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The Latest Breaking News from Income Tax

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

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

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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

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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

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.

Kiplinger

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

The Guardian - UK

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.

Kiplinger

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

Evening Standard

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.

Kiplinger

Who pays the most income tax?

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

USAFacts

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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:

The Conversation

How do 9 states get by with no income tax? A tax expert explains the trade-offs they choose

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.

Evening Standard

Billionaire Gerko loses tax fight over quant trader payouts

One of the UK’s largest taxpayers, billionaire quant trader Alex Gerko lost a legal dispute with British authorities over the tax treatment of a deferred payment plan. Appeal judges ruled that Gerko and other traders, while they were still running high-frequency trading strategies at GSA Capital Partners between 2010 and…

The Canberra Times

ACT Young Liberals' particularly conservative policy agenda revealed

Party's youth wing will also debate abolishing income tax entirely.

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StockNews.com

Is Jumia Technologies a Hidden Gem in E-Commerce?

Despite strong year-over-year growth in GMV and revenue, Jumia Technologies (JMIA) incurred a significant loss before income tax due to currency devaluations in its largest markets, impacting purchasing power and supply availability. Given the challenging macro environment in Africa, should you invest in this e-commerce stock? Read more.

The Conversation

Why the new government is staying silent about the City – it won’t get tough on the UK’s financial sector anytime soon

Rachel Reeves’ first speech as the UK chancellor highlighted the financial constraints the new Labour government faces. With taxes already at a 70-year high in relation to national income, she repeated the pledge of no increases in national insurance, income tax or VAT.

Kiplinger

How to Handle Irrevocable Trust Assets Tax-Efficiently

Irrevocable trusts can be structured so that trust property is either included in the potentially taxable gross estate or removed. What are the pros and cons?

The Times of India

Filing ITR? Tax benefits you and your spouse can avail if you have kids

As the deadline for filing Income Tax Returns (ITR) approaches on July 31, it is crucial to be aware of the various exemptions available. One key area where taxpayers can benefit from exemptions is when they have children.

Reason

Clarifying the Uncertainty over Direct and Indirect Taxes in Moore v. United States

A guest post from Professor Rob Natelson

International Business Times UK

Woman Gets $475K Out Of $800K Game Show Prize After Taxes; Dave Ramsey Slams 'Thieving Government'

Soon after winning, Tyler faced challenges like state and federal taxes, entitled cousins wanting their fair share, and whether she should buy a new house.

Kiplinger

Project 2025 Tax Overhaul Blueprint: What You Need to Know

Some people wonder what Project 2025 is and what it suggests for taxes.

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