WTHR.com investigates an IRS tax loophole that allows illegal immigrants to claim tax credits for their children, who often do not live in the United States.
Companies are able to retain state income paid by employees in a number of states, says columnist David Cay Johnston in this episode of Reuters Fast Forward. This money, withheld from employee paychecks as state income tax, is retained by companies through deals with the states. Why is this happening, and who really knows about it?
The Tax Foundation brings us the tax inheritance map and notes that: “Estate taxes are levied on the estate itself prior to transfer; inheritance taxes are levied on the transfer of wealth based on the recipient’s relationship to the decedent. New Jersey and Maryland are notable for having both an estate tax and an inheritance tax.”
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Reuters: U.S. Senate passes legislation to strengthen U.S. Postal Service
Reuters: Senator Baucus wants more uniform muni tax breaks
Learn Bonds: Why Obama could be better than Romney for muniland
NYT: Are for-profit debt collectors operating in non-profit hospitals?
CBPP: House bill would cut Medicaid funding for Puerto Rico by about $5.5 billion through 2019
Daniel Berger of Thomson Reuters Municipal Market Data sent over this excellent chart showing how yields for 10-year A-rated hospital bonds have narrowed since last October compared with AAA general obligation bonds. Or said more simply: It’s gotten a lot less expensive to issue new bonds for hospitals. That explains why the Bond Buyer reported this today: “At least eight Midwestern health care providers are set to enter the market over the next two weeks, offering more than $1.3 billion of bonds.” Rates go down and issuers come to market. Reuters has a related story that might help explain hospitals hurrying to get new paper into the market.
The Tax Foundation published this bleak-looking map to show how long taxpayers in each state must work before discharging their local, state and federal tax obligations. Connecticut taxpayers work the latest, until May 5, to pay off the tax collector. New Jersey and New York are tied for second place, working until May 1. Sorry, taxpayers.