May 5, 2021

taxes

It’s ‘corporate fiction’ to say higher business taxes hurt customers

When President Joe Biden unveiled plans to raise the corporate income tax (from 21% to 28%) last month, the usual chorus of business leaders and lawmakers spoke out against the proposal, saying it would put U.S. businesses at a competitive disadvantage.

At Berkshire Hathaway’s annual shareholder meeting on May 1, CEO Warren Buffett dismissed the overreactions and slammed those issuing dire warnings over the proposed changes.

“When people talk about how it all gets passed through to the customer and everything…it doesn’t in most of our businesses,” Buffett said. According to Buffett, only in the utility business is this the

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What Business Thinks of Biden’s Plans on Infrastructure, Taxes

WASHINGTON—Business leaders see much to like—and much that worries them—in President Biden’s first 100 days in office.

Executives in manufacturing, automotive, construction and other industries say they see opportunity in the trillions of dollars Mr. Biden wants to spend to build infrastructure, boost domestic manufacturing, and curb greenhouse-gas emissions linked to climate change.

That is tempered by wariness over Mr. Biden’s plans to achieve those goals via higher corporate taxes, and expected new regulations on fossil fuels, telecommunications and other industries.

Business and industry leaders are also mindful that Mr. Biden hasn’t filled many key oversight jobs, leaving questions about

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Biden taxes target big companies, so why is small business worried?

President Joe Biden speaks while visiting Smith Flooring, a small minority-owned business, to promote his American Rescue Plan in Chester, Pennsylvania, on March 16, 2021.

Andrew Caballero-Reynolds | AFP | Getty Images

Several top policy priorities in President Biden’s agenda seek to rein in the wealth and power of the biggest companies. But as the debate moves to Capitol Hill and the president’s spending ambitions have surprised in magnitude, small business policy experts have a growing sense it could be too much too soon, and Main Street could become a financial casualty in several important respects at a time when

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Is Your Financial Plan Ready for Higher Taxes?

You can feel it in the air — tax increases are coming. And it’s not a matter of if, but a matter of when. In the last few months, there have been a number of legislative proposals targeted toward high-net worth and ultra-high-net-worth taxpayers, ranging from Sen. Bernie Sanders’s “For the 99.5% Act,” Sen. Elizabeth Warren’s “Ultra-Millionaire Tax Act” and Sen. Chris Van Hollen’s “Sensible Taxation and Equity Promotion Act.”

While each proposal focuses on a different wealth segment and type of tax, the common theme and sentiment is that higher taxes might

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N.J. business owner sentenced to 19 months for dodging $1M in payroll taxes

A Monmouth County man who pleaded guilty to defrauding the government out of nearly $1 million in taxes has been sentenced to 19 months in prison.

Bilal Salaj, 56, of Marlboro Township, pleaded guilty last year to tax evasion, failure to pay payroll taxes and conspiracy, according to Audrey Strauss, United States Attorney for the Southern District of New York.

Salaj operated a construction business in Manhattan and placed the company in the name of a person who worked for him, investigators have said.

From 2014 to June 2019, Salaj ordered the unnamed third party to cash about $3.2 million

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Virginians could see higher personal property taxes from rising vehicle values

Loudoun County revenue commissioner Robert Wertz Jr. is advising county residents who own a car that their personal property taxes due May 5 might be higher, owing to the coronavirus pandemic’s impact on the automobile industry.

Get ready for a higher personal property tax bill in Virginia this year due to rising used vehicle values.

Loudoun County revenue commissioner Robert Wertz Jr. is advising county residents who own cars that their personal property taxes this season might be higher, owing to the coronavirus pandemic’s impact on the automobile industry.

Typically, vehicle values for tax assessment purposes gradually decline as

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