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Tax Policy

All articles tagged with #tax policy

Trump Tax Law Mostly Benefits the Rich, With Caps Limiting Tip Earners' Relief
economy2 days ago

Trump Tax Law Mostly Benefits the Rich, With Caps Limiting Tip Earners' Relief

NBC News reports that while many Americans saw larger tax refunds under Trump’s tax law, the gains are heavily skewed toward the wealthy. Provisions like a broad expansion of the estate tax, 100% bonus depreciation for business purchases (including jets), and other cuts disproportionately favor high earners, with about 60% of savings going to households over $217,000. At the same time, cap on tip deductions (up to $25,000) and limits on overtime and Social Security deductions mean many middle- and lower-income workers see only modest relief or higher costs elsewhere. Some older adults benefit from a $6,000 deduction, but benefits vary by income and family structure, raising concerns about rising inequality even as the White House markets the law as “working family tax cuts.”

via NBC News|
#economy#inequality#middle-class
AI Wealth Shift Sparks Proposed Tax Overhaul
technology13 days ago

AI Wealth Shift Sparks Proposed Tax Overhaul

OpenAI investor Vinod Khosla argues AI is accelerating a shift in wealth and power away from workers and proposes taxing capital gains at the same level as income to let roughly 125 million lower‑income Americans pay no federal income tax while preserving government revenue, a move he says could ease the transition and reflect AI‑driven political concerns ahead of the 2028 US elections.

via Financial Times|
#artificial-intelligence#capital-gains-tax#tax-policy
Warren's Ultra-Rich Tax Plan Aims to Raise Trillions
economy16 days ago

Warren's Ultra-Rich Tax Plan Aims to Raise Trillions

Sen. Elizabeth Warren proposes the Ultra-Millionaire Tax Act of 2026, a 2% annual net-worth tax on households and trusts over $50 million plus a 1% levy on billionaire wealth and a 40% exit tax. Berkeley economists estimate it could raise about $6.2 trillion over a decade to fund health care, education and other programs, with Democratic co-sponsors but unlikely passage in a polarized Congress; enforcement and concerns about wealth flight are part of the debate.

via CBS News|
#billionaires#economy#elizabeth-warren
Washington closes session amid push for millionaires tax, facing lawsuits and ballot battles
politics28 days ago

Washington closes session amid push for millionaires tax, facing lawsuits and ballot battles

Washington approves a 9.9% tax on income over $1 million to fund rebates and universal school meals, with Gov. Ferguson backing it, while opponents plan legal challenges and ballot initiatives; the session also rolls back the estate tax from 35% to 20%, setting up a broader tax reform fight that could go to court or voters.

via KOMO|
#constitutional-challenge#estate-tax-rollback#millionaires-tax
Washington House Approves Tax on High Earners After Marathon Floor Session
politics1 month ago

Washington House Approves Tax on High Earners After Marathon Floor Session

After a 24-hour-plus floor debate, the Washington House approved a 9.9% tax on households earning over $1 million by a 51-46 vote (one excused). Democrats say the Millionaires’ Tax would raise up to $3 billion for education, health care, and public safety; Republicans call it a delay tactic and warn it could impact smaller earners and businesses. If signed by Governor Ferguson, the measure would take effect in 2029 and moves to the governor’s desk as the session wraps up.

via KIRO 7 News Seattle|
#education-funding#millionaires-tax#politics
politics1 month ago

Sherrill Centers NJ Budget on Affordability, Slashing Senior Tax Relief

Gov. Mikie Sherrill unveiled a $60.7 billion New Jersey budget with $2 billion in cuts, including a $500 million reduction to the Stay NJ senior property-tax relief program, and relies on new fees and narrower business deductions to close a projected deficit, while funding pensions, K-12 education, preschool aid, and Medicaid and sending the plan to weeks of legislative hearings with no increase in taxes on individuals.

via Politico|
#affordability#budget#mikie-sherrill
Booker proposes $75K standard deduction to reshape taxes
politics1 month ago

Booker proposes $75K standard deduction to reshape taxes

Sen. Cory Booker says he will introduce a tax bill to expand the standard deduction to $75,000 for married couples (and $37,500 for individuals), with $56,250 for head-of-household filers, effectively making the first portion of earnings untaxed and nudging taxpayers toward the standard deduction. The plan, which lacks a price tag, would be funded by higher taxes on the wealthy and corporations and by closing loopholes. It would also raise the child tax credit to $4,320 per child under 6 and $3,600 per child 6–17 and add a $2,400 baby bonus. Booker frames the idea as a big, broadly beneficial reform, though there is no current timeline and the proposal's fate in a stalled Congress remains uncertain.

via NBC News|
#child-tax-credit#cory-booker#politics
Washington Millionaire Backs Wealth Tax for Top Earners
business1 month ago

Washington Millionaire Backs Wealth Tax for Top Earners

A 70-year-old Washington retiree, Victoria Hattersley, advocates a 9.9% tax on income over $1 million, proposed to take effect in 2028 with first payments in 2029. In an as-told-to interview, she describes rising from modest means to wealth through a pharma career and stock options, rejects the bootstrap myth, and argues that excessive inequality harms society and that the wealthy should pay their fair share to fund healthcare, daycare, and other public goods. She notes the plan would affect less than 1% of residents and could bolster small businesses and social programs while reducing societal and cultural instability caused by inequality.

via Business Insider|
#business#millionaires#progressive-tax
politics1 month ago

IRS Chief Grilled by Lawmakers Over Unprepared Answers at Hearing

During his first appearance before the House Ways and Means Committee, IRS CEO Frank Bisignano faced sharp questions from Rep. Max Miller about tax-season operations and policy issues, including digital-asset taxation and a marriage-penalty deduction. Bisignano offered vague, repetitive answers, prompting Miller to call him unprepared and embarrassingly uninformed, as lawmakers pressed on questions about tax policy and enforcement during peak filing season.

via Politico|
#congressional-hearing#frank-bisignano#irs
Trump Proposes Universal Retirement Accounts with $1,000 Annual Match
politics1 month ago

Trump Proposes Universal Retirement Accounts with $1,000 Annual Match

Trump unveiled a plan to create retirement accounts for Americans without employer-based plans, offering up to $1,000 per year in matching funds funded via a box on tax forms and linked to an expanded SECURE Act, with potential philanthropic contributions; the move aims to boost savings access as concerns mount over the Social Security trust fund running dry by 2033, though more action is still needed.

via Axios|
#politics#retirement#secure-act
Tax math showdown: Mamdani’s NYC budget hinges on two hikes
politics1 month ago

Tax math showdown: Mamdani’s NYC budget hinges on two hikes

New York City Mayor Zohran Mamdani outlines two paths to close a $5.4 billion budget gap—either a 2 percentage-point hike to the personal income tax for top earners or a 9.5% increase in the overall property tax. The piece notes that describing the income tax as “2%” can be misleading, since a two-point increase effectively raises what high earners pay by about 52%, depending on how rates are calculated. Officials and watchdogs weigh in on the nuance as it shapes how the plan is understood and sold.

via City & State New York|
#budget#new-york-city#percent-vs-percentage-point
Washington governor backs millionaires tax with family rebates, rejects under-$1M income tax
politics1 month ago

Washington governor backs millionaires tax with family rebates, rejects under-$1M income tax

Gov. Bob Ferguson signaled support for a 9.9% tax on income over $1 million but would not back any income tax for individuals earning less than $1 million, insisting any bill must return significant revenue to Washington families and small businesses. He urged expanding the Working Families Tax Credit, broadening essential-item sales exemptions, and adding a biannual sales-tax holiday as the millionaire’s tax progresses from the Senate to the House; he did not commit to veto scenarios and highlighted the need for affordability measures as the session nears its March 12 deadline.

via KOMO|
#millionaires-tax#politics#small-business