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The Latest Breaking News from Income Tax

This budget’s tax tinkering isn’t the same as meaningful tax reform. Here’s why

Labor’s tax changes this week do not tackle tax reform, or why we desperately need it. They only address the amount collected from personal income tax, which is the largest source of tax revenue.

The Conversation

Graph reveals how UK tax burden will hit record high after Spring Statement

Income tax and national insurance contributions are the main drivers behind the jump in the overall tax burden

Evening Standard

Martin Lewis gives verdict on spring statement as ISA reforms underway

The money expert focused on household income and rumoured ISA changes in his initial reaction

The Independent UK

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States with the Highest Income Tax Rates for Retirees

You may reconsider living and retiring in one of these states due to high taxes.

Kiplinger

Politics with Michelle Grattan: Jim Chalmers and Angus Taylor on tax top-ups and budget bottom lines

As the election starter’s gun is about to be fired, Tuesday’s budget announced modest income tax cuts as the government’s latest cost-of-living measure. The Coalition has opposed the tax relief, with Peter Dutton’s Thursday budget reply to put forward his policy counters on the cost of living.

The Conversation

Is this the right budget for these economic times? We asked 5 experts

Treasurer Jim Chalmers has described the income tax cuts in this week’s federal budget as a “top-up”. They will amount to roughly one cup of coffee a week for every taxpayer in the first year.

The Conversation

South Carolina wants to accelerate constant push to lower income taxes

The constant push to cut income taxes in South Carolina has accelerated significantly

The Independent UK

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Income tax shock: London's bill hits nearly £64 billion a year

The bill for the two regions has jumped above £108 billion a year

Evening Standard

Income tax cuts and jobs at risk due to trade war, Donohoe says

Government plans for tax cuts may have to be postponed due to the threat of a global trade war, the finance minister has said.

The Independent UK

Australian budget 2025: where does the money come from and where does it go?

The halcyon days of back-to-back surpluses are over but you can expect more energy rebates and perhaps some surprise announcements

The Guardian - AU

Are You a High Earner But Still Broke? Five Fixes for That

If you're a HENRY (a higher earner, not rich yet) but feel like you still live paycheck to paycheck, there are steps you can take to get control of your financial future.

Kiplinger

The viability of some charities could rest on how they’re taxed – we should be cautious about changing the rules

There have long been calls for New Zealand’s charity-linked businesses to lose their tax exemption status. Under the current rules, companies such as Sanitarium, which is wholly owned by the Seventh-day Adventist church pay no income tax.

The Conversation

New freeze on income tax thresholds in 'emergency Budget' not ruled out by Keir Starmer

Tory leader Kemi Badenoch challenged the PM on tax ahead of next week’s Spring Statement

Evening Standard

Starmer fails to repeat commitment not to extend freeze on income tax

In the autumn budget, Rachel Reeves decided not to extend the freeze on the thresholds at which people start to pay different rates of income tax.

Evening Standard

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Kiplinger

Will Your State End Tax on Tips This Year?

While President Trump spearheads federal talk on tips, several key states are considering ending taxes on tip income.

Reason

New Income Tax Proposal Is Progressive and Unworkable

Commerce Secretary Howard Lutnick says the Trump administration wants to eliminate income taxes for those making $150,000 or less—an unprecedented shift with major consequences.

The Independent UK

Generation divide over income tax laid bare after significant post-pandemic shift

Latest HMRC data also shows retired baby boomers paying greater amount in income tax than working people under 30

Evening Standard

Number of taxpayers dragged into paying higher rate soars 15%, figures show

There were 5.1 million higher-rate taxpayers in 2022-23, according to the latest figures supplied by HMRC.

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Kiplinger

Georgia Surplus Tax Refund Checks in 2025? What You Need to Know

Georgia rebate checks will pay out in 2025. Find out how much and what’s happening with state income tax cuts.

Kiplinger

Expiring Business Tax Breaks And Trump's Tax Plan

Four important business tax breaks are likely to be a part of President Trump's tax plan. We'll break them down for you.

The Conversation

Australia’s major sports codes are considered not-for-profits – is it time for them to pay up?

Not-for-profit organisations support a range of needs and activities, such as financial disadvantage, health and education.

AAP

Calls grow to banish 'anti-democratic' bracket creep

Economists have backed a teal proposal to index income tax thresholds to end bracket creep, which is placing an increased burden on working Australians.

Kiplinger

Retirement Income Tax and the IRS: What Retirees Need to Know for 2025

Several tax changes are happening that can impact how your retirement income is taxed at federal and state levels.

The Independent UK

Income tax will have to rise, ex-Bank of England chief warns, as he blasts Reeves’ ‘irresponsible’ promises

Mervyn King says there is ‘no harm’ in raising the basic rate of income tax as he urged Rachel Reeves to act over ‘silly things’ said before the election

Fortune

Over 7 million Americans missed out on this $2,500+ tax credit. Don’t be one of them

The Earned Income Tax Credit was designed to help low- to moderate-income working individuals and families, but many don’t even apply for it.

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