Latest National taxes News

Phase-out of sales tax rejected by Senate panel

May. 16, 2022 18:54 PM EDT

BATON ROUGE, La. (AP) — A House-passed plan to phase out a temporary sales tax over the next three years was rejected Monday by a Senate committee. The 0.45% sales tax was approved in 2018 and is set to expire in 2025. Rep. Tony Bacala of Prairieville had proposed...

Yellen meets war refugees in Poland, pushes food crisis plan

May. 16, 2022 12:26 PM EDT

WARSAW, Poland (AP) — U.S. Treasury Secretary Janet Yellen on Monday met with Ukrainian refugees and urged the need to confront Russian brutality as she visited Poland ahead of a meeting of finance ministers for the Group of Seven leading economies. Yellen applauded Poland for...

In US, states struggle to replace fossil fuel tax revenue

May. 16, 2022 10:20 AM EDT

SANTA FE, N.M. (AP) — Government budgets are booming in New Mexico: Teacher salaries are up, residents can go to an in-state college tuition-free, moms will get medical care for a year after childbirth, and criminal justice initiatives are being funded to reduce urban violence. The...

Agency error means richest Minnesotans owe more in taxes

May. 13, 2022 18:00 PM EDT

ST. PAUL, Minn. (AP) — About 45,000 of the richest residents in Minnesota owe the state about $38 million because of a mistake by the state Department of Revenue. Authorities said the Legislature changed the standard income tax deduction during the 2019 session but it wasn't...

Revenue forecasts improve; House voted to phase out tax

May. 09, 2022 18:47 PM EDT

NEW ORLEANS (AP) — Higher tax revenue is helping add nearly $350 million to Louisiana’s general fund budget for the fiscal year that ends at the end of next month and $104 million in projected revenue for the year that starts July 1. The state Revenue Estimating Conference...

Philly cheesesteak shop founder, son plead in tax fraud case

May. 09, 2022 14:24 PM EDT

PHILADELPHIA (AP) — The founder of a Philadelphia cheesesteak restaurant and one of his sons have pleaded guilty in a federal tax fraud case alleging the hiding of nearly $8 million in sales over the course of a decade. The Philadelphia Inquirer reports that...

McConnell, Utah leaders honor 'larger than life' Orrin Hatch

May. 06, 2022 18:35 PM EDT

SALT LAKE CITY (AP) — Senate Minority Leader Mitch McConnell paid tribute to the late Sen. Orrin Hatch on Friday, celebrating the Utah icon as a principled conservative, committed public servant and man of faith. Two weeks after Hatch died at age 88 from complications stemming from...

Missouri senators back $500 tax refund for individuals

May. 05, 2022 21:21 PM EDT

JEFFERSON CITY, Mo. (AP) — Many Missouri taxpayers could get a one-time refund of up to $500 per individual under a plan endorsed by state senators as a way to help offset inflation while whittling down a state surplus. The Senate proposal is similar to one passed previously by...

Jury convicts Florida man in $80M Ponzi investment scheme

May. 05, 2022 19:30 PM EDT

TAMPA, Fla. (AP) — A Florida man has been convicted of running an $80 million Ponzi scheme. A federal jury in Tampa found Michael DaCorta guilty Wednesday of conspiracy to commit wire fraud and mail fraud, money laundering and filing a false income tax return, according to court...

Procedural ruling kills medical marijuana bill in SC House

May. 04, 2022 18:59 PM EDT

COLUMBIA, S.C. (AP) — A seven-year fight to pass a medical marijuana bill may have abruptly ended Wednesday in South Carolina when a House leader ruled the proposal contains an unconstitutional tax increase and cannot be considered further. The decision shocked leaders in the...