Monday, July 26

Taxes

Elizabeth Warren, Jeff Bezos, Politics, Taxes

Elizabeth Warren took aim at Jeff Bezos, saying’the richest guy on Earth can launch himself into space while over half the country lives paycheck to paycheck’

Sen. Elizabeth Warren took a jab at Jeff Bezos over his recent space flight as other Americans struggle financially. Warren said if the billionaire can go to space, he can afford to pay more in taxes. ProPublica reported Bezos paid $0 in income taxes for at least two years from 2006-2018. LoadingSomething is loading. Sen. Elizabeth Warren tweet...
Insider Picks PF Freelance, Investing, Personal Finance, Personal Finance Insider, pfi, PFI Quinstreet, PFI Reference, PFI Related Content Module, PFI SmartAsset, PFI Tools, PFI-XAMP, Retirement, Roth IRA, Taxes, Traditional IRA

A retirement account can reduce your tax bill, but the type you decide to use determines when

An IRA, or Individual Retirement Account, is a retirement savings account that can reduce your tax bill — now or in the future. If you invest in a Roth IRA, you'll pay taxes on the money you contribute today, but not when you make withdrawals during retirement. If you invest in a traditional IRA, you'll save money on taxes today but will pay taxes when you take out money during retirement. See Insider's guide to the best IRA accounts. You have a lot of options when it comes to saving for retirement. Contributing to a 401(k) is a great starting point, especially if your employer offers a match. But if that's not an option, or if you want to save even more,...
Bernie Sanders, Biden administration, Biden infrastructure plan, Childcare, Congress, Economy, House, Infrastructure, Joe Biden, Joe Manchin, National Debt, Policy, Politics, Republicans, Senate, Stimulus, Taxes, White House

Bernie Sanders said he’d oppose a $3 trillion Democrat-only infrastructure plan since it’s’much too low,’ potentially setting up spending showdown with Manchin

Sanders ruled out backing a Democrat-only infrastructure plan below $3 trillion. "That's much too low," he told New York Times opinion columnist Maureen Dowd. It may set up a confrontation with centrists like Joe Manchin, who favor a smaller plan. See more stories on Insider's business page. Sen. Bernie Sanders indicated that he would oppose a Democrat-only spending bill if its price tag didn't top $3 trillion, brushing anything lower as too meager. It may set the stage for a confrontation between Sanders and moderate Democrats looking to restrain the size of a follow-up package.In an interview with New York Times opinion columnist...
Canada, Finance, Labor law, Law, Lyft, Markets, Tax Avoidance, Taxes, Tech Insider, Transportation, Uber

Uber and Lyft could be avoiding $135 million in Canadian taxes every year by relying on contract workers, report says

Uber and Lyft could avoid a combined $135 million in taxes annually in Canada, a new report claims. Canadians for Tax Fairness blamed lax disclosure laws and companies classifying drivers as contractors. Uber and Lyft both disputed the findings, telling Insider they paid all required taxes in Canada. See more stories on Insider's business page. Uber and Lyft could be avoiding a combined $135 million in taxes every year in Canada, according to a new report from the nonprofit Canadians for Tax Fairness (C4TF).The report estimated Uber and Lyft avoid $53.9 million in corporate taxes as well as $81.3 million in unemployment insurance a...
Biden infrastructure plan, Congress, Economy, House, Infrastructure, Joe Biden, Markets, Mitch McConnell, Nancy Pelosi, Policy, Politics, Reconciliation, Senate, Stimulus, Taxes

Pelosi rebuffs McConnell’s demands on infrastructure, holding firm on clearing a Democrat-only social spending plan

Nancy Pelosi just brushed back Mitch McConnell's demands on infrastructure. She's holding firm on her commitment to clear a bipartisan deal only after Senate Democrats approve a party-line bill. The reconciliation package is poised to be full of social initiatives the GOP fiercely opposes. See more stories on Insider's business page. House Speaker Nancy Pelosi is holding firm on her commitment to not approve a $579 billion bipartisan infrastructure agreement until a party-line package reaches the lower chamber."The statement that I made as such is the statement I stand by," Pelosi told reporters at a press conference, adding that H...
Abigail Disney, Berkshire Hathaway, Billionaires, MacKenzie Scott, Markets, MI Exclusive, Philanthropy, ProPublica, Taxes, The Walt Disney Company, Walt Disney, Warren Buffett

Walt Disney’s great-niece praised Warren Buffett’s character-but argued most of his $100 billion fortune should go to the government, not philanthropy

Warren Buffett. REUTERS/Rick Wilking Walt Disney's great-niece disagrees with Warren Buffett's approach to charity. Abigail Disney praised Buffett's character, but argued the government should get most of his fortune. Buffett is halfway towards his goal of contributing over 99% of his wealth to philanthropy. See more stories on Insider's business page. Walt Disney's great-niece praised Warren Buffett's character in a recent tweet, but disagreed with the billionaire investor's view that his fortune should go to philanthropic organizations instead of the government."I think WB is a good man with a good heart," Abigail Disney tweeted about Buffett's recent statement on how he approaches philanthropy. "But much of that money would be more fairly and accountably spent by the gov't."Bu...
Corporate Tax, Corporate Tax Rate, corporate tax reform, Economy, Infrastructure, infrastructure spending, Markets, Policy, Politics, tax increase, Taxes

Biden ditches a corporate tax rate increase in his bipartisan infrastructure deal — for now

A group of Republican and Democratic senators struck a bipartisan infrastructure deal on Thursday. President Joe Biden threw his support behind the framework, which omits several of his proposals. One measure that didn't make it in: An increase in taxes on companies to offset spending. See more stories on Insider's business page. An increase to the corporate tax rate didn't make it into the latest iteration of the infrastructure package — signaling a major compromise on the part of President Joe Biden.On Thursday, Biden threw his support behind the bipartisan framework for a $1 trillion deal, which represented a major step forward ...
Apple, Biden, Economy, Europe, G7, Google, International, Tax, Taxes, Weekend BI UK

Ireland, the home of Apple and Google in Europe, is seeking a compromise on Biden’s plan for a 15% global minimum corporate tax rate, reports say

Ireland — home to Google, Apple, Microsoft — said it's willing to "compromise" on corporate taxes. G7 leaders agreed to a 15% global minimum corporate tax rate, which is higher than Ireland's 12.5%. Ireland's finance minister on Friday told CNBC there's a role for "legitimate tax competition." See more stories on Insider's business page. Ireland — European home to tech giants like Apple, Google, and Microsoft — said it was willing to "compromise" on global minimum tax rates. Paschal Donohoe, Ireland's finance minister, on Friday told CNBC that the country would "engage" in tax-rate negotiations "very intensely.""...and I do hope an...
Big Tech, Bitcoin, Contributor, contributor 2019, covid, Millionaires, Nordic, Opinión, Prof G, Scott Galloway, Taxes

SCOTT GALLOWAY: Less than 2% of US millionaires’ taxes returns get audited — here’s how increasing IRS funding could change that and net billions more in tax revenue

Scott Galloway is a bestselling author and professor of marketing at NYU Stern. The following is a recent blog post, republished with permission, that originally ran on his blog, "No Mercy / No Malice." In it, Galloway discusses the global vaccine rollout and upcoming US antitrust legislation. See more stories on Insider's business page. Optimists are overrated. With Big Tech, COVID-19, or Putin, would we have been better off listening to the optimists or the pessimists? People think it takes optimism to be an entrepreneur. Not so — in my case, it just required the self-awareness to know I didn't have the skills to succeed in a b...
FP Taxes, jamie golombek, Personal Finance, Taxes

CRA cracking down on abuse of principal residence exemptions, but their assessments aren’t written in stone

Article content continuedThe following month, the couple moved into House #3, which they had constructed. Soon after they moved in, the real estate agent who had sold them their prior home approached them and asked if he could show their new house to his clients who apparently made an offer that the taxpayer couldn't refuse. It was sold in Sept. 2009 for a substantial profit of $403,776 above the cost of the land and construction.Houses #4 and #5In Dec. 2009, the couple moved into newly purchased House #4, a townhouse on which they had made improvements. It turned out that the townhouse “was not a good buy” for the couple: the taxpayer's truck was too large to be parked properly in the laneway and the neighbours complained about the couple “having loud social gatherings.” In Jan. 2011, ...