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Royals face optics and transparency as public funding sits at £99.9m
world15 days ago

Royals face optics and transparency as public funding sits at £99.9m

Reuters reports that the Sovereign Grant for 2024-25 is £99.9m, a ‘charm pricing’ figure designed to look like value for money, while the King becomes the first monarch to publish his personal tax payment (£12.9m), signaling greater openness even though the income sources and tax breakdown remain unclear; the core grant remains higher than pre-renovation levels, the golden ratchet stays in place, and questions over royal spending and property arrangements persist.

via BBC|
#britain#royals#sovereign-grant
King Charles reveals £12.9m tax bill, signaling a new era of royal transparency
world16 days ago

King Charles reveals £12.9m tax bill, signaling a new era of royal transparency

King Charles III has disclosed he paid £12.9m in income and capital gains tax for 2024-2025, the first time a British monarch has publicly released their tax bill; his son Prince William reported £7.76m for the same period. The royal accounts show the Sovereign Grant rising to just under £100m for 2027-28 and confirm the King and Queen will continue to reside at Clarence House. The disclosure, described by Buckingham Palace as increasing transparency, includes no detailed breakdown of how the taxes were calculated.

via BBC|
#clarence-house#king-charles-iii#royal-finances
Sanders Unveils Plan for Public Ownership of AI Firms via a $7T Sovereign Fund
politics23 days ago

Sanders Unveils Plan for Public Ownership of AI Firms via a $7T Sovereign Fund

Sanders proposes transferring ownership of major AI companies to the American public through a sovereign wealth fund funded by a one-time 50% stock tax on large AI firms; the fund, worth about $7 trillion, would pay roughly 5% annually in dividends (over $1,000 per person) and be overseen by a seven-member independent commission that can influence corporate decisions and direct proceeds to public goods.

via WKMG|
#artificial-intelligence#bernie-sanders#politics
Myles Garrett’s California tax bite after Browns-Rams trade
sports1 month ago

Myles Garrett’s California tax bite after Browns-Rams trade

After being traded from the Browns to the Rams, Myles Garrett’s contract adds no new dollars over five years; California’s higher state income tax compared with Ohio means he effectively takes roughly a 10% gross-pay hit, even though his 2026 salary rose to $37 million and total pay for 2026–2030 remains $179 million. The Rams benefited from the tax situation, but Garrett could have pressed for an offsetting raise—he chose a fresh start with a contender anyway.

via NBC Sports|
#california#myles-garrett#nfl
DOJ nixes $1.8B 'Anti-Weaponization' fund; Trump’s tax protections stay in place
politics1 month ago

DOJ nixes $1.8B 'Anti-Weaponization' fund; Trump’s tax protections stay in place

The DOJ will not operate the planned $1.8 billion Anti-Weaponization compensation fund tied to a lawsuit by President Trump against the IRS, and Trump and his family remain shielded from audits for tax returns filed before the settlement. Acting Attorney General Todd Blanche testified to a House panel that the fund will not move forward, regardless of related lawsuits challenging its legality. The fund had faced GOP opposition over oversight and potential payments to Jan. 6 participants; a federal judge had temporarily blocked it, and Blanche said the DOJ won’t restart it.

via CNBC|
#anti-weaponization-fund#blanche#doj
politics1 month ago

Tax world aghast as DOJ seals Trump’s IRS audit-free era

A Justice Department settlement bars the IRS from auditing Donald Trump, his family, and related entities, permanently blocking audits of any matters currently pending and extending protections to future examinations under a broad “lawfare” provision—a move that shocks tax pros and could spark renewed Democratic oversight battles as Republicans weigh their response.

via Politico|
#audit#doj#irs
Shakira wins €55m tax refund in Spain after residency ruling
world1 month ago

Shakira wins €55m tax refund in Spain after residency ruling

Spain’s Audiencia Nacional ruled that tax authorities wrongly pursued Shakira for 2011 taxes, ordering the repayment of more than €55 million (about $64 million) because she was not a tax resident that year. The court found she spent 163 days in Spain in 2011, short of the 183-day threshold, and noted the ruling covers only that year’s taxes. Shakira had already settled a separate tax case for 2012‑2014 in 2023, paying €17.5 million plus fines (€7.3 million), with prison time avoided on a suspended sentence. She called the decision decisive and historic.

via CNN|
#audiencia-nacional#residency#shakira
Trailblazing Derby Win Dented by Taxes for Cherie DeVaux
sports2 months ago

Trailblazing Derby Win Dented by Taxes for Cherie DeVaux

Cherie DeVaux became the first woman to train a Kentucky Derby winner with Golden Tempo, but taxes will trim the $3.1 million first‑place purse. Both DeVaux and jockey Jose Ortiz are entitled to 10% of the winnings ($310,000 each); after deductions, Ortiz’s take‑home is about $208,320 post‑tax, while DeVaux would receive about $297,600 after taxes. The historic victory is celebrated, but the prize money is noticeably reduced by taxation.

via Daily Express US|
#cherie-devaux#golden-tempo#kentucky
Galway weighs nightly tourist levy to fund city upgrades
world-news2 months ago

Galway weighs nightly tourist levy to fund city upgrades

Galway, Ireland is weighing an overnight visitor levy that would charge about $1.10–$2.20 per guest per night for hotel or short‑term stays, with potential annual revenue above $2.1 million to fund tourism infrastructure and services. The plan requires national legislation and approval, and faces opposition from local leaders who warn it could unsettle budgets or send the wrong message. Supporters note that many EU countries already apply similar fees, while Galway continues to attract about 1 million international and 1.4 million domestic visitors, highlighting the city’s push to manage tourism growth.

via New York Post|
#economy#europe#ireland
Washington Millionaires Tax Dampens Take-Home for Smith-Njigba's Big Deal
sports3 months ago

Washington Millionaires Tax Dampens Take-Home for Smith-Njigba's Big Deal

Washington’s proposed 9.9% “millionaires’ tax” starting in 2028 would cost Jaxon Smith-Njigba roughly $12.3M in state taxes on his $168.6M extension, while Ja’Marr Chase would pay about $4.46M under Ohio’s tax changes; after state taxes, Chase would take home about $156.54M and Smith-Njigba about $156.30M, meaning the tax geography narrows the gap despite the bigger contract and highlights how blue states tax athletes more than red states like Ohio.

via OutKick|
#jamarr-chase#jaxon-smith-njigba#nfl
Treasury and IRS issue interim guidance on foreign-entity rules for clean energy tax credits
policy4 months ago

Treasury and IRS issue interim guidance on foreign-entity rules for clean energy tax credits

Treasury and the IRS issued Notice 2026-15 to guide when electricity-producing facilities, energy storage technologies, or 45X components receive material assistance from a prohibited foreign entity, which could render them ineligible for clean energy credits under Sections 45Y, 48E, and 45X. The notice outlines interim safe harbors, how to calculate the material assistance cost ratio, and notes that forthcoming regulations and additional guidance will define PFE and update safe harbors. Taxpayers may rely on these rules for projects begun after 12/31/2025 through 60 days after the forthcoming safe harbor tables, and for 45X components sold in taxable years after 7/4/2025 until those tables are published. Comments on definitional, anti-circumvention, and related issues are due within 45 days.

via IRS (.gov)|
#energy#foreign-entity#irs
Washington lawmakers push 9.9% tax on $1M+ earners to fund services
politics5 months ago

Washington lawmakers push 9.9% tax on $1M+ earners to fund services

Democrats in Olympia unveiled Senate Bill 6346 proposing a 9.9% tax on household incomes above $1 million to raise about $3.7 billion annually for public education, early learning, childcare, healthcare and other services. The plan would also eliminate the sales tax on grooming products, create a small-business gross-revenue threshold exemption, expand the Working Families Tax Credit and direct 5% of revenue to counties for public safety. Gov. Jay Inslee’s office notes the proposal doesn’t go far enough for Washingtonians, while Republicans call it unconstitutional and warn of potential court challenges or voter referendum.

via king5.com|
#education-funding#income-tax#millionaires-tax
US tax tweaks could upend SWFs' US investments
business5 months ago

US tax tweaks could upend SWFs' US investments

US IRS proposals to tighten Section 892 could strip tax-exempt status from sovereign wealth funds and some public pensions that engage in US investments, by redefining when debt purchases and other activities count as 'commercial activity' and by widening 'effective control' tests. The changes would affect private credit, private equity co-investments and real assets, potentially costing SWFs billions in avoided taxes and prompting restructurings or shifts to more passive strategies; final rules are not settled yet, with comments due Feb 13.

via Financial Times|
#blockers#business#privatecredit