News 

US debt hits record under Trump, Republicans mum…

“But despite faster growth, the budget deficit climbed 17 percent to $779 billion last year, the worst since 2012” writes Virginie Montet for yahoo.com. “If we don’t have a strong military, you don’t have to worry about debt, you have bigger problems,” Trump told reporters last week.The massive corporate tax cuts that Trump pushed for at the end of 2017, and the surge in spending, especially in defense, have increased the fiscal deficit for the world’s largest economy.The National Debt Clock shows the bad news about US federal borrowing, swelled…

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Elizabeth Warren’s childcare proposal relies on dishonest accounting

“Elizabeth Warren’s proposal to extend affordable childcare to everybody relies on dishonest accounting to create the impression that it is more fiscally sound than it may actually be in reality” reports washingtonexaminer.com. Previously, liberal University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman, estimated that the wealth tax would raise $2.75 trillion over a decade.However, footnote vii notes, “One complication is that we have not evaluated the budget or economic implications of the senator’s wealth tax.So she’s being dishonest when she claims the wealth tax would raise, “four times…

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News Stocks 

Marijuana stocks are mixed with Canopy Growth and Hexo in focus

“The website said the proposed bill would tax cannabis by the ounce, rather than imposing a flat sales tax that state Senate President Stephen Sweeney opposed” reports etfdailynews.com. From Ciara Linnane : Cannabis stocks were mixed on Tuesday, amid a flurry of announcements on the progress of medical and recreational-use bills around the U.S. Pennsylvania’s medical cannabis businesses made at least 600,000 transactions in its first year, allowing 83,000 patients access to the substance, Gov.Among individual stocks, Canopy Growth Corp. shares CGC, -2.92%WEED, -2.79%  fell 2.8% in morning trade. Source: etfdailynews.com

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Many Americans are freaking out about getting a smaller tax refund this year — here’s why it’s happening

“Many Americans are especially frustrated this tax season, the first under President Donald Trump’s new tax law” writes Tanza Loudenback for businessinsider.com. According to IRS data, the average federal tax refund amount is down 8.7% — to $1,949 — for the second week of the 2019 filing season compared to the same window last year.Further, receiving a smaller refund, or owing money to the IRS, doesn’t necessarily mean you had a higher tax bill this year than before the new tax law was enacted, Business Insider’s Bob Bryan explained.In fact,…

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I owe how much? Americans are shocked by the impact of Trump’s tax law

“The nonpartisan Tax Policy Center projected the tax law would reduce individual income taxes by about $1,260 on average, although it benefits higher earners more” writes Adam Jeffery for cnbc.com. The first tax filing season under the new federal tax law is proving to be surprising, confusing — and occasionally frightening — for some Americans, especially those accustomed to getting money back from the government. “We were very comfortable with our tax law, it had basically been there since 1986, suddenly all these things that were very important to people…

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Smaller tax refunds put Republicans on defensive…

“The Trump administration and key GOP lawmakers are playing defense after early data showed Americans are getting smaller tax refunds in the first filing season under the GOP tax law” reports thehill.com. Democrats, including declared and potential 2020 presidential candidates, are railing against the early data on tax refunds.But taxpayers can receive a cut in their total taxes and still see smaller refunds, or owe the IRS money.Republicans are defending their tax overhaul by explaining that people are often still getting a tax cut even if their refund is smaller. Source:…

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Crypto News 

China: Guangdong Province to Use Blockchain-Based Electronic Tax Invoices for E-Commerce

“By using a blockchain-based electronic invoice platform, the taxation authority will reportedly improve the efficiency and transparency of the invoice services, the publication underlines” writes Max Yakubowski for cointelegraph.com. Guangdong Province, one the most populated region in China, has opened the first blockchain electronic invoice service for customers and merchants, planning to extend their experience to the large-scale e-commerce field.The Guangdong Municipal Taxation Bureau will implement an electronic invoice platform based on blockchain for the e-commerce industry, local Chinese news outlet Southern News Network reported on Feb. 18. As Cointelegraph…

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AICPA Wants To Exclude Some SMB Tax Shelters

“The American Institute of CPAs (AICPA) has asked the Internal Revenue Service (IRS) to exclude some small businesses (SMBs) from being treated as tax shelters” reports pymnts.com. The letter went on to explain that an SMB that meets the definition of a syndicate would instead be treated as a tax shelter.Finally, an entity must not qualify to make an election as an electing real property business or electing farming business. If a small business satisfies these three conditions, then the secretary should determine that all interests in the entity are…

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‘Stealth tax’ fear as Treasury admits money raised from new plastic charge could fund public services

“Money raised from a new plastics tax could be siphoned off into other spending areas, the Government has admitted, raising fears it will be used as a “stealth” tax” writes Chief Political Correspondent for telegraph.co.uk. The new tax will apply to any packaging which does not meet a minimum threshold of at least 30 per cent recycled content from April 2022. Source: telegraph.co.uk

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10 common filing mistakes to avoid on this year’s income tax return

“Among them are the increased standard deductions, the doubling of the child tax credit and the capping of state and local tax deduction” writes Usa Today for suntimes.com. Not filing a return Some Americans aren’t required to file a federal tax return because they don’t earn enough in income.Don’t miss this new credit Tax pros worry that Americans may miss the new credit for dependents introduced by the tax law.Missing Earned Income Tax Credit Every year, almost a quarter of taxpayers miss out on this valuable credit worth up to…

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