June 15, 2021

tax

Ohio Statehouse observers are watching the Senate’s income tax cut, education plans

COLUMBUS, Ohio – Ohio Republican Senators, in proposing a 5% income tax cut in the two-year state operating budget, say they won’t use any American Rescue Plan coronavirus recovery funds to pay for the decrease.

The stimulus act prohibits the money from being used for tax cuts.

But could they still run afoul of the rules?

Complying with the rescue plan is just one of numerous concerns Ohio Statehouse observers have about the Senate’s budget bill. Another one is the school funding plan in the budget, which public education advocates are watching closely.

This week, the Senate Finance Committee is

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Biden Will Seek Tax Increase on Rich to Fund Child Care and Education

WASHINGTON — President Biden will seek new taxes on the rich, including a near doubling of the capital gains tax for people earning more than $1 million a year, to pay for the next phase in his $4 trillion plan to reshape the American economy.

Mr. Biden will also propose raising the top marginal income tax rate to 39.6 percent from 37 percent, the level it was cut to by President Donald J. Trump’s tax overhaul in 2017. The proposals are in line with Mr. Biden’s campaign promises to raise taxes on the wealthy but not on households earning less

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Free College Education, Paid by Wall Street Tax

  • Sen. Bernie Sanders and Rep. Pramila Jayapal have introduced a bill to make college education free.
  • The bill proposes taxing Wall Street to raise $2.4 trillion over the next 10 years to fund education.
  • It would erase tuition for families earning less than $125,000 annually.
  • See more stories on Insider’s business page.

Sen. Bernie Sanders and Rep. Pramila Jayapal on Wednesday introduced legislation that would tax Wall Street to pay for free college education for students. 

The “College for All Plan” would scrap tuition for families making less than $125,000 a year, per CNBC. It would apply to public

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Is Jersey City ‘stonewalling’ the board of education on payroll tax answers? Mayor says no

A frustrated Jersey City school board president says Mayor Steve Fulop is “stonewalling” the board over the city’s payroll tax payment to the district.

But the accusation by Mussab Ali comes as a surprise to the mayor, who says he speaks regularly with the superintendent and has been as forthright as possible.

At issue is the city’s obligation to forward the money accrued through the 1% payroll tax imposed on businesses to the district to fund the school budget.

In an interview Wednesday, Fulop told The Jersey Journal the city has $58 million in collections this year and $7 million

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Ducey talks disdain for new education tax, vows fast fix

PHOENIX (AP) — A new voter-approved tax on high-earning Arizonans that will boost education spending is firmly in Gov. Doug Ducey’s crosshairs, with the Republican vowing Friday to see Proposition 208′s new tax cancelled either through the courts or the GOP-controlled Legislature.

Ducey told the Valley Partnership business group that he’s been advising people who ask him about the new 3.5% surcharge on the wealthy’s income to wait to take their investments to other states because payments on the tax now in effect won’t be due until April 2022. Meanwhile, he’s working to make the measure die, and he laid

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