Gavin Newsom’s limit on corporate tax credits may threaten jobs in Hollywood
California Business Tax Cuts and Film Industry Concerns California’s Governor, Gavin Newsom, has included a cap on business tax cuts in the state budget as a cost-saving measure. However, this decision has drawn criticism from the film industry and some lawmakers, who argue that it could lead to job losses in an already struggling sector. […]
$52,000 Tax Surprise for Retirees Who Wait Until 70 to Claim Social Security
Quick Read A couple, married, faces a considerable tax liability amounting to around $52,000 over five years due to combined Social Security benefits of $124,344 and $80,000 in 401(k) withdrawals. The couple’s tax burden is largely impacted by the frozen provisional income threshold of $44,000 since 1984, meaning that 85% of their Social Security income […]
Manhattan’s high-end property market falls sharply after the new pied-à-terre tax is implemented.
Manhattan Luxury Real Estate Market Stalls Last week, Manhattan’s high-end real estate market hit a standstill. Only one home was listed for over $10 million, and brokers suggest that Mayor Zoran Mamdani’s remarks about wealth and the proposed pied-à-terre tax are driving wealthy buyers away. Between July 6 and July 12, 29 homes in Manhattan, […]
Paramount’s CEO David Ellison Supports Federal Film Tax Incentive Legislation
David Ellison Advocates for Federal Film Tax Incentives David Ellison, the CEO of Paramount Skydance, is reportedly championing a federal film tax incentive bill that has drawn bipartisan interest. Sources have indicated that Ellison dedicated at least six months to discussions aimed at bringing this bill to light. Recently, he engaged with Republican leaders in […]
New PM Burnham Planning £38 Billion in Tax Increases: Report
Burnham’s Tax Plans Could Lead to £38bn Increase Incoming chancellor Andy Burnham is expected to propose adding up to £38 billion to the UK’s already high tax burden, a move that has raised eyebrows among critics, including those from Nigel Farage’s Reform Britain party. With the former Manchester mayor likely to become Labor’s new leader […]
Abdul El-Sayed announces tax returns will be postponed until after the Michigan primary.
Democratic candidate Abdul El-Sayed, running for the Michigan Senate, is facing criticism after stating that he’s dealing with a backlog of paperwork necessary for his tax returns. This statement seems to be an attempt to counter suspicions raised by his competitor, Democratic Rep. Haley Stevens, who has suggested that he might be hiding details about […]
Scranton Mayor Paige Cognetti suggested a DEI position along with a tax hike.
Scranton Mayor’s DEI Initiative Faces Budget Challenges Paige Cognetti, the Democratic mayor of Scranton, Pennsylvania, and a candidate for the 8th Congressional District, previously suggested increasing taxes to fund a diversity, equity, and inclusion (DEI) staff. In 2023, the city added eight new hires, which included a position for a “DEI coordinator.” The proposed budget […]
California passes its biggest tax increase ever
California Introduces New Taxes for 2024 Next year, residents of California will face two new taxes following Governor Gavin Newsom’s approval of a state budget in June, which the California Taxpayers Association has termed “the largest tax increase in state history.” In response to reduced federal support from the previous administration, Newsom and Democratic lawmakers […]
California GOP leaders face scrutiny for supporting sales tax increases
California legislators are sending a bill to Gov. Gavin Newsom that could allow about a dozen counties and cities to raise their sales taxes higher than the usual limit. This has drawn criticism, particularly regarding the unexpected support from two Republican leaders for these potential tax increases. Under current state law, cities and counties can […]
Guidance for Maine parents on managing tax breaks and subsidies
Raising kids in Maine certainly comes with a hefty price tag. In recent years, the costs of child care have surged, leaving many families feeling the pinch when it comes to essentials like food and gas. Because of this, it’s become really important for some Maine families to utilize available state and federal assistance programs […]