Politics

The sharp divergence between Republicans and Democrats over the 21 percent corporate income tax rate was on display Tuesday at the House Ways and Means Committee as Democrats began making the case for a large increase should their party succeed in November’s elections.

A group of 27 Democratic senators is calling for action in the Senate Finance Committee on extending energy-related tax credits and examining new tax proposals, especially those that incentivize renewable energy projects.

The SEC and FASB control the process now, but Congress should give banking regulators a more central role in overseeing the creation of accounting rules.

More than 75 percent of CPAs in New Jersey say the Garden State’s recently enacted budget would have a negative impact on the economy, according to a new survey by the New Jersey Society of CPAs.

New Jersey Governor Phil Murphy enacted a $37.4 billion spending plan that will fund his progressive agenda by raising taxes on large corporations and individuals making more than $5 million.

Illinois residents could enjoy lower taxes if their squabbling leaders tackle the debt-riddled state’s biggest problem — its massively underfunded pension system. But that’s a big if.

Governor Phil Murphy’s progressive agenda, outlined in his first New Jersey budget, depends on approval of $1.5 billion in new riches from Democratic lawmakers reluctant to increase residents’ financial burden in one of the highest-taxed U.S. states.

New Jersey Governor Phil Murphy proposed taxing online-room booking, ride-sharing, marijuana, e-cigarettes and internet transactions along with raising taxes on millionaires and retail sales to fund a record $37.4 billion budget that would boost spending on schools, pensions and mass transit.

Top officials at the Internal Revenue Service met with mortgage industry groups this week to discuss possible fixes to the agency’s verification system, which lenders rely on to process mortgage loans.

With tax reform close to the finish line, bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill includes some caveats that might give institutions pause.