In September 2015, French President Francois Hollande promised households a 1 billion-euro ($1.1 billion) tax cut next year. Why such benevolence? Hollande’s government was attempting to make up for the glut of gross domestic product (GDP) that was taken by his government in taxes in 2014.
Finance Minister Michel Sapin said “we’re doing it because it’s both fair and necessary.” Both France and Belgium collected the equivalent of 47.9 percent of gross domestic product in 2014. France’s finance ministry estimated that taxation and social charges have fallen from 44.9 percent of GDP in 2014 to 44.5 percent this year.
A Review Of The New Federal Filing Deadlines Under The Surface Transportation and Veterans Health Care Choice Improvement Act
On its face, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) doesn’t sound much like legislation that affects the filing of taxes, because such legislation rarely does. The enactment of this Act promulgates changes to the tax filing process consequently affecting just about every taxpayer. These changes include revised due dates for filing certain tax forms, which potentially further impact the filing of state taxes. Individual and business taxpayers alike should consult a tax professional to conduct a detailed review of the Act in detail to determine which significant deadline changes affect them most.
The Consolidated Appropriations Act of 2016, enacted Dec. 18, 2015, extends a long list of expired tax provisions into the future. Unlike in past extension legislations, Congress extended many provisions permanently. The Joint Committee on Taxation estimates that the total cost of the tax provisions in the bill will be $622 billion over 10 years. Without Congress extending these various provisions, millions of Americans were in danger of losing these beneficial tax breaks by 2017.
Energy tax incentives: Provisions for energy expenses extended through 2016 include:
- § 25C, which provides a 10% credit for qualified nonbusiness energy property. The law also updates the Energy Star requirements.