Latest Tax reform News

Yellen's global tax plan meets resistance abroad and at home

May. 23, 2022 14:10 PM EDT

KOENIGSWINTER, Germany (AP) — Treasury Secretary Janet Yellen celebrated a “historic day” last summer when more than 100 nations agreed to a global minimum tax deal, aimed at putting the world's countries on a more equal footing in attracting and keeping multinational companies. President Joe...

Editorial Roundup: New England

May. 13, 2022 07:13 AM EDT

Hearst Connecticut Media. May 11, 2022. Editorial: Should girls lacrosse players wear helmets? Of course they should If the absence of mandatory helmets in girls lacrosse seems baffling, consider the history of protective equipment in baseball. The most...

Georgia tax cut could hit $2 billion, but maybe not by 2029

Apr. 27, 2022 11:21 AM EDT

BONAIRE, Ga. (AP) — A major state income tax cut signed by Republican Georgia Gov. Brian Kemp as he seeks reelection could eventually total more than $2 billion, but the reductions may only happen by a 2029 target date if state revenue holds up. For Kemp, Tuesday's signing was a...

Editorial Roundup: Florida

Apr. 20, 2022 14:09 PM EDT

South Florida Sun Sentinel. April 18, 2022. Editorial: For consumers, one last chance against FPL rate hike Florida Power & Light customers are down to their last shot at relief from the company’s excessive rate increase. Floridians Against...

Kansas to set up weevil program, let drinkers roam at fair

Apr. 18, 2022 18:07 PM EDT

TOPEKA, Kan. (AP) — New Kansas laws will make the state fair home to drinkers who roam and allow the state to tax each bale of home-grown cotton up to $2 to pay for efforts to get rid of the bug that ruins cotton crops. Democratic Gov. Laura Kelly on Monday signed bills approved by...

Justices reject states' appeal over cap on tax deductibility

Apr. 18, 2022 10:16 AM EDT

WASHINGTON (AP) — The Supreme Court on Monday rejected a challenge from New York, New Jersey, Connecticut and Maryland to the 2017 tax law that capped federal tax deductions for state and local taxes. The lawsuit had previously been dismissed by lower courts. It argued that the...

Georgia lawmakers create flat income tax, cutting $1 billion

Apr. 05, 2022 01:59 AM EDT

ATLANTA (AP) — Georgia lawmakers are agreeing on plan to create a flat state income tax of 4.99% by 2029 or later, cutting taxes by more than $1 billion and delivering on a key Republican priority in the closing hours of the 2022 legislative session late Monday. The House voted...

Georgia Senate seeks gradual tax cut, ditches film tax limit

Apr. 01, 2022 18:54 PM EDT

ATLANTA (AP) — Georgia senators are favoring a more gradual income tax cut that would start smaller than one proposed by the House, but eventually could be twice as big. The Senate voted 51-4 on Friday in favor of its version of House Bill 1437, which would gradually create a flat...

Editorial Roundup:

Mar. 30, 2022 07:12 AM EDT

Greenwood Commonwealth. March 29, 2022. Editorial: Caution Wins Out In Tax-Cut Deal The compromise Mississippi lawmakers reached over the weekend on tax cuts was closer to what the Senate proposed than what the House wanted. Thank goodness for that. ...

EXPLAINER: How would billionaire income tax work?

Mar. 29, 2022 15:31 PM EDT

WASHINGTON (AP) — A “Billionaire Minimum Income Tax” is included in President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending. The proposal “eliminates the inefficient...