The new minimum tax on large companies by the Biden administration aims to raise $250 billion over the next decade.
taxes
Posted inBusiness, Nation & World
Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers
The IRS credits spending that has ramped up collection enforcement through President Biden’s signature climate, health care and tax package signed into law in 2022.
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Posted inSouth Portland Sentry
South Portland revaluation prompts outcry
The majority of residents’ property taxes will be going up with the projected revaluation.
Posted inBusiness, Maine, News
Wicked good: How ‘sin taxes’ are contributing to Maine’s healthy budget outlook
Revenue from levies on alcohol, tobacco, marijuana and gambling have risen sharply in the last five years, and now account for $353 million a year – 7% of the state’s $5.1 billion annual budget.
Posted inBusiness, Nation & World, New England
Americans tapped $8 billion in tax credits on green home energy upgrades last year
Far more taxpayers than projected claimed the Inflation Reduction Act incentives on solar panels, heat pumps and other climate-friendly projects, data shows.
Posted inNation & World, Politics
Democrats’ plan to tax the rich and corporations begins to take shape
Pressure is already mounting from the party’s left flank to insist on sharp increases in the corporate tax rate and on the highest individual earners – and not to agree to any compromise with Republicans otherwise.
Posted inMaine
Portland may ask tax-exempt property owners for voluntary revenue help
The city has about $3 billion worth of property owned by entities such as churches and colleges that do not pay property taxes.
Posted inBusiness, Nation & World, News, Politics
Republicans pitch tax cuts for corporations, the wealthy in 2025
Corporate tax breaks under consideration could expand the national debt by roughly $1 trillion over the next decade, according to researchers.
Posted inBusiness, Nation & World, News
IRS makes free Direct File tax return program permanent, asks all states to join for 2025
This tax season, more than 140,000 taxpayers in 12 eligible states made use of Direct File.
Posted inLetters
Letter: Support fair Social Security deductions
In response to the May 23 letter to the editor “Taking more from high earners is theft,” I wish to clarify how the “left” feels about how Social Security is taken from workers’ earnings. Currently, 6.2% of earnings are paid into Social Security from our wages, with a capped amount of wages at this time […]