By William Schomberg

LONDON, Oct 14 (Reuters)Britain should do more to help the unemployed find work, and fixing the huge hole in its public finances can wait until a recovery from the COVID-19 pandemic is well under way, the Organisation for Economic Co-operation and Development said.

The world’s sixth-biggest economy was at “a critical juncture” as the crisis threatens to worsen its productivity and inequality problems, and Brexit could also deal a major blow, the watchdog said in an annual report.

“Decisions made now about management of the COVID-19 crisis and future trade relationships will have a lasting impact on the country’s economic trajectory for the years to come,” it said.

Britain’s economy shrank by the most in the Group of Seven nations in the second quarter and the recovery lost momentum in August. Now the government is tightening its coronavirus restrictions, which will slow economy further

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Billionaire Jennifer Pritzker may have abandoned President Donald Trump for the Democrats, but she’s still siding with the Republicans on her cousin’s coveted graduated income tax proposal.

The retired Army National Guard colonel on Tuesday contributed $500,000 to the Coalition to Stop the Proposed Tax Hike Amendment, a group opposed to what Democratic Gov. J.B. Pritzker and his supporters prefer to call the “Fair Tax.”

That’s twice what Jennifer Pritzker donated to committees backing Trump four years ago before breaking with the Republican president on LGBTQ issues.

This time around, the transgender advocate has contributed lesser amounts to support Democratic presidential candidates Mayor Pete Buttigieg during the primary and then Joe Biden.

The donation from Jennifer Pritzker, the first transgender billionaire, to the Coalition to Stop the Proposed Tax Hike Amendment was reported to state election officials on Tuesday. In a statement, she warned the amendment could eventually be used

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Tax Notes contributing editor Marie Sapirie talks with American University tax professor Caroline Bruckner about the lack of consideration by Congress on how the U.S. tax code affects women-owned businesses and what can be done.

This post has been edited for length and clarity. 

Marie Sapirie: Thanks, Caroline, for joining me today to talk about your recent research on women-owned businesses and the tax lawmaking process.

Caroline Bruckner: Thanks so much for having me.

Marie Sapirie: Your research documents the growth of women-owned businesses over the past 40 or so years from 1976 when the U.S. Census Bureau counted just over 400,000 women-owned firms to over 11 million firms today. I was hoping you could give us an

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MAYFIELD HEIGHTS, Ohio — Nearly 900 residents participated in a survey or focus group, answering questions about what is most important to them when it comes to city recreation.

The questioning, which took place over the course of four months, comes in the wake of the springtime passage of Issue 9, the city’s .5 percent income tax increase. The city has earmarked 40 percent of the approximately $5 million the tax increase will generate by 2023 — or about $2 million per year — to recreation.

“I’m very, very thrilled,” said Krista Rodriguez, of The Impact Group, which performed the survey, in speaking about the 852 residents who completed a survey on paper or online. “That’s a high number for getting a response rate for a city of your size, and that was very good to see.”

Rodriguez shared results of the survey with City Council during a Committee-of-the-Whole meeting

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A group of Austin business owners wanted the community to know that if Prop A passes, property taxes would increase permanently.

AUSTIN, Texas — On the eve of the start of early voting, several long-time Austin business owners spoke out against Proposition A, the ballot measure that would partially fund Project Connect.

They said Capital Metro’s $7.1 billion public transit plan is the wrong plan coming at the wrong time.

For Skeeter Miller, the owner of The County Line and Flyrite Chicken, Prop A’s approval would end up costing him an extra $20,000 a year in property taxes. Miller said that increase would be from The County Line on RM 2222; both Flyrite Chicken locations, one on Burnet Road and one on East Seventh Street; and an office building on East Riverside Drive.

Miller said through creative means, he is making it through the COVID-19 pandemic, though it hasn’t been

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Are there tax brackets? Absolutely. Do they apply to everyone? Technically, they do. Can the wealthy get around them?

What do you think?

I stumbled across a discussion on Twitter of what top tax rates might be reasonable

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A New York Times analysis of tax records showed that more than 200 companies, special-interest groups and foreign governments have funneled millions of dollars to President TrumpDonald John TrumpNorth Korea unveils large intercontinental ballistic missile at military parade Trump no longer considered a risk to transmit COVID-19, doctor says New ad from Trump campaign features Fauci MORE’s properties while reaping benefits from the president and his administration. 

Nearly a nearly a quarter of the entities have not been previously reported.

Sixty patrons who promoted specific interests to the Trump administration spent almost $12 million on expenses associated with the Trump Organization during the first two years of Trump’s presidency. The Times reported nearly all of these customers saw their interests move forward. 

In interviews with almost 250 business executives, club members, lobbyists, Trump property employees and current administration officials, sources detailed to the Times how Trump conducted business

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Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on lawmakers’ spending.

THE PROPOSAL

The ballot question would amend the Illinois Constitution to discard the current income tax system, in which every individual pays the same flat rate, 4.95%, and corporations pay 7%. It would set up brackets, like the federal government and 32 other states. The tax rate would increase with income.

BIG STAKES, BIG MONEY

Campaign group Vote Yes for Fairness

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A constitutional amendment is up for a vote this fall in Illinois. It would change the state’s income tax from a flat income tax to a graduated income tax.

MOLINE, Ill. — Illinoisans have a constitutional amendment on their ballots this fall. It’s a change to the tax law found within the state’s constitution. The question: should Illinois change from a flat income tax to a graduated income tax?

The Flat Income Tax

Right now, Illinois uses a flat tax, meaning everyone in the state pays the same tax rate at 4.95 percent. It doesn’t matter if you make $10,000 a year or $10 million a year; everyone pays the same rate.

A Graduated Income Tax

Governor JB Pritzker and the coalition “Say Yes to Fairness” are pushing for a change. They want what’s called a graduated income tax. This would allow Illinois lawmakers to tax different income

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FILE – In this March 7, 2019, file photo, Gov. J.B. Pritzker outlines his plan to replace Illinois’ flat-rate income tax with a graduated structure at the State Capitol in Springfield, Ill. Both sides in the debate over changing Illinois’ income tax system from a flat-rate to a graduated structure, which voters face on this fall’s election ballot, have straightforward arguments.

AP

Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on

Read More