Four More Days, Hath September

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Will the Senate vote to end debate on the spending bill tomorrow night? Congress has until Friday to pass a stopgap spending bill. The Senate plans to vote tomorrow night to try to end debate and move ahead with a vote. Democrats worked over the weekend to settle on a plan that could pass. 

House Republicans roll out their campaign agenda. The House GOP released its “Commitment to America,” a framework for how it would govern if it wins control of government. It includes almost no specific proposals but in a campaign event to promote the document, House GOP leader Kevin McCarthy described some highlights, including: “On that very first bill, we’re going to repeal 87,000 IRS agents. Our job is to work for you, not go after you.” 

Ohio is about to grant a $650 million tax break to Intel. Chipmaker Intel promises to create 3,000 jobs as part of a $20 billion plan to build two semiconductor plants in Ohio. In return, the Ohio Tax Credit Authority is set to approve $650 million in tax credits, though Intel would be unable to claim the credits if does not create the jobs. The tax breaks are part of a $2 billion package of state incentives.  

IRS to M.Y. Safra Bank: Crypto transaction taxes need to be paid. The IRS issued John Doe summonses, used when it investigates unknown taxpayers, to the bank. They compel the New York-based bank to submit information about taxpayers that may have evaded taxes on their cryptocurrency transactions. 

Spain plans a temporary tax on its wealthiest residents. The Socialist-led coalition government is set to levy a temporary higher tax rate on the richest 1 percent of households, starting in 2023. The additional revenue would mitigate higher fuel and food prices. The exact details of the tax still are being developed.

Who will enjoy UK’s tax cuts next April? The Chancellor of the Exchequer shared the plan, which cuts the basic income tax rate from 20 percent to 19 percent. it applies to income between £12,571 to £50,270. The plan also would repeal the 45 percent top rate for those earning more than £150,000. An EY analysis finds a person earning £20,000 would save £167 while a person earning  £100,000 would save £1,469.


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Authore – Abhi bhardwaj

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