Harris backs $5 Trillion in tax increases on wealthy corporations
Kamala Harris, the Democratic presidential nominee, confirms her support for Biden’s proposals on taxes. The New York Times reports that Harris supports the tax increases in Biden’s proposed budget plans. These would generate $5 trillion in additional revenue over the next decade. She would also impose a wealth tax on taxpayers with a net worth of at least $100 million. She would also impose a wealth-tax on taxpayers who have a net worth over $100 million. Each state has its own rules for paying tipped employees. In 41 states that have income taxes, legislators would be required to decide whether they would follow federal rules, if Congress passed such a proposal.
In New York State the demand for legal marijuana is increasing. In New York State, the demand for legal cannabis is increasing. New York charges a 13 percent tax on all cannabis products. Since New York legalized adult cannabis use in 2021, the state has distributed $5.9 million in cannabis tax revenues to local governments in upstate New York, $3.2 million to Long Island, and $4.5 million to New York City.Oklahoma’s set to eliminate the sales tax on groceries.
On August 29, Oklahoman grocery shoppers can expect to see less tax on their receipts due to the elimination of 4.5 percent state sales tax on groceries. Local taxes will still be in place and the state won’t eliminate all sales taxes at grocery stores. Taxes still apply to the sale of prepared foods, dogfood, hot delis soups, toiletries and over-the-counter medicines. They also apply to beer, self-serve drinks, sushi, and self-serve fountain beverages. The Oklahoma Policy Institute estimates a family earning $40,000 a year will save about $125.Congress is not in session. The Daily Deduction will be posted on Mondays until Monday, September 9. Subscribe to the Tax Policy Center Daily Deduction for the latest tax news.
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