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Trump eyeing bigger reduction to corporate tax rate, Mulvaney tells CEOs

“Biden proposes raising the corporate rate to 28%, as well as lifting the top rate on individuals to 39.6% from 37%” writes Robert Schroeder for marketwatch.com. The tax bill Trump signed lowered the corporate rate to 21% from 35%, but said Mulvaney, the president has been “disappointed” it wasn’t cut farther. See: Biden proposes minimum federal tax aimed at Amazon and others who pay $0.President Donald Trump wants to go beyond the corporate tax cuts put in place by the 2017 law, his acting chief of staff said Tuesday when…

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‘Fortnite’ is finally coming to the Play Store and its creator Epic wants to break how Google taxes apps in the process

“We have asked that Google not enforce its publicly stated expectation that products distributed through Google Play use Google’s payment service for in-app purchase” writes Isobel Asher Hamilton for businessinsider.com. This was done explicitly to circumvent Google’s 30% tax, which CEO Tim Sweeney told Business Insider was “disproportionate to the cost of the services these stores perform.”. According to Google 9to5’s sources, Epic would sidestep the tax by using “Fortnite’s” in-game currency V-Bucks rather than Google payments. Source: businessinsider.com

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Government deficit spikes another 12%…

“Meanwhile, revenues only increased half as quickly, rising $12 billion in comparison to last year and reaching $471 billion” reports thehill.com. The U.S. government deficit rose by 12 percent in the first two months of the 2020 fiscal year, hitting $342 billion, according to new estimates from the Congressional Budget Office.The deficit is on track to surpass $1 trillion in the 2020 fiscal year, which began on October 1.CBO has called the deficit path “unsustainable” and warns that the increasing debt burden will push down economic growth and could worsen…

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7 ways to cut your tax bill before Dec. 31

“Bonus tips: A tax credit can be more valuable than a deduction since it lowers your taxable income dollar for dollar” reports nbcnews.com. Reduce your taxable income dollar-for-dollar by contributing as much as you can to your 401(k) plan by Dec. 31.For example, if you have a child in college, you may be eligible for the American opportunity tax credit, which offers a maximum annual credit of $2,500 per eligible student. Source: nbcnews.com

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Crypto News 

South Korea: Gov’t Seeks to Tax Crypto Transactions as Capital Gains

“The South Korean government plans to tax capital gains on cryptocurrency transactions” writes Marie Huillet for cointelegraph.com. Major South Korean exchange Upbit, which is run by a subsidiary of Korean tech giant Kakao, revealed last month that 342,000 Ether (ETH) had been stolen from its hot wallets.This would ensure that crypto exchanges adhere to the same Know Your Customer and Anti-Money Laundering standards as traditional financial institutions.While the government’s capital gains bill will reportedly go ahead regardless of related legislation, The Korea Times notes that a more adequate definition of…

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Crypto News 

South Korea to Impose Capital Gains Tax on Crypto

“The South Korean Ministry of Economy and Finance has decided to impose capital gains tax on digital currencies, The Korea Times reported on Sunday” writes Arnab Shome for financemagnates.com. Last month, Ukraine proposed a similar bill for crypto gains tax.Moreover, it is also not clear whether the government is planning to implement the gains tax similar to profits from stock trading or real estate transactions.Meanwhile, several other crypto-related bills are pending with the South Korean Assembly for approval.Properly taxing earnings from crypto is a major debate topic all over the…

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Democratic candidate Warren reveals details of past legal work, showing $2 million in compensation since 1980s

“WASHINGTON (Reuters) – Democratic presidential candidate Elizabeth Warren released information on Sunday about her past legal work, showing nearly $2 million in compensation from dozens of clients over the decades, as a dispute intensified with her rival Pete Buttigieg over transparency” writes Midwest Communications Inc for 95kqds.com. Buttigieg, the mayor of South Bend, Indiana, has said in recent days that Warren, a U.S. senator from Massachusetts, should release older tax documents detailing her corporate legal work. Source: 95kqds.com

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Japan upgrades third quarter GDP as consumer, business strength absorbs hit from trade

“Net exports – or exports minus imports – subtracted 0.2 percentage point from revised GDP growth, while domestic demand added 0.6 percentage point” writes Midwest Communications Inc for 95kqds.com. Analysts already expect the economy to shrink in the current quarter due to the sales tax hike.The stronger growth marked the fourth consecutive quarter of expansion and also beat economists’ median forecast for a 0.7% gain.A gloomy set of data, including worse-than-expected October household spending and retail sales figures, suggests the hit to consumption from the sales tax hike may be…

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At a pro-Israel conference, Trump told Jewish voters they’d vote for him to avoid a wealth tax

“You’re not going to vote for the wealth tax,” Trump said, The Washington Post reported” writes Kat Tenbarge for businessinsider.com. In line with his comments about the wealth tax, he also referred to Senator Elizabeth Warren as Pocahontas and said those in the room wouldn’t vote for her and her “100 percent wealth tax,” a mischaracterization of the candidate’s policy proposals.In his speech to the Israeli American Council, President Donald Trump implied that avoiding a Democratic wealth tax was so important issue to Jewish people that they will vote for…

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