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An Analysis of a Consumption Tax for California
An Analysis of a Consumption Tax for California 1 Fred E. Foldvary, Colleen E. Haight, and Annette Nellen The authors conducted this study at the request of the California Senate Office of Research (SOR). This report presents the authors’ opinions and findings, which are not necessarily endorsed by the SOR. 1 Dr. Fred E. Foldvary, Lecturer, Economics Department, San Jose State University, [email protected]; Dr. Colleen E. Haight, Associate Professor and Chair, Economics Department, San Jose State University, [email protected]; Dr. Annette Nellen, Professor, Lucas College of Business, San Jose State University, [email protected]. The authors wish to thank the Center for California Studies at California State University, Sacramento for their [email protected]; Dr. Colleen E. Haight, Associate Professor and Chair, Economics Department, San Jose State University, [email protected]; Dr. Annette Nellen, Professor, Lucas College of Business, San Jose State University, [email protected]. The authors wish to thank the Center for California Studies at California State University, Sacramento for their funding. Executive Summary This study attempts to answer the question: should California broaden its use of a consumption tax, and if so, how? In considering this question, we must also consider the ultimate purpose of a system of taxation: namely to raise sufficient revenues to support the spending goals of the state in the most efficient manner. Recent tax reform proposals in California have included a business net receipts tax (BNRT), as well as a more comprehensive sales tax. However, though the timing is right, given the increasingly global and digital nature of California’s economy, the recent 2008 recession tabled the discussion in favor of more urgent matters. -
By Laura Saunders, Richard Rubin and the Staff of the Wall Street Journal ACKNOWLEDGMENTS
The New World of Taxes: 2019 By Laura Saunders, Richard Rubin and the staff of The Wall Street Journal ACKNOWLEDGMENTS The lead authors of this book were Laura Saunders, Richard Rubin, Theo Francis and Nick Timiraos, along with co-authors Stephanie Armour, Drew FitzGerald, Sarah Krouse, Laura Kusisto, Peter Loftus, Sarah Nassauer, Michael Rapoport, Jonathan Rockoff and Anne Tergesen. The news editor was David Marcelis and lead editor was Amber Burton. TABLE OF CONTENTS INTRODUCTION Alimony ........................................................31 Other Deductions .................................. 32 THE BIG PICTURE Tax Rates and Brackets ........................4 RETIREMENT AND EDUCATION Standard Deduction Retirement Savings .............................34 and Personal Exemption ......................6 Retiree Tax Issues ................................. 35 Child and Dependent 529 Education- Tax Credit .......................................................8 Savings Accounts ...................................37 Withholding and Estimated Other Education Tax Payments ...........................................10 Benefits ....................................................... 39 Taxes on Investment Income ...........11 FOR BUSINESS OWNERS Alternative Minimum Tax ................. 13 Pass-Through Income ..........................41 Individual Mandate ...............................15 Interest Payments ................................ 43 Home-Sellers’ Exemption .................16 Depreciation .............................................44 -
2007 Year-End Estate Planning Review December 2007
ClientAdvisory 2007 Year-End Estate Planning Review December 2007 There were many developments over the past year affecting estate planning on the national, local and international levels. The Trusts and Estates Practice at Katten Muchin Rosenman LLP is pleased to provide you with a summary of some of the most significant developments, along with recommendations for you to consider at year-end and for next year. Estate, Gift and Generation-Skipping Tax Rates The top federal estate tax rate, which is 45%, will stay at that rate until 2010. In 2010, current law calls for the estate tax to be repealed, making the federal estate tax rate 0% for 2010. In 2011, current law calls for the estate tax to return, with a top rate of 55%. The top gift tax rate is scheduled to fall based on the same schedule. However, even after repeal of the estate tax (if it happens, scheduled to take place in 2010), certain gifts will remain subject to tax at the top individual income tax rate. Under the income tax rate reduction schedule provided by applicable law, the top individual income tax rate is currently (and scheduled in 2010 to be) 35%. Presumably, the gift tax rate will therefore be 35% after the repeal of the estate tax in 2010. Also, the generation-skipping tax is equal to the maximum estate tax rate. Therefore, as the estate tax rates change, the generation-skipping tax rates will change as well. Estate, Gift and Generation-Skipping Tax Exemptions The exemption from the federal estate tax, called the “applicable exclusion amount,” will be the same in 2008 as it was in 2007 – $2,000,000 per person. -
Monarch News March/April 2019
Monarch News March/April 2019 CEO’s Executive Summary The bilateral relationship whipsawed from good news to bad news to utter frustration these past few weeks. With the delivery of the International Trade Commission’s economic analysis and the Mexican Congress’ approval of labor reform, the door has, theoretically, creaked open for the ratification of the USMCA. Yet many U.S. domestic hurdles remain, including metals tariffs, significant Democratic (and some Republican) Party opposition, and a rapidly closing window of opportunity due to the Canadian and U.S. electoral calendars. Despite our highest hopes, we remain concerned that ratification of the agreement will likely be postponed until after the 2020 U.S. presidential election. President Trump finally nominated a new ambassador to Mexico, but Christopher Landau waits for Senate confirmation along with 31 other ambassadorial nominees. Jared Kushner’s seemingly successful March visit to Mexico was followed by a good ministerial meeting on migration, but both were overshadowed by a series of Trump tweets in which the president threatened to close the border and tax Mexican auto exports if Mexico did not meet his migration demands. And, although the president ultimately backed down, his decision to reassign border personnel away from ports of Washington, D.C. | Los Angeles | Mexico City | Monterrey www.monarch-global.com entry generated massive and costly delays at key border crossings. His constant tweets attacking Mexico remain a continuing irritant in the bilateral relationship that is very unlikely to abate. In Mexico, President López Obrador announced that his government would stop implementing the 2013 education reform. -
Congressional Record—House H4124
H4124 CONGRESSIONAL RECORD — HOUSE May 23, 2019 seems to be ending, society counts on cifically for his passion and commit- would like to congratulate the stu- EMS personnel to be there. They are ment to God, his family, and for edu- dents of Haverford High School for re- expected to work hard and be strong, cating the young people of our commu- ceiving the Governor’s Civic Engage- especially in times of trouble. nity. ment Award. This award is given to Madam Speaker, as a former EMT It should come as no surprise that Pennsylvania high schools that reg- rescue technician and firefighter with Lee was a beloved elementary and mid- ister over 85 percent of their eligible more than three decades of experience dle school teacher and then went on to students to vote. Haverford High was 1 being on the front lines with my fellow be my principal at Central Middle of 4 Philadelphia area schools and 1 of EMS professionals, I can personally at- School in Oroville, California, for 54 23 schools in our Commonwealth to re- test to their dedication to saving lives. years of career. Lee was known to be ceive this noteworthy award. The job of an EMS professional is not kind, with a sense of humor, and this At a time when some States are im- easy. It requires just as much compas- was one principal I was never really in posing restrictions on voting, we sion as it does courage. These men and trouble with. should all follow the lead set by the women are committed to making the Lee was devoted to teaching, but also students at Haverford High. -
Determining an Individual's Federal
BYU Law Review Volume 1994 | Issue 1 Article 2 3-1-1994 Determining an Individual's Federal Income Tax Liability When the Tax Benefit Rule Applies: A Fifty-Year Checkup Brings a New Prescription for Calculating Gross, Adjusted Gross, and Taxable Incomes Matthew .J Barrett Follow this and additional works at: https://digitalcommons.law.byu.edu/lawreview Part of the Taxation-Federal Commons Recommended Citation Matthew J. Barrett, Determining an Individual's Federal Income Tax Liability When the Tax Benefit Rule Applies: A Fifty-Year Checkup Brings a New Prescription for Calculating Gross, Adjusted Gross, and Taxable Incomes, 1994 BYU L. Rev. 1 (1994). Available at: https://digitalcommons.law.byu.edu/lawreview/vol1994/iss1/2 This Article is brought to you for free and open access by the Brigham Young University Law Review at BYU Law Digital Commons. It has been accepted for inclusion in BYU Law Review by an authorized editor of BYU Law Digital Commons. For more information, please contact [email protected]. Determining an Individual's Federal Income Tax Liability When the Tax Benefit Rule Applies: A Fifty-Year Checkup Brings a New Prescription for Calculating Gross, Adjusted Gross, and Taxable Incomes Matthew J. Barrett* Fifty years ago, William T. Plumb, Jr.'s preeminent article on the tax benefit rule appeared in the Harvard Law Review.' Forty years later, the Supreme Court cited Plumb's article and decided two cases directly involving the application of the rule.2 Over the last fifty years, but especially in the last ten years, Congress has introduced numerous provisions that have increased the complexity of the Internal Revenue Code.3 These legislative developments have complicated the computation of an individual's4 federal income tax liability and increased the * Associate Professor, Notre Dame Law School. -
NGA | 2017 Annual Report
N A TIO NAL G ALL E R Y O F A R T 2017 ANNUAL REPORT ART & EDUCATION W. Russell G. Byers Jr. Board of Trustees COMMITTEE Buffy Cafritz (as of September 30, 2017) Frederick W. Beinecke Calvin Cafritz Chairman Leo A. Daly III Earl A. Powell III Louisa Duemling Mitchell P. Rales Aaron Fleischman Sharon P. Rockefeller Juliet C. Folger David M. Rubenstein Marina Kellen French Andrew M. Saul Whitney Ganz Sarah M. Gewirz FINANCE COMMITTEE Lenore Greenberg Mitchell P. Rales Rose Ellen Greene Chairman Andrew S. Gundlach Steven T. Mnuchin Secretary of the Treasury Jane M. Hamilton Richard C. Hedreen Frederick W. Beinecke Sharon P. Rockefeller Frederick W. Beinecke Sharon P. Rockefeller Helen Lee Henderson Chairman President David M. Rubenstein Kasper Andrew M. Saul Mark J. Kington Kyle J. Krause David W. Laughlin AUDIT COMMITTEE Reid V. MacDonald Andrew M. Saul Chairman Jacqueline B. Mars Frederick W. Beinecke Robert B. Menschel Mitchell P. Rales Constance J. Milstein Sharon P. Rockefeller John G. Pappajohn Sally Engelhard Pingree David M. Rubenstein Mitchell P. Rales David M. Rubenstein Tony Podesta William A. Prezant TRUSTEES EMERITI Diana C. Prince Julian Ganz, Jr. Robert M. Rosenthal Alexander M. Laughlin Hilary Geary Ross David O. Maxwell Roger W. Sant Victoria P. Sant B. Francis Saul II John Wilmerding Thomas A. Saunders III Fern M. Schad EXECUTIVE OFFICERS Leonard L. Silverstein Frederick W. Beinecke Albert H. Small President Andrew M. Saul John G. Roberts Jr. Michelle Smith Chief Justice of the Earl A. Powell III United States Director Benjamin F. Stapleton III Franklin Kelly Luther M. -
2009 Digest of Tax Measures
ENACTED BY THE STATE OF HAWAII Digest of Tax Measures TWENTY-FIFTH LEGISLATURE – REGULAR AND FIRST SPECIAL SESSIONS OF 2009 Prepared by the State of Hawaii Department of Taxation Issued: July 31, 2009 NOTE: This Digest is issued solely as a guide and is not intended to be complete Introduction he following is a digest of bills passed by the 2009 Legislature and enacted into law. The Governor vetoed eight substantive tax measures, all but three were overridden by the Legislature. The digest includes only those measures that affect Hawaii’s tax laws and is provided for your information. It is T issued solely as a guide and is not intended to be either authoritative or complete. Copies of the bills passed by the Legislature may be obtained from the Senate and House print shops. Bills and Acts are also accessible via the Internet on the State Capitol website at http://www.capitol.hawaii.gov, or on the Department of Taxation’s website at http://hawaii.gov/tax. KEY TO ABBREVIATIONS S.B. = Senate Bill S.D. = Senate Draft H.B. = House Bill H.D. = House Draft C.D. = Conference Draft SCR = Senate Concurrent Resolution HCR = House Concurrent Resolution SSCR = Senate Standing Committee Report HSCR = House Standing Committee Report CCR = Conference Committee Report Section(s) of the Hawaii Revised SECT AFF = Statutes Affected by the Bill’s Provisions HRS = Hawaii Revised Statutes HAR = Hawaii Administrative Rules L Sp = Legislative Special Session SLH = Session Laws of Hawaii ii Table of Contents ADMINISTRATIVE TAX MEASURES ........................................................ 1 - 3 ACT 5 S.B. 1130, S.D. -
Lexisnexis® Tax Center – Results
LexisNexis® Tax Center – Results Switch Client Sign Out Help Get a Dossier History Research My Tax Center Shepard's® Tax News Tax Forms Document FOCUS™ Terms Search Within Advanced... ● ● ● View: TOC | Full | Custom 1 of 1 ● ● ● ● Book Browse LexisNexis Tax Advisor -- Federal Topical § 1J:2.06 (Copy w/ Cite) Pages: 26 LexisNexis Tax Advisor -- Federal Topical § 1J:2.06 LexisNexis Tax Advisor -- Federal Topical Copyright 2009, Matthew Bender & Company, Inc., a member of the LexisNexis Group Part 1. Computing Federal Income Tax Vol. 1J Securities Transactions CHAPTER 1J:2 Capital Gains and Losses ** LexisNexis Tax Advisor -- Federal Topical § 1J:2.06 § 1J:2.06 Computing Capital Gains and Losses [1] Definitions [a] Net Long-Term Capital Gain or Loss. IRC Section 1222(7) defines "net long-term capital gain" as the excess of long-term capital gains realized in the taxable year over long-term capital losses for the same year. Thus, if total long-term gains for a taxable year amounted to $10,000 and total long-term losses to $5,000, the net long-term gain for the year would be $5,000. Conversely, if the amount of gain and loss were reversed, the taxpayer would realize a net long-term capital loss of $5,000.1 [b] Net Short-Term Capital Gain or Loss. Net short-term capital gains and losses are determined in the same fashion as those which are long-term, that is, net short- term gain is the excess of short-term gains over short-term losses,2 and net short-term loss, the excess of such losses over such gains.3 [c] Net Capital Gain and Net Capital Loss. -
Administration of Donald J. Trump, 2019 Digest of Other White House
Administration of Donald J. Trump, 2019 Digest of Other White House Announcements December 31, 2019 The following list includes the President's public schedule and other items of general interest announced by the Office of the Press Secretary and not included elsewhere in this Compilation. January 1 In the afternoon, the President posted to his personal Twitter feed his congratulations to President Jair Messias Bolsonaro of Brazil on his Inauguration. In the evening, the President had a telephone conversation with Republican National Committee Chairwoman Ronna McDaniel. During the day, the President had a telephone conversation with President Abdelfattah Said Elsisi of Egypt to reaffirm Egypt-U.S. relations, including the shared goals of countering terrorism and increasing regional stability, and discuss the upcoming inauguration of the Cathedral of the Nativity and the al-Fatah al-Aleem Mosque in the New Administrative Capital and other efforts to advance religious freedom in Egypt. January 2 In the afternoon, in the Situation Room, the President and Vice President Michael R. Pence participated in a briefing on border security by Secretary of Homeland Security Kirstjen M. Nielsen for congressional leadership. January 3 In the afternoon, the President had separate telephone conversations with Anamika "Mika" Chand-Singh, wife of Newman, CA, police officer Cpl. Ronil Singh, who was killed during a traffic stop on December 26, 2018, Newman Police Chief Randy Richardson, and Stanislaus County, CA, Sheriff Adam Christianson to praise Officer Singh's service to his fellow citizens, offer his condolences, and commend law enforcement's rapid investigation, response, and apprehension of the suspect. -
ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE July 3, 2020
LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org July 3, 2020 BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, POWER SECTOR International Arbitration Group, Freshfields Bruckhaus Deringer Is Covid Speeding Mexico Expects Mary Rose Brusewitz Deal With Spanish Member, Clark Hill Strasburger up Latin America’s Utility: AMLO Jeffrey Davidow Mexican President Andrés Manuel Senior Counselor, López Obrador said he expects The Cohen Group Energy Transition? his country to reach a deal with Jonathan C. Hamilton Spanish utility Iberdrola following Partner, reports that the company had White & Case scrapped plans to build a power Ana Heeren plant in Mexico. Managing Director, Page 2 FTI Consulting Raul Herrera Partner, RENEWABLES Corporate & Securities Practice, Arnold & Porter Atlas Renewable James R. Jones Plans Solar Park Chairman, Monarch Global Strategies in Antofagasta Jorge Kamine Many analysts believe the Covid-19 pandemic will result in an accelerated shift away from The U.S. company filed an envi- Partner, fossil fuels. Oil pump jacks are pictured above. // File Photo: U.S. House of Representatives. ronmental impact statement for Corporate & Financial Services, its planned photovoltaic park in Willkie Farr & Gallagher Chile’s Antofagasta region. Oil majors including Shell and BP recently announced plans Craig A. Kelly Page 2 Senior Director, to write off as much as $22 billion and $17.5 billion worth Americas Int’l Gov’t Relations, of assets, respectively, after slashing their long-term price Exxon Mobil OIL & GAS Tyler Kruzich Q assumptions for oil and gas to reflect the effects of the Trinidad and Director, Int’l Gov’t Affairs for Covid-19 pandemic. -
Acuerda Gobernador Labor Con Hacienda
Sección Especial C O R A Z Ó N DE MÉXICO Miembro SER [ Socio Estratégico REFORMA ] CONDICIONADA MIÉRCOLES 28 / AGOSTO /2019 CANCÚN, Q. ROO, MÉX. La Agencia de Seguridad, Energía y Ambiente condicionó AÑO II NÚMERO 936 $10.00 a Pemex para dar el aval ambiental de Dos Bocas: n Mantener el flujo cualquier cauce de hidrológico de los escurrimientos temporales Relanza gobierno federal la plataforma VisitMéxico humedales aledaños. o permanentes. n Implementar medidas n No realizar relleno, dejar de mitigación para la bordos o construir nueva seguridad de las personas. infraestructura que altere n No interrumpir o desviar el flujo de agua. COSTOS Millones de dólares Digitalizan Foto: Especial Foto: ❙ El gobierno federal 8,134 declaró la veda pesquera se invertirán en esta región para en la refinería preservar especies. 4,587 promoción Habrá veda serán para construcción de las plantas por 5 años Foto: Agencia Reforma Agencia Foto: en Punta turística Herrero Empresarios de FELIPE VILLA la industria son CANCÚN, Q. ROO.- A partir quienes aportarán de ayer, con la publicación en recursos y trabajo el Diario Oficial de la Fede- ración, queda prohibida la pesca en aguas adyacentes RODOLFO MONTES a los municipios de Felipe Foto: Agencia Reforma Agencia Foto: Carrillo Puerto y Tulum. CIUDAD DE MÉXICO.- Actores de El titular de la Secretaría BRINDAN HOMENAJE la iniciativa privada que participan de Agricultura y Desarrollo en la industria turística del país Rural (Sader), Víctor Manuel A CELSO PIÑA son desde ahora quienes inverti- Villalobos Arámbula, firmó El legado musical de Celso Piña se mantiene vivo, rán mil 800 millones de pesos para una declaratoria de Zona de la promoción de los destinos de Refugio Pesquero Total Tem- y a través de La Ronda Bogotá volvió a sonar con México en el extranjero.