Latest news with #taxrelief
Yahoo
6 days ago
- Business
- Yahoo
What does the Ohio House property tax override mean?
COLUMBUS, Ohio (WCMH) — The Ohio House pushed for property tax relief this week, but legislators disagree on whether removing some property tax authority will help Ohioans' pocketbooks. Gov. Mike DeWine signed Ohio's 2026-2027 budget into law on June 30, but vetoed 67 provisions within the several thousand page document. On Monday, the Ohio House held a rare out-of-season session to override one of the budget vetoes in an attempt to provide property tax relief. During the vote, politicians on both sides of the aisle said Ohio's tax system is too complex to be productive, so NBC4 is breaking this issue down. Olentangy coach resigns amid investigation into inappropriate text messages What happened? On Monday, 89 of the House's 99 members met and voted to override DeWine's veto on school district property tax levy restrictions. The move needed 60 votes, and it successfully passed 61-28. The House originally planned to vote on three overrides, but leaders said they did not think they had the votes due to absences. See previous coverage in the video player above. It is now up to the Senate to decide if they will also vote on the override, but they have not yet announced plans to vote. The override is not official unless 20 of Ohio's 33 Senators concur. What could change? If the Senate concurs the veto override, Ohio would change what type of property tax levies schools and other services could place on the ballot. The changes stop schools and political subdivisions, like fire departments or libraries, from introducing replacement and emergency levies. This change also stops school districts from asking for operating levies if it has too much money left over in their general funds. Replacement levies occur when a levy is expiring, and can either keep the same levy in place or, more commonly, replace it with a higher tax rate. Emergency levies are used when funding is crucial to keep operating, and they expire after a set number of years. These are all operating levies, meaning they are used to pay for daily necessities like supplies, utilities and salaries. These funds typically cannot be used for permanent improvement projects, like building a new high school or fire department. House members in favor of the changes said words like 'emergency' and 'replacement' can influence people to vote for property tax increases they may not want. They hope removing these levy options will promote transparency in levy requests. Bobcats, bald eagles and bears, oh my! Species seeing population growth in Ohio What does this mean for schools? This would limit how public school districts are allowed to ask for public money by removing several levy options. Schools would still be allowed to request other property tax levies. The Ohio Education Association (OAE) said these levies are crucial for school districts' long-term financial stability. Replacement levies are frequently used to help districts keep up with inflation, so having to always seek new levies brings a more complicated request to taxpayers. According to the OAE, this change could force Ohio schools to increase class sizes and cut programming. Schools will also no longer be allowed to ask for certain levies if they carry over more than 100% of their expenditures in their general funds from school year to school year. School districts say this is an important protection for long-term financial planning, as they cannot ask for more money even if they say they need more. House Republicans who voted in favor of the override said it will encourage districts to be more fiscally responsible. Proponents of the change say this is not taking money from schools, as voters will still have the opportunity to approve levies. Opponents, like Rep. Ismail Mohamed (D-Columbus), said the veto would limit the choices Ohioans have at the ballot. What does this mean for local services? Although the change affects school districts immensely, it also affects political subdivisions like local governments, fire departments, libraries and parks. All of these services rely on property taxes, and many of them use replacement levies to stay afloat. For instance, Franklin Township had two replacement levies fail in the past year, leading them to have to close one of their two fire stations. Legislators and advocates who disagree with the possible property tax change say examples like this prove Ohioans already have control over whether or not to pass a levy. Like local schools, this could make it more difficult to pass levies, or just complicate how these services are asking for funding. House Democrats say these services will have to choose between more frequent levy requests or making budget cuts. House Republicans largely say this will protect taxpayers from overreach and encourage local services to be better stewards of tax dollars. Three months later, still no updates in OSU investigation of hidden cameras in dorm bathroom What does this mean for my taxes? Even if the Senate concurs this veto override, this change does not guarantee a different property tax rate for Ohioans. The change reduces how many types of levies subdivisions can ask for, but fewer levies may not correlate with fewer levy requests. Proponents say this will help provide transparency at the ballot and prevent tax hikes that voters may not expect. The change would go into effect Jan. 1, 2026, so it would not change tax laws until after the November election. Proponents say this is a proactive change to help future overreach. Opponents say it is unlikely this will provide meaningful property tax relief because it does not address immediate pressures. They said it could even add financial pressure for taxpayers as local governments and schools try to find other revenue sources. Ohio leaders say property tax reform is coming, regardless of whether the override stands. Gov. Mike DeWine has tasked a property tax reform work group with analyzing concerns and generating solutions by Sept. 30. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Yahoo
21-07-2025
- Business
- Yahoo
Germany updates: Companies pledge €631 billion investment
An alliance of top German companies pledged to invest at least €631 billion ($733 billion) in Germany over the next three years. Chancellor Friedrich Merz met with executives from top German firms on Monday, hoping to rally fresh investment after two years of recession. While the government has approved billions in tax relief and a €500-billion ($580 billion) fund for infrastructure and climate, Berlin says public money alone won't be enough. Below is a roundup of what Germany is talking about on Monday, July 21: Far-right AfD want new interview following protest disruption Germany's far-right Alternative for Germany (AfD) has called for a new television interview to be held, after protesters on Sunday drowned leader Alice Weidel's "summer interview" in Berlin. Each year, broadcaster ARD holds annual televised question and answer sessions with the country's main political parties. However, as Weidel was preparing to begin the interview on a terrace in Berlin's government quarter, demonstrators arrived nearby. They broke into loud singing, dancing, and chanting and made it difficult for Weidel to hear the questions she was being asked. "In such a situation, ARD should have moved to a studio to ensure a fair, uninterrupted interview," Markus Frohnmaier, the AfD's deputy parliamentary group leader, told news portal Politico. "I expect the conversation to be repeated under fair conditions," Weidel said. Meanwhile, the general secretary of the conservative Christian Democrats (CDU) who lead Germany's coalition government, said it was better for democracy to hear her views. "If you want to strengthen the AfD, go ahead and disrupt these interviews," Carsten Linnemann told broadcasters RTL/ntv. German corporate alliance pledges to invest €631 billion over 3 years An alliance of German companies, numbering in the dozens, pledged to invest at least €631 billion ($733 billion) in the German economy over the next three years. "The investments by the initiative are a very powerful signal that we are now experiencing a shift in sentiment and consolidating it," German Chancellor Friedrich Merz said. "The message ... is very clear: Germany is back. It's worth investing in Germany again. We are not a location of the past, but a location of the present and above all the future," he added. German Chancellor Friedrich Merz said that large public investments could be boosted significantly by private funding. "We want to leverage this potential and thus trigger further growth effects," Merz said after meeting with representatives of the "Made for Germany" initiative at the Chancellery in Berlin. The new government has launched a program to spur on investment and establish a €500 billion fund to splash on German infrastructure over the next 12 years. It has also pledged to cut bureaucratic red tape and speed up digitization. The initiative is being led by executives from Germany's blue-chip companies, including lender Deutsche Bank and industrial group Siemens. WATCH: Protesters derail AfD leader Weidel's interview A summer interview with Alice Weidel, the leader of the far-right party Alternative for Germany (AfD), was severely disrupted by protesters on Sunday. Members of her party have called for a repeat. Watch what happened here: German metal and electrical industries continue shedding jobs There has been a continued decline in the number of people employed in Germany's metal and electrical industry, according to the employers' association Gesamtmetall. The association said that since the beginning of 2025, there had been around 60,000 job losses. Basing its findings on a survey of companies, the association said that the number of employees in May was 2.5% lower than compared to the same period the year before. While Germany's new government has taken some measures to relieve the situation, Gesamtmetall's managing director Oliver Zander higlighted a reduction in the electricity tax and the immediate investment program as outstanding issues. "The speed at which the decline in employment in the metal and electrical industry continues shows, however, that the federal government has no time for breathers," Zander said. How Germany manages extreme heat and climate change The next heat wave has been forecast in Germany. How is a country known for its lack of air conditioning preparing? Read the full story about Germany's preparations for heat waves. How far-right social media impacted Germany's highest court Researchers say a far-right social media campaign — that painted a respected law professor as extremist — caused the suspension of the election of judges to Germany's highest court. Read the full story on the controversial failure to elect a judge to Germany's top court. Why is Deutsche Bahn facing even more delays and cancellations? Once famed for never being late, German trains almost never run on time anymore. Deutsche Bahn has launched a refurbishment program that is likely to last at least a decade, and the costs and criticism are increasing. Read the full story on increasing delays on Germany's rail network. German bond yields ease ahead of key Eurozone data Germany's bond market calmed slightly on Monday after weeks of rising long-term interest rates. Investors are now waiting for new economic data from the Eurozone and a key decision from the European Central Bank (ECB). A bond yield is the return investors get for lending money to the government by buying its bonds. When bond prices go up, yields go down — so falling yields often reflect expectations of slower growth or lower interest rates. Economists believe the ECB will keep interest rates steady for now, but might cut them again as early as September. Some analysts think this week's Eurozone business activity data could show little change, partly due to global trade worries and a strong euro. That could make German government bonds more attractive, pushing their prices up and yields down. Germany, UK and Ukraine lead military aid meeting Senior representatives from around 50 countries are reconvening for another meeting of the Ukraine Defense Contact Group. The virtual session is set to begin with opening statements from German Defense Minister Boris Pistorius, UK Defense Secretary John Healey, and Ukrainian Prime Minister Denys Shmyhal. The Ukraine Defense Contact Group was first launched on April 26, 2022, at the US air base in Ramstein, Germany — leading to the term "Ramstein format." US President Donald Trump's turnaround on military aid for Ukaine is likely to be the main topic of discussion, as NATO allies work to facilitate the weapons delivery. Abuse survivors urge Vatican to act after prosecutors drop charges against cardinal Survivors of abuse within the Catholic Church are urging the Vatican to take action against Cologne Cardinal Rainer Maria Woelki, following years of controversy and a newly closed investigation. The plaintiffs accuse Woelki of shielding perpetrators and retraumatizing victims through his handling of abuse cases in the archdiocese. The complaint, submitted by all 12 members of the survivors' advisory board at the German Bishops' Conference, was drafted by physician and board member Katharina Siepmann. "The affected often experience the cardinal's behavior as offensive," said Siepmann, who suffered three years of severe abuse as a child and has served on the board since early this year. The body was established in 2022 to represent victims and advise the Church. The group's formal complaint against Woelki refers to alleged breaches of church law, not state law. "We ultimately hope that officials in Rome — and the pope himself — will view the cardinal's behavior as unacceptable and intervene," Siepmann told German broadcaster WDR. In May, Cologne prosecutors announced that Woelki would not face perjury charges in connection with his sworn statements about when he learned of abuse allegations in his archdiocese. The archbishop had been under investigation for more than two years. Woelki, who remains a cardinal and Archbishop of Cologne, took part in the conclave that chose Pope Leo XIV. Car crashes into trampoline, lodges in barn roof The small town of Bohmte near the city of Osnabrück in the northwestern state of Lower Saxony was the scene of a spectacular accident that left two people seriously injured, including a seven-year-old boy. For as yet unknown reasons, local police reported, a car appears to have come off the road at high speed before colliding with a parked vehicle and crashing through a hedge. It then landed on a trampoline, hitting and injuring the child who was playing on it, and bounced into the attic of a barn. Read the full story about the car that crashed into a trampoline in northern Germany. Merz to meet German business leaders on investment push German Chancellor Friedrich Merz is set to meet top executives from major German firms on Monday in a bid to restore investor confidence and revive the struggling economy. Representatives from around 30 companies — including Siemens and Deutsche Bank — are expected to attend the talks in Berlin, according to sources cited by DPA. More than a dozen firms listed on the DAX, Germany's main stock index, are among those invited. The meeting will focus on the "Made for Germany" initiative, launched by Siemens and Deutsche Bank, which aims to strengthen the country's investment climate. Participating firms are expected to outline upcoming projects and signal readiness to commit fresh capital. After two years of recession and amid a bleak outlook for 2025, Merz is urging companies to ramp up domestic investment. His government, which took office in May, has approved multi-billion-euro tax relief packages to stimulate growth. A government spokesperson last week pointed to the recently passed €500 billion (over $580 billion) infrastructure and climate fund, saying public investment will lead the way — but private sector participation is essential. Once Europe's growth engine, the German economy has been hit hard by inflation, energy price shocks, and mounting global competition in the wake of the pandemic and the war in Ukraine. Welcome to our coverage Guten morgen from the DW newsroom, overlooking the Rhine River in Bonn — the former capital of West Germany. You join us as Chancellor Friedrich Merz gets ready to woo some of Germany's biggest business bosses to help get the sluggish economy back on its feet. Top names like Siemens and Deutsche Bank are expected talks in Berlin, along with more than a dozen other DAX-listed giants. About 30 firms are set to join what's being billed as a major push to rebuild investor confidence in the country's economic future. Merz is under pressure after two back-to-back years of recession and little sign that 2025 will turn things around. Follow along for the latest on what Germany is talking about on Monday, July 21.
Telegraph
21-07-2025
- Business
- Telegraph
Treasury leaves door open to tax raid on pensioners
Labour has left the door open to a tax raid on pensioners as Rachel Reeves struggles to balance the books. Pensions minister Torsten Bell said it was important that people were not 'taxed twice' on the money they saved for retirement, but refused to rule out a broader raid. It suggests that reliefs such as the 25pc tax-free lump sum currently available to retirees could be in the firing line. The news came as the Government paved the way for the state pension age to be raised and suggested millions of workers would have to sacrifice more of their pay to prevent a looming retirement crisis. Mr Bell, who is also a Treasury minister, declined to rule out a tax raid on pensions, only pledging to ensure the tax system continues to encourage saving. He highlighted that the Treasury hands tens of billions in tax relief to savers in private pensions every year. Mr Bell said: 'We have a system of pension tax relief costing around £70bn a year that does provide strong incentives for saving. And that's a good thing. 'What does the pension tax system do? It makes it easy for people to smooth their incomes over their lifetime. We're not taxing you twice. That is an important feature of most tax systems, and it will remain an important feature.' Asked if he could rule out any future tax raid on pensions, Mr Bell said: 'I can't rule out any change on any tax.' At the moment, savers do not pay income tax on contributions to pension schemes. Instead, any tax someone would normally pay is added to the pension in the form of tax relief at a person's marginal rate. This means that basic rate payers get a relief equal to 20pc of their payments to cancel out the income tax that would otherwise be due. Higher rate payers – those earning more than £50,270 – get relief of 40pc, and most additional rate payers earning more than £125,140 get 45pc. In addition, most savers can take 25pc of their pension pot tax-free once they reach the age of 55, up to a maximum of £268,275. The Chancellor is said to be weighing up a tax raid on pensioners as she attempts to find ways to plug a black hole in her budget. The Treasury has long wanted to tax pension savings and has a detailed plan drawn up for a raid that has been presented to successive chancellors since the coalition government took power in 2010. Mandarins have previously floated proposals for a flat 30pc rate of pension tax relief – meaning that higher rate payers would pay an effective 10pc tax charge on their retirement contributions for the first time. The plan would affect up to 6m higher and additional rate taxpayers, costing the wealthiest savers around £2,600. Ms Reeves has also spoken in favour of restricting relief on pensions but has since distanced herself from the proposals, insisting she has 'no plans' to change the current regime. The Times reported the Chancellor is reluctant to publicly rule out a wealth tax as she considers an increase in capital gains tax and a raid on pensioners. Both measures could be seen as a form of wealth tax, leaving her open to criticism if she rules it out, and both measures are said to be under consideration. It comes as Ms Reeves faces pressure from Labour backbenchers to introduce a blanket wealth tax. Earlier this month Lord Kinnock said the party was 'willing to explore' the idea and suggested the Government could raise an extra £10bn a year by imposing a 2pc tax on assets worth more than £10m. Backbenchers are pressuring the Government to consider the proposal and No 10 has so far refused to rule out a wealth tax. However, there are fears that such a policy would trigger a fresh exodus of the rich and could prove self-defeating. Many wealthy residents are already moving abroad after Ms Reeves scrapped non-dom status and introduced inheritance tax on overseas trusts earlier this year. Concerns about a potential raid on pensioners came as the Government launched a pension commission on Monday and warned that almost half of working-age adults are not putting any money into a private pension.
Yahoo
19-07-2025
- Business
- Yahoo
Legal Tax Defense Announces Expanded Services for Tax Debt Relief
Experienced Tax Attorneys Provide Tailored Support for Individuals and Businesses Facing IRS Challenges Legal Tax Defense, Inc. Logo LOS ANGELES, July 19, 2025 (GLOBE NEWSWIRE) -- Legal Tax Defense, Inc., a trusted name in tax law representation, announces the expansion of its services through the addition of new legal staff, updated client support systems, and specialized offerings addressing ERC audits, and multi-state tax issues. With a team of seasoned tax attorneys and enrolled agents, Legal Tax Defense continues to offer personalized tax debt relief solutions designed to protect clients from aggressive collection actions and financial strain. In recent years, an increasing number of Americans have faced mounting tax debt as a result of economic disruptions and evolving IRS enforcement measures. Legal Tax Defense has responded by hiring additional legal professionals and client service specialists, reducing wait times for initial consultations. The firm also launched a new secure client portal to streamline document submissions and communications, and expanded its availability to include evening and weekend appointments. 'Tax debt can create long-term financial distress for families and business owners alike,' said a spokesperson for Legal Tax Defense. 'Our mission is to offer clear, honest legal representation so that taxpayers understand their rights and are not left navigating the IRS alone.' Legal Tax Defense provides comprehensive legal services that include Offers in Compromise, installment agreements, penalty abatement requests, and audit defense. Clients receive support from licensed professionals who are well-versed in federal and state tax laws, ensuring compliance while pursuing the most favorable outcomes. As part of the expanded services, the firm now offers tailored solutions for emerging tax concerns, including Employee Retention Credit (ERC) audit defense, and support for remote workers facing multi-state filing obligations. These additions reflect the evolving landscape of tax enforcement and the firm's commitment to staying ahead of regulatory changes. All case evaluations begin with a detailed review of each client's financial circumstances to determine the most appropriate path toward resolution. The firm operates with a commitment to confidentiality, transparency, and clear communication throughout the process. With its expanded focus, Legal Tax Defense aims to reach more individuals and businesses across the United States who are in need of reliable tax debt relief. The firm also offers educational resources on its website, helping taxpayers understand their options and avoid common pitfalls when dealing with the IRS. Legal Tax Defense is headquartered in Los Angeles and serves clients nationwide through virtual consultations and secure document handling systems. For more information or to schedule a consultation, visit About Legal Tax Defense, Inc. Legal Tax Defense, Inc. is a Los Angeles-based tax law firm dedicated to helping individuals and businesses resolve complex tax issues with the IRS and state tax agencies. With a team of experienced tax attorneys, enrolled agents, and case specialists, the firm provides comprehensive services including tax debt relief, audit representation, Offers in Compromise, and installment agreements. Legal Tax Defense is committed to transparency, ethical advocacy, and personalized legal strategies that protect clients' financial futures. The firm serves clients nationwide through secure virtual consultations. To learn more, visit This press release is intended for informational purposes only. Tax laws vary by jurisdiction, and individuals are advised to consult a licensed tax attorney or professional regarding their specific situation. Media Contact:Sharon Goldstein-ShapiroLegal Tax Defense, Inc.800-804-2769sharon@ A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fox News
17-07-2025
- Business
- Fox News
DeSantis taps Florida's 'most conservative senator' for state CFO
Florida Gov. Ron DeSantis has appointed state Sen. Blaise Ingoglia to serve as the Sunshine State's chief financial officer. The governor described Ingoglia as "the most conservative senator in the state of Florida," while delivering remarks on Wednesday. Ingoglia pledged to work on property tax relief. "I am going to work hand and glove, side by side, with this governor to make sure that we get rid of property taxes on homestead exemption and offer real property tax relief to" Floridians, he declared. Former state CFO Jimmy Patronis ran successfully for U.S. Congress, winning the seat in Florida's 1st Congressional District that had previously been occupied by Rep. Matt Gaetz. "I'm honored to be appointed by @GovRonDeSantis as Florida's next Chief Financial Officer. Over the next year and a half, my number one priority is meaningful property tax relief. I won't rest until we find a solution for Florida taxpayers," Ingoglia wrote on on X. "I will be an unrelenting, proactive fiscal watchdog for our state and protect your tax dollars against waste, fraud and abuse. If insurance companies don't live up to their contractual obligations Floridians will know because I will call them out," he continued. "We will shine a light on bad actors, stop fraud, and bring down rates. Floridians deserves accountability. I'm here to deliver it. We will NOT let Florida become New York or Californa. Florida is the most amazing place to live. Let's keep her free, strong, and thriving."
