Govt seeing opportunity in crisis by imposing GST on COVID vaccines, medicines: Congress
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Last Updated: May 12, 2021, 09:55 PM IST
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Congress spokesperson Gaurav Vallabh also claimed that had the government taken steps at the right time, the second wave of coronavirus would not have struck India and lives of people saved.
Reuters
The Congress on Wednesday accused the government of seeing an opportunity in crisis by imposing GST on COVID vaccines and medicines and claimed that it has collected over Rs 6,000 crore from such taxes. Congress spokesperson Gaurav Vallabh also claimed that had the government taken steps at the right time, the second wave of coronavirus would not have struck India and lives of people saved.
I would argue that the link between tax incentives to give to charity, and people with the desire to give to charity, is actually pretty weak, said David Foster, certified financial planner and founder of Gateway Wealth Management in St. Louis.
Only 17% of wealthy donors say they are always motivated to give based on tax benefits, according to a Bank of America study on high-net-worth philanthropy.
Foster said the No. 1 concern of affluent donors is will my dollars actually make the impact?
Still, Biden s proposal may present tax-savings opportunities for philanthropic Americans.
Charitable deduction
The government offers a tax deduction to encourage gifts to qualified charitable organizations.
At $750 billion-plus, the Biden administration’s proposed budget for the Pentagon plus work on nuclear warheads at the Department of Energy is at one of the highest levels since World War II – far higher than the peaks of the Korean and Vietnam wars and the Reagan buildup of the 1980s.
The new batch included more than 960,000 payments representing more than $1.8 billion. About 500,000 of those payments were made via direct deposit, while the rest were via paper check.
The payments included about 460,000 plus-up payments worth more than $800 million to people who were due additional money once the IRS processed their 2020 tax returns.
It also included more than 500,000 checks, representing more than $1 billion, to people who the IRS did not previously have on record, and who recently filed tax returns.
What to do if you re still missing a payment
If you have not received your $1,400 stimulus check or the previous two $1,200 or $600 checks you can still claim the money by filing a federal tax return.