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Preparing For a Changing Tax Landscape in 2021
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$1 8 Trillion American Families Plan to Include $80B to Beef Up IRS Audits of High-Income Earners and Collect Unpaid Tax
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Flash Briefing: SA tax crunch as high-income earners emigrate; SANDF in Covid scandal; Massmart; Bitcoin
As Finance minister Tito Mboweni gets set to present the budget this week, analysts have warned that South Africa’s loss of skilled and high earners could limit room to raise income taxes as the Treasury seeks to plug a budget shortfall that’s above wartime levels, says Bloomberg. A (fourth-quarter estate agent) survey by FirstRand’s First National Bank shows more than fifth of all houses valued at R2.6m ($176,939) or more that were put on the market by the end of last year was because people were planning to emigrate. This could further erode the tax base in a country where fewer than 14 million individuals in a working-age population of 39 million are registered taxpayers and where those earning more than R1m a year pay 40.2% of all personal income levies.
Senator Bernie Sanders made a successful maneuver on his minimum wage proposal. Speaker Nancy Pelosi and other House leaders will meet with President Joe Biden at the White House on Friday. The Senate backed by 99-1 a non-binding call to oppose stimulus checks going to “upper-income taxpayers” and on a voice vote adopted an amendment opposing raising the minimum wage during a pandemic. They were two in a series of messaging votes the chamber is.
Sanders Defuses Fight Over Minimum Wage Hike: Stimulus Update Bloomberg 2/5/2021 Bloomberg News © Bloomberg A statue of former President George Washington in the Rotunda of the U.S. Capitol in Washington, D.C., U.S., on Monday, Feb. 1, 2021. President Joe Biden and Democratic congressional leaders must decide whether to break the administration’s $1.9 trillion Covid-19 relief proposal into pieces after a scaled-down Republican plan emerged.
(Bloomberg) Senator Bernie Sanders made a successful maneuver on his minimum wage proposal. Speaker Nancy Pelosi and other House leaders will meet with President Joe Biden at the White House on Friday. The Senate backed by 99-1 a non-binding call to oppose stimulus checks going to “upper-income taxpayers” and on a voice vote adopted an amendment opposing raising the minimum wage during a pandemic. They were two in a series of messaging votes the chamber is taking in a complex process of preparing Biden’s $1.9
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