Tax & Accounting News

TaxBuzz Top 5 - Harris Faces Tax Plan Pressure from Donors, FL Supreme Court Denies Verizon Tax Appeal & More

8/30/2024

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Harris Faces Pressure Over Tax Plan from Wealthy Donors

Kamala-Harris-GettyImages-2167987347-2500

Credit: Kevin Dietsch/Getty Images

Vice President Kamala Harris is encountering pushback from major donors regarding her endorsement of a proposed tax on unrealized capital gains. NBC reports that this plan, which is part of President Biden’s latest budget proposal, aims to impose a 25 percent tax on the increase in value of stocks and other assets owned by Americans with a net worth of $100 million or more, regardless of whether they’ve been sold. The proposal has stirred concerns among some Wall Street and Silicon Valley executives, who are urging Harris to reconsider.

"From what I’ve been told, everything is on the table, nothing’s been decided yet," said Mark Cuban, a billionaire donor. While some supporters, like Aaron Levie of Box, describe the proposal as “quite punitive,” Harris’s campaign insists the tax will target a very small portion of the ultra-wealthy and that she remains committed to fairness in the tax system. Per the New York Times, Charles Kretchmer Lutvak, a spokesperson for Harris, stated, “Vice President Harris believes billionaires and large corporations should pay their fair share in taxes.”

Opponents argue that taxing unrealized gains could be problematic, with some suggesting that the value of such assets can fluctuate, potentially leading to unfair taxation. Despite these objections, Harris’s plan aims to address what critics see as a loophole allowing the wealthy to avoid substantial taxes. The proposal’s future remains uncertain as it navigates potential legal and political hurdles.

2. Colorado Legislature Passes Property Tax Cuts Amid Controversy

Credit: CatLane/Getty Images

The Colorado legislature has enacted modest property tax reductions, concluding a four-day special session and momentarily easing the intense political battles surrounding the state's property tax policy. The Denver Post noted that this deal aims to provide stability and long-term relief following a turbulent period marked by a constitutional amendment repeal, economic fluctuations, and surging home values.

Governor Jared Polis emphasized the significance of this -- albeit controversial -- measure, stating, "Fundamentally, the people of Colorado have had their concerns addressed: long-term relief, a reasonable cap (on tax growth) and over 4,000 entities funded by property taxes, including every school district, (will) have the stability that they need to plan and budget."

House Bill 1001, which received final approval from the Senate, builds on a tax package from May that lowered assessment rates and capped tax revenue growth. It adds $254 million in cuts to the previously approved $1.3 billion. This will reduce typical homeowners' property tax bills by $60 to $80 in 2025 and $179 in 2026, on top of the $400 savings from earlier cuts.

The bill’s passage is also expected to lead to the withdrawal of controversial ballot measures that proposed stricter tax growth limits. However, opinions on the bill remain divided. Sen. Chris Hansen defended the process, asserting, "I think a dispassionate observer would come to the conclusion this was a public process."

Despite this, some lawmakers criticized the bill for insufficient tax relief and questioned its ability to resolve ongoing property tax debates. Rep. Emily Sirota warned, "I’d be shocked if this latest bill actually brought an end to property tax battles at the legislature."

3. Florida Supreme Court Rejects Verizon's Appeal on Tax Refunds

Supreme-Court-GettyImages-1708178169-2500

Credit: Dennis Macdonald/Getty Images

The Florida Supreme Court has opted not to review Verizon's appeal regarding the application of federal tax provisions to state tax claims, upholding a lower court's decision. The court's order, issued on Wednesday, dismisses Verizon's challenge to the First District Court of Appeal's ruling that barred the telecommunications giant from utilizing pre-2000 net operating losses (NOLs) from acquired companies to amend its 2000 state tax return for refunds.

Law360 shared details regarding the case, noting that Verizon contended that federal tax mitigation rules should allow for refunds despite Florida's three-year statute of limitations, arguing that state law should align with federal provisions. However, the appellate court determined that Florida's statute of limitations should take precedence over federal rules. Judge Timothy D. Osterhaus emphasized that Florida's tax code specifies a three-year period for refund requests, regardless of federal mitigation rules.

The department of revenue opposed Verizon's petition, asserting that the appellate court's decision did not conflict with previous rulings and that Verizon's cited cases were irrelevant. "Florida's tax code includes a statute of non-claim that fixes a definitive three-year time period," Judge Osterhaus noted.

This ruling reaffirms the state's adherence to its statutory limits for tax refunds, despite federal tax provisions. Verizon's legal team, led by Michael J. Bowen and Kristen M. Fiore of Akerman LLP, and a department representative did not provide comments on the decision.

4. Nevada Voters Heavily Back 'No Taxes on Tips' Proposal

Credit: Karl Weatherly/Getty Images

A recent poll shared by Las Vegas's 8 News Now reveals strong support among Nevada voters for the proposed elimination of taxes on tips, with 71% in favor. The proposal, initially introduced by Former President Donald Trump and later supported by Vice President Kamala Harris, aims to remove tax burdens from tips for gig workers and service industry employees.

Local Uber and Lyft drivers expressed enthusiasm for the proposal. "That would be wonderful," said driver Marshall Enzer, highlighting the positive impact it would have on those relying on tips. Fellow driver Francis Taylor echoed the sentiment, noting that support from both major candidates would be beneficial.

The proposal's popularity extends beyond Nevada, aligning with support in other swing states such as Arizona, Georgia, and North Carolina.

However, economic experts like UNLV Law Professor Francine Lipman caution about potential long-term costs, estimating the proposal could result in a $150 to $200 billion loss due to the risk of income mischaracterization as tips.

Despite these concerns, many in Southern Nevada view the proposal as a significant benefit for gig workers, with Enzer stating it could be a major improvement for those struggling to make ends meet.

5. Oklahoma Ends State Grocery Tax: What It Means for Shoppers

Credit: d3sign/Getty Images

As of Thursday, August 29, Oklahomans are no longer paying the state's 4.5% grocery tax, a change enacted by lawmakers in February. Tulsa news network FOX23 conducted a comparison shopping trip to highlight the savings.

During the shopping spree, potatoes cost $2.91, and a chocolate bar was priced at $4.91. While some grocery prices increased since a previous visit—orange juice rose from $7.49 to $7.91, and cheese went from $4.91 to $5.91—the overall tax savings were notable.

On the initial shopping trip, the total grocery bill before tax was $36.68. On Thursday, the pre-tax total was $36.60. The earlier total, including tax, was $39.77, whereas the tax-free total came to $38.03, reflecting a $1.74 savings per shopping trip.

For families who spend around $6,000 annually on groceries, the elimination of the state grocery tax could result in a $275 savings.

Despite the reduction, some items remain taxed, including prepared foods like rotisserie chicken and alcohol. Additionally, county and local sales taxes still apply to groceries. Shoppers reported noticing slight savings, with many believing the reduction will accumulate over time.

Which headline this week most interests you?

Feature Image by Credit: Win McNamee/Getty Images

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You affirm that you are either older than 18 years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms and Conditions and to abide by and comply with these Terms and Conditions. In any case, you affirm that you are over the age of 13, as the Website is not intended for children under 13. If you are under the age of 13, then do not use the Website—there are lots of other great websites for you. Talk to your parents about any products you want to purchase, as Taxbuzz sells its products and services to adults only.
Assignment
These Terms and Conditions, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by Taxbuzz or CountingWorks, Inc. without restriction.
General
You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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