Congress may end tax breaks for gifts to nonprofits with political agenda

[ad_1] new York Times informed of Chicago businessman Barre Seid donated his entire business, tax-exempt, to the Marble Freedom Trust, a tax-exempt advocacy organization run by conservative activist Leonard Leo. A few months later, the trust sold the stock for more than $1.6 billion. And now it can use the tax savings to help fuel its political agenda. Democrats and Republicans have become more aggressive with both tax and campaign finance laws since the US Supreme Court of 2010 Citizen United decision, But the $1.6 billion gift is the largest…

Advance tax breaks for retirement savings, a bleak gas tax holiday

[ad_1] Senate Finance Committee unanimously approves retirement savings bill, The catch-all bipartisan measure includes nearly three dozen proposals affecting both retirement savings and account withdrawals. The Enhancing American Retirement Now (EARN) Act encourages employers to offer retirement savings plans, expands savers credits, increases “catch-up” contributions for older workers and is withdrawn from retirement accounts at age 75. Delays essential delivery, but not until 2032. It fails to crack down on the “Super-IRA”. Senate Finance Also Goes After Easing Conservation, The committee also agreed to tackle the retirement bill as a…

A higher EV tax credit cap, tax breaks with limited benefits

[ad_1] Automakers want Congress to remove the cap on EV tax credits. General Motors, Ford, Chrysler and Toyota CEOs say consumers will buy more Electric vehicles eligible for more EV tax credit if, Currently, when a company sells 200,000 plug-in electrics, the credit begins to expire. The CEO also says that he needs credit to compensate for the higher production cost. Missing from the letter: Tesla CEO Elon Musk, whose firm has already exceeded the credit limit. Oklahoma lawmakers will hold a special session to debate tax cuts. Gov. Kevin…

Rupee Today: Rupee hits all-time low, breaks 78/$1 level for the first time

[ad_1] New Delhi: The rupee has come down to the lowest level ever against the rupee. U.S. Dollar A higher-than-expected inflation reading in the world’s largest economy on Monday fueled speculation of an aggressive rate hike by the Federal Reserve, prompting global strength in the greenback. The partially convertible rupee weakened from the 78/$1 mark for the first time and was trading at 78.2130/$1 for the last time. On Friday, the Indian currency closed at 77.8325/$1. Data released after Indian trading hours on Friday showed US consumer price inflation hit…

Gujarat: Fire breaks out after blast at Vadodara Chemical Factory; Seven hospitalized, 700 were evacuated

[ad_1] A part of a chemical manufacturing facility on the outskirts of Vadodara city in Gujarat came under fire on Thursday evening. Seven workers have been hospitalized after inhaling the fumes, while around 700 people living around the factory have been shifted to safer places. District Collector told the cause of the fire Deepak NitriteThe chemical manufacturing facility, located in Nandesari Industrial Area on the outskirts of Vadodara, was yet to be traced. 17 fire tenders immediately rushed to the spot to douse the flames and rescued those trapped at…