On August 10th, the U.S. Senate passed HR 3684, “Infrastructure Investment and Jobs Act”, a $1 trillion bipartisan bill (69-30 Senate vote), clearing the way for a $3.5 trillion budget resolution that would allow Democrats to achieve their tax agenda with only their razor-thin Senate majority, bypassing the 60-vote procedural obstacle. The bipartisan bill will inject large federal spending on transportation, high-speed internet, clean energy, water, and environment.
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Massachusetts, like many other states across the United States, has declared a state of emergency in regards to the COVID-19 pandemic. Typical components include mandatory social distancing, travel restrictions, and many other precautions. Concurrently, many Massachusetts businesses have adopted remote working arrangements as a measure to adhere to these precautions, and provide employee flexibility and safety.
On March 11th, President Biden signed the American Rescue Plan Act (ARPA) of 2021, representing a $1.9 trillion tax and spending package targeted towards economic recovery and health impacts of the coronavirus pandemic. The new law, supported and fast-tracked by Congressional Democrats and the White House, contains a wide array of provisions. Among those relevant to individuals, ARPA provides another round of direct stimulus payments to eligible taxpayers, temporarily increases several low and middle income tax credits, includes significant state and local assistance, funds vaccine production and distribution, and extends the federal supplement to state unemployment benefits through September 6, 2021.
On March 11th, President Biden signed the American Rescue Plan Act (ARPA) of 2021, representing a $1.9 trillion tax and spending package targeted towards economic recovery and health impacts of the coronavirus pandemic. The new law, supported and fast-tracked by Congressional Democrats and the White House, contains a wide array of provisions. Among those relevant to individuals, ARPA provides another round of direct stimulus payments to eligible taxpayers, temporarily increases several low and middle income tax credits, includes significant state and local assistance, funds vaccine production and distribution, and extends the federal supplement to state unemployment benefits through September 6, 2021.
With respect to US domestic transfers, state and local income tax differences are of particular relevance for determining an equitable cost adjusted salary. Two individuals within the United States can have the same salary and family size and earn vastly different spendable incomes because of the different tax rates throughout the states and cities.
The Australia budget was postponed to October due to the COVID-19 pandemic. Retroactive to July 1, 2020, the income tax schedule was favorably adjusted, the low income tax offset increased, and the low and middle income tax offset (set to expire) was retained. The net effect is a decrease in income tax for all taxpayers.
On December 8, 2020, Massachusetts extended the guidance for sourcing of employment income that was set to expire on December 31, 2020. The emergency regulation officially extends the ruling to 90 days after Governor Baker lifts the state of emergency.
The results of the 2020 federal and state elections are likely to have a significant tax impact on individual taxation across the United States. The presidential and legislative races are still being decided, and federal tax law changes require a lengthy legislative process. However, this year’s election cycle includes some important state ballot measures impacting individual taxpayers:
Massachusetts, like many other states across the United States, has declared a state of emergency in regards to the COVID-19 pandemic. Typical components include mandatory social distancing, travel restrictions, and many other precautions. Concurrently, many Massachusetts businesses have adopted remote working arrangements as a measure to adhere to these precautions, and provide employee flexibility and safety.
When the United Kingdom withdrew from the European Union on January 31, 2020, it entered a transitional period that is set to end on December 31, 2020. The original agreement allowed for a one-time extension of the transitional period by up to one to two years.
