taxes News

California Companies Pay Higher Taxes for Unemployment Debt

One potential consequence of California’s ballooning budget deficit: Higher taxes for businesses, with increases possible every year for the next decade. Business owners pay a tax on each of their workers. The money goes into a fund that states use …

Colorado Reports Highest-Selling Year in State for Cannabis

Colorado dispensaries have sold more marijuana in the first 10 months this year compared to a record-setting sales year in 2019, officials said. The Department of Revenue said dispensaries made about $200 million in October, pushing the state’s annual revenue …

California Commissioner Orders Workers’ Comp Insurers to Report Federal Income Tax Savings

California Insurance Commissioner Dave Jones announced today issued an order that every insurer licensed to write workers’ compensation in the state must report their federal income tax savings annually through a rate filing in light of the new tax law. …

Survey Shows Many Americans Fine with Lying to the IRS, or Their Insurer

Call it a “little green lie.” A number of Americans apparently find it acceptable to lie when there’s money at stake. A survey of 2,115 American adults from NerdWallet conducted in February shows a surprising number of people will fib …

Arizona Lawmaker Wants Another Cut to Insurance Company Taxes

One of the top Republican leaders in the Arizona House wants to accelerate cuts to insurance company taxes that were included in a bill he sponsored. Majority Whip David Livingston of Peoria has filed a bill for the upcoming session …

Bill Cutting Taxes For Insurance Companies Signed by Arizona Governor

Arizona is set to reduce taxes for insurance companies under a new bill Gov. Doug Ducey signed into law. The tax cut is expected to mean the loss of more than $44 million to state’s general fund over the next …

IMF Urges Permanent Fix to U.S. ‘Fiscal Cliff’

The International Monetary Fund on Thursday urged the United States to quickly reach an agreement on a permanent fix to avoid automatic tax hikes and spending cuts early next year, saying a stop-gap solution could be harmful to the global …

U.S. ‘Fiscal Cliff,’ Europe’s Debt Woes Worry G20

Leading world economies pressed the United States on Sunday to act decisively to avert a rush of spending cuts and tax hikes, warning that the so-called fiscal cliff is the biggest short-term threat to global growth. Unless a fractious Congress …

India’s Basic Realities May Confound New Finance Minister’s Reform Agenda

The return of a pro-market reformer to India’s finance ministry has cheered investors and contributed to a market rally, but Palaniappan Chidambaram will need both political deftness and some luck to tackle the problems dragging the economy down. Faced with …

Super Rich Hold up to $32 Trillion in Offshore Havens

Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday. The study estimating the extent …