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<keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords" meta.keywordsubtype="org" meta.entityname="Bollywood" meta.hostid="153" meta.entityid="Bollywood">Bollywood</keyword> superstar <keyword id="19895142" type="General" weightage="20" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword> topped the list of <keyword id="23053555" type="General" weightage="100" keywordseo="celebrity-taxpayers" source="keywords">celebrity taxpayers</keyword> with <keyword id="20967066" type="General" weightage="20" keywordseo="advance-tax-payment" source="keywords">advance tax payment</keyword> of Rs 92 crore in 2023-24, followed by <keyword id="19979089" type="General" weightage="20" keywordseo="Tamil-actor" source="keywords">Tamil actor</keyword> 'Thalapathy' Vijay at a distant second, according to a list compiled by <keyword id="23047494" type="General" weightage="20" keywordseo="Fortune-India-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Fortune India Magazine" meta.hostid="153" meta.entityid="Fortune India Magazine">Fortune India Magazine</keyword>. Fortune India's 'The Star Cast' list is based on advance tax payments by celebrities and places film star <keyword id="19901647" type="General" weightage="20" keywordseo="Salman-Khan" source="keywords">Salman Khan</keyword> in the third position and Bollywood icon <keyword id="19898963" type="General" weightage="20" keywordseo="Amitabh-Bachchan" source="keywords">Amitabh Bachchan</keyword> in fourth place. <keyword id="19907934" type="General" weightage="20" keywordseo="Virat-Kohli" source="keywords">Virat Kohli</keyword> paid Rs 66 crore in advance tax in 2023-24 fiscal -- making him the highest taxpayer among cricketers in the country. "Shah Rukh Khan tops the list of celebrity taxpayers in FY24 while Tamil superstar 'Thalapathy' Vijay moves ahead of the likes of Salman Khan, Amitabh Bachchan and Virat Kohli to emerge second (Advance Tax payment, FY24)," Fortune India said. According to Fortune India, 'Thalapathy' Vijay paid an advance tax of Rs 80 crore, followed by Salman Khan (Rs 75 crore), and Amitabh Bachchan (Rs 71 crore). Many other well-known faces from the film and entertainment industry, including Ajay Devgn (Rs 42 crore), Ranbir Kapoor (Rs 36 crore), Hrithik Roshan (Rs 28 crore), Kapil Sharma (Rs 26 crore), Kareena Kapoor (Rs 20 crore) and Shahid Kapoor (Rs 14 crore) made it to the coveted list. Actors Mohan Lal and Allu Arjun both paid advance taxes of Rs 14 crore each and Kiara Advani (Rs 12 crore). Both Katrina Kaif and Pankaj Tripathi paid Rs 11 crore advance tax, while Aamir Khan shelled out Rs 10 crore in FY24. From the world of cricket, M S Dhoni paid an advance tax of Rs 38 crore, while legendary cricketers Sachin Tendulkar and Sourav Ganguly paid Rs 28 crore and Rs 23 crore, respectively, according to Fortune India list. Hardik Pandya paid Rs 13 crore, while Rishabh Pant paid Rs 10 crore in taxes.

Shah Rukh Khan, Thalapathy Vijay, Salman Khan in list of highest celebrity taxpayers: Fortune India

<ul class="summary-list"><li>Uber-rich business owners in high-tax states can save on income taxes without moving.</li><li>Instead of selling their businesses outright, they put their stock in a trust in a tax-haven state.</li></ul>Top earners continue to flock to states with little to no income tax such as <a target="_blank" href="https://www.businessinsider.com/where-rich-people-are-moving-florida-texas-tennessee-north-carolina-2024-1#:~:text=Wealthy%20people%20are%20moving%20to,even%20for%20the%20highest%20earners.">Florida and Texas</a>. It's an especially smart move if you're about to sell a business. As for rich entrepreneurs who aren't ready to make a move, they can still save on taxes with the right lawyer.By creating a special kind of trust, business owners can take advantage of the loose tax laws of other states. Instead of selling a business outright, they transfer their shares to an incomplete non-grantor trust set up in a <a target="_blank" href="https://www.businessinsider.com/us-states-tax-haven-billions-hidden-untaxed-wealth-assets-2022-9">tax-haven state</a> such as Nevada. When the shares are sold, the trust collects the proceeds without paying any state income or capital-gains taxes. The trust assets grow free of those taxes and are shielded from creditors.Dan Griffith of Huntington Bank expects ING trusts will surge in popularity with dealmaking on the rebound coinciding with a "silver tsunami.""You've got baby-boomer business owners who need to transition, and you also have a ton of capital on the sidelines looking for transactions," Griffith, Huntington's director of wealth strategy, said. "With more deals comes more need for tax-saving strategies."Investors can also benefit from putting their portfolios in ING trusts because that allows the dividends to grow free of state taxes. ING trusts are powerful tax-avoidance tools, so much so that New York and California have enacted laws to render them useless for state residents. California closed the loophole in 2023, estimating it would increase tax revenue by $30 million that year and $17 million each following year.Each state also has its own provisions to navigate, which makes setting up INGs cumbersome. However, Bank of America's Timothy Herbst said it could still be worth it in states without sky-high income-tax rates."That trust can grow conceivably without any state income tax," the wealth-strategy executive said. "That's a significant savings even in a state like North Carolina at 4.5%. It's not necessarily a huge income tax, but you look at a very large portfolio growing over decades, that can be real significant savings."<h2 id="a0857d85-806e-4e72-a9da-646cab9ef538">Here is how ING trusts work</h2>ING trusts come in different flavors. Nevada and Delaware are popular states for domiciling ING trusts, where they're referred to as "NINGs" and "DINGs," respectively. However, Wyoming and South Dakota are also options as they do not tax trust income or capital gains and protect trust assets from creditors.The person who creates the trust, otherwise known as the settlor, does not have to reside in that state, but the trust should be administered by a third party who does.Here's an example of how an ING trust can work.ING trusts are still subject to federal capital gains taxes, but the ultrawealthy users of INGs would likely be subject to that burden anyway. For a centimillionaire, it's not hard to reach the top rate of 37%, which applies to incomes above $578,126."These are superrich people," Bob Lord, a senior advisor on tax policy for the <a target="_blank" href="https://www.businessinsider.com/patriotic-millionaires-want-wealth-tax-congress-reconciliation-build-back-better-2022-7">Patriotic Millionaires</a>, said. "They're still taking in enough to get to the 37% bracket."Furthermore, INGs can be used to take advantage of a <a target="_blank" href="https://www.businessinsider.com/qsbs-qualified-small-business-stock-startups-criteria-taxes-2019-12">tax perk</a> for early shareholders that exempts at least $10 million in profits from the federal capital-gains tax. Steve Oshins, a Nevada lawyer, said founders could double their exemption by setting up an ING trust."This trust can serve as a second taxpayer so that the individual can get a second $10 million exemption," he said. "This can apply even if they don't live in a state with a state income tax."For the ING trust to pass muster with state authorities, there should be multiple beneficiaries in addition to the settlor and their spouse. Since beneficiaries do have to pay state income taxes — if applicable — when they receive distributions. For this reason, lawyers advise that clients take as few distributions as possible and let the assets grow in the trust for their children or future generations."It is usually better that the client knows that distributions won't be coming back to him or her or to their spouse," Herbst said. "If they did need those distributions, then it probably is not going to be the right strategy."That said, sometimes taking a distribution makes sense if there is financial need or the client has moved to a low-tax state since setting up the ING trust, Oshins said."You just have to look at each fact pattern on its own and make the right decision," he said.<h2 id="68a845c4-1176-4c9e-871e-cd1aab5eb265">Buyer beware</h2><ol><li>ING trusts can't be used to avoid state taxes on salaries or rental income.</li></ol>ING trusts cannot be used to defer income taxes on salaries or income from tangible assets in the state. That income, referred to as source income, is subject to state taxes.For instance, Griffith said, an Ohio resident cannot avoid state or local taxes on income from rental properties in the state even if they transfer ownership of the properties to an ING trust in South Dakota.For clients in states with aggressive tax authorities, Griffith recommends they step away from their business' day-to-day operations and collect a minimal salary before transferring their interests to the ING trust."What you really need to do is become essentially just a shareholder, be, as a business owner, somebody who says, 'I am just receiving dividends from this company. I own C-corp stock,'" he said. "In many states, that becomes non-source income."<ol start="2"><li>Setting up an ING trust is like threading a needle.</li></ol>These trusts have to be structured carefully to avoid <a target="_blank" href="https://www.businessinsider.com/real-estate-gift-tax-avoidance-trusts-wealth-planning-rich-inheritance-2023-5">triggering estate taxes of as much as 40%</a> while keeping the income-tax advantages. In addition to navigating the laws in the home state and the tax-haven state, the settlor has to retain certain rights and relinquish others. For instance, the settlor can't have the ability to compel distributions but should have the right to name beneficiaries at death."It's inherently complicated," Griffith said. "You've got to have a fairly sizable transaction to make the juice worth the squeeze."<ol start="3"><li>The trust has to be set up well before the business is sold.</li></ol>It is easier for a state tax authority to pursue income from the sale of a business if it is done shortly after the ING trust is established. Griffith recommends at least a year's delay, but it is the biggest challenge for clients, he said."They're like, 'Oh, I don't want to fund the trust until we know we're going to sell.'" he said. "You have to do it in advance. And if you do, those are the ones that I've seen that have been really successful."

This tactic to avoid income taxes without moving to Florida could surge thanks to a 'silver tsunami'

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

<ul class="summary-list"><li>Katie Butler quit drinking in 2021 after realizing its mental, physical, and monetary toll.</li><li>She previously spent up to $2,000 a month on alcohol to manage her anxiety, starting in college.</li></ul>This as-told-to essay is based on a conversation with Katie Butler, a 30-year-old from Dallas, whose sobriety saves her money. It's been edited for length and clarity.For nearly eight years, alcohol was my only escape from anxiety. I spent up to $2,000 a month to fund <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/how-to-stop-drinking">a drinking habit</a> that I believed was helping me.But, when I hit rock bottom in 2021 and was confronted with the mental, physical, and monetary toll of drinking, I quit. My journey to sobriety wasn't easy, but I'm now able to save money for my future while <a target="_blank" class="" href="https://www.businessinsider.com/how-i-stopped-drinking-boosted-immune-system-2023-5">investing in a nourishing lifestyle</a>.<h2 id="4144c848-73a1-430d-86cb-ed94610c3be8">I started drinking in college to soothe my anxiety</h2>I'll never forget the first time I got drunk. It was my freshman year of college, and I remember feeling like it was the first time I had a reprieve from my anxiety. From then on, <a target="_blank" class="" href="https://www.businessinsider.com/college-drinking-culture-greek-life-alcoholism-blacking-out-2023-12">alcohol became my crutch</a>, an escape from reality.I was very fortunate to have <a target="_blank" class="" href="https://www.businessinsider.com/adult-moved-back-home-with-parents-who-pay-bills-rent-2024-7">parents who financially supported me</a> throughout college. During my senior year, I spent multiple days a week going to bars, buying drinks, and racking up charges. My mom called me one day about my credit card bill and said, "Do you have any idea how much you're spending?" Admittedly, I didn't.But, when I graduated from college and started paying my bills on an entry-level job salary in higher education, I had no choice but to take notice.<h2 id="49037125-0f73-4578-a811-51740895c080">Every extra dime went to funding my drinking habits</h2>Rent took up most of my paycheck, but the rest went directly to drinking. A typical night out consisted of Uber rides around town, stops at liquor stores, fancy meals with fine wine, and two to three more drinks at the bar to end the night.Rinse and repeat three times a week for upwards of $2000 a month.At age 24, I decided to pursue a master's degree to open up more career advancement opportunities. I'm endlessly proud of my degree, but if I'm being honest, I went back to school to sustain my drinking habits.My peers in my master's program were all a bit older than me, and I remember going over to their beautifully decorated homes and seeing the rich lives they'd built. I realized that I wanted what they had, but I knew <a target="_blank" class="" href="https://www.businessinsider.com/i-quit-alcohol-after-30-years-of-misuse-2022-6">I couldn't do it with alcohol in the picture</a>.After a year of deeply contemplating sobriety, I took my <a target="_blank" class="" href="https://www.businessinsider.com/quitting-alcohol-changed-my-life-2018-4">final sip of alcohol</a> in October 2021.<h2 id="babd87bf-50db-4040-94cb-c717fde4576b">Getting sober was a fresh start</h2>That same year I graduated with my master's degree and started a full-time job in talent acquisition. It felt like I was starting fresh. I remember tracking my bills coming in and being shocked at how much money I saved. <a target="_blank" class="" href="https://www.businessinsider.com/quit-alcohol-things-that-happen-to-your-brain-body-2022-1">Cutting out alcohol</a> and the sneakily expensive lifestyle that surrounded me saves me $1,000 a month.For the first time in my life, I have money to put in savings each month, and I even started investing in a THC-infused drink brand. I haven't made any financial gains yet, but I feel passionate about supporting a brand that provides folks like me with a healthier alternative to alcohol.My boyfriend, who I met after getting sober, and I started renting a townhouse last December. We save a small percentage of our monthly paychecks to purchase a house. Knowing that I'm investing in my future, I feel confident in <a target="_blank" class="" href="https://www.businessinsider.com/financial-literacy-things-about-money-adults-dont-know-2024-7">my financial decisions</a>.<h2 id="150826df-cc5c-46e6-bfc4-e1fd53965ad1">I'm able to invest in a nourishing lifestyle</h2>My priority is saving, but I can also spend money on a lifestyle that nourishes me.I spend a total of $325 a month on two gym memberships and gift myself a massage or facial every other month at about $200. A previous version of me would've found these expenses ridiculous, but taking care of myself is a way for me to <a target="_blank" class="" href="https://www.businessinsider.com/how-to-deal-with-anxiety-at-work-2016-6">manage my anxiety</a> in the way alcohol never truly could. Plus, there's no nasty hangover after spin class and a facial.It <a target="_blank" class="" href="https://www.businessinsider.com/parents-sober-stopped-drinking-start-family-2024-1">wasn't easy to go alcohol-free</a>. For nearly eight years, alcohol was my thrill, my safety, my fun, and my lifeline. Letting it go meant a piece of me was left empty. It took time for me to fill that space, but now I have the means to choose a lifestyle that supports me and my future.If you saved money by eliminating an unhealthy habit and want to tell your story, please email Tess Martinelli at <a target="_blank" href="mailto:tmartinelli@businessinsider.com">tmartinelli@businessinsider.com</a>.

I saved $1,000 a month when I cut alcohol. The emotional and physical tax was just as expensive.

<ul class="summary-list"><li>Sen. JD Vance on Sunday proposed a $5,000 child tax credit.</li><li>The vice-presidential candidate wants to position the GOP as the party with pro-family policies.</li></ul>Sen. JD Vance could use <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-suggests-the-vp-pick-doesnt-really-matter-2024-8">an image boost</a>.Since becoming former President Donald Trump's pick for vice president, the Ohio Republican has been hounded by some controversial <a target="_blank" href="https://www.businessinsider.com/non-exhaustive-list-things-jd-vance-said-that-aged-poorly-2024-8">past comments</a>.From previously <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-never-trump-to-vice-president-nominee-timeline-2024-7">calling himself</a> a "never Trump guy" to <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-defended-his-childless-cat-ladies-comment-2024-7">disparaging</a> several top Democratic Party leaders as "childless cat ladies," he's repeatedly had to address remarks that have raised eyebrows.Amid his ongoing effort to solidify his image as <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-family-policies-birth-rates-childcare-tax-credits-2024-7">pro-family</a> (but <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-weird-label-just-normal-guy-badge-of-honor-2024-8">not in a "weird" way</a>), Vance on Sunday floated a generous $5,000 child tax credit during an interview on CBS' "Face the Nation.""I'd love to see a child tax credit that's $5,000 per child. But you, of course, have to work with Congress to see how possible and viable that is," Vance told host Margaret Brennan.Vance is working to position the GOP as the party that would do more to help families. And with most voters continuing to rate the economy as their top issue heading into the general election, the child tax credit remains a top issue for many lawmakers in Washington.The current child tax credit allows up to $2,000 per child.During the coronavirus pandemic, Congress expanded that amount to an annual credit of $3,000 to $3,600, depending on the age of the child, but Republicans <a target="_blank" class="" href="https://www.businessinsider.com/biden-monthly-child-tax-credit-expiration-congress-democrats-2021-11">let that provision expire</a> at the end of 2021.There's bipartisan support for an expanded credit in the House. But the Senate — with its slim 51-seat Democratic majority and the need for 60 votes to break a filibuster — has held up any meaningful progress on the issue.In <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/08/01/child-tax-credit-expansion-senate-republicans/">early August</a>, the Senate voted 48-44 on the expanded child tax measure, meaning it did not advance. Vance missed that vote.While on CBS, the Ohioan referred to Senate Majority Leader Chuck Schumer's legislative move as a "show vote," saying it simply didn't have enough support to pass regardless of his presence.The absence will likely contribute to Democratic efforts to play up the issue ahead of the election as the party looks to hold the White House, keep the Senate, and flip the House.

JD Vance tries out a $5,000 expanded child tax credit proposal to secure support from the pro-family crowd

<ul class="summary-list"><li>The House has passed a bill to bolster the child tax credit and offer businesses tax relief. </li><li>The legislation, a rare bipartisan effort, could lift hundreds of thousands of kids out of poverty.</li></ul>The House just passed a bill to <a target="_blank" href="https://www.businessinsider.com/child-tax-credit-trump-breaks-might-come-back-wyden-cuts-2024-1">expand the child tax credit</a>, bringing the relief one step closer to parents. On Wednesday night, the House passed the Tax Relief for American Families and Workers Act of 2024 by a vote 357-70, which aims to boost the child tax credit, implement low-income housing credits and disaster relief, and give businesses an R&amp;D tax break, among other things.The bill won bipartisan support, with an endorsement from Speaker of the House Mike Johnson, who <a target="_blank" href="https://www.cbsnews.com/news/house-vote-tax-bill-child-tax-credit-business/">said in a Wednesday statement</a> that it's "important bipartisan legislation to revive conservative pro-growth tax reform.""This bottom-up process is a good example of how Congress is supposed to make law," he said.The legislation — a rare bipartisan feat — would both boost the child tax credit and offer GOP-friendly tax relief for businesses that invest in research and development, among other measures.The refundable child tax credit would be increased from $1,600 a child to $1,800 in 2023 and would rise to $2,000 by 2025. In the first year of the legislation alone, the left-leaning <a target="_blank" href="https://www.cbpp.org/research/federal-tax/about-16-million-children-in-low-income-families-would-gain-in-first-year-of#about-16-million-children-in-cbpp-anchor">Center on Budget and Policy Priorities estimates</a> it would lift up to 400,000 kids out of poverty; by the time it's fully in effect, half a million children would rise above the poverty line.Households set to benefit from the proposal would see their 2023 tax bills cut by $680, according to an <a target="_blank" href="https://www.taxpolicycenter.org/taxvox/bipartisan-ctc-framework-would-help-lowest-income-quintiles">estimate from the Tax Policy Center</a>, with a little over half of the lowest-earning households seeing a tax break.The White House has also urged Congress to pass the legislation to get the tax relief to American families as soon as possible. White House Press Secretary Karine Jean-Pierre said during a press conference last week that the legislation is "a welcome step forward, and we believe Congress should pass it.""This is for millions of families," Jean-Pierre said. "It's going to lift hundreds of thousands of children out of poverty and support construction of hundreds of thousands of affordable rental housing, as well, in that bipartisan agreement."The legislation didn't pass without conservative pushback. Some GOP lawmakers were upset with the expansion of the child tax credit, along with the advancement of the tax package while other conservative priorities remained stalled."I'm sick of these gutless cowards in Washington. You know what we're gonna put on the floor next week?" GOP Rep. Chip Roy <a target="_blank" href="https://thehill.com/homenews/house/4430555-bipartisan-tax-deal-coservative-moderate-pushback/">told</a> Fox radio host Jimmy Failla on last week. "A tax cut bill for corporations, because Republicans are whores for endless wars and corporations. That's it. That's what they stand for."The bill now heads to the Senate for a likely passage.

The House passes a bill to give parents a boosted child tax credit and businesses tax relief

Business Insider has reviewed hundreds of pages of Hunter Biden's financial records. The documents — made public, in part, for the first time today — include several years of personal tax returns filed by President Joe Biden's son in the late 2010s and early 2020s.Hunter Biden's 2018 individual tax return, also known as a Form 1040, offers an intimate, primary-source view of his income and his relationship with the IRS, subjects that are now the focus of a federal indictment. The view they give of Biden's lifestyle and his attitude toward his tax obligations is more nuanced than the 56-page charging document released last week by Special Counsel David C. Weiss. That <a target="_blank" href="https://www.justice.gov/sco-weiss/pr/grand-jury-returns-indictment-charging-robert-hunter-biden-three-felony-tax-offenses#:~:text=According%20to%20the%20indictment%2C%20Hunter,when%20he%20filed%20false%20returns.">indictment</a> charged Biden with six misdemeanors spanning four tax years, and three felonies — including filing a false return and tax evasion — all from 2018. It sought to depict Biden in starkly moralistic terms, a debauched and entitled playboy who made his living off of sketchy influence-peddling deals, then spent it on sex workers and hotel rooms instead of paying his taxes.The 2018 tax return obtained by Business Insider and published exclusively on Thursday does not contradict that picture, nor does it offer any smoking-gun evidence of wrongdoing. But it does complicate the attempt by prosecutors to lay out a damning portrait of Biden as a consumer and taxpayer. The return shows what Hunter Biden did after hitting bottom during his years of addiction and profligate spending. By his own account, he spent much of 2017 and 2018 binging on crack cocaine and moving from hotel to hotel. Then, in 2019, he got sober, remarried, and found a wealthy friend to lean on — Los Angeles entertainment lawyer Kevin Morris. Morris lent Biden at least $4.6 million as Biden tried to make things right with the IRS. Using Morris' money, Biden filed his overdue tax returns and voluntarily paid the IRS millions in back taxes, penalties, and interest.Weiss's investigation of Hunter Biden dates back to 2018. After <a target="_blank" href="https://www.nytimes.com/2020/12/21/us/politics/barr-trump-hunter-biden-election.html">public sparring</a> between then-Attorney General Bill Barr and President Donald Trump, it was ultimately Biden's attorney general, Merrick Garland, who did what Trump had long demanded and appointed Weiss as special counsel in 2023. <a target="_blank" href="https://www.businessinsider.com/hunter-biden-indicted-false-statements-gun-charges-sentence-2023-9">Weiss charged Biden</a> with three federal gun charges in September after plea negotiations fell apart; Biden has pleaded not guilty in that case.Biden has not yet entered a plea on the new tax charges. "He paid all of the taxes that are owed in this indictment more than two years," Abbe Lowell, who represents Biden, <a target="_blank" href="https://www.cnn.com/videos/politics/2023/12/09/hunter-biden-attorney-tax-indictment-response-sot-src-vpx.cnn">said on CNN</a>. "Nobody in that position would be charged the way he was yesterday."A representative for Hunter Biden's legal team told BI by email that issues with the 2018 tax return were "simple mistakes, not intentional misstatements." They cited a letter from Lowell to the House Ways and Means Committee claiming that Biden had actually overstated his taxable income for that year and "will be due a refund."Experts agree that it's unusual for the Justice Department to bring criminal charges in a case like this, where the old returns have been filed, the overdue taxes paid, and the only thing in dispute is the legality of business expenses claimed as deductions.One former prosecutor who reviewed both the indictment and Hunter Biden's 2018 tax return told BI that Biden's conduct falls short of what would typically prompt federal prosecutors to bring criminal charges. They requested anonymity because of the sensitivity of commenting on a pending case."There are thousands of people who collectively owe the IRS billions," said the former prosecutor. "We're not prosecuting them criminally. We're meeting with them and trying to work out a payment schedule. Criminal charges under these kinds of circumstances are very unusual. I've never actually seen them."Here is what Hunter Biden wound up paying the IRS, broken down by year:<ul><li>For 2016, Biden paid the IRS $462,754 in taxes, 29 percent of his income.</li><li>For 2017, Biden paid the IRS $710,598 in taxes, 30 percent of his income.</li><li>For 2018, Biden paid the IRS $659,366 in taxes, 30 percent of his income.</li></ul>Biden's self-reported income for these three years ranged between $1.5 million and $2.1 million, enough to put him in the top one percent of household earners. His effective tax rate was slightly higher than his fellow one-percenters. They paid the IRS an average of 27 percent of their household income as compared to Biden's 29 to 30 percent.Hunter Biden also paid more in tax over these three years than the $1.1 million <a target="_blank" href="https://nytimes.com/2022/12/21/us/politics/trump-taxes-income.html">Donald Trump did</a> over the four years of his presidency. Richard Nixon <a target="_blank" href="https://www.providencejournal.com/story/news/2020/09/28/from-journal-archives-nixonrsquos-income-tax-bill-1670-for-two-years/42698495/">paid a mere $1,670</a> over a two-year span during his presidency, thanks mainly to <a target="_blank" href="https://www.taxnotes.com/tax-history-project/tax-history-did-irs-drop-ball-when-auditing-nixons-tax-returns/2023/05/26/7grtz">deductions that he took</a> for donating his pre-presidential papers to the National Archives.The most serious allegation laid out by Weiss is that Biden's stated income for one of those three years, 2018, is too low. According to the indictment, Biden wrongly labeled many transactions — luxury hotel rooms, payments to sex workers, $30,000 in college tuition — as business expenses. All of the three tax felonies that Biden is charged with originate with those allegedly fraudulent misclassifications.Today, BI is publishing Biden's complete 2018 tax return, a key document in the special counsel's criminal case alleging that in that same year, Biden underpaid his taxes and misreported some personal expenses as business ones.It can be read in full here:The White House referred a request for comment to Hunter Biden's representatives. Weiss's office at the Justice Department declined to comment.BI also reviewed Biden's tax returns for 2016 and 2017. All three years' filings show that as he descended into addiction, the amount of money that he effectively paid the IRS in advance, through withholdings, plummeted. The bulk of Biden's self-declared income shifted from wages paid out through Owasco, Biden's payroll company, to business income. A single line on the return — $1,956,694 — notes what Biden reported he made from "legal and consulting services."BI was not able to obtain access to other key documents supporting the felony charges: correspondence between Biden and his accountants, as well as tax filings for Owasco. The indictment alleges that Owasco received "approximately $2.1 million" in 2018 from a fund with ties to CEFC China Energy Co., "a Chinese energy conglomerate." But while the indictment is packed with details regarding Biden's overseas deals, the charges all stem from how he paid taxes on that money, not how he made it.In 2018, Owasco had gross receipts of $2,659,014 <a target="_blank" href="https://www.documentcloud.org/documents/23888014-memorandum-of-plea-agreement-exhibit-1-scrubbed">according to a document</a> detailing a plea agreement between Biden's attorneys and prosecutors that collapsed in court. Only a tiny fraction of that money, $159,000, appears on Biden's 1040 return as wages. According to prosecutors, Biden later told his accountants that much of the remainder was used on business expenses that were, in fact, personal.Robert Nassau, who teaches tax law at Syracuse University, <a target="_blank" href="https://www.bbc.com/news/world-us-canada-67664144">told the BBC</a> that criminal tax prosecutions are "very rare" and the amounts of money at issue in the indictment "small potatoes."Eric Holder, who led the Justice Department under President Barack Obama, <a target="_blank" href="https://www.cnn.com/videos/politics/2023/12/08/hunter-biden-eric-holder-reaction-sot-lcl-vpx.cnn">told CNN</a> that he believed political pressure was driving the tax charges. "I've spoken to former colleagues, both Republican and Democrat, who were United States attorneys," he said. "I asked them, if you had these facts in your office, would you have brought this case? And the answer, to a person, was no."While the documents show that Biden did eventually get serious about making substantial (if late) payments to the IRS, they also show that the money Biden used to make them wasn't his own. It was borrowed from the man who has become his friend, confidante, and backer, Kevin Morris.Morris is a 60-year-old entertainment lawyer. He made tens of millions representing Matthew McConaughey, the creators of "South Park," and as a producer of "The Book of Mormon," a hit musical. Morris and Biden reportedly met in 2019 at a Democratic fundraiser. Since then, Morris has quarterbacked Biden's multi-pronged effort to fight back against House Republicans who are investigating him, an effort that includes civil lawsuits, responses to congressional subpoenas, and a reported documentary that will go on the counter-attack against Hunter Biden's GOP and MAGA-world adversaries.In June, the New York Times reported that Morris "lent more than $2 million to Hunter Biden which went to supporting his family and paying back taxes." The indictment claims that Morris, who is identified only as "an entertainment lawyer" and "Personal Friend" paid more than $1.2 million to cover Biden's expenses, including rent payments on a lavish home in Malibu.Biden's own tax filings show that the support he received from Morris was far more substantial.<div type="image" title="Kevin Morris reading a book." height="705" width="1024" msid="105997067" hostid="261" sizebytes="75152"></div>In 2020, according to Biden's tax return, Biden received "financial support from a personal friend totaling approximately $1,425,000." That support was formalized as a loan, a "a promissory note in the amount of $1,417,634 bearing 5% interest."In 2021, according to Biden's tax return, Biden received another $3,240,355 in financial support, which was also formalized as a loan.BI did not review Biden's 2022 return; if Morris lent him money during that year, the amount is unknown. But the $4.6 million documented by Biden's 2020 and 2021 returns is far more than Biden's past due tax liability, suggesting that Biden was living off funds borrowed from Morris.A person close to Morris said that beginning in 2020, Morris hired outside lawyers to vet and sign off on each of the loans that he made to Hunter Biden.Other data show that Biden's reboot as a memoirist and fine artist did not produce taxable income on the scale of the millions he was making during his years as a Beltway lawyer, at least not during the first two years.In 2020, according to Biden's tax return, he made $187,500 as the author of "Beautiful Things," his memoir, and another $47,734 from his career as an artist. All but $134 of the art income that year came from the sale of art to Kevin Morris.In 2021, according to Biden's tax return, he made $374,759 from his book and another $83,250 as an artist, $12,649 was deducted for expenses.BI <a target="_blank" href="https://www.businessinsider.com/hunter-biden-joe-artwork-berges-gallery-elizabeth-hirsh-naftali-2023-7">previously reported</a> on internal documents from Hunter Biden's gallerist showing that his artwork had grossed $1.3 million. The bulk of Biden's share of that money — 60 percent, according to his contract — was likely paid out in 2022.Hunter Biden has long been the focus of obsessive and sometimes conspiratorial interest by Republicans in Congress, who used his overseas business dealings as part of the basis for opening a formal impeachment inquiry into Biden's father, in a party-line vote on Wednesday. The GOP fascination with Hunter Biden began with his lucrative service on the board of Burisma, a Ukrainian energy company, and picked up steam just before the 2020 election, when files purported to come from Biden's abandoned laptop were made public by Trump's supporters.The GOP has never really let go of the idea that Hunter Biden can be used to weaken (if not take down) Joe Biden. Their inquiries have produced evidence that Hunter Biden traded on the family name and occasionally arranged for brief introductions and phone calls between business associates and his father, some of which occurred while he was still vice president. But despite countless hearings and "Biden crime family" rhetoric, the GOP is yet to produce evidence showing that President Biden was a party to any of his son's deals.On Wednesday, speaking near the Capitol, Hunter Biden condemned his GOP critics, called the impeachment effort "shameless," and suggested that the Justice Department's criminal charges against him were the result of political pressure. But also accepted some measure of responsibility."In the depths of my addiction, I was extremely irresponsible with my finances," he said.Mattathias Schwartz is chief national security correspondent at Business Insider. He can be reached at schwartz79@protonmail.com.

Exclusive: Hunter Biden's tax returns

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Turns out the dogfighting and flying in the "Top Gun" movies is spot-on, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/topgun-instructor-movies-flying-dogfighting-pretty-realistic-2024-3">according to an actual TOPGUN instructor</a>.In today's big story, the top habits of financially free people could serve as inspiration for what to do with your tax rebate.What's on deck:<ul><li>Markets: These market experts <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bubble-crash-rosenberg-grantham-summers-recession-economy-2024-3">see a bubble forming</a> as valuations outpace earnings.</li><li>Tech: What to expect from <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-jensen-huang-to-give-look-ai-future-2024-3">the "Woodstock of AI"</a> event hosted this week by Nvidia.</li><li>Business: How to post on LinkedIn and <a target="_blank" href="https://www.businessinsider.com/linkedin-cringe-how-to-post-new-job-hiring-resume-2024-3">not be ashamed of it</a>.</li></ul>But first, what to do with that money from Uncle Sam.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Tax time</h2><div type="image" title="A woman looking at a tablet or notebook." height="960" width="1920" msid="108596204" hostid="261" sizebytes="68198"></div>Spring has nearly sprung. The blooming flowers and warmer weather probably have you thinking of one thing: Filing your taxes.In reality, tax season can be a pain, but at least there's <a target="_blank" href="https://www.businessinsider.com/trying-irs-direct-file-new-free-tax-filing-tool-2024-3">new free software to do it</a>, thanks to the IRS.For many filers, there is a light at the end of the tunnel in the form of a rebate.(Of course, that's not the case for everyone. But as my grandfather used to say, better to owe the government money than ask for some of yours back. To be fair, he was not an accountant, so don't take that as financial advice.)If you do snag a rebate, what should you do with it? It's a question plenty of Americans contemplate every year. And with <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-hard-landing-unemployment-job-market-outlook-growth-2024-3">so much turmoil in the economy currently</a>, it's even more pressing.<a target="_blank" href="https://www.businessinsider.com/author/kathleen-elkins">Business Insider's Kathleen Elkins</a> has interviewed dozens of <a target="_blank" href="https://www.businessinsider.com/how-to-build-wealth-lessons-entrepreneurs-millionaires-financial-independence-interviews-2023-11">financially independent people</a> who don't need to work thanks to passive income or their investments.To get inspiration on what to do with your rebate, I asked Kathleen about some of the themes she constantly hears from these financial wizards.<div type="image" title="A photo-illustration of a smiley face." height="1000" width="2000" msid="108596206" hostid="261" sizebytes="29504"></div>Pay off your high-interest debt first. The top priority often cited by the financially independent is tackling debt with high interest rates. The rationale is the longer you wait, the more it will snowball. And with no definitive timeline on <a target="_blank" href="https://www.businessinsider.com/economic-outlook-fed-rate-cuts-inflation-jobs-powell-central-bank-2024-3">when rates will be lowered</a>, that snowball could quickly become an avalanche.Establish an emergency fund. Saving up a safety net is something else those on the path to financial freedom look to do before they even consider investing. Kathleen told me the standard amount was typically three to six months of living expenses.Keep it simple. Investing doesn't have to be complicated, according to these experts. Many often <a target="_blank" href="https://www.businessinsider.com/index-fund-investing-achieve-financial-independence-retire-early-build-wealth-2022-8">opt for index funds over individual stocks</a> or, dare I say, crypto. They're also not worried about timing the market since they almost always take a long-term approach.The power of an HSA. Health savings accounts are a favorite among this group <a target="_blank" href="https://www.businessinsider.com/how-health-savings-account-works-triple-tax-benefit-investment-tool-2024-2">thanks to their triple tax advantage</a>: contribute pretax dollars that grow tax-free over time until you withdraw your money tax-free to cover qualified medical expenses. The case for HSAs was so compelling Kathleen <a target="_blank" href="https://www.businessinsider.com/wealth-building-strategy-rich-use-invest-hsa-max-out-plan-2024-3">even opened one up for herself</a>.Don't forget yourself. People looking to achieve financial freedom are known to cut costs wherever possible. But Nischa Shah, an accountant and former investment banker, preached the value of <a target="_blank" href="https://www.businessinsider.com/how-to-invest-first-thousand-dollars-salary-earned-increase-income-2024-3">spending money on yourself</a>. That could be building a new skill, attending a conference, or hiring a coach.<h3>News brief</h3><h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/russia-vladimir-putin-presidential-election-vote-landslide-win-2024-3">Why the scale of Putin's landslide win matters so much</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ukraine-drones-strike-multiple-russian-oil-refineries-in-energy-war-2024-3">Ukraine drones attack multiple oil refineries in the campaign against Russia's strategic energy industry</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/donald-trump-couldnt-condemn-vladimir-putin-alexey-navalny-death-2024-3">Trump couldn't bring himself to condemn Putin for Alexey Navalny's death</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/sacramento-basic-income-pilot-ubi-cash-payments-housing-poverty-2024-3">Sacramento will soon give low-income Black and Native American families $725 a month, no strings attached</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/dell-remote-workers-promotion-return-office-push-flexible-work-2024-3">Dell workers can stay remote — but they're not going to get promoted</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/national-association-realtors-lawsuit-settlement-housing-market-homebuying-agents-commissions-2024-3">The end of the Realtor monopoly</a>.</li></ul><h2>3 things in markets</h2><div type="image" title="A woman blowing bubbles." height="1331" width="2000" msid="108596209" hostid="261" sizebytes="87056"></div><ol><li>Market gurus are getting worried about a bubble. Experts like former Treasury Secretary Larry Summers are worried about stocks' lofty valuations. With stocks outpacing earnings, <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bubble-crash-rosenberg-grantham-summers-recession-economy-2024-3">these six market watchers detail how things could turn ugly</a>.</li><li>What part of the stock market will get the AI lift next? Nvidia, which makes AI-enabling GPU chips, was the initial benefactor of the AI boom. But Goldman Sachs sees <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-nvidia-ai-boom-spread-3-groups-stocks-2024-3">three more broad stages of the "AI trade</a>." That includes infrastructure players behind the tech and software and IT services with tools that will help companies utilize AI.</li><li>Bitcoin's looming halving feels like a big deal. The token's fourth halving, which is expected to take place in April, is <a target="_blank" href="https://www.businessinsider.com/bitcoin-halving-cryptocurrency-markets-investors-etf-spot-btc-supply-demand-2024-3">unlike others before it</a>, crypto market experts told BI. It's unlikely to be a "sell the news" event as the excitement surrounding spot ETFs continues to build, they said.</li></ol><h2>3 things in tech</h2><div type="image" title="Photo illustration of Jensen Huang." height="975" width="1300" msid="108596211" hostid="261" sizebytes="73368"></div><ol><li>All eyes are on Nvidia's Jensen Huang. The Nvidia CEO is set to host his GPU Technology Conference (GTC) this week. Nvidia employees are already referring to it as the "Woodstock of AI" and Huang is anticipated to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-jensen-huang-to-give-look-ai-future-2024-3">lift the lid on B100</a>, the next-generation version of H100 GPU — which will be a big deal if so.</li><li>AI's hottest new job. Demand for prompt engineer roles has skyrocketed amid the ChatGPT hype. That's probably because you don't need a formal tech background to do the work, and companies are offering salaries that echo the buzz. But <a target="_blank" rel="noopener" href="https://www.businessinsider.com/prompt-engineer-ai-careers-tech-fad-2024-3">some are warning that the job is merely a fad</a>.</li><li>Advance could win big from Reddit's upcoming IPO. The Condé Nast owner's stake in Reddit will be worth $1.7 billion if the social news company's listing this week pans out the way bankers are expecting. It's a rare case of a big media company investing in a digital property and <a target="_blank" href="http://www.businessinsider.com/reddit-ipo-advance-conde-nast-windfall-2024-3">not living to regret it</a>, BI's Peter Kafka writes.</li></ol><h2>3 things in business</h2><div type="image" title="A collage of photos from Michelin-star restaurant Quince." height="1000" width="2000" msid="108596213" hostid="261" sizebytes="435884"></div><ol><li>Quince vs. Quince. There's "Quince," the three-Michelin-starred restaurant founded in San Francisco in 2003, and then there's "Quince," the e-commerce startup known for affordable cashmere that launched in 2020. The restaurant is suing the startup, which now sells cookware, for encroaching on its territory. The startup says it's done nothing wrong. <a target="_blank" href="https://www.businessinsider.com/quince-restaurant-startup-trademark-infringement-lawsuit-tusk-2024-3">Which Quince will come out on top?</a></li><li>The shame of LinkedIn. As much as it is a professional platform, something about posting on LinkedIn feels really personal. But that's not a dunk on the platform. It's actually pretty helpful. You just have to get over the cringe part — <a target="_blank" href="https://www.businessinsider.com/linkedin-cringe-how-to-post-new-job-hiring-resume-2024-3">here's how</a>.</li><li>Some DINKs want kids — but can't afford them. In the current economic climate, more people are deciding that having children is too expensive. That's <a target="_blank" href="https://www.businessinsider.com/dinks-childfree-parents-choice-kids-childless-2024-3">the dark side of the "Dual Income, No Kids" lifestyle</a>, BI's Juliana Kaplan writes.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/china-says-ban-tiktok-backfire-us-congress-2024-3">China says moves to ban TikTok will 'eventually backfire on US.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/teacher-shortages-america-hurting-students-high-school-tiktok-gen-z-2024-3">I'm a junior in high school. Here's the real reason my generation is falling behind</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/target-rolls-out-new-in-house-ad-buying-program-roundel-media-studio-2024-3">Target is taking a chunk of its ad business in-house to compete with Amazon and Walmart</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/menlo-ventures-betting-big-ai-startups-infrastructure-layer-2024-3">Anthropic-backer Menlo Ventures is preparing for a 'gold rush' of infrastructure startups. Here's why</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/retirement-crisis-aging-longevity-evergreen-economy-2024-3">Solving the looming retirement crisis means thinking differently about aging, economist says</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chatgpt-assessed-joe-biden-hur-transcript-says-president-sounds-fine-2024-3">We asked ChatGPT and Claude to analyze Biden's cognitive abilities based on the Joe Biden-Robert Hur transcript. Their verdict: the president is doing fine</a>.</li></ul><h2>What's happening today</h2><ul><li>Don Lemon will release his interview with Elon Musk.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/grace-lett">Grace Lett</a>, associate editor, in Chicago.

It's tax season. Here's what to do if you get a rebate.

<ul class="summary-list"><li>Trump's plans for a universal tariff on all US imports could set off a global trade war, a Peterson Institute fellow said.</li><li>Such a conflict erupted the last time the US applied blanket protectionism in the 1930s.</li></ul>Donald Trump says his trade policy would be a way to protect the US from exploitation. Yet, by applying a base tariff on virtually all foreign goods, he's starting a "war against trade itself," Alan Wm. Wolff <a href="https://www.piie.com/blogs/realtime-economics/2024/trumps-proposed-blanket-tariffs-would-risk-global-trade-war" target="_blank" rel="noopener">wrote</a> for the Peterson Institute for International Economics. The Republican candidate has made tariffs a cornerstone of his prospective trade policy, <a href="https://www.businessinsider.com/trump-tariff-plan-inflation-policy-impact-trade-war-china-rates-2024-5">proposing a universal 10% duty</a> on all imports heading into the US. As for Chinese goods, Trump has touted tariffs as high as 60%.Still, before the US embraces this level of protectionism, it might be better to dust off some history, the left-leaning think tank said — blanket tariffs aren't an entirely untested phenomenon.Something similar to this last happened at the <a href="https://www.businessinsider.com/personal-finance/what-caused-the-great-depression">onset of the Great Depression</a>, when struggling US farmers asked that foreign imports be taxed. That spawned the <a href="https://www.senate.gov/artandhistory/history/minute/Senate_Passes_Smoot_Hawley_Tariff.htm" target="_blank" rel="noopener">1930 Tariff Act</a>, but the legislation was far more ambitious than first conceived. Aside from just agriculture, a wide swath of industries notched new protections, and import tariffs rose an average 47%.World economies fired back almost immediately. Even before the bill went into effect, about a dozen countries retaliated with their own restrictions. Great Britain followed a year on, imposing tariffs of up to 50%, Wolff said."Economists agree that high tariffs broadened and deepened the Great Depression, when US unemployment reached 25 percent and we nearly lost our democracy," the distinguished visiting fellow wrote.Today, the US tariff averages 3%, a safe distance away from the extremes nearly a century ago. But if Trump wins back the presidency, his experiments with blanket protectionism could change this.On its own, that might not mean much to consumers, who are likely growing desensitized high tariff talk and warnings about trade standoffs, he added, but if tariffs do jump sharply, there will be real consequences for the public.According to separate research from the Peterson Institute, Trump's proposed taxes could cost <a href="https://www.businessinsider.com/trump-trade-war-china-tariffs-taxes-us-economy-deficit-impact-2024-5">consumers 2% of US GDP</a>, totalling $500 billion a year. By another estimate, households would pay an <a href="https://www.businessinsider.com/trump-10-tariff-proposal-cost-households-1500-extra-presidential-election-2024-3">extra $1,500 per year from these tariffs</a>.And other academics, such as Harvard economist Kenneth Rogoff, have warned of <a href="https://www.businessinsider.com/trump-economic-outlook-recession-inflation-china-tariffs-biden-president-election-2024-3">inflationary implications</a>.Meanwhile, trade war warnings aren't limited to just Wolff. However, other experts have noted that such conflicts could be in store, <a href="https://www.businessinsider.com/us-china-trade-war-tariffs-economy-election-janet-yellen-manufacturing-2024-4">irrelevant of who is president</a>. That at least seems likely between the US and China, after the country's advanced manufacturing was significantly sped up. Although higher production was meant to help stimulate China's economy, Beijing is now sitting with a glut of products it needed to unload. "They need to get that export engine up," China Beige Book CEO Leland Miller <a href="https://www.businessinsider.com/china-economy-trade-war-exports-manufacturing-growth-property-crisis-solar-2024-3">said in March</a>. "That's going to cause a lot of problems globally, politically. That's why I think we're going to be entering into a trade war next year."In fact, the US appears to already be responding, after President Biden announced a spree of <a href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">tariffs on China's tech exports earlier this month.</a> But while Biden's fresh restrictions may seem high, Waller noted that they're still not comparable to Trump's proposal. For instance, the new 50% tariffs on Chinese semiconductors may seem extreme, but they target a trade that's just below $1 billion a year, he said. Compared to that, the US imports six times that amount each month."Unlike the Biden tariffs, the Trump plan is for increased tariffs on all products from all countries. It is not just America First; it is America Alone," Wolff wrote.

Trump's plan to tax the entire world will result in the type of global trade war not seen since the Great Depression, think tank says

The provisional figures of <keyword id="128666" type="COMPANY" weightage="20" keywordseo="direct-tax-collections">direct tax collections</keyword> for the <keyword id="44623" type="PERSON" weightage="20" keywordseo="Financial-Year">financial year</keyword> 2020-21 showed that net collections are at ₹9.45 lakh crore. The net collection is around 5 per cent higher than the revised estimates for the 2020-21. The net direct tax collections include <keyword id="483910" type="ORGANIZATION" weightage="20" keywordseo="corporation-tax">corporation tax</keyword> (CIT) at ₹4.57 lakh crore and personal income tax (PIT), including security transaction tax (STT) at ₹4.88 lakh crore. "The net direct tax collections represent 104.46% of the Revised Estimates of ₹9.05 lakh crore of direct taxes for the FY 2020-21," said a <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> statement. The gross collection of direct taxes, before adjusting for refunds, for the FY21 stands at ₹12.06 lakh crore, including corporation tax of ₹6.31 lakh crore and personal income tax (including STT) of ₹5.75 lakh crore. It also includes <keyword id="48166" type="PERSON" weightage="20" keywordseo="Advance-tax">advance tax</keyword> of ₹4.95 lakh crore, tax deducted at source (including Central TDS) of ₹5.45 lakh crore, self-assessment tax of ₹1.07 lakh crore, regular assessment tax of ₹42,372 crore, dividend distribution tax of ₹13,237 crore and tax under other minor heads of ₹2,612 crore. The official statement noted that despite an extremely challenging year, the advance tax collections for FY21 stand at ₹4.95 lakh crore which shows a growth of approximately 6.7 per cent over the advance tax collections of the immediately preceding fiscal of ₹4.64 lakh crore. Further, refunds amounting to ₹2.61 lakh crore have been issued in the FY21 as against refunds of ₹1.83 lakh crore issued in the FY20, marking an increase of around 42 per cent over the previous financial year. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nokia-x20-specifications-nokia-new-phones-price-in-india/articleshow/81981039.cms">Six new Nokia smartphones announced – price, specifications and availability details you should know</a> <a href="https://www.businessinsider.in/business/startups/news/founders-take-note-heres-why-most-startups-fail/articleshow/81981138.cms">Founders, take note: here’s why most startups fail</a> <a href="https://www.businessinsider.in/tech/apps/news/google-phone-app-now-lets-you-record-calls-automatically-from-unknown-numbers/articleshow/81982791.cms">Google Phone app now lets you record calls automatically from unknown numbers</a>

India collected ₹9.45 lakh crore in taxes last year — exceeding the government's expectations

<ul class="summary-list"><li><keyword id="6534156" type="UNKNOWN" weightage="60" keywordseo="Democrats">Democrats</keyword> approved the $3.5 trillion budget blueprint early Wednesday morning.</li><li>The vote was 50-49 along party lines.</li><li>It now goes to the House, but President <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> may struggle keeping Democrats in lockstep.</li></ul>Senate Democrats advanced the $3.5 trillion budget blueprint early Wednesday, setting the stage for what could be a historic level of spending to expand the social safety net, a key goal for President Joe Biden.The vote was 50-49 along party lines, capping a so-called vote-a-rama that saw a barrage of nonbinding amendment votes. The session lasted more than 14 hours, <a href="https://www.cnbc.com/2021/08/11/senate-passes-3point5-trillion-budget-resolution-after-infrastructure-bill.html">CNBC reported</a>.Every Senate Democrat voted in favor of the plan over unanimous Republican opposition. GOP Sen. Mike Rounds of South Dakota was absent for the vote, <a href="https://www.nytimes.com/2021/08/11/us/politics/senate-budget-plan.html">The New York Times reported</a>."The American people want a government which represents all of us, and not just the few," the Senate Budget Committee's chairman, Sen. <keyword id="6656369" type="PERSON" weightage="60" keywordseo="Bernie-Sanders">Bernie Sanders</keyword>, said Tuesday. "This legislation is going to ask the wealthy and the powerful to start paying their fair share of taxes so that we can address the needs of working families, the elderly, the children, the sick, and the poor."The spending plan would expand Medicare so it provides dental, vision, and hearing coverage. It would also set up a national program for paid family and medical leave as well as tuition-free community college, a child allowance, and initiatives to address the climate crisis. It would be funded with tax hikes on the richest Americans and multinational companies.The resolution was adopted on the heels of the Senate approving a $1 trillion <keyword id="1201214" type="UNKNOWN" weightage="60" keywordseo="Infrastructure-Bill">infrastructure bill</keyword>. Now, a dozen committees will begin drafting formal reconciliation legislation with a September 15 deadline. That procedure allows the passage of certain bills with a simple majority of 51 votes, instead of the 60 typically required in the Senate to pass legislation.But it sets up what may be a perilous legislative stretch for Democrats as they assemble the massive plan. Many Democrats view the spending as historic, reflecting a decade of pent-up Democratic goals they struggled to achieve under President Barack Obama.They're attempting to command their narrow Senate and House majorities and deliver on a broad range of economic programs to level the playing field for middle-class Americans. Biden must keep Democrats in lockstep, given House Democrats can afford only three defections and Senate Democrats cannot lose the support of anyone.

You Searched For "advance tax" and got 12 results

Shah Rukh Khan, Thalapathy Vijay, Salman Khan in list of highest celebrity taxpayers: Fortune India

PTI

This tactic to avoid income taxes without moving to Florida could surge thanks to a 'silver tsunami'

Hayley Cuccinello

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

PTI

Startups demand angel tax elimination, incentives on investments in upcoming budget

ANI

I saved $1,000 a month when I cut alcohol. The emotional and physical tax was just as expensive.

Tess Martinelli

JD Vance tries out a $5,000 expanded child tax credit proposal to secure support from the pro-family crowd

Katie Balevic,John L. Dorman

The House passes a bill to give parents a boosted child tax credit and businesses tax relief

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Exclusive: Hunter Biden's tax returns

Mattathias Schwartz

It's tax season. Here's what to do if you get a rebate.

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Trump's plan to tax the entire world will result in the type of global trade war not seen since the Great Depression, think tank says

Filip De Mott

India collected ₹9.45 lakh crore in taxes last year — exceeding the government's expectations

IANS

Senate Democrats advance $3.5 trillion spending package without any Republican support

Joseph Zeballos-Roig,Alexandr…

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