Wednesday, March 12

Tag: Direct Taxation

California Faces Record $68 Billion Budget Deficit
7Dec By adminNo Comments
World

California Faces Record $68 Billion Budget Deficit

California is facing a $68 billion budget deficit next fiscal year—its largest ever—because of plunging revenues including a steep drop in personal income tax collections.According to estimates released by the nonpartisan Legislative Analyst’s Office Thursday, projected state revenues through the 2024-2025 fiscal year are $58 billion lower than assumed in the $310 billion state budget passed by the Democratic-controlled legislature and signed by Gov. Gavin Newsom, also a Democrat, in June. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The Surprise Bill Coming to Those Who Underpay Their Taxes
3Dec By adminNo Comments
Money

The Surprise Bill Coming to Those Who Underpay Their Taxes

Failing to keep up with tax payments now could lead to an expensive surprise come next spring. As of Oct. 1, the Internal Revenue Service is charging 8% interest on estimated tax underpayments, up from 3% two years ago. The increase is one of the many effects of rising interest rates. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The Surprise Bill Coming to Those Who Underpay Their Taxes
3Dec By adminNo Comments
World

The Surprise Bill Coming to Those Who Underpay Their Taxes

Failing to keep up with tax payments now could lead to an expensive surprise come next spring. As of Oct. 1, the Internal Revenue Service is charging 8% interest on estimated tax underpayments, up from 3% two years ago. The increase is one of the many effects of rising interest rates. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Newsom’s California Tax Whopper – WSJ
2Dec By adminNo Comments
Health

Newsom’s California Tax Whopper – WSJ

Thursday night’s debate on Fox News between Gavin Newsom and Ron DeSantis was instructive on many levels. While the Florida Governor stressed his superior record on crime, schools and the economy, Mr. Newsom focused on progressive cultural themes. But one of Mr. Newsom’s economic howlers shouldn’t pass without contradiction.The Governor proudly defended his state’s progressive income tax that imposes a top rate of 13.3% on taxpayers making more than $1 million—the second highest in the country after New York City. But he also asserted that Florida “taxes low-income workers more than we tax millionaires and billionaires in the state of California.”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Canada Inflation Continues to Ease to 3.1% in October
21Nov By adminNo Comments
World

Canada Inflation Continues to Ease to 3.1% in October

OTTAWA—Canada’s annual inflation rate cooled last month, thanks largely to lower prices at the pump that helped offset still elevated grocery prices and the rising cost of rent and property taxes.The country’s consumer price index rose 3.1% in October from a year earlier, the lowest rate since June, Statistics Canada said Tuesday. The pace was in line with market expectations for the month, according to economists at TD Securities, and follows inflation of 3.8% in September.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The IRS’s New 2024 Tax Brackets: Inflation Adjustment Could Save Taxpayers Money
9Nov By adminNo Comments
Money

The IRS’s New 2024 Tax Brackets: Inflation Adjustment Could Save Taxpayers Money

Updated Nov. 9, 2023 5:05 pm ETHere’s an upside to persistent inflation: More of your income will be taxed at lower rates next year.The Internal Revenue Service announced its annual inflation adjustments to federal income-tax brackets for 2024 Thursday, an increase that slightly outpaces the current inflation rate. This means some Americans will pay less in taxes, said Jim Young, an accounting professor at Northern Illinois University.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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