Taxes

Inheritance tax dates back to the Roman Empire, which collected 5 percent of inherited property in order to pay soldiers’ pensions. Today, the practice is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany, Greece,
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Today’s map shows gasoline tax rates in each state as of July 2020, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers, which are passed along to consumers in the form of higher prices, and
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Senate Republicans presented their $1 trillion plan to bolster the pandemic-ravaged U.S. economy in a series of bills that would trim extra unemployment benefits, send $1,200 payments to most Americans, and shield businesses, schools and other organizations from lawsuits stemming from coronavirus infections. The $1 trillion package was pulled together after days of negotiations between
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All European Union (EU) countries levy excise duties on distilled alcohol; excise tax is applied to the cost of goods on purchase. The standard size of a liquor bottle in the EU is 700ml (23.7 oz). Many spirits, such as vodka, gin, rum, and whiskey, contain alcohol content in the range of 40 percent. The
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Key Findings Allowing companies to fully and immediately deduct investments in structures is one of the most cost-efficient ways lawmakers can stimulate investment, create jobs, and boost GDP during a post-pandemic recovery. Changes to depreciation schedules in the two pieces of major tax legislation in the 1980s influenced investment in real estate and have since
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The Organisation for Economic Co-operation and Development (OECD) recently published a report on tax revenue statistics in selected Asian and Pacific countries, covering 21 tax jurisdictions. The report provides tax revenue data from 1990 to 2018 and includes a section on nontax revenue data for selected Asian and Pacific economies. Additionally, a special feature co-authored by the
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Workin’ on the highway; school’s out; paycheck re-route; and other highlights of recent tax cases. Frenchville, Pennsylvania: Preparer Kathy Billotte has pleaded guilty to aiding and assisting in the preparation or filing of a false income tax return. Billotte operated the tax prep business K B Tax Services and falsified annual returns for at least
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Yesterday, the European Council agreed on a new multiannual budget and a recovery program. The Multiannual Financial Framework (MFF) which sets EU budget levels for 2021-2027 totals €1 trillion (US $1.2 trillion). The Next Generation EU (NGEU) recovery package is €750 billion ($840) and is 52 percent grants and 48 percent loans. The NGEU funds
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