Tax

[New] COVID-19 has put 25 gigawatts of US wind projects at risk, representing 35,000 jobs, $35 billion in investment, and $8 billion in tax revenues and land lease payments for state and local economies.
Based on Moody's estimates, FY 2021US state tax revenues stand to be about $154 billion lower than they were in FY 2020, and $33 billion lower than Moody's anticipates in FY 2020, a year the ratings services estimates will itself close 11% lower than FY 2019.
The UK rate of inheritance tax will stay at 40%, but in 2020-21 individuals will be able to pass on £ 175,000-worth of tax-free property, up from £150,000 in the current tax year.
In the USA, the Trump administration has proposed a payroll tax cut, which will put more money into the pockets of workers immediately, but which may also bankrupt the Social Security and Medicare programmes.
So far 32 states have repealed or are considering bills to repeal sales taxes on menstrual products: A state analysis finds that Washington would lose $4.1 million in revenue in the coming fiscal year and $9.4 million in the 2021-2023 biennium.
Until tax cuts in India are introduced as a credible incentive to spur economic growth - the infrastructure for which may not be available until 2021 - higher taxes are exacerbating the impact of the record high local gold price on consumption.
Rishi Sunak could face having to increase taxes, abandon his fiscal rules or even scale back public spending if once again growth disappoints.
The Wayfair Act will come into play in the U.S. in 2020, empowering states to impose local taxes on businesses that operate within their borders, even if they are not located there.
Because businesses cannot fulfill their tax obligations, the government will need to resort to deficit financing for the first time in 17 years.
Australian businesses with payroll of less than $3 million will be eligible for a full refund of payroll tax for the 2019-2020 financial year.
The US government will inject two trillion dollars into the economy - through a mixture of direct payments to citizens and loans to business - more than half of what it collects in taxes in a year.
There is a regressive impact overall of a carbon tax of £ 50/tCO 2 in 2020 and £ 75/tCO 2 in 2030 on UK households when there is no redistribution of tax revenues.
Disposable income earned by UK households, once it has been adjusted for tax and benefits, will be 17% lower in the second quarter of this year.
The IMF calculates that a tax of $75 per tonne on carbon dioxide would save 725,000 premature deaths in 2030 in the G20, curtail emissions by 35%, and be the most effective tool to achieve the goals of the Paris agreement.
In the short term, workers will get some help from tax rebates and direct checks to households through the $2 trillion coronavirus aid package signed by President Donald Trump at the end of March.
Market economists expect the Japanese economy to grow just 0.5% in the current fiscal year and in fiscal 2020, the Cabinet Office said, due in part to contracting exports and the impact from a planned sales tax hike in October.
The US Federal Reserve has cut interest rates to near-zero, and the Treasury Department will defer tax payments for some individuals and businesses aiming to provide more than $200bn of additional liquidity to the economy.
In the United States, wind and solar projects that fail to go into operation this year will lose access to critical tax benefits.
Michigan's economy has crashed because of the US coronavirus pandemic and early estimates from the state Treasury Department are that tax revenues for the 2020 fiscal year could plummet by $1 billion to $3 billion as a result, with a further $1 billion to $4 billion hit next year.
An extended timeline assumes the US economy will grow by 3.0% a year or close to it through 2030, which would support higher tax revenues, something not achieved consistently in over a decade, and unheard of for an economy after 11 consecutive years of growth.
The UK government stated that the new IR35 rules will impact 170,000 consultants, 60,000 end-users and generate additional tax revenue of £3.1 billion between 2020 and 2024.

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Last updated: 24 May 2020