Tag

Taxes

All articles tagged with #taxes

business2 days ago•13 min saved

Trump’s Trading Surge Outsizes Congress, Sparked Tax-Theory Debate

Slate Money reports that President Trump’s trading volume jumped roughly 10x quarter over quarter, with dollar terms exceeding all trading by Congress combined. One theory floated by host Felix Salmon is that changes in personal capital-gains tax exposure under the 2026 tax code could have unlocked more aggressive trading. The piece notes the STOCK Act requires disclosure but does not ban presidential or congressional stock trades, and it highlights headline risk, disclosure lag, and the market-moving potential of public statements as key takeaways while more data and policy reforms remain undecided.

via Yahoo Finance|

#business #congress #stocks

politics5 days ago•17 min saved

Tax Experts Skeptical of Trump's Audit Immunity Claim

Experts question the idea that President Trump could be immune from IRS audits, warning that such a notion would undermine trust in the tax system and raise concerns about the IRS's independence and accountability, even as the discussion highlights broader political implications for tax enforcement.

via AP News|

#audits #irs #politics

politics-and-policy5 days ago•5 min saved

Trump Turns the Presidency Into a Profit Engine, Critics Say

Axios argues that Trump has used the presidency to shield past tax matters while profiting from government decisions—via a booming crypto venture, thousands of stock trades, and a growing Trump Organization footprint abroad—pushing his net worth higher (about $6.1B) and setting a controversial new precedent for presidential wealth.

via Axios|

#ethics #politics-and-policy #presidency

business6 days ago•24 min saved

Dimon to Mamdani: NYC’s success hinges on results, not ideology

JPMorgan Chase CEO Jamie Dimon told Bloomberg TV he’ll judge NYC Mayor Zohran Mamdani by outcomes rather than rhetoric, warning that if affordable housing and other core issues don’t improve, the city won’t attract people or business. Dimon cautioned that Mamdani’s left-leaning agenda must compete for talent with global hubs, as the mayor pushes higher taxes on corporations, a 2% income tax hike for the wealthy, and a luxury levy on second homes. Dimon also backed Jeff Bezos’s call for reducing taxes on lower earners to zero, and supported Bezos after he criticized Mamdani for naming Ken Griffin in a video. The comments followed a meeting with Mamdani and other business leaders and underscore growing tension between NYC’s business community and the mayor’s policy aims.

via New York Post|

#business #jamie-dimon #jeff-bezos

entertainment6 days ago•38 min saved

Survivor 50 Winner’s Real Take-Home After Taxes

The article explains that while the Survivor 50 champion earns a $1 million prize, the amount they actually keep is reduced by federal and state taxes (and any other applicable levies). Because the prize is considered ordinary income, it’s taxed at the winner’s bracket plus state rates where applicable, so the post‑tax take home is typically in the mid‑ to upper‑six figures depending on the winner’s residence and tax situation. The piece underscores the importance of tax planning and potential estimating payments to avoid surprises.

via Forbes|

#entertainment #finances #prize

business7 days ago•4 min saved

Bezos says tax hikes on the rich won’t fix everyday Americans’ problems

Jeff Bezos argues that raising taxes on the ultra-wealthy won’t help the average American, saying a policy that demonizes billionaires won’t solve real issues like what a Queens teacher faces. He notes that many households don’t pay income tax and contrasts that with his own vast wealth. New York City Mayor Mamdani pushes higher taxes on the wealthy, including a pied-à-terre tax, while NYC business and luxury markets show resilience. Public polling and several states have explored or enacted billionaire taxes, but federal action remains unlikely with Republicans in power.

via NBC News|

#bezos #business #inequality

politics13 days ago•9 min saved

Newsom bets on budget discipline to keep California deficit-free through 2028

Gavin Newsom unveils a slimmer general fund budget aimed at keeping California deficit-free through 2028, pairing lower outlays with targeted tax changes to shore up long-term liabilities while balancing labor and business needs ahead of a potential 2028 presidential bid.

via Politico|

#california-budget #deficit #fiscal-policy

politics13 days ago•4 min saved

Newsom tees up an optimistic budget after a $16.5B revenue windfall

Gov. Gavin Newsom released an early preview of his budget showing a $16.5 billion revenue windfall over three years and a rosier fiscal outlook, but with few specifics on how to close looming deficits for 2026–27 and 2027–28; he floated a corporate tax-credit cap and rolled out new spending like ACA premium relief for low-income Californians, $100 million for wildfire-rebuilding loans, and 400 free diapers for newborns as he prepares a fuller proposal and weighs a potential 2028 presidential run.

via Los Angeles Times|

#budget #california #economy

politics15 days ago•5 min saved

North Carolina budget framework reached after 10-month delay, with teacher raises and phased tax cuts

North Carolina GOP leaders announced a framework for a long-delayed two-year budget, proposing about 3% raises for most state employees and an average 8% raise for teachers (plus $1,000–$1,750 bonuses, not retroactive). They replace automatic tax-rate triggers with a staged cut, lowering the personal income tax from 3.99% to 3.49% for two years and setting a path to further reductions; two tax-related constitutional amendments would go on the November ballot to cap the income tax and limit local property tax revenue increases. Final details remain to be negotiated, with a possible final bill to the governor by mid-June. Democrats criticized the pace and scope, while educators and frontline workers would see the largest increases in years.

via WUNC News|

#budget #north-carolina #politics

politics18 days ago•22 min saved

Blakeman plans to tap $3.8B state reserve for immediate NY tax relief

Republican Bruce Blakeman, Nassau County executive and GOP gubernatorial frontrunner, says he would use New York’s $3.8 billion reserve for economic uncertainties, or the $9.2 billion rainy-day fund if needed, to deliver immediate tax relief—including a 10% tax cut for earners under $250,000 and eliminating state tax on the first $50,000 for single filers and $100,000 for joint filers—while Gov. Hochul’s camp dismisses the plan; Blakeman promises to shut down Hochul’s reserve and return money within 100 days.

via New York Post|

#bruce-blakeman #kathy-hochul #politics

politics21 days ago•4 min saved

Gas prices, taxes and immigration dominate California gubernatorial debate as mail voting begins

Seven candidates in a CNN-televised California governor debate pressed sharp divides over why gas prices are high, how to tackle taxes, and immigration, with mail voting underway ahead of the June 2 primary; Democrats blamed national factors and GOP messaging for living-cost pressures, while Republicans touted possible relief, leaving the crowded field without a clear frontrunner as California grapples with homelessness, wildfires and housing costs.

via ABC7 Los Angeles|

#california-elections #gas-prices #gubernatorial-debate

entertainment23 days ago•11 min saved

Taxman Wipes Out Most of Hayley Mills’ Disney Fortune

Hayley Mills reveals that most of her Disney earnings were siphoned off by taxes through a trust, with Inland Revenue hitting ~90% at one point. A brief win for Lord Denning against the tax authorities was overturned by the House of Lords, leaving Mills with a wiped-out fortune by the mid-1970s. She says she was poorly advised, her father’s business manager involved in the setup, and she had to keep working to make a living.

via Fox News|

#disney #entertainment #hayley-mills

business25 days ago•81 min saved

Jamie Ding's Jeopardy windfall dampened by taxes and thrift plan

Jamie Ding won $880,000 on Jeopardy!, but after taxes and a modest savings plan, the windfall isn’t as life-changing as it sounds, with the prize income likely offset by tax impact and conservative financial choices.

via Yahoo Finance|

#business #jamie-ding #jeopardy

personal-finance1 month ago•7 min saved

Maximize Your Social Security: Five Retirement Mistakes to Avoid

The Motley Fool highlights five common Social Security mistakes that can reduce retirees’ benefits and offers practical fixes: claiming benefits early out of fear instead of planning, working without understanding the earnings test, assuming benefits won’t be taxed (tax rules and potential RMDs can affect taxability), failing to coordinate spousal benefits, and not checking your earnings record regularly for errors. The piece emphasizes careful timing, tax considerations, and using online tools to estimate outcomes, noting 2026 thresholds ($24,480 earnings before benefits are reduced and $65,160 for the higher earner) and the broader context of Social Security’s finances.

via The Motley Fool|

#earnings-test #personal-finance #retirement-planning

business1 month ago•313 min saved

AI and the IRS: Could Your Tax Audit Odds Rise?

Audits have historically affected less than 1% of filers (about 0.3% in 2021). The IRS has seen staffing losses and funding cuts, even as it modernizes with AI to better target high‑risk noncompliant returns. AI could make audits more efficient and reduce no‑change audits, but might increase correspondence audits if qualified staff are available to handle inquiries. The overall impact on audit odds remains uncertain and will depend on AI reliability, staffing, and responsible use in coming years, with the usual statute of limitations (generally 3 years, longer if fraud is suspected).

via CNN|

#ai #audits #business