[ad_1] About the EARN Act The Enhancing American Retirement Now (EARN) Act, passed by the Senate Finance Committee last week, allows older savers to deposit an additional $10,000 per year into their retirement accounts. Plan participants can contribute additional funds to a Roth IRA, where deposits are taxed but withdrawals are not. For Congressional scorekeeping, this means that revenue is included within the 10-year budget window, but long-term tax deductions are invisible. TPC’s Steve Rosenthal condemned the move, saying “This is a serious use of budget scorekeeping rules.” The Latest…
Tag: Budget
Ready for a long budget drive
[ad_1] House adopts $1.6 trillion discretionary spending cap for fiscal year 2023. This sets the stage Next week for appropriations subcommittees to start marking up spending bills. House leaders are expected to pass their version of a spending package before the August recess. The Senate is likely to proceed … more slowly. Will EV Tax Credits Make Their Way into the Budget Bill? Joe Manchin hit the brakes on a $7,500 tax exemption for electric vehicle buyers included in the house-passed version of the Build Back Better Act. Other Democrats…
Tax revenue collection expected to be better than budget estimates in FY23: Revenue Secretary
[ad_1] Revenue Secretary Tarun Bajaj on Thursday said tax revenue collection in the current fiscal is expected to be much better than the budget estimate.In the last fiscal, there was an increase of 20 per cent in indirect taxes and 49 per cent in direct taxes. The tax-to-GDP ratio rose to 11.7 per cent in 2021-22 – the highest since 1999. In 2020-21, the ratio was 10.3 per cent. The country’s tax collection touched a record high of Rs 27.07 lakh crore last year as compared to the budget estimate…
Tick-tock in budget watch…
[ad_1] Democrats continue to negotiate the budget bill. However, still no deal in sight talk on Between Senate Democratic Leader Chuck Schumer and holdout aide Joe Manchin, who says fighting inflation is his top priority now. Presence Reports that “the passage of time may not increase” [fellow holdout Kyrsten] Cinema’s affinity for Bill.” While Munchkin is reportedly working on a deal with Schumer, cinema may have concerns. Congressman proposed a 1,000 percent tax on semi-automatic weapons. Don Baer of Virginia, a member of the House Ways and Means Committee, believes…
Will June be the month of budget reconciliation?
[ad_1] Congress will return next week with modest hopes. Democrats’ attempt to pass a budget reconciliation bill has stalled. and it means a global minimum tax of 15 percent Measures to raise taxes on corporate income, and on the wealthy, to curb climate change, to increase social spending, and to reduce deficits, are similarly stuck. A small ray of hope: Sen. Joe Manchin tells axios His one-on-one talks with Senate Majority Leader Chuck Schumer on the compromise budget bill have been “encouraging.” What about virtual VAT? A virtual landlord in…
Federal Budget Outlook, Booming Revenue, and Another Attempt at a State Tax Cut
[ad_1] CBO: The deficit will fall sharply this year, then rise again by 2024. Thanks to a booming economy, big increases in tax revenue, and end-of-pandemic relief, the federal budget deficit will shrink from $2.8 trillion to nearly $1 trillion in 2021, According to the Congressional Budget Office’s Annual Budget and Economic Outlook out tomorrow. But the relief will be temporary, with the deficit widening again by 2024 and remaining through the 10-year budget window. And the tax revenue is flowing, for now, The CBO expects revenue to grow 19…
Highlights of Budget 2022
[ad_1] Highlights of Budget 2022 Finance Minister, N Sitharaman expressed gratitude and sympathy towards the people suffering from the COVID-19 pandemic. Thereafter, the budget began with the announcement, which was a push for the infrastructure sector. Under the infra-sector, the government has moved towards its priority – PM Gati Shakti Master Plan, where about 100 Gati Shakti Cargo Terminals… Post Highlights of Budget 2022 first appeared Rajput Jain & Associates – Chartered Accountant in Delhi, [ad_2] Source link
Important changes in GST amendment in Budget 2022
[ad_1] Top Changes made under GST Amendment in Budget 2022 Under Budget 2022, certain exemptions were introduced by the Finance Minister for GST registered taxpayers with some strictness. Starting with the discount provided – The government has proposed to extend the time limit for claiming ITC. Now to make such amendments, section 16(4) of the CGST Act will be amended and hence, it will allow registered taxpayers to claim input tax credit or file annual return latest by 30th November of the following year. , Earlier, the said due date…
Prime Minister Gati Shakti – Budget India 2022
[ad_1] Amritkali To complete 100 years of independence for the next 25 years of independence, 75 years of independence The vision for India in 100 years of independence from India has been enhanced by PM Gati Shakti initiative, which is powered by 7 engines through technology. to be conducted. Movement of goods and passengers and financed by Rs. 20,000 crores. Growth engines are supported by energy conservation, IT technology, bulk water and sewage, and social infrastructure: 25000 km extension of Express National Highway in the year 22-23. Urban transport will…
Budget 2022 and Schemes for Women’s Empowerment
[ad_1] Gone are the dark times when a woman was instructed to stay at home and do household activities. In this changing era, women were able to break out of the shackles and stand as strong as men, with gender equality being the trend of modern times. The role of the government in empowering women has been remarkably appreciated. Initiatives like Beti-Bachao, Beti-Padao, Mahila Helpline Scheme, Mahila Police Volunteers, Mahila E-Haat have proved to be a great success in providing opportunities and confidence to women to step out of their…