The IRS credits spending that has ramped up collection enforcement through President Biden’s signature climate, health care and tax package signed into law in 2022.
taxes
Posted inBusiness, Maine, News
Wicked good: How ‘sin taxes’ are contributing to Maine’s healthy budget outlook
Revenue from levies on alcohol, tobacco, marijuana and gambling have risen sharply in the last five years, and now account for $353 million a year – 7% of the state’s $5.1 billion annual budget.
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Posted inNation / World, Politics
Democrats’ plan to tax the rich and corporations begins to take shape
Pressure is already mounting from the party’s left flank to insist on sharp increases in the corporate tax rate and on the highest individual earners – and not to agree to any compromise with Republicans otherwise.
Posted inBusiness, Nation / World, News, Politics
Republicans pitch tax cuts for corporations, the wealthy in 2025
Corporate tax breaks under consideration could expand the national debt by roughly $1 trillion over the next decade, according to researchers.
Posted inBusiness, Nation / World, News
IRS makes free Direct File tax return program permanent, asks all states to join for 2025
This tax season, more than 140,000 taxpayers in 12 eligible states made use of Direct File.
Posted inNation / World, News
Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
A government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper.
Posted inBusiness, Nation / World
Your tax refund could be bigger this year. Here’s what to do with it.
Experts generally advise putting it toward debt and savings, but, for many people, that’s unrealistic.
Posted inMaine, Politics
Mills vetoes bill restructuring income tax brackets
The bill aimed to reduce the tax burden for middle-income residents while also raising taxes on the wealthy, but Gov. Janet Mills said it would not provide meaningful relief and could create challenges for state budgeting.
Posted inMaine, News, Politics
Maine lawmakers endorse higher tax brackets for wealthier residents
Both the House and Senate this week passed a bill that lowers state income taxes for low- and middle-wage earners.
Posted inBusiness, Nation / World, News
Tax Day 2024: What to know about deadlines, extensions, refunds and more
Millions of people will file their taxes during the final week before the April 15 deadline.