taxes

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Truss Fires Treasury Chief, Does 180 on Tax Cuts

Kwasi Kwarteng is out after just over 5 weeks on the job, as PM tries to keep her own

(Newser) - Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on sweeping tax cuts Friday as she tried to hang on to her job after weeks of financial-market turmoil. At a hastily arranged news conference, she said she was acting to "reassure the markets of our...

Japan Wants Young People to Drink More Booze

Tax agency is worried about falling revenue

(Newser) - Japan's national tax agency is trying to tackle a decline in revenue by persuading young people to change their sober ways. Younger people in Japan aren't drinking as much as previous generations did, and so the tax agency has launched a competition to find ways to boost alcohol...

Sinema Received $1M Haul, Then Killed Tax Hike on Rich Investors

AP: Ariz. Dem saw big influx of cash over last year from private equity firms, hedge fund managers

(Newser) - Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party's longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers, and venture capitalists whose taxes would've increased under the plan, per an AP review...

Biden Definitely Wants to Put Federal Gas Tax on Pause

President to ask Congress to agree to move that would temporarily lower prices

(Newser) - Updated: President Biden has reportedly moved from "considering it" to something a lot firmer when it comes to a temporary pause on the federal gas tax. Senior White House officials tells CNN and NBC News that Biden will in a Wednesday speech call on Congress to suspend the federal...

It&#39;s Tax Day, and Nearly 40% of Us Haven&#39;t Filed Yet
It's Tax Day—in
All but 2 States
Apr 18, 2022 6:43 AM CDT

It's Tax Day—in All but 2 States

Maine and Massachusetts residents get one more day

(Newser) - Monday is Tax Day—the federal deadline for individual tax filing and payments—and the IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. As of April 8, the IRS had received more than 103 million returns for this tax season, and it had...

This Could be a 'Frustrating' Tax Season, Officials Say

'Enormous challenges' could delay refunds

(Newser) - This year's tax filing season will begin on Jan. 24, 17 days earlier than last year, the Internal Revenue Service announced Monday. The IRS is warning that a resurgence of COVID-19 infections on top of a lesser funding authorization from Congress than the Biden administration had requested could make...

Elon Musk Takes Aim at &#39;Senator Karen&#39;
Elon Musk
Tweets His
Estimated
Tax Bill
UPDATED
Dec 20, 2021 8:08 AM CST

Elon Musk Tweets His Estimated Tax Bill

He says he'll pay more than $11B this year, and business sites think that's about right

(Newser) - Update: Elon Musk has been feuding with Elizabeth Warren and other critics who say he doesn't pay enough taxes. On Sunday night, Musk fought back with specifics: He tweeted that he will pay more than $11 billion this year, largely because he's sold a swath of his Tesla...

Musk Posts Eyebrow-Raising Response to Sanders Tweet

Tesla CEO did not like Vermont senator's directive on taxation

(Newser) - Bernie Sanders has long been known for posting online about taxing the super-rich, but a tweet over the weekend irked one of those wealth holders in particular. "We must demand that the extremely wealthy pay their fair share. Period," the Vermont senator posted on Saturday. The next morning,...

G-20 Backs Global Tax Rule Meant to Boost Fairness

US treasury secretary says it should end 'race to the bottom'

(Newser) - Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations as part of an agreement on new international tax rules, a step toward building more fairness amid skyrocketing revenues of some multinational businesses. The move by the Group of 20 summit in Rome was...

Guess Who's Not Keen on Dems' Billionaire Tax Plan?

Tesla/SpaceX CEO Elon Musk could see $5B in taxes over 5 years if the plan were put in place

(Newser) - Under a new proposal unveiled by Democrats this week, America's richest of the rich would soon be helping to pay for President Biden's domestic agenda by paying taxes on unrealized gains on assets like stocks in their portfolio, whether or not they sell them. It was expected there'...

A New Tax Plan Requires a Fundamental Shift
Democrats'
New Strategy:
Novel Tax on
Billionaires
the rundown
Oct 26, 2021 11:02 AM CDT

Democrats' New Strategy: Novel Tax on Billionaires

It would require the richest of the rich to pay taxes on assets even if they don't sell them

(Newser) - Democrats in Congress are still trying to figure out how to pay for President Biden's wish list, and it looks like they're settling on a plan to levy a novel penalty on the very richest of Americans. Coverage:
  • The idea: The proposal being worked out would require about
...

IRS Sending Out Millions of &#39;Math Error&#39; Notices
IRS to Millions of Taxpayers:
You Made a 'Math Error'
in case you missed it
Sep 11, 2021 4:05 PM CDT

IRS to Millions of Taxpayers: You Made a 'Math Error'

Pandemic credits apparently caused a lot of confusion

(Newser) - Millions of Americans are getting an unwanted letter in the mail from the IRS informing them of a "math error." And in the vast majority of cases, that error works in the government's favor. The agency has sent out 11 million such letters as of mid-August in...

Tax Laws Give Sports Owners a 'Financial Magic Trick'

They end up paying lower rates than stadium workers as well as players

(Newser) - ProPublica is out with the latest installment of its series on how the richest Americans avoid paying taxes , and this one focuses on the owners of sports teams. It begins with a look at Los Angeles Clippers owner (and Microsoft co-founder) Steve Ballmer, and an interesting contrast. A concession...

How Peter Thiel Used Loophole to Amass $5B in His Roth IRA

It amounts to 'Bermuda-style tax haven right here in the US'

(Newser) - ProPublica is continuing its investigative series on how the richest of the rich avoid paying taxes, and the latest story is surprising in that it revolves around a "relatively humdrum retirement" tool—the Roth IRA. The idea behind the Roth is that modest earners can sock away money...

A Plan for Ending the Practice of Stashing Profits Overseas

The G7 agrees to a flat tax of 15%

(Newser) - The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries, per the AP . G7 finance ministers meeting in London also endorsed proposals to make the world'...

Biden Offers Free Preschool, Community College
Biden Offers
Free Preschool,
Community College
THE RUNDOWN
Apr 28, 2021 8:12 AM CDT

Biden Offers Free Preschool, Community College

Sweeping 'American Families Plan' expected to cost $1.8T over 10 years

(Newser) - Students would get four extra years of paid education under the White House's new $1.8 trillion spending and tax plan, which would also provide paid family and medical leave for US workers. The "American Families Plan" may irk not only Republicans, but progressive Democrats, too. Here's...

DOJ Suit: Roger Stone Owes IRS $2M in Taxes

Complaint: Trump ally's tax troubles, which stretch back to 2007, didn't stop him from living it up

(Newser) - Former President Trump pardoned Roger Stone right before he left office, but that reprieve isn't going to help the GOP operative with his latest IRS troubles. NBC News reports that the Justice Department filed a lawsuit Friday in Florida against the 68-year-old Trump ally for the nearly $2 million...

Looks Like This Year's Dreaded Tax Deadline Isn't April 15

IRS is expected to push it back a month

(Newser) - If you've been procrastinating on your 2020 taxes, don't feel guilty about staying that course. The IRS on Wednesday will reportedly push the deadline from April 15 to May 15. CNN reports Democratic Reps. Jamie Raskin and Bill Pascrell had been urging the move due to the pandemic....

IRS Delays the Start of Tax-Filing Season

Agency won't accept returns until Feb. 12

(Newser) - The tax-filing season will be a bit more condensed than usual this year. The IRS said Friday that it is pushing back the start of the season until Feb. 12, reports CNBC . Typically, taxpayers can start filing in late January. Despite the later start, the usual deadline of April 15...

Report Won't Help Relations Between Trump, Barr

AG resisted pressure to reveal Hunter Biden investigations before election: WSJ

(Newser) - This isn't likely to make President Trump any friendlier toward his attorney general: The Wall Street Journal reports William Barr knew about multiple investigations into Hunter Biden's finances since at least spring "and worked to avoid their public disclosure during the heated election campaign." Trump again...

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