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Millions Of Earners, Businesses To See State Tax Cuts Beginning On Jan. 1

Millions Of Earners, Businesses To See State Tax Cuts Beginning On Jan. 1

Authored by John Haughey via The Epoch Times (emphasis ours),

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Millions Of Earners, Businesses To See State Tax Cuts Beginning On Jan. 1

Authored by John Haughey via The Epoch Times (emphasis ours),

With state legislatures entering their third sessions since the 2020 pandemic pumped trillions in federal recovery and stimulus assistance into state and local government coffers, tax reform across a range of levies is among front-burner priorities for lawmakers in 2023.

Taxpayers across at least 38 states will see significant changes in state taxes in 2023 with 11 states trimming their income tax levies beginning Jan. 1. (Justin Sullivan/Getty Images)

During 2022 sessions, Washington, D.C.-based Tax Foundation reports at least 38 states adopted “noteworthy tax changes” with most going into effect on Jan. 1, including trims in personal income tax rates in 11 states and flat income tax structures being implemented in three states, Arizona, Idaho, and Mississippi on New Year’s Day.

Here is a round-up of “noteworthy tax changes” that go into effect Jan. 1 provided by analysts at the Tax Foundation, Council On State Taxation, and Institute on Taxation and Economic Policy:

* ARIZONA: A flat personal income tax rate of 2.5 percent will replace Arizona’s tiered, or progressive, income tax structure that had a top rate of 4.5 percent.

* IDAHO: Under 2022’s House Bill 1, Idaho will move to a flat personal income tax rate of 5.8 percent, replacing a progressive tax structure with a top assessment rate of 6 percent, on Jan. 3.

* INDIANA: Under 2022’s HB 1002, Indiana’s flat personal  income tax rate will drop from 3.23 to 3.15 percent through 2024. Afterwards, the personal income tax rate will incrementally decline to 2.9 percent by 2029, depending on state revenues.

* IOWA: On Jan. 1, Iowa’s nine personal income tax rates will be consolidated into four, with the top declining from 8.53 to 6 percent. The state is set to implement a flat income tax rate of 3.9 percent in 2026.

Also beginning in 2023, Iowa will exempt retirement income, certain farm rental income, diapers, and menstrual products from taxation. The state will phase out its inheritance tax by 2025, with this levy also being incrementally slashed beginning in 2023.

On the other side of the ledger, Iowans will no longer be able to claim a state deduction on federal income and property taxes.

* KENTUCKY: Under 2022’s HB 8, Kentucky’s income taxes will go down, and some sales taxes will go up on Jan. 1.

The state’s flat personal income tax rate will dip from 5 to 4.5 percent in 2023 and to 4 percent in 2024. Depending on state revenues, state lawmakers plan to implement further incremental cuts until the personal income tax is eliminated.

The income tax cuts will be countered by new or increased sales taxes on a range of services, such as a 6 percent levy on limousine, car rental, ride-sharing, car-sharing, and taxicab services. A 1 percent transient room tax will now apply to campgrounds and RV parks.

Kentucky will also impose a new excise tax of 3 cents per kilowatt hour for electric vehicle power distributed in the state by an electric vehicle power dealer or by electric charging stations located on state property. 

* MISSISSIPPI: Under 2022’s HB 531, Mississippi will adopt a flat personal income tax beginning Jan. 1. The state’s 4 percent levy on income between $5,000 and $10,000 will be eliminated and a 5 percent tax on income above $10,000 imposed. 

Under the bill, the 5 percent flat rate will decrease to 4.7 percent in 2024, 4.4 percent in 2025, and 4  percent in 2026.

But hold everything: Republican Gov. Tate Reeves and House Speaker Philip Gunn (R-Clinton) will spearhead divergent efforts to eliminate the state’s personal income tax altogether in 2023.

* MISSOURI: Under 2022’s Senate Bill 3, Missouri’s top personal income tax rate will be reduced from 5.3 to 4.95 percent, and the amount of income exempt from income taxation will increase from $100 to $1,000. The measure calls for incremental reductions in the top income rate levy to 4.5 percent.

Also on Jan. 1, Missouri will become the last state to assess state and local sales taxes on remote or online transactions under a 2021 bill.

* NEBRASKA: Under 2021 and 2022 bills, Nebraska will reduce its top personal income tax rate from 6.84 to 6.64 percent, and in its top corporate tax rate from 7.5 to 7.25 percent. The state will lower its top corporate income tax rate to 5.84 percent by 2027. 

Also beginning in 2023, beneficiaries can deduct 60 percent of Social Security benefits, up from 40 percent in 2022, and exemptions from taxation for retirement and military pension incomes will be increased. 

Property owners will also get some breaks in 2023 under 2022’s Nebraska Property Tax Incentive Act, which sets aside $660.7 million for income tax credits that will offset portions of school district and community college property taxes.

* NEW HAMPSHIRE: Under 2022’s HB 2, New Hampshire will start phasing out its income tax on interest and dividends income, lowering the levy from 5 to 4 percent on Jan. 1. The rate will decline by 1 percent until the tax is no more by 2027.

Under 2022’s HB. 1221, the state’s corporate income tax, or ‘Business Profits Tax,’ will drip from 7.6 to 7.5 percent beginning Jan. 1.

* NEW YORK: Under 2022’s SB 8009, New York will accelerate reductions in the state’s personal income tax rated for “middle-income earners” first adopted in 2016. 

Beginning Jan. 1, the tax rate applied to income between $13,900 and $80,650 for single filers, and between $27,900 and $161,550 for joint filers, will be 5.5 percent, down from 5.85 percent. The tax rate on income between $80,650 and $215,400 for single filers, and between $161,500 and $323,200 for joint filers will decline from 6.25 percent to 6 percent. 

Also beginning Jan. 1, New York will resume assessing its gas tax. The state’s 16 cents per gallon motor fuel tax had been suspended since June 1, 2022.

* NORTH CAROLINA: Under 2021’s SB 105, North Carolina’s flat personal income tax rate will decline from 4.99 to 4.75 percent on Jan. 1. 

The rate is set to continue declining 3.99 percent by 2027, with North Carolina’s current 6.9 percent corporate income tax to disappear entirely by 2030.

Also beginning in 2023, the state’s franchise tax will be a simplified net worth levy instead of the three different franchise tax liability rates previously assessed.

* ALABAMA: Under 2022’s HB 162, Alabama will exempt the first $6,000 of retirement and military pension income for those 65 or older from income taxes beginning Jan. 1.

State lawmakers in 2022 also revised Alabama’s “business privilege tax,” reducing the minimum payment of $100 to $50 a year. 

* DELAWARE: Under 2022’s SB 188, Delaware will increase its exemption from taxation on retirement and military pension income from $2,000 to $12,500 for those 60 and older beginning Jan. 1.

* RHODE ISLAND: Under 2022’s HB 7123, Rhode Island will boost its exemption on taxation on retirement and military pension income from $15,000 to $20,000 beginning Jan. 1. 

* ILLINOIS: Under SB 157, Illinois’ Child Tax Credit will increase from 18 to 20 percent of the federal Earned Income Tax Credit (EITC) beginning Jan. 1.

On the other side of the ledger, the state’s gas tax inflation adjustment will be implemented on Jan. 1 following a six-month freeze. The state’s 42.3 cent tax on a gallon of gas will increase by 3.1 cents. Another inflation adjustment will be implemented in July.

* ARKANSAS: Under 2022’s HB 1002, reductions in personal and corporate income tax rates will be accelerated. Beginning Jan. 1, the top tax rate on personal income will dip from 5.5 to 4.9 percent, and the state’s corporate income tax rate will go down from 5.9 to 5.3 percent.

* PENNSYLVANIA: Under 2022’s HB 1342, Pennsylvania’s corporate income tax rate will be reduced from 9.99 percent to 8.99 percent on Jan. 1. The corporate tax rate will decline by a half-percent until it reaches 4.99 percent by 2031. 

* OKLAHOMA: Under 2022’s HB 3418 in May 2022, Oklahoma will become the first state to make permanent a 100 percent bonus depreciation allowance for investments in machinery and equipment beginning Jan. 1. 

The state will also require that local sales taxes be levied on retail sales of tangible personal property in 2023.

* VIRGINIA: Under several 2022 bills, Virginia will exempt groceries and essential hygiene products, including menstrual products, from the state’s 1.5 percent sales tax beginning Jan. 1.

Also, retired military pensioners 55 and older will be eligible to subtract up to $20,000 in military benefits from taxable income in 2023, up from $10,000. That exemption will increase to $30,000 in 2024 and $40,000 in 2025.

* KANSAS: Under 2022’s HB 2106, Kansas will begin phasing out its 6.5 percent sales tax on groceries to 4 percent on Jan. 1. The sales tax on groceries will decline to 2 percent in 2024 before disappearing in 2025. 

* COLORADO: Under 2022’s HB 22-1055, Colorado will exempt diapers and menstrual products from sales taxes.

Read the rest here...

Tyler Durden Fri, 12/30/2022 - 20:35

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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Walmart joins Costco in sharing key pricing news

The massive retailers have both shared information that some retailers keep very close to the vest.

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As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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Walmart has really good news for shoppers (and Joe Biden)

The giant retailer joins Costco in making a statement that has political overtones, even if that’s not the intent.

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As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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