The bill affirms a 3% pay raise for U.S. troops and guides defense policy, cementing decisions about troop levels, new weapons systems and military readiness, personnel policy and other military goals.
The authors say their findings offer one clear pathway for policymakers looking to dig their way out of the financial hole created by the coronavirus crisis: Make the rich pay for it.
The tax break for corporate meal expenses has been denounced by congressional Democrats, but they agreed to the provision in exchange for expanded tax credits for low-income families and the working poor.
During the chamber’s annual legislative preview event—which was held virtually this year as a safety precaution—the organization announced its top five priorities for the session that starts in January.
If countries don’t all agree on the new tax rules, the Organization for Economic Cooperation and Development warned there’s a risk of a global trade war triggered by individual countries launching their own digital services taxes to help their recovery from the pandemic.
U.S. tax law has long been kind to big real estate developers. It allows them myriad legal loopholes and breaks that can significantly shrink their tax bills.
Developers remain optimistic about multifamily developments in general across the city, but some believe additional affordable housing—and associated incentive deals—is needed.
The U.S. Chamber of Commerce called the president’s move “well-intended to provide relief,” but raised questions about whether it would be workable.
Indiana’s monthly revenue report, released Friday, shows that the state is still falling short of the funds that were expected when the forecast was made last December.
Gov. Eric Holcomb said the budget agency is estimating that Indiana could take in $3 billion less than expected during the last two months of fiscal year 2020—which ends June 30—and fiscal year 2021.
Budget officials predicted Indiana would collect nearly $2.2 billion in revenue in April, but it only received $1.23 billion, for a difference of $964 million.
State and local government budgets are expected to be hit hard as a result of restaurants, retailers and other businesses being closed for weeks.
City and county officials are grappling with the sacrifices they’ll have to make as plummeting employment, delayed collections and reduced economic activity cut into tax revenue.
Cris Johnston, director of the Indiana Office of Management and Budget, said Thursday that the state has begun to use some of its $2.3 billion reserve fund. Indiana is far from alone.
A former Senate budget writer said the hit to the state budget could be bigger than during the Great Recession, when state revenue dropped 15% over two years.
Details on the president’s economic rescue plan remain sparse, but its centerpiece is to dedicate $500 billion to start issuing direct payments to Americans by early next month. It would also funnel cash to businesses to help keep workers on payroll.
Sen. Aaron Freeman, the Indianapolis Republican and former city councilor who authored the legislation, said his goal is not to cripple the bus system’s operations but to hold IndyGo accountable to a 2014 law that required it to fund some of its operations with private funds.
The agreement announced Monday would bring together the maker of TurboTax, QuickBooks and other personal finance tools with one focusing on consumers’ access to financial products, such as finding the right loan or credit card.
More than 1,400 Geist households want a special taxing district that would raise money to maintain the reservoir. But other residents say the taxes would benefit mostly lakefront property owners, not people who live a few blocks away.
The agency said Wednesday that it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time.
