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Inflation is being driven down by sales tax revenue. TPC Report That 26 states collected less sales tax revenue in April than the same period last year, while 16 other states reported slower revenue growth than in 2021. Lucy Dadyan warns Regarding the financial future: “If wages aren’t keeping up with inflation, we’ll see people spending less… People are going to be a lot more aware with their money and a lot more on non-essential, discretionary items.” spend less, which means we will see further weakness in state sales tax revenues.”
California GOP lawmakers again ask Governor Newsom for a gas tax break. Reiterating his request made in March, lawmakers urged Governor Gavin Newsom to suspend California 51-per-gallon petrol tax, A gallon now costs an average of $6.31, with one county reporting a high of $7.29. On Friday, California’s petrol tax will increase to 53.9 cents a gallon.
How should a US tax oil company profit? Congress is considering several ways to tax the high profits earned by oil companies. of TPC Thornton Matheson Shows How some ideas can generate new revenue without discouraging domestic production while others will be unproductive. Best solution: Eliminate existing tax subsidies for oil producers and tax only excess profits.
The Indiana Vaping Tax also went into effect Friday. State to impose 15 percent retail Taxes on vape pods and other vaping products Starting from 1st of July. Lawmakers reduced the tax on these prefilled e-cigarette cartridges to match the rate of other vaping products. Health experts criticized the rate reduction.
The three brothers face prison and have to pay nearly $2 million to the IRS for tax evasion. Over five years, three Minnesota brothers ran a temporary staffing agency, but never got paid. federal employment tax, By falsifying records and paying workers in cash, he evaded more than $1 million in taxes. All three will now have to pay $1,973,239 in back taxes and penalties and face sentences of house arrest and prison.
Thailand can boost its film industry with tax exemptions for foreign talent. The government is pushing a plan discount foreign actors From its 10 percent withholding tax on all employees working in the country. The exemption will last for five years.
The Daily Deduction will be published on Tuesday, July 5, and will resume its regular schedule on Monday, July 11, when Congress returns. Happy Fourth of July!
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deductions. Sign up Here To have it delivered to your inbox at 8:00 a.m. on weekdays (only on Mondays when Congress is in recess). We welcome suggestions on new research or other news. Email Renu Zeretsky here Dailydeduction@taxpolicycenter.org,
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