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The Latest Breaking News from Income Tax

Five States Without Sales Tax in 2025: What to Know

Is your state’s ban on sales tax actually saving you money? Probably not as much as you might think.

Kiplinger

I Asked ChatGPT How Much I’d Pay in Taxes If I Retired in Florida — Here’s What It Said

To find out, ChatGPT was asked to break down what taxes retirees face in Florida.

GOBankingRates

Here's What Would Happen If We Seized All the Wealth From America's 800 Billionaires

Don't comfort yourself with wishful thinking that millionaires and billionaires could take the entire burden of the deficit off our hands.

Reason

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Texas Couple Earning $161K Struggles With $90,000 Credit Card Debt Yet Still Splurged on a $20,000 Vacation — 'We Just Made Some Bad Decisions'

Earning $161,000 in Fort Worth, Texas — in a state with no income tax and a relatively low cost of living — should be a ticket to financial breathing room. Instead, one couple's choices have left them buried in nearly $90,000 in credit card balances, a $53,500 Tesla loan, and…

Benzinga

6 Financial Surprises That Appear After Moving States

Relocating to a new state can be an exciting chapter, but it often comes with hidden financial surprises. Many people focus on the obvious costs like hiring movers or renting a truck, but there are subtler, ongoing changes that can catch you off guard. From new tax rates to shifts…

The Free Financial Advisor

Podcasters and influencers: The unexpected jobs covered under Trump's 'no tax on tips' plan

The Treasury Department has released a preliminary list of jobs exempt from income tax on tips, including food service, concierge, and salon workers

The Independent UK

I'm an Annuities Expert: Here Are Two Ways to Use Annuities to Benefit From the OBBB

To qualify for a new tax break included in the One Big Beautiful Bill Act, some older adults need to lower their taxable income. Annuities can make that happen.

Kiplinger

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Here's Why Munis Aren't Just for Wealthy Investors Now

Buyers of all levels should be intrigued by municipal bonds' steep yield curve, strong credit fundamentals and yield levels offering an income buffer.

Kiplinger

9 Hidden Deductions Retirees Miss on State Income Tax Returns

Retirement is often portrayed as a time of financial simplicity. No more paychecks to track, no more yearly raises to calculate, and, for some, no...

Saving Advice

Less Tax, More Luxury: Millionaires Flock To Dubai

Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy and easy luxury lifestyle that has become harder to maintain elsewhere.

International Business Times

No, Tariffs Can't Replace Income Taxes

They are among the worst taxes imaginable—narrow, arbitrary, unstable, and regressive.

Reason

How do we decide if a tax is good or bad? And which ones are ‘damaging’ Australia’s economy?

Experts say stamp duties and income taxes have a much higher burden than more efficient policies, such as GST

The Guardian - AU

How Rachel Reeves can raise money and also make the tax system fairer

Letters: Most people support a wealth tax on £10m fortunes and want to equalise capital gains and income tax, writes Caitlin Boswell. Plus, letters by Christopher Bowser and Alan Fairs

The Guardian - UK

Elon Musk's SpaceX Paid Almost No Federal Income Tax Since 2002 Despite Billions In Government Contracts: Report

SpaceX, the space exploration company founded by Elon Musk, has reportedly paid minimal to no federal income taxes since its establishment in 2002, despite receiving billions in federal contracts.

Benzinga

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news in one place.

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The Free Financial Advisor

Why Some 401(k)s Trigger Extra Taxes After Death

A 401(k) is often one of the most valuable assets a person leaves behind, but inheriting one isn’t as simple as cashing a check. Many families are surprised to learn that certain circumstances can lead to additional tax bills after the account holder passes away. From federal income taxes to…

The Free Financial Advisor

Is Your Roth IRA Still Protected From Estate Taxes in 2025?

For years, many people assumed that passing down a Roth IRA to their heirs was a tax-friendly move that wouldn’t trigger hefty estate taxes. But as tax laws evolve, so does the answer to whether your Roth IRA is still protected from estate taxes in 2025. Roth IRAs remain attractive…

The Conversation

What’s the secret to fixing the UK’s public finances? Here’s what our panel of experts would do

Unexpected growth in the UK economy isn’t enough to detract from the gaping hole in the country’s public finances. Speculation is ramping up about what steps the chancellor of the exchequer, Rachel Reeves, might take to plug the gap come the budget in autumn – and there are no shortage…

Kiplinger

Ask the Editor, August 15: Tax Questions on the OBBB, Tax Rates

In this week's Ask the Editor Q&A, we answer tax questions from readers on the OBBB and changes, if any, to tax rates.

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Kiplinger

Another State Eliminates Capital Gains Tax in 2025: What’s Next?

Could a major tax shift in one state be an example for other states to follow?

GOBankingRates

What a $100K Salary Looks Like After Taxes in Your State

A six-figure salary is a goal for many people. However, even if you have gotten to a place in you're life where you're making a six-figure salary, you might be taking home a lot less after taxes,...

Kiplinger

What the OBBB Means for Social Security Taxes and Your Retirement: A Wealth Adviser's Guide

For Americans in lower- and middle-income tax brackets, the enhanced deduction for older people reduces taxable income, shielding most of their Social Security benefits from being taxed.

Kiplinger

Ask the Editor, August 8: Tax Questions on Roth IRA Conversions

In this week's Ask the Editor Q&A, we answer tax questions from readers on converting a traditional IRA to a Roth IRA.

The Independent UK

Voices: ‘The fairest way’ or a ‘political disaster’? Readers split on whether Reeves should raise income tax

YOUR VIEWS: Our community is split over whether raising income tax is the fairest way to plug Britain’s £50bn budget gap or a risky move that could harm growth and Labour’s political standing

Newslaundry

Gold and gated communities: How rich India’s hoarding fuels inequality

Jo bhi hai wo theek hai, zikra kyon karenHum hi sab jahaan ki, fikra kyon karen.– Sahir Ludhianvi, Phir Subah Hogi, 1958. Truth, when repeated often enough, starts sounding very banal. It just doesn’t register. Take this sentence: India is an economically unequal country. The evidence is all around us, and…

The Independent UK

Dire economic crosswinds mean Rachel Reeves must raise income tax

THE INDEPENDENT VIEW: Editorial: Despite interest rates being brought to their lowest level in more than two years, a combination of meagre economic growth, high government spending and U-turns over proposed welfare cuts has trapped Labour in a fiscal straitjacket. But the chancellor must remember that good policy is good…

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