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Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds

Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds
The fight over SALT is a case study in the age-old conflict between constituent politics and national policy.
Credit.Party of One Studio
May 1, 2021, 5:00 a.m. ET
In 2017, congressional Republicans capped a tax break that benefits America’s highest-earning households and people with multimillion-dollar homes. Coastal Democrats have been trying to get it back ever since.
The break, the state and local tax deduction, known to policy wonks as SALT, does what it says it does. It allows people to deduct payments like state income and local property taxes from their federal tax bills. The deduction, previously unlimited, was capped at $10,000 as part of the 2017 tax bill, which was President Donald J. Trump’s main domestic achievement. ....

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Joe Biden's policymakers behind capital gains tax initiative move markets

Joe Biden’s policymakers behind capital gains tax initiative move markets
Aided by advisers keen to address economic disparities, US president plans to take from the rich to give to the poor
26 April 2021 - 10:10 Trevor Hunnicutt
US President Joe Biden. Picture: BLOOMBERG/YURI GRIPAS
Washington Bolstered by popular support, US President Joe Biden plans to take from the rich to give to the poor, aided by advisers keen to address economic disparities and stop companies from avoiding paying taxes.
Biden on the campaign trail in 2019 first signalled that he hoped to hike taxes on investment gains paid by the wealthy as a way to fund social programmes, in that case healthcare. ....

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Dozens of America's biggest businesses paid no federal income tax

Dozens of America s biggest businesses paid no federal income tax - again
Christopher Ingraham, The Washington Post
April 5, 2021
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White House press secretary Jen Psaki points to a corporate tax rate chart on April 1, 2021 during a news briefing. Last year, 55 of the nation s largest corporations paid no federal income tax on more than $40 billion in profits, research shows. MUST CREIDT: Washington Post photo by Demetrius FreemanDemetrius Freeman/The Washington Post
Fifty-five of the nation s largest corporations paid no federal income tax on more than $40 billion in profits last year, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank. ....

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No Federal Taxes for Dozens of Big, Profitable Companies

FedEx and Nike are among those found to have avoided U.S. tax liability for three straight years.
Twenty-six Fortune 500 companies, including FedEx, paid no federal income tax for the last three years, a study found.Credit.Hunter Kerhart for The New York Times
April 2, 2021
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest paid no taxes last year on billions of dollars in profits.
The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald J. Trump reduced the corporate tax rate to 21 percent from 35 percent. But dozens of Fortune 500 companies were able to further shrink their tax bill sometimes to zero thanks to a range of legal deductions and exemptions that have become staples of the tax code, according to the analysis. ....

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Dems tighten relief benefits, firm up support for virus bill

WASHINGTON (AP) President Joe Biden and Democrats agreed to tighten eligibility. ....

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