incometax
By Nidhi Jacob A viral WhatsApp forward claiming that all Indian citizens must obtain an Income Tax Clearance Certificate (ITCC) before travelling abroad starting October 1, 2024, is misleading. BOOM found that the Central Board of Direct Taxes (CBDT) clarified that under Section 230 of the Income-Tax Act, 1961, not everyone is required to obtain an Income Tax Clearance Certificate (ITCC). Only individuals involved in serious financial irregularities or those with direct tax arrears exceeding Rs. 10 lakh are required to obtain an ITCC, and this is only after the Income Tax officials specifical...
BOOM Live
No matter who wins this year's presidential election, tipped service workers might be getting a nice new tax break. Vice President Kamala Harris has followed in former President Donald Trump's footsteps by promising to eliminate income taxes on tips if she's elected. Trump, meanwhile, is already complaining that she's stolen the idea from him—although isn't it supposed to be a triumph when you convince an opposing campaign to adopt your views? Cutting taxes for tips has already gained minimal traction in Congress too. Sen. Ted Cruz (R–Texas) and some House Republicans have drafted a bill that ...
Reason
In 2024's already baffling presidential race, it seems only fitting that a barroom brawl has broken out over tipping. Former President Donald Trump jump-started the debate at a campaign rally last month and seized media headlines by pledging to eliminate taxes on tips if he were reelected. In prior decades, this might have been brushed off as mere campaign trail bluster, but today, off-the-cuff remarks on the stump are often the closest thing we have to deliberative policy making. Right on cue, Republican senators introduced legislation in Congress that would eliminate income taxes on tips, an...
Reason
The Biden administration's expensive efforts at beefing up the IRS' ability to target wealthier Americans with unpaid federal taxes have finally netted $1 billion in additional revenue. Or, to put it another way, the yearlong campaign has generated enough cash to fund the federal government for…about 90 minutes. Do the math. The United States spent about $6.1 trillion last year%202023,)%2C%20resulting%20in%20a%20deficit.). That translates to roughly $16.7 billion per day or about $700 million per hour. Against the federal government's insatiable appetite for spending, even unfathomably large f...
Reason
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ValueWalk
Most income taxes in the United States are paid by the people with the most income. That is in keeping with the generally progressive nature of the individual federal income tax, the primary source of government revenues, which applies higher tax rates to higher incomes. Find A Qualified Financial Advisor Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready ...
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By Mohammed Kudrati In a major personal tax rejig, Finance Minister Nirmala Sitharaman announced that taxpayers could avail a tax rebate on income up to ₹7 lakh from the current ₹5 lakh. But this change in rebate will only be available under the new income tax regime. The announcements came as part of Sitharaman's fifth consecutive Union Budget speech. "An individual with an annual income of ` 9 lakh will be required to pay only 45,000. This is only 5 per cent of his or her income. It is a reduction of 25 per cent on what he or she is required to pay now, ie, ` 60,000. Similarly, an individual...
BOOM Live
By Mohammed Kudrati Recently, at an event organised by Panchjanya magazine, Finance Minister Nirmala Sitharaman said that she identifies herself as 'middle class', to convey that she understands the pressures and problems they face. Sitharaman also said that the government does not tax income under ₹5 lakh, with no extra taxes being imposed on the 'middle class' under the government; portraying facilities like metros, smart-cities and better drinking water coverage to be middle-class friendly initiatives. However, there is no fixed definition of who can be called economically middle class. Rat...
BOOM Live
Transcript of Omega Advisors CEO and hedge fund billionaire Leon Cooperman’s interview with Larry Kudlow on FOX Business Network’s Kudlow (weekdays, 4pm/ET). During the wide-ranging interview, Cooperman commented on paying the fair share of taxes, the state of the economy, President Biden’s economic policy, debating Sen. Elizabeth Warren, Sen. Bernie Sanders and his thoughts on markets forecasting.” Q1 2021 hedge fund letters, conferences and more Leon Cooperman: We Need To Get Away From This Tax, Spend 'Fair Share' BaloneyLARRY KUDLOW, FOX BUSINESS HOST: Speaking of great, by the way, it's a ...
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