupling of the £150 Warm Home Discount Scheme, various ideas are seeping out of the woodwork - but Labour are demanding the Tories go further with help now

Daily Mirror

Initiative to increase the income tax to fund zero-emission vehicles and wildfire prevention programs in California files signatures

The California secretary of state reported that Clean Air California, the campaign behind initiative #21-0037, submitted signatures on May 16. The number of signatures required to place the initiative on the November ballot is 623,212, which is equal to 5% of the votes cast in the 2018 gubernatorial election.

Ballotpedia

A Bezos-Biden squabble: Can corporate taxes tame inflation?

Jeff Bezos this weekend became the latest centibillionaire to launch a political fight on Twitter by denouncing a tweet by President Joe Biden about corporate taxes as “disinformation” and “misdirection.”

The Independent UK

Colorado legislature refers school meal program funded by tax deduction cap and ballot law measures to voters before adjourning

The Colorado Legislature put two statutory measures on the Nov. 8 ballot before adjourning on May 11.

Ballotpedia

Quoting PAN or Aadhaar must for deposit/withdrawal of ₹20 lakh, current A/C opening

Currently, PAN and Aadhaar are interchangeable for income tax purpose.

The Hindu

With falling real incomes and rising prices many people don’t believe the story of prosperity Scott Morrison is preaching

Australians facing rising interest rates and rising average tax rates have little to celebrate

The Guardian - AU

India Not Done: Another 28% Tax On Bitcoin, Ethereum, Dogecoin Could Be Coming

After levying a 30% income tax on profits earned from cryptocurrency trading – the Indian government is now reportedly mulling imposing a 28% Goods and Service Tax (GST) on digital assets.

Benzinga

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Reason

Gov. Polis Wants You…To Be in Charge of Your Own Life

The libertarianish Colorado Democrat is devolving decision-making to parents and trying to lower the income tax to zero.

Ballotpedia

Ballot initiative proponents turn in 1.5 million signatures for income tax to fund a new pandemic prevention institute in California

The proponents behind Californians Against Pandemics submitted 1.5 million signatures for a ballot initiative that would increase the income tax by 0.75% for individuals with income over $5 million for 10 years and dedicate 50% of funds to the California Institute for Pandemic Prevention, 25% to the Community Pandemic Response…

Newsroom.co.nz

Let's not make the tax system even more complicated

Keeping taxes low and easy to comply with should be the primary focus, writes Peter Dunne

Ballotpedia

Campaign to place an income tax for education funding on Idaho ballot submits signatures

On May 2, Reclaim Idaho, the campaign behind an initiative to increase the income tax rate for individuals with incomes above $250,000 and increase the corporate income tax rate, submitted over 95,269 signatures for verification. The required number of signatures is 64,945, which is equal to 6% of the registered…

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The Hindu

All you need to know about new criteria for Income Tax return filing

New rules are not confined to gross total income alone

The Independent UK

2022 best cities for freelancers

Using recent metro-area data from the U.S. Census Bureau and state-level data from the Federation of State Tax Administrators, NerdWallet’s list of the 10 best cities for freelancers includes places where housing and income taxes tended to be relatively more affordable, freelancer culture was vibrant and there were signs of…

The Independent UK

What to do if there's a mistake on your business taxes

For small-business owners, preparing an income tax return is far from simple, which can increase the chances of making a mistake

Evening Standard

750,000 in London and the South East dragged into higher tax rates for years

It also highlighted that 280,000 more people in London would be pulled into paying the 20p basic rate of income tax

Ballotpedia

Arizona Supreme Court rules against veto referendum to challenge state income law

Voters in Arizona will not vote on a veto referendum to repeal a new income tax law this November.

Bangkok Post

Cabinet okays Covid-related tax cuts

The cabinet on Tuesday approved extending tax measures for individuals and companies that donate to the government; import medicines, medical supplies and medical equipment for public charity; and buy antigen test kits (ATK) for their employees.

Axios

These companies paid little to no federal taxes last year

"These are huge profitable corporations, and they hardly pay any taxes."

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