Tag: taxation
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California Imposes 100% Tax on Trump's January 6 Fund Distributions
California Governor Gavin Newsom signed legislation imposing a 100% state tax on distributions from Donald Trump's fund for January 6 individuals. This ensures California taxpayers will not subsidize payments to those convicted of crimes related to the Capitol attack.
Politics and GovernmentLaw EnforcementGeneral PoliticsState GovernmentsLegalEconomySocial Issues CaliforniaGavin NewsomDonald TrumpJanuary 6 attackTaxationLegislationPublic SafetyCalifornia Governors Office
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Governor Sherrill Enacts Sweeping Legislation on Budget, Taxes, and Data Privacy
Governor Mikie Sherrill signed key legislation, including the FY2027 State budget, tax reforms, and a bill regulating data brokers. These new laws impact education, consumer protection, and aim to boost the state's economy and resident welfare.
Politics and GovernmentBusinessHealthGeneral PoliticsState GovernmentsEconomyEducationLegal New JerseyGovernor Mikie SherrillLegislationState BudgetTaxationData PrivacyChild Tax CreditOffice of New Jersey Governor
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IRS Eases Gift Tax Reporting for Trump Account Contributions
The IRS and Treasury have announced a new safe harbor, Revenue Procedure 2026-25, to exempt certain Trump account contributions from gift tax reporting, easing the burden on donors and families. This initiative supports the Working Families Tax Cuts.
Politics and GovernmentBusinessFederal GovernmentEconomyLegalSocial Issues IRSTreasuryTrump AccountsGift TaxSafe HarborWorking Families Tax CutsTaxation
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IRS and Treasury Announce Gift Tax Reporting Safe Harbor for Trump Accounts
The IRS and Treasury Department have issued a safe harbor, exempting certain contributions to Trump accounts from gift tax reporting. This relief, under the Working Families Tax Cuts, simplifies donations and reduces burdens for families supporting these accounts.
Politics and GovernmentUSAFederal GovernmentGeneral PoliticsEconomyLegalSocial Issues IRSTreasury DepartmentTrump AccountsGift TaxWorking Families Tax CutsRevenue Procedure 2026-25Taxation
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Media Monitor: California Billionaire Tax Divides Democrats
The Washington Post reports a proposed 5 percent billionaire tax in California is headed for a popular vote, revealing deep divisions among Democrats despite national calls for the wealthy to pay more.
Politics and GovernmentHealthBusinessGeneral PoliticsDemocratic PartyState GovernmentsEconomyElectionSocial Issues CaliforniaBillionaire taxDemocratsTaxationPoliticsWealthyHealthcareThe Washington Post
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National Taxpayer Advocate Reports Mixed Success for 2026 Tax Season
The National Taxpayer Advocate's report highlights a successful 2026 tax season for most, with high electronic filing and refund rates. However, millions faced significant delays in refunds, phone assistance, and identity theft resolution, underscoring a growing service divide.
Politics and GovernmentBusinessFederal GovernmentEconomyLegalComputers and InternetSocial Issues Erin M. CollinsIRSTaxpayer Advocate ServiceTax Filing Season 2026Tax RefundsIdentity TheftGovernment ServicesTaxation
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Media Monitor: WSJ Editorial Board Reports on Trump's Iran Deal, Kyiv Strike, and Domestic Policy
The Wall Street Journal Editorial Board reports on President Trump's Iran agreement, a Russian drone strike in Kyiv, and U.S. domestic policy shifts regarding labor unions and taxation.
Politics and GovernmentBusinessConflictWorldFederal GovernmentState GovernmentsEconomyEmployment and LaborMiddle EastEurope Donald TrumpIranKyivRussiaRhode IslandLabor UnionsTaxationWall Street Journal Editorial Board
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Nebraska's May Net Receipts Fall Below Forecast, Fiscal Year Shows Growth
Nebraska's May net receipts were $511 million, 7.8% below forecast, due to higher refunds. Fiscal year 2025-26 net receipts hit $6.067 billion, 10.7% higher than the prior year, despite being 2.9% below the revised forecast.
Politics and GovernmentBusinessUSAGeneral PoliticsState GovernmentsEconomy NebraskaGeneral Fund ReceiptsTaxationFiscal Year 2026Revenue ForecastJames R. KammGovernment Finance
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Alaska House Passes Key LNG Tax Bill, Governor Dunleavy Applauds
Alaska Governor Mike Dunleavy praised the House's passage of HB 381, introducing a volumetric tax for the Alaska LNG Project. This move aims to boost the project's competitiveness, unlock North Slope natural gas, and create significant economic opportunities for the…
Politics and GovernmentBusinessGeneral PoliticsState GovernmentsEconomyEnergy Alaska LNG ProjectGovernor Mike DunleavyAlaska House of RepresentativesLegislationNatural GasEconomic DevelopmentTaxationOffice of the Alaska Governor
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Media Monitor: Democratic States Target Trump Administration Settlement Fund
The Washington Post reports Democratic-led states are drafting bills to tax payouts from a $1.8 billion Trump administration settlement fund, a move also backed by Democratic candidates and criticized by some Republicans.
Politics and GovernmentBusinessGeneral PoliticsState GovernmentsFederal GovernmentEconomyLegal Democratic StatesTrump AdministrationSettlement FundTaxationLegislationRepublicansPoliticsThe Washington Post
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IRS Unveils New Look-Back Interest Calculator for Businesses
The IRS has released an Excel-based calculator to help businesses and tax professionals compute look-back interest for long-term construction and manufacturing contracts, aiming to simplify compliance with tax regulations.
Politics and GovernmentBusinessFederal GovernmentEconomyLegalComputers and Internet IRSLook-Back InterestTax CalculatorLong-Term ContractsBusinessesTaxationFinancial Services
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Treasury, IRS Offer Relief to Sovereign Investors on Tax Regulations
The Treasury and IRS issued guidance for Section 892 regulations, offering grandfathering and transitional relief to foreign governments and sovereign wealth funds. This aims to provide certainty for U.S. investments and support economic growth.
Politics and GovernmentBusinessFederal GovernmentEconomyFinancial MarketsLegal U.S. Department of the TreasuryInternal Revenue ServiceSection 892Sovereign InvestorsTaxationInvestingGovernmentUS Treasury
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IRS Unveils New Digital Tools for Trump Account Elections
The IRS has launched new digital features in Individual Accounts, allowing taxpayers to view and submit Trump Account elections electronically. This streamlines investing in these new tax-advantaged accounts for children, established by the One, Big, Beautiful Bill.
Politics and GovernmentBusinessGeneral PoliticsFederal GovernmentEconomyFinancial MarketsEducationSocial Issues IRSTrump AccountTaxationGovernment ServicesFinancial PlanningOne, Big, Beautiful BillFrank J. Bisignano
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Media Monitor: Trump's IRS Deal Includes Bar on Past Tax Claims
The Washington Post reports an addendum to President Donald Trump's deal with the IRS, signed by acting attorney general Todd Blanche, bars the agency from pursuing past tax claims against Trump, his family, or his businesses.
Politics and GovernmentBusinessLaw EnforcementGeneral PoliticsFederal GovernmentEconomyLegal Donald TrumpIRSJustice DepartmentTodd BlancheTaxationLegal agreementAnti-weaponization fundThe Washington Post
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Media Monitor: L.A. Times examines California's reliance on wealthy taxpayers
The L.A. Times reports that California's state government heavily relies on its wealthiest residents for tax revenue, a system columnist George Skelton argues is volatile despite recent surges.
Politics and GovernmentBusinessState GovernmentsEconomyDemocratic PartyElectionLegal CaliforniaTaxationWealthyState BudgetGavin NewsomGeorge SkeltonPublic PolicyL.A. Times Politics