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The Latest Breaking News from Income Tax

Trump and Harris Both Favor Tax Hikes That Would Hurt Ordinary Americans

The costs of steep tariffs and a higher corporate income tax extend far beyond the advertised targets.

Reason

Labour is talking about a wealth tax again – what are its options and what might work?

Labour Party leader Chris Hipkins recently revealed the party is looking once again at its tax policy, including a possible wealth tax or a “capital income tax” (CIT).

The Conversation

Project 2025: Will the rich ever pay tax again?

A little-known proposal in Project 2025, the Universal Savings Accounts (USA), means the next Bill Gates or Jeff Bezos will never get taxed.

Fortune

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read the most diverse news in one place.

How Trump and Harris Might Handle Expiring TCJA Tax Cuts

Many key provisions of the TCJA will expire soon. Here’s why it matters during the 2024 election cycle.

Kiplinger

Montana Democrat Busse releases tax returns as he seeks a debate with Gov. Gianforte

Montana Democratic gubernatorial candidate Ryan Busse has provided 10 years of income tax records as he tries to goad Republican Gov. Greg Gianforte into debating him ahead of the November election

The Independent UK

A Look at Kamala Harris's Tax Plans Ahead of the Election

Under Harris's tax proposals, upper-income individuals would pay more taxes, while the middle class and lower-income people would pay less.

Kiplinger

A Look at Donald Trump's Tax Plans

We take a look at Donald Trump's tax plans and what they could mean for you. Here's what you need to know.

Kiplinger

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Trump's Policies Could Add $5.8T To Deficit, Nearly 5X More Than Harris' Plan: Penn Wharton Study

Harris's plan, which includes expanding the Child Tax Credit, and Earned Income Tax Credit, is expected to raise deficits by $2.1 trillion over the next decade.

International Business Times

Kamala Harris' Plan To Hike Corporate Income Taxes Would Fall on All Americans

As with Trump and his tariffs, Harris appears unwilling to acknowledge the obvious consequences of hiking taxes on businesses.

Reason

Can You Change an Irrevocable Trust? Yes, But Be Careful

When an irrevocable trust no longer makes sense, you're not stuck with it. You can modernize it, but you must follow the rules and consider the consequences.

Kiplinger

Harris and Trump's 'no taxes on tips' proposal is the rare idea that’s both unifying and unfair

Exempting yet more income from taxation would worsen a tax code that already treats people with the same level of income differently.

Fortune

Kentucky meets conditions for lawmakers to cut income tax in 2026

Republican lawmakers say Kentucky has met the financial conditions to set in motion another cut in the personal income tax rate that could take effect in 2026

The Independent UK

IRS Form 3800: Calculating the general business credit

Form 3800 is used to calculate the General Business Credit, which helps small business owners cut their federal income tax bill.

The Street

Jamie Dimon wants to hit millionaires with 'Buffett Rule' to tackle national debt

'The Buffett Rule' was coined after the Berkshire Hathaway CEO highlighted he pays the same percentage share of income tax as his secretary Debbie Bosanek.

Fortune

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Kiplinger

Repeal the Death Tax? These Are the Taxing Trade-Offs

Getting rid of the death tax (aka the estate tax) might sound like a great idea, but more people could pay higher taxes under the capital gains tax regime.

The Street

Self employment tax vs. income tax - What's the difference?

When you’re self-employed, you’re responsible for paying both the employer and employee portions of taxes. Here’s how to calculate both.

The Street

What is the PATH act and how may it impact your taxes?

The PATH Act of 2015 created, extended, or improved several tax breaks that still benefit taxpayers today. Learn more about the impacts.

The Guardian - UK

Some taxes will have to rise in 30 October budget, says Rachel Reeves

Chancellor rules out raising national insurance, VAT or income tax but says ‘difficult decisions to come’ amid £22bn public finance shortfall

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Kiplinger

How to Fix a Trust Dilemma to Prevent a Tax Bomb

A bypass, or AB, trust splits into two trusts when one spouse in a married couple dies, cutting the estate taxes for beneficiaries.

Evening Standard

Millions of public sector workers to get inflation-busting pay rises, confirms Rachel Reeves

Cabinet Office minister Pat McFadden left open the prospect of a string of tax rises apart from on VAT, income tax and National Insurance

Kiplinger

Are No Income Tax States Better to Live In?

There are many factors and types of taxes to consider no matter where you live or move to.

The Street

Business tax deadline guide for 2024

Certain business tax deadlines exist for estimated tax payments, payroll taxes, W-2 forms, information returns, and other returns and tax payments.

USAFacts

Who pays the most income tax?

Individual income taxes made up 49% of federal revenue in FY 2023.

The Street

What is Form 1120-S? A guide to the U.S. income tax return for S corporations

With S corporations, or S-corps, the profits and losses of the business go directly to the shareholders. Learn the special rules of this tax status.

Dynamite News

Union Budget 2024: Revision in personal income tax slabs

For those opting for the new tax regime, the standard deduction for salaried employees to be increased from Rs 50,000 to Rs 75,000. Read further on Dynamite News:

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