Most countries’ individual income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest tax rate individuals pay differs significantly across European OECD countries—as shown in today’s map. The top individual income tax rate applies to the share of income that falls into the
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The Internal Revenue Service proposed regulations Thursday to offer guidance for estates and trusts clarifying that some deductions of estates and non-grantor trusts are not considered to be miscellaneous itemized deductions. The Tax Cuts and Jobs Act of 2017 prohibited individual taxpayers from claiming miscellaneous itemized deductions for any taxable year starting after Dec. 31,
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The IRS is taking its Settlement Days program virtual to enable unrepresented taxpayers to work towards resolving their Tax Court cases despite stay-at-home orders in many jurisdictions. The first two virtual events are in Detroit on May 9 and Atlanta on May 21; future events may be scheduled in other cities. More than 100 unrepresented
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CNBC’s Jim Cramer said Monday that legendary investor Warren Buffett gave “no hope near term” in his annual shareholders meeting on Saturday with his sale of airline stocks. “Buffett’s overview on airlines really does make me very concerned about the near term,” Cramer said on “Squawk on the Street.”  The billionaire investor said Saturday that
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A bipartisan group of lawmakers introduced legislation Wednesday to enable small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven. The U.S. Small Business Administration’s Paycheck Protection Program was included as part of the CARES Act that Congress passed in
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CNBC’s Jim Cramer said Wednesday that investors cannot ignore the rising popularity of plant-based meat products.  “This movement is happening. You’ve got to get on the bus or … get left behind,” Cramer said on “Squawk on the Street.”  Cramer acknowledged there are not huge sales just yet for a company like Beyond Meat, which after-the-bell Tuesday
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As we continue to look at tax types that can harm states’ post-coronavirus recovery, it’s worth highlighting taxes on business inventory. Inventory taxes fall under the umbrella of the property tax, which is the largest tax paid by businesses at the state and local levels. In addition to taxes on the value of buildings and land, businesses
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The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money. The CARES Act, the $2.2 trillion stimulus package that Congress passed last month, included provisions for sending economic impact payments of at least $1,200 to individuals, and
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