Tariffs, Tax Debt, And Billionaires
US to apply tariffs to steel and aluminum shipped from Mexico but made elsewhere. The Biden administration announced the tariffs this week, which aim to prevent China from avoiding levies by routing their goods through other trading partners. For materials crossing the southern border, there will be a 25 percent tariff on steel not melted or poured in Mexico and a 10 percent tariff on aluminum not made in Mexico. The tariffs are possible under section 232 of the Trade Expansion Act, which applies to imports deemed a threat to national security.
The IRS collected $1 billion in back taxes from high-wealth individuals. The agency launched initiatives last year to pursue taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt. The continuing effort draws on funding available through the Inflation Reduction Act.
Seattle voters will decide in November on the largest property tax measure in city history. The Seattle City Council this week unanimously approved a ballot proposal for a $1.55 billion property tax increase to fund transportation projects. Under the measure, which would replace an expiring levy, an average homeowner would pay $223 more per year. The median residential property value in Seattle is about $804,000.
Former world leaders urge support for a global tax on billionaires. Former presidents and prime ministers spoke in favor of the idea in an open letter to current leaders of the world’s 20 largest economies. Theydescribe a global tax on billionaires as a rare political opportunity to combat tax evasion by the wealthiestindividuals. Signers of the letter include Chile’s Michelle Bachelet, Sweden’s Stefan Lofven, Spain’s Felipe Gonzalez and Jose Luis Rodriguez Zapatero, France’s Dominique de Villepin, Canada’s Kim Campbell, Australia’s Julia Gillard, and South Korea’s Han Seung-soo.
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