On the Hill. The Senate plans to vote this week on the Manchin-Schumer compromise reconciliation package. Meanwhile, House Democrats have introduced the Billionaire Minimum Income Tax Act. Sponsored by Reps. Don Beyer and Steve Cohen, it would implement President Biden’s proposal to impose a 20 percent tax on households worth more than $100 million. The tax would apply specifically to “total income,” including regular earnings and unrealized capital gains.
West Virginia House passes an income tax cut. Gov. Jim Justice’s proposal to cut individual income tax rates by 10 percent across all income brackets cleared the House of Delegates last week. Its fate in the Senate is unclear. That chamber’s Republican majority favors putting a measure on the November ballot that would amend the constitution to give lawmakers authority to lower or eliminate certain tangible personal property taxes.
“I’m not very good at math:” North Carolina Lt. Gov. Robinson. In an interview with WRAL, the lieutenant governor asserted that he had no unpaid tax bills. But a WRAL investigation uncovered unpaid vehicle taxes from several years ago. “When you start talking about taxes, if I’m the guy doing them, then I’m going to jail,” Robinson said. “I’m not very good at math.” Robinson ultimately corrected his mistake after noting that his spouse usually handles the finances.
To beat inflation, Spain seeks taxes on banks and energy firms. The government wants to levy a 4.8 percent tax on banks’ windfall profits from net interest and customer fees, which could generate about $3 billion over two years. It also seeks a 1.2 percent tax on energy firms’ windfall profits to raise $4 billion over two years. Britain and Italy have similar taxes on energy firms’ windfall profits.
Zimbabwe plans a new tax on platinum and lithium. The nation will impose a new royalty rate of 5 percent on the minerals to raise revenue. The government plans to increase spending by $2.56 billion to boost economic growth.
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