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politics23 days ago

House Advances Bipartisan Crypto Tax Overhaul Amid Broad Hill Activity

The House Ways and Means Committee voted 38-5 to advance a bipartisan crypto tax bill that revamps digital-asset taxation and includes a fix to allow gambling losses to be fully deductible, while addressing timing on mining and staking rewards. The move signals support across parties, but the bill’s fate remains uncertain amid a murky legislative path. The live updates also cover looming Section 702 surveillance renewal deadlines, a contempt-of-Congress finding against Leon Black in the Epstein probe, potential leadership challenges on other committees, and ongoing debates over AI regulation and federal tax incentives for data centers.

via Politico|
#ai#congress#crypto
IRS Simplifies Retirement Plan Rollovers with New Guidance
tax1 month ago

IRS Simplifies Retirement Plan Rollovers with New Guidance

The IRS and Treasury issued Notice 2026-49 with sample forms and proposed rollover procedures to streamline rollovers between retirement plans and IRAs under SECURE 2.0. The guidance applies to plan-to-plan and plan-to-IRA rollovers (not IRA-to-IRA) and emphasizes protecting participants’ personal information; use of the sample forms is optional for sponsors, and comments are invited by Oct. 23, 2026.

via Accounting Today|
#irs#notice-2026-49#retirement-rollovers
Powerball $748M windfall: advisers urge winners to plan and stay discreet
business2 months ago

Powerball $748M windfall: advisers urge winners to plan and stay discreet

With Powerball climbing to $748 million, financial advisers say winners should stay quiet, secure the ticket, hire a tax attorney/accountant and a financial adviser, and map out a payout strategy (lump sum vs. annuity) while navigating federal/state taxes and multi-state rules; initial steps include depositing funds in a brokerage and investing in short-term Treasuries to wait for a solid investing plan, all while guarding against scams and requests from friends or family.

via USA Today|
#business#financial-planning#lottery
Hochul defends pied-à-terre tax list as routine amid NYC backlash
politics2 months ago

Hochul defends pied-à-terre tax list as routine amid NYC backlash

Gov. Kathy Hochul defended the newly released pied-à-terre tax target list as not out of the ordinary, arguing it mirrors standard public tax rolls; critics say the list publicizes homeowners’ names and addresses and amounts to doxxing, while the policy targets luxury second homes in NYC and was pushed during budget negotiations, drawing political heat from Mayor Zohran Mamdani and allied leftists.

via New York Post|
#hochul#mamdani#nyc
Longtime NYC residents furious over new pied-à-terre tax and five-figure bills
usnews2 months ago

Longtime NYC residents furious over new pied-à-terre tax and five-figure bills

New York City residents are outraged after receiving notices for the new pied-à-terre tax, with some facing five-figure bills and confusing requirements to prove primary residency; the administration says the tax targets unoccupied luxury second homes, but critics argue the rollout is bureaucratic and unfair, even noting notices addressed to a deceased spouse and tight appeal deadlines.

via New York Post|
#appeals#mamdani#new-york-city
Russia leans on cash as digital payments falter and wartime taxes bite
world2 months ago

Russia leans on cash as digital payments falter and wartime taxes bite

Russians are turning to cash as mobile internet shutdowns disrupt card payments amid wartime economic pressure, adding 1.56 trillion roubles to cash in circulation since January—the biggest rise for a year outside Covid—while tax collection tightens and VAT rises squeeze firms; many businesses push customers to pay in cash to stay under VAT thresholds, and some wages are paid “in envelopes,” complicating state revenue and funding for the war despite a slowing economy and higher oil prices.

via BBC|
#cash#economy#russia
politics2 months ago

GOP reconciliation bill omits tax provisions, drawing ire from House tax writers

House Ways and Means Chair Jason Smith and other GOP tax writers were left out of the party-line reconciliation bill, sparking frustration over missing tax provisions as leaders push forward the $95 billion spending package; some lawmakers say a fourth bill or lame-duck actions could address tax policy, while others warn the omission could complicate midterm dynamics.

via Politico|
#budget#congress#gop
Royals face optics and transparency as public funding sits at £99.9m
world3 months 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
world3 months 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
politics3 months 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
sports4 months 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