The recent decision by the Biden administration to impose tariffs on steel and aluminum imported from Mexico but manufactured elsewhere has caused a stir in the international trading community. These tariffs, designed to thwart China’s attempts to circumvent existing levies by rerouting their goods through other countries, are set to have significant implications. Here are some key updates on recent tax and policy developments:
- The IRS successfully collected $1 billion in back taxes from affluent individuals by targeting taxpayers with annual incomes exceeding $1 million and recognized tax debts surpassing $250,000. These efforts, initiated last year, have been bolstered by funding provided through the Inflation Reduction Act.
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Seattle residents will vote in November on a monumental property tax initiative, the largest in the city’s history, aimed at financing transportation projects. The proposed $1.55 billion tax increase, replacing an expiring levy, would entail an average annual increase of $223 for homeowners. With Seattle’s median residential property value at approximately $804,000, the implications of this measure are substantial.
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A group of former world leaders have united in urging current global leaders to support the implementation of a global tax on billionaires as a means of combating tax evasion by the ultra-wealthy. This call to action, articulated in an open letter to the world’s 20 largest economies, emphasizes the significance of this rare political opportunity to address rampant tax avoidance.
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