All articles tagged with #taxes
A fiscal note for Senate Bill 27 shows Northwest Indiana could be taxed to fund a Chicago Bears stadium in Hammond, using bonds backed by new taxes (1% food-and-beverage in Lake and Porter counties, a Lake County hotel tax increase, and a Hammond admissions tax) plus potential toll-road lease proceeds; revenue estimates exist but total figures are uncertain as lawmakers mover toward a second reading.
New York City faces a tax policy clash as Mayor Mamdani pushes for higher income and corporate taxes to close a budget gap, while Gov. Hochul resists and a 9.5% property tax option is floated. Analysts differ: some say higher rates won’t cause abrupt migration but could erode NYC’s competitive footing over time, while others argue high taxes are common in strong regional economies. The piece outlines NYC/state tax burdens, the top-earner tax contributions, and the mixed evidence on whether taxes influence where high earners and businesses locate.
Tom Steyer told labor unions he would back a 2027 push to raise corporate taxes, potentially via a special legislative session and an off-year ballot that could expand Prop 13 with a split-roll to tax commercial property at market value; he argues the move is needed to shore up California’s budget after federal cuts, while courting union endorsements and signaling he might finance the effort with his personal wealth.
Protesters blocked roads in Beirut after Lebanon's cabinet approved new taxes that would raise fuel prices, triggering demonstrations in the capital.
With California’s proposed 5% billionaire tax on assets over $1 billion, ultrawealthy residents are relocating to Nevada, fueling a Las Vegas luxury real estate surge and drawing high-profile movers like Don Hankey and Sergey Brin, while others diversify properties elsewhere.
The House voted to block Washington, D.C., from decoupling its local tax code from President Trump’s federal tax cuts, a move city officials say would cost hundreds of millions in revenue and require a months-long suspension of the local tax filing season; if approved by the Senate, the disruption could extend to the city’s tax system.
President Trump visits Iowa to tout what his administration calls a thriving economy under Republican leadership: notably lower gas and diesel prices, strong growth, and anticipated wage gains from the Working Families Tax Cuts; he cites tax relief, job protections, rural health investments, and mortgage support through Fannie Mae/Freddie Mac as benefits for Iowans, framing these policies as delivering relief for families and strengthening energy and agricultural sectors.
The IRS opens tax season with sweeping changes from the One, Big, Beautiful Bill Act, including new deductions for seniors, tips, and overtime; temporarily higher SALT limits and revised 2026 standard deductions; plus new filing options like IRS Free File and Free File Fillable Forms; refunds typically arrive within about 21 days for e-filed returns, with an April 15 deadline and about 164 million returns expected.
Gov. Kathy Hochul unveils a $260 billion budget that avoids tax increases, even as Mayor Zohran Mamdani pushes for higher taxes on the wealthy and large corporations to cover New York City’s $12.6 billion budget gap, signaling a looming clash with the left and potentially the Legislature as affordability remains a central theme.
Peter Thiel donated $3 million to the California Business Roundtable to oppose the proposed 2026 billionaire wealth tax, his largest political gift in years, signaling an early and high-profile push against the measure that would impose a 5% tax on net worth above $1 billion. Gov. Gavin Newsom also opposes the idea, and opponents expect a major fundraising effort to gather signatures to place the measure on the ballot.
Portland-area businesses have seen a surge in taxes since 2019, with new levies and higher rates across payroll, property, and corporate taxes; 2023 taxes paid by Portland-area businesses rose to about $1.4 billion, up from $781 million in 2019, driven by the Paid Leave Oregon payroll tax (2023), the corporate activity tax (2020), the preschool-for-all funding (2020), parks and library property taxes (2021), and the gross receipts tax (2019). Business leaders warn the growing tax burden hurts Portland’s economy and competitiveness and call for tax simplification and easier land access to encourage investment as Oregon’s economy shows signs of weakness.
The IRS provides resources and guidance on the new tax law provisions from the One, Big, Beautiful Bill, including deductions for seniors, no tax on tips, overtime, and car loan interest, along with tools for taxpayers to manage their taxes and refunds efficiently.
A couple's $100,000 profit from selling a home was largely spent on cars and debt, prompting Dave Ramsey to criticize their financial decisions and advise consulting a tax professional to understand their tax liabilities.
Employers are required to send out W-2 forms to employees by January 31, each year, reporting wages and taxes withheld, with the tax filing deadline set for April 15.
The article explains upcoming changes to required minimum distribution (RMD) rules for retirees in 2026, including the age at which RMDs start, the elimination of RMDs for Roth 401(k) plans, and penalties for failing to take RMDs on time, emphasizing the importance of understanding these rules for retirement planning.