On the hill. The Senate plans to vote this week on the Manchin-Schumer reconciliation package. Meanwhile, Democrats in the House of Representatives passed the Billionaire Minimum Tax Act. Sponsored by Reps. Don Beyer and Steve Cohen, it will implement President Biden’s proposal introduce a 20 percent tax on households worth more than $100 million. The tax will be applied specifically to “total income” including regular income and unrealized capital gains.
West Virginia House passes income tax cut. Gov. Jim Justice’s proposal to cut individual income tax rate of 10 percent on all income categories swept the House of Delegates last week. Her fate in the Senate is unclear. The Republican majority in that chamber favors a constitutional amendment on the November ballot to give lawmakers the power to reduce or eliminate certain taxes on tangible personal property.
“I’m not very good at math,” North Carolina Lt. Gov. Robinson. In an interview with WRAL, the lieutenant governor claimed he had not unpaid tax bills. But a WRAL investigation uncovered unpaid vehicle taxes several years ago. “When you start talking about taxes, when I do them, I’m going to be put in jail,” Robinson said. “I’m not very good at math.” Robinson eventually corrected his mistake by noting that his wife usually handled the finances.
To beat inflation, Spain levies taxes on banks and energy companies. The government wants to levy a 4.8 percent tax on bank windfalls from net interest and customer fees, which could raise about $3 billion over two years. He also wants a 1.2 percent tax on energy companies’ excess profits to raise $4 billion over two years. Britain and Italy have similar taxes on energy companies. excess profits.
Zimbabwe plans to introduce new tax on platinum and lithium. The nation will introduce a new royalty rate of 5 percent on minerals increase profits. The government plans to increase spending by $2.56 billion to stimulate economic growth.
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