Share to Twitter Share to Linkedin While Congress is getting ready to raise federal taxes by hundreds of billions of dollars as part of the Inflation Reduction Act (IRA), it hasn’t gone unnoticed that lawmakers in many state capitals are doing the opposite, enacting tax relief. “Widespread tax breaks in the nation’s statehouses stands in contrast to what’s happening in Washington,” Bloomberg reported on August 9, adding that nearly “two dozen states slashed personal or corporate income-tax rates in the past two years and more than a dozen enacted temporary relief in 2022.” In addition to cutting income tax burdens, there has been a recent trend of states moving from progressive to flat personal income tax rates. Georgia was among the states where legislation was enacted in 2022 to go to a flat tax. The income tax cut signed into law by Governor Brian Kemp (R-Ga.) in April, which will move Georgia from a progressive income tax code with a top rate of 5.75% … [Read more...] about Georgia Shows Contrasting Direction Of Federal & State Tax Burdens
Workers quitting jobs in record numbers
C orn dogs will fry. Pigs will parade. Butter cows will greet visitors from their climate-controlled enclosures. This month is go-time for Ferris wheels, bacon-wrapped beef on a stick and llamas dressed in costumes . For the first time since the pandemic laid waste to the business, state fairs across the U.S. will swing open their gates hoping disease and deficits are behind them. The big question is whether they can overcome higher prices, vendor worker shortages and lingering fear of Covid-19 to regain or surpass their pre-pandemic form. “This whole year, everything about it has felt normal in a new world,” said Jerry Hammer, CEO of the Minnesota State Fair, second only to Texas in size and host to the llama costume contest, which also includes alpacas. “We’re in a much different place than we were three years ago. People are excited about the fair this year. The issues we have are typical, where they haven’t been for the last two years.” State fairs seem like … [Read more...] about State Fairs Hope To Put Disease And Deficits Behind Them In Their First Full-Throttle Season Since Covid
On Tuesday, August 16, the United States Department of Education issued a press release stating its intent to discharge all federal student loans that borrowers received to attend ITT Technical Institute from Jan. 1, 2005, through its closure in September 2016, amounting to $3.9 billion in full loan discharges between 208,000 borrowers. This is the second-largest targeted debt relief action the Biden-Harris Administration has taken for defrauded borrowers, second only to the $5.8 billion loan cancellation for 560,000 former attendees of Corinthian Colleges. Eligible borrowers, including those who haven't applied for a borrower defense to repayment discharge, will have their debt canceled without any further action on their part. The Education Department's decision came following findings based on internal ITT policies and records; testimonies from former students, employees, and administrators; ITT recruitment materials and brochures; recordings of ITT's representatives … [Read more...] about Department of Education Cancels Nearly $4 Billion in Student Loans
Share to Twitter Share to Linkedin Topline President Joe Biden’s dismal approval rating is beginning to show signs of a turnaround after a recent stretch of accomplishments that few saw coming earlier in the summer. Key Facts FiveThirtyEight’s composite approval rating for Biden, which is a weighted average of a number of polls, rose to 40.6% on Wednesday, an increase of more than 3 percentage points from 37.5% on July 21—the lowest of his presidency so far. It’s the biggest rally in Biden's approval rating since he became president. Biden's low came just days before Sen. Joe Manchin (D-W.Va.) abruptly announced he reached a deal with fellow Democrats on the Inflation Reduction Act , signing off on more than $360 billion in spending to combat climate change after he held up earlier versions of the bill for a year while negotiating the price of the legislation down. The past few weeks have also been marked by positive economic … [Read more...] about Biden’s Approval Rating Surges After Series Of Unexpected Wins
Representative image. Many SMEs approach us for consultation on how to implement PoSH (prevention of sexual harassment) provisions at workplaces, especially when new investors scrutinise such provisions. The new-age investors understand the need for making the workplace safe and congenial and the PoSH guideline is the first step to inclusion and diversity. Diversity on the other fronts comes later. Though the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act has been notified, the details on its administration are not clear. We hear about sordid cases of harassment every now and then. These grab the headlines, especially if the people involved are high profile. SMEs can have a major challenge if things blow over and their major ethical customers stop dealing with them due to their poor record on this front. This can also present a risk because while details of how to submit compliance reports are nebulous, the fines prescribed can create an … [Read more...] about Should SMEs take sexual harassment at workplace seriously?