New Jersey Business & Industry Association (NJBIA)’s Post

Don't miss out on this must-watch episode of #ThinkTank with Steve Adubato this weekend featuring our CEO & President Michele Siekerka, Esq.! Tune in for crucial insights and let's aim to #dobetterforbusiness. 🚀 #NJBIA #ThinkTank #CorporateTaxRate #NJBusinesses

New York's "convenience of the employer" tax rule imposes significant financial burdens on out-of-state commuters from New Jersey and Connecticut, despite increased remote work. Both states have introduced tax credits to mitigate double taxation, but these measures haven't fully offset the large tax contributions to New York. New Jersey is considering a Supreme Court challenge against New York's tax rule, while Connecticut, led by Governor Ned Lamont, is pushing for similar protective measures awaiting legislative approval. This situation highlights the urgent need to update state tax laws to better reflect modern work dynamics and ensure fairness for all income levels. What are your thoughts? #NewYork #NewJersey #Connecticut #TaxPolicy

"WASHINGTON—The 21% U.S. corporate tax rate is the biggest single variable in the sprawling 2025 tax debate, and the two parties are trying to turn that dial in opposite directions with major consequences for companies’ profits and federal revenue.  The rate could climb as high as 28% if Democrats sweep November’s elections and move as low as 15% if Republicans gain full power. President Biden’s plan for a 28% rate would reverse half of Republicans’ 2017 rate cut, pushing the U.S. corporate rate back near the highest among major economies. A 15% rate—some Republicans are heading that way, but the party hasn’t settled on a plan—would match the lowest level since 1935, boosting profits and rewarding shareholders. Presumptive Republican presidential nominee Donald Trump told corporate executives last week that he wanted a 20% rate. Each percentage point is worth more than $130 billion over a decade in tax revenue, creating a $1 trillion-plus gap between the poles of the parties’ positions and giving the largest U.S. companies an outsize interest in the election’s outcome."

Federalist Paper #36, penned by Alexander Hamilton, delves into the crucial role of federal taxation in maintaining national financial stability, supporting state taxes, and overseeing national expenditures. Hamilton tackles Anti-Federalist worries regarding oppressive taxation, stressing the importance of oversight by elected representatives. He underscores the advantages of consistent revenue, effective governance, and adaptable tax strategies for ensuring enduring economic stability and fostering national cohesion. #federalistpapers #constitution #taxation #hamilton

Senate Finance Committee convened Thursday to deliberate on the implications of President Donald Trump’s 2017 Tax Cuts and Jobs Act, including provisions set to expire in 2025. Biden proposes to raise corporate rates from 21 percent to 28 percent and preserve the Trump-era tax cuts for individuals earning less than $400,000, including a higher standard deduction. Members of Democratic party's are pushing for substantial hikes in the corporate tax rate and for top individual earners, with a clear stance against any compromises with Republicans. #SenateFinanceCommittee #TaxCutsAndJobsAct #Democrats #CorporateTax #IndividualEarners

U.S. Political Commentary or "I'm the Taxman..." - Biden Crackdown Hauls In $520 Million In Back Taxes From The Ultrawealthy https://lnkd.in/gNEUA8kV The Beatles - Taxman https://lnkd.in/gDWMVAVH #irs #internalrevenueservice #backtaxes #ultrawealthy #rich #usa #taxes

New Jersey Chamber of Commerce Statement on Gov. Murphy's Proposal to Increase Business Taxes: I hope this is a nightmare that isn’t true. We have been preaching that New Jersey needs to become more affordable, more business friendly and more competitive. Now we are shocked that there is talk of reinstituting higher taxes on businesses less than three months after the 2.5% Corporation Business Tax (CBT) surcharge expired. If the fiscal 2025 state budget is passed, as proposed, and the surcharge is reinstated, New Jersey will quickly go from being the CNBC “Most Improved State for Doing Business” to being one where companies flee – and stay away. The proposal to bring back the CBT surcharge does long-term harm to the state’s reputation and the economy. There’s nothing good about it. Our positive momentum will immediately pay the price since we will have the highest business tax in the nation. That’s a major step backwards.   The state will have deliberately chosen to send a message that New Jersey is an unpredictable place to set up shop – and that there is a possibility promises made to executives and business owners might not be honored. It is that plain and simple – and extremely disappointing. In the proposed budget, there is a lot of talk about program expansion to help New Jersey citizens. That could only happen long-term through business expansion – and enhanced employer community support. This is certainly a nightmare scenario for New Jersey.

Donald Trump plans to make permanent the 2017 individual tax cuts that he enacted as president while keeping corporate tax levels unchanged in an appeal to working and middle class voters should he retake the White House, according to people familiar with the matter. Via Bloomberg News, here’s a look at what the tax policy would look like during a potential second term for the leading Republican presidential nominee. #tax #taxpolicy #taxstrategy #compliance #politics #financialplanning #regulations #irs #tcja

Get in on the discussion about the November 2023 Business Due Dates with your friends at Evans Tax & Business Services Inc via our new blog post. Just click below.

The Sunset of the estate tax will be here before we know it. This is the dusk, before the dawn for Legacy Planning. This article does a great job highlighting these changes in tax law, and how it can impact families. #Estate #Legacy #Planning #Lifeinsurance