All articles tagged with #tax policy
Originally Published 1 day ago — by Los Angeles Times
California's proposed Billionaire Tax Act aims to impose a 5% one-time tax on billionaires residing in the state, prompting some of the wealthiest to consider relocating to avoid the tax, raising concerns about potential impacts on California's economy and public services.
Originally Published 5 days ago — by CalMatters
California faces an $18 billion deficit as Gov. Gavin Newsom prepares to release his final budget plan, with options limited to raising taxes or cutting spending, both politically challenging. The state's financial situation is worsened by federal funding cuts and increased spending, particularly on health care programs like Medi-Cal. Political considerations and the upcoming gubernatorial transition influence decisions, with little appetite for tax hikes on high earners or significant spending cuts, raising concerns about long-term fiscal stability and the governor's legacy.
Originally Published 10 days ago — by The Detroit News
The IRS announced that new cars assembled in the U.S. purchased from 2025 to 2028 may qualify for a tax deduction on car loan interest, with eligibility determined by the vehicle's final assembly location, potentially benefiting middle-income households and supporting domestic auto production.
Originally Published 10 days ago — by Financial Times
Zohran Mamdani plans to push forward with increasing taxes on New York City millionaires to address fiscal issues.
Originally Published 12 days ago — by The New York Times
The article highlights key data-driven discoveries from 2025 across various fields, including record low IRS audit rates, improved electric vehicle charging infrastructure, detailed analysis of legislation impacts, federal land control in Washington, and innovations in urban transit, illustrating how data points can reveal significant insights and trends.
Originally Published 13 days ago — by Missouri Independent
Missouri's record $5.8 billion surplus is projected to be depleted by mid-2028 due to rising spending and declining revenues, with potential faster depletion if a recession occurs, prompting calls for budget adjustments to avoid drastic cuts.
Originally Published 15 days ago — by Fortune
Tech billionaires Peter Thiel and Larry Page are considering leaving California due to a proposed billionaire wealth tax, which aims to tax assets over $1 billion at 5%, potentially raising $100 billion for healthcare. The move is part of a broader trend of high-profile entrepreneurs relocating to states with lower taxes, such as Texas, amid concerns about California's fiscal policies and regulatory environment. The tax proposal still needs to gather enough signatures to appear on the 2026 ballot, but it has sparked debate over its impact on innovation and the state's economy.
Originally Published 22 days ago — by Politico
The Treasury is promoting a new investment account program, dubbed 'Trump Accounts,' aimed at encouraging families, employers, and philanthropists to contribute funds for children's future expenses, with the program launching before the midterm elections. Despite modest tax benefits and a projected $15 billion cost, the initiative seeks to increase investment among lower to middle-income families and involves contributions from various sources, including corporations and nonprofits, to support children's education and housing needs.
Originally Published 24 days ago — by Colorado Public Radio
President Trump signed an executive order to reclassify cannabis from Schedule I to Schedule III, potentially easing regulations and benefiting Colorado's marijuana industry by allowing tax deductions and recognizing medical legitimacy, though recreational use remains illegal federally. Reactions are mixed, with some officials and industry leaders optimistic about economic and research opportunities, while health experts caution about public health risks and the need for more research. The move marks a significant symbolic step towards broader acceptance of marijuana in the U.S.
Originally Published 26 days ago — by Siena Research Institute
A Siena poll shows Governor Kathy Hochul leading in New York State elections, with strong support for universal free childcare funded by higher taxes on the wealthy, and mixed opinions on Mayor-elect Mamdani and national issues like Trump's policies. Voters are generally critical of the Trump administration's actions, and there is a slight shift towards optimism about New York's direction.
Originally Published 2 months ago — by BBC
The UK Chancellor Rachel Reeves indicated plans to increase income tax, signaling a potential break from Labour's manifesto pledge, amidst political debates and opposition from Labour figures. The article also covers various political and social issues, including BBC controversies, prison release mishaps, and international incidents involving the royal family and sports events.
Originally Published 2 months ago — by Fortune
A report from Oxfam reveals that the top 10 US billionaires gained $698 billion this year, mainly from tech and AI profits, while over 40% of Americans remain poor or low-income. The report criticizes recent tax reforms under the Trump administration for favoring the wealthy, exacerbating the wealth gap, and warns that economic inequality is likely to worsen amid recession fears and job scarcity.
Originally Published 2 months ago — by The Guardian
The collective wealth of the top 10 US billionaires increased by $698 billion in the past year, highlighting the growing wealth gap in the US, which is exacerbated by policies that favor the wealthy and dismantle social safety nets. The report from Oxfam America calls for reforms in tax policy, campaign finance, and labor protections to address inequality, emphasizing that such disparities are a result of policy choices supported by both political parties.
Originally Published 2 months ago — by Reuters
French lawmakers rejected proposals for a wealth tax on the ultra-rich, instead approving a diluted tax on assets in holding companies, amid political divisions and concerns over economic impact, with the government also considering lifting a freeze on pensions and welfare benefits for 2026.
Originally Published 2 months ago — by BBC
Rachel Reeves, the UK Chancellor, has not ruled out raising income taxes in the upcoming Budget, despite previous Labour promises not to increase rates, as she faces fiscal pressures and explores options to address a significant budget shortfall, including potential hikes on higher earners and the basic rate, amid ongoing discussions and economic challenges.