Author: Admin

Black Farmer Fights to Kill Death Tax

By Avis Thomas Lester John Wesley Boyd, Jr., lives off the land raising cows and growing soybeans and corn on 400 acres he owns in rural Baskerville, Virginia. He works alongside his father, John Wesley Boyd, Sr., 75, who farms 117 acres nearby that he inherited from his own father. Together they’ve faced drought, fluctuating crop prices and encroaching development. Farming isn’t an easy life, Boyd, Jr. said, but it’s one that he enjoys and hopes to pass down to his own children. Unless, he said, his family is forced to sell the farm…continue reading →

What Main Street needs most from the next president

By Bruce Nevins Now that Donald Trump has cleared a crowded Republican field to likely capture the GOP nomination, and Democratic front-runner Hillary Clinton is close to clinching her own party’s, it is time to close the book on the 2016 presidential primary season and see the candidates put their money where their mouths are when it comes to the promises made to the stalwart subject of rope-line rhetoric: Main Street. So what can those of us who count ourselves among “everyday Americans” actually expect? If you’re a New Yorker, the first policy…continue reading →

Want to really help small businesses? Fix the tax code: Robert Brett

By Robert Brett Before Pennsylvanians headed to the polls for our April 26th primary, we had to navigate through a myriad of position, records, and statements to decide which candidate will take America forward. Throughout the 2016 presidential campaign, we've heard so much on why this candidate is better than that one, policy "A" will work but policy "B" is malarkey, and so on and so forth. But there is one position that every candidate and a vast majority of voters agree on: America needs to completely overhaul our tax code now. For…continue reading →

Time to Go All In for Comprehensive Tax Reform

PALMER SCHOENING   |   APRIL 28, 2016 This year, a number of tax proposals have been offered in Congress to fix specific sections of the tax code that hold back small businesses. The Senate Finance and House Ways and Means committees have worked hard to lay out a vision for tax reform that incorporates ideas from individual members and businesses through a series of working groups. Just last week, House Ways and Means Committee Chairman Rep. Kevin Brady announced that the committee will release a blueprint for tax reform in June. With so many…continue reading →

Gallup: Most Americans Side With Trump, Cruz To Ditch The Estate Tax

Ashlea Ebeling, Forbes Staff Most Americans side with Republican presidential candidates, saying they would ditch the federal estate tax, according to a new Gallup poll on reactions to the candidates’ tax proposals. When asked about the proposal to “eliminate the estate tax that is paid when a person dies,” 54% agreed, only 19% disagreed, and 26% said they didn’t know enough to have an opinion. Yet, the other proposal to get majority support in the Gallup poll was Trump’s proposal to “eliminate most federal income tax deductions and loopholes available to the very…continue reading →

New Ways & Means chairman gives Speaker Ryan a tax-reform partner

By Mark Schoeff Jr. The promotion of Rep. Kevin Brady to chairman of the House Ways and Means Committee gives new House Speaker Paul Ryan a key partner on tax-reform efforts, according to experts.Selected by his Republican colleagues earlier this month to head the panel, Mr. Brady, R-Texas, succeeds Mr. Ryan, R-Wisc., in the role. The committee has jurisdiction over tax, trade and entitlement policy.The gavel is being handed to someone who, like Mr. Ryan, has made tax-reform a legislative signature.“He has been very active in tax reform and as chairman, he'll advance…continue reading →

IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break

Ashlea Ebeling, Forbes Staff It’s official—for 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes. The annual gift exclusion remains the same at $14,000. The federal estate and gift tax exemptions rise with inflation, and the IRS announced the new numbers here. We cover the 2016 retirement plan contribution limits…continue reading →

House passes two tax-reform bills

By Mark Schoeff Jr. The House of Representatives approved two bills Thursday that would repeal the estate tax and make permanent deductions for state and local sales taxes. But the bills face a challenge in the Senate and opposition from the White House.Lawmakers passed the estate tax bill 240-179 and the sales tax legislation 272-152, with votes that fell short of the number needed to override a veto. Earlier in the week, the White House came out against both bills. Read more herecontinue reading →