Tag

Tax Policy

All articles tagged with #tax policy

politics6 days ago•3 min saved

US Tax Rules Tighten Refundable Benefits for Immigrant Eligibility

The Treasury Department and IRS unveiled rules to bar the refundable portions of four major tax credits (adoption, child, American Opportunity, and Earned Income Tax Credit) for illegal immigrants, allowing only citizens, nationals, and qualified aliens to receive them; about 1 million people would lose the refundable portion, though the credits can still offset tax liability, and taxpayers are expected to save roughly $3 billion.

via nypost.com|

#illegal-immigration #irs #politics

business8 days ago•6 min saved

Californian Brand Group Shifts HQ to Texas Over Costs and Taxes

A California-based apparel and e-commerce company, Digital Brands Group, moved its headquarters to Round Rock, Texas, citing high operating costs, taxes and regulatory burdens in California, as part of a broader trend of wealth and jobs leaving the state. The move includes a roughly 70,000-square-foot Texas facility to serve universities nationwide, with some production remaining in Los Angeles and employees facing the choice of relocating.

via Fox News|

#business #california #digital-brands-group

politics13 days ago•4 min saved

Trump aides float larger home-sale tax breaks as midterms approach

Trump officials floated potential tax breaks for owners selling their primary homes, including indexing capital gains for inflation and expanding the home-sale exclusion, but experts say any move before the midterms is unlikely and benefits would mainly accrue to wealthy homeowners. Since changes would require Congress, and time is tight, the administration’s proposals may not materialize soon, with analysts noting the current $250,000/$500,000 exclusion hasn’t kept pace with rising home equity.

via CNBC|

#capital-gains #home-sales #midterms

finance15 days ago•15 min saved

Hochul Warns Pied-à-Terre Tax Could Reveal Residency Cheats

New York’s pied-à-terre tax aims to fund city services, with Hochul’s office signaling enforcement against residents who falsely claim nonresident status; the exemption process could surface residency fraud, and officials say the measure will raise about $500 million annually despite criticism from some business leaders.

via Yahoo Finance|

#finance #kathy-hochul #new-york

politics19 days ago•8 min saved

Wyden targets data centers with new taxes and incentive limits

Sen. Ron Wyden proposes a federal framework aimed at data centers that would bar them from Opportunity Zone incentives, bar full expensing for data-center investments, and impose a low single‑digit excise tax whose revenue would be used to aid communities affected by AI; Wyden argues the data-center boom shows incentives aren’t needed and emphasizes funding to address AI’s impacts, while noting that details like defining what qualifies as a data center still need work. The update also covers related Capitol Hill developments on AI legislation and Senate agenda discussions.

via Politico|

#ai #data-centers #opportunity-zone

business20 days ago•5 min saved

China’s 20% tax on offshore trusts triggers rush to settle assets

China will levy 20% on offshore trusts at nearly every stage—from setup to distributions to termination—with a 90‑day window to declare and pay taxes on assets moved into such trusts since Jan 1, 2023 (deadline Oct 22). The move has spurred a rush of inquiries from wealthy families and advisers in Hong Kong and Singapore as they assess exposure, consider asset sales or distributions, and explore installment options, all while ensuring CRS reporting and navigating illiquid assets. The policy aims to boost revenue amid a slowing economy and tighter capital controls, signaling a shift in private‑wealth planning even though the rate is lower than the U.S. top rate.

via CNBC|

#business #hong-kong #offshore-trusts

politics20 days ago•3 min saved

Missouri voters reject bid to abolish state income tax

Missouri voters in the primary rejected Amendment No. 5 to abolish the state's personal income tax by an 84%-16% margin; supporters led by Gov. Mike Kehoe framed it as a generational opportunity, while opponents warned it would hit funding for schools, prisons and social services and likely require higher sales and other taxes to replace revenue.

via New York Post|

#ballot-measure #income-tax #missouri

politics26 days ago•9 min saved

Missouri voters weigh replacing income tax with expanded sales taxes under Amendment 5

Missouri voters will decide Amendment 5, which would eliminate the state income tax and require revenue replacement via expanded sales taxes within five years; supporters argue it could spur growth and simplify taxes, while opponents warn it would raise costs for low- and middle-income residents and seniors, with no exemptions defined yet and local tax rollbacks possible, along with ongoing questions about which items would be taxed and how the changes would be implemented.

via STLPR|

#amendment-5 #income-tax #missouri

politics28 days ago•12 min saved

Blanche nomination could stall as Republicans push for changes to Trump tax deal

Sen. John Cornyn said the Senate Judiciary Committee’s planned vote on Todd Blanche’s attorney general nomination could be postponed while Republicans seek written modifications to the Trump-IRS settlement that created an $1.8 billion anti-weaponization fund and shielded Trump from audits; with Democratic opposition, even a single Republican ‘no’ could derail confirmation. The day also includes updates on a bipartisan Senate tax-administration bill in the Finance Committee and ongoing negotiations over audit-immunity provisions, along with other political developments in the live-feed.

via Politico|

#audit-immunity #blanche-nomination #judiciary-committee

business1 month ago•7 min saved

Detroit Eyes Tax-Free Belle Isle as Spark for Urban Revival

Michigan developer Rodney Lockwood proposes transforming Belle Isle into a self-governing, tax-free 'Freedom City'—a 982-acre special economic zone that could host 50,000 residents and attract about $50 billion in private investment to revive Detroit and serve as a model for other high-tax cities.

via Fox News|

#belle-isle #business #detroit-economy

local-government-finance1 month ago•1 min saved

NYC rolls out pied-à-terre tax notices aimed at ultra-wealthy out-of-town homeowners

New York City has begun notifying owners of homes valued above $5 million that are used as secondary residences by non‑New Yorkers about the new pied-à-terre tax, a first‑in‑the‑state annual surcharge designed to tax the ultra‑wealthy and fund city services. The program, a key part of Mayor Zohran Mamdani’s pledge to tax the rich, is expected to raise about $500 million annually. Letters are going out, a help site was launched, and the city added staff to implement the measure, with examples like billionaire Ken Griffin cited to illustrate the policy.

via USA Today|

#local-government-finance #new-york-city #pied-a-terre-tax

politics1 month ago•6 min saved

Democrats push watchdog probe into IRS lawyer’s ouster after White House clash

A group of 12 Senate Democrats asked the Treasury Department’s internal watchdog to probe whether White House pressure influenced the IRS’s actions, following reports that Kenneth Kies, acting IRS chief counsel, was ousted after clashing with White House officials over enforcement and a federal law restricting political influence on audits. Kies reportedly cited the law in a meeting, and an official said he was “not a team player.” Kies confirmed his departure and said he will return to private life, with Kies’s deputy Kevin Salinger now serving as acting chief counsel. The lawmakers warned about the safeguards against political interference and noted that, if a law was violated, the DOJ would handle criminal charges, though Congress could pursue investigations if it wins control. The event is part of broader turnover in the IRS leadership under the current administration.

via The Washington Post|

#democrats #investigation #irs

business1 month ago•3 min saved

IRS boosts midyear mileage rate to 76 cents per mile amid gas-price spike

Starting July 1, 2026, the IRS increases the standard mileage rate for business use by 3.5 cents to 76 cents per mile for the second half of 2026, with medical/moving mileage at 23.5 cents and Armed Forces/intelligence mileage also at 23.5; charitable mileage remains 14 cents. The midyear adjustment—driven by volatile gas prices and a rare move in recent years—will apply to mileage incurred on or after July 1 and affects 2026 tax returns for self‑employed filers and employees who are reimbursed by employers, who must consider both halves’ rates when calculating deductions or reimbursements.

via USA Today|

#business #charity-mileage #gas-prices

uk-politics1 month ago•4 min saved

Burnham signals tax flexibility to back high-street relief

UK Labour leadership hopeful Andy Burnham said there is room for movement on tax within Labour's manifesto, proposing higher business rates on large warehouses to fund tax cuts for pubs and other high-street venues while pledging not to raise VAT, income tax or national insurance, and stressing credibility on public finances alongside defence and welfare considerations.

via BBC|

#andy-burnham #business-rates #labour-party

real-estate1 month ago•11 min saved

Permanent bonus depreciation lures high earners into vacation-rental bets

Permanent 100% bonus depreciation lets high-earning investors offset much of a vacation rental’s cost against current income if they actively run the business and meet the material-participation rule. This has spurred a surge in pricey vacation-home purchases as a wealth-building strategy, with upfront tax savings touted as a big upside. However, depreciation is a deferral (not forgiveness), benefits depend on strong cash flow and market viability, and gains can be recaptured on sale or via exchanges; rigorous record-keeping and audit risk accompany the strategy.

via Business Insider|

#bonus-depreciation #depreciation #real-estate