#tax-policy

#tax-policy

Over the summer, the Trump administration held an unusual Independence Day celebration at the White House. A live band warmed the crowd with renditions of Chaka Khan's "Ain't Nobody" and Pharrell Williams's "Happy" before the president emerged from the first-floor balcony of the executive residence. Supporters sporting red MAGA caps looked on as he signed the Big Beautiful Bill into law beneath the South Portico's white columns.

According to the proposal, the cost of the program would equal approximately 3% of Tennessee's annual state budget. It could be funded by the state's recurring surplus estimated at $1.5 billion to $2.5 billion per year. Mitchell asserted that Tennessee has the fiscal capacity to support the initiative without cutting existing services or raising taxes. The money is there. The question is priority, he said.

On January 1, a provision in former President Joe Biden's 2021American Rescue Plan that made student-loan forgiveness tax-free expired. It means that student-loan borrowers who qualify for student-loan forgiveness in 2026 could face thousands of dollars in new taxes alongside their debt relief. It's a concern for borrowers who are close to reaching their qualifying number of payments on an income-driven repayment plan or the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments.

The Government has left workers with next to no reason to welcome in the new year. It has failed to keep many of the resolutions made before the general election and in the new programme for government,

Being more 'targeted' not permitted under EU laws

The survey, which was conducted in early December by The Associated Press-NORC Center for Public Affairs Research, found that about half of U.S. adults say they've already made their charitable contributions for 2025. Just 18% say they've donated and will donate again before the year is over. Only 6% report they haven't given yet but will do so by December's end. The rest, 30%, haven't donated and don't plan to.

A provision in the 2025 budget that would have lowered the threshold below which micro-enterprises are exempt from VAT to €25,000 in annual turnover was suspended until 2026 following protests from small business owners. This provision was expected to generate around €780 million per year in tax revenue. Almost as soon as the budget was passed, that provision was 'paused' following an outcry from small business owners. It was later formally suspended until 2026.

published Friday, warning that the U.S. is barreling toward a fiscal crisis if major changes are not made to entitlement programs and the tax code. In the piece, Romney argues that the projected bankruptcy of the Social Security Trust Fund by 2034 represents an urgent economic threat. Today, all of us, including our grandmas, truly are headed for a cliff, he wrote, noting that if the trust fund runs out, benefits would be cut by about 23 percent.

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

A group of New Hampshire Republicans gathered inside the Massachusetts State House Thursday to "endorse" Gov. Maura Healey, saying that her policies are driving business to the Granite State. New Hampshire state reps. Brian Labrie, Joe Sweeney, and Joe Alexander partnered with the conservative-leaning think tank Massachusetts Fiscal Alliance for the event. They displayed a poster comparing New Hampshire's low or nonexistent taxes to those in Massachusetts, above a message that read "New Hampshire can't afford to lose a friend like Maura!"

The super-rich are inheriting record levels of wealth as they pass down billions of dollars to their children, grandchildren and spouses, research by a Swiss bank favoured by billionaires shows. Globally, there are 9,919 billionaires this year, up from 2,682 in 2024, UBS found. Of these, 91 people this year became billionaires through inheritance, collectively receiving $298bn (223bn) in the 12 months to April, the bank said.

Prime Minister Keir Starmer has denied accusations that Chancellor Rachel Reeves misled the cabinet or the public over the state of the public finances ahead of last week's Budget, after a fresh row erupted between the Treasury and the Office for Budget Responsibility (OBR). Speaking at a nursery in London, Starmer defended Reeves' tax rises and her decision to scrap the two-child benefit cap, despite weeks of speculation over possible income tax hikes. He insisted that revenue-raising measures were unavoidable and dismissed allegations that the government exaggerated the scale of its fiscal challenges. "There was no misleading," he said. "It was inevitable we would always have to raise revenue. I was clear we needed more headroom."

It can't be seen or touched, but it's shaking up markets and attracting investment. Artificial intelligence (AI) has become the object of desire for Big Tech, which is pouring astronomical sums into its development, fueled by record profits. The other side of this frenzy is workforce reductions, with automation as the backdrop, announced by multinationals like Amazon, Meta, and UPS, which, incidentally, threaten to extend

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

Pensioners, particularly those who are continuing to work after they have reached retirement age will be amongst the biggest losers from the various tax rises the Chancellor, Rachel Reeves is expected to announce. Many of the tax changes that have been rumoured in the run-up to this Budget could impact pensioners in particular. The so-called 'mansion tax', which might increase the council tax charges on people who own properties in council tax bands F to H,

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

Zohran Mamdani won a resounding mayoral victory by promising to make it cheaper to live in New York City. However, his victory earlier this month may have the unintended effect of making it even more expensive for the ultrawealthy to afford their homes in favorite ex-New Yorker haunts like Greenwich, Palm Beach, and the Hamptons, top real estate agents told Business Insider.