All articles tagged with #federal income tax
Sen. Ted Cruz introduced the "No Tax on Tips Act," a bill to exempt tips from federal income tax, co-sponsored by Republican Sens. Steve Daines, Rick Scott, and Kevin Cramer. The legislation aims to support workers who rely on tips, addressing inflation concerns attributed to the Biden administration. This follows a similar House bill and aligns with former President Trump's recent advocacy for tax-free tips.
A study found that 35 major US companies, including Tesla, paid their top five executives more than they paid in federal income taxes between 2018 and 2022. Tesla, which earned $4.4 billion and paid its executives $2.5 billion, not only didn't pay any federal taxes but received $1 million in refunds. The study also revealed that 18 of these companies reported net profits over the five years but didn't pay a cent of federal income tax, with some receiving refunds. Notable companies like T-Mobile, Netflix, Ford Motor, and Match Group were also listed in the study, sparking outrage over corporate greed and the need for tax reform.
The federal income tax brackets for 2023 are expected to remain the same as in 2022, with increased income thresholds for each bracket. The brackets determine how much taxpayers owe on their taxable income after subtracting standard deductions. These adjustments aim to prevent taxpayers from moving into higher tax brackets as living expenses rise. Californians who have not yet filed their 2022 taxes have until October 16 to do so due to a tax extension granted to those affected by severe weather last year.