Posted by on September 19, 2020 8:12 am
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Categories: Taxes

Optimism and an Exit Strategy?

Optimism and an Exit Strategy?

Speaker Pelosi: Still optimistic for a coronavirus relief deal. But she says it’s hard to see Democrats agreeing to anything less than $2.2 trillion. Senate Republican leaders, however, find it hard to see any kind of deal. They hope to finish a stopgap spending bill by the end of next week and then recess until after the election. They insist the lack of a stimulus deal won’t  hurt any of their members’  reelection chances. Congress still must approve a temporary spending measure to keep the government funded and open after September 30. 

House Ways & Means Committee set to welcome Rep. Richmond. Democratic Rep. Cedric Richmond of Louisiana will fill the seat left vacant by the late John Lewis. Richmond is the national co-chair of Democrat Joe Biden’s presidential campaign and former chair of the Congressional Black Caucus.

New Jersey gears up for a millionaires’ tax. Democratic Governor Phil Murphy has reached an agreement with the Democratically-controlled legislature. They plan to  raise tax rates from 8.97 percent to 10.75 percent on annual income between $1 million and $5 million. Those making $5 million or more already pay 10.75 percent.  Households with income below $150,000 and with at least one child would receive a $500 tax rebate. The tax increase will generate an estimated $390 million from 16,491 New Jersey residents and 19,128 nonresidents. 

IRS releases state-by-state breakdown of nearly 9 million non-filers who’ll get Economic Impact Payment letters. The agency shares state-specific information  to better assist the nearly 9 million non-filers who still can claim the payments. The IRS will mail letters to people who typically aren’t required to file federal income tax returns but still may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info tool on IRS.gov before the October 15 deadline to register for a payment. 

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Published at Fri, 18 Sep 2020 12:00:00 +0000

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