How taxes turned margarine pink, made ships sink, and more strange results

Link: https://nypost.com/2021/04/03/how-taxes-made-margarine-pink-ships-sink-and-more-odd-results/

Graphic:

Book listing: https://amzn.to/2PxVkFz

Excerpt:

Unmarried men in ancient Greece and Rome were taxed, as were British bachelors from 1695 to 1706. Some states in the US even had a similar policy into the 20th century. 

But what about those men who were unlucky in love? Were they to be “doubly cursed, embraced by the taxman but spurned by womankind?” the authors write. 

In some places, bachelors were made exempt from the tax if they could prove they had asked a woman to marry but were rejected. 

In Argentina around 1900, the tax gave rise to “professional lady rejectors” — women who, for a fee, would swear to authorities that a man had asked for their hand and that they had refused. 

Author(s): Reed Tucker

Publication Date: 3 April 2021

Publication Site: NY Post

New York business leaders push Biden, Schumer to ditch the cap on SALT deductions

Link: https://www.cnbc.com/2021/03/29/new-york-business-leaders-push-biden-schumer-to-remove-cap-on-salt-deductions.html

Excerpt:

Leaders of the finance industry and other businesses in New York are pushing President Joe Biden and Senate Majority Leader Chuck Schumer to bring back the full state and local tax deduction.

Schumer, who is up for reelection in 2022, has heard from business leaders across New York on multiple calls in recent weeks. Some of these people have also held talks with advisors to Biden.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017.

Author(s): Brian Schwartz

Publication Date: 29 March 2021

Publication Site: CNBC

Biden’s retirement idea getting the cold shoulder

Link: https://www.pionline.com/defined-contribution/bidens-retirement-idea-getting-cold-shoulder

Excerpt:

Equalized tax advantage proposal being met with skepticism by industry

Alicia Munnell doesn’t think the shift would help because workers typically don’t look at tax incentives.

Trade groups representing plan sponsors have snubbed a proposal floated by President Joe Biden to give individuals across all pay grades equal tax advantages for their retirement savings.

Author(s): MARGARIDA CORREIA

Publication Date: 22 February 2021

Publication Site: Pensions & Investments