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The Latest Breaking News from Income Tax

Trump 'Big Beautiful Bill' Sneaks 90% Cap On Gambling-Loss Deductions: Punters Warn New Amendment Could End US Professional Gaming

Professional gamblers and tax advisers are warning that a little-noticed line in Senate Republicans' 900-page "One Big Beautiful Bill" could make bettors pay income tax even when they break even.

Benzinga

Anas Sarwar told to 'come clean' on how he would fund tax changes in Scotland

Anas Sarwar has been urged to "come clean" on how he would fund changes to the tax system in Scotland

The National (Scotland)

Raise taxes or this government will fail, Rachel Reeves’s former top adviser warns

Exclusive: Jim O’Neill warns that the chancellor will have to raise income tax, national insurance or VAT to fill the £5bn black hole left by the welfare climbdown

The Independent UK

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What The $3.3 Trillion Bill Means For Your Wallet And The Country

The legislation would cut taxes sharply for businesses while also offering new credits to companies that manufacture in the U.S. It would restructure income tax brackets, delivering the biggest gains to top earners.

International Business Times

Reeves expected to freeze income tax thresholds to raise funds after welfare U-turn

Government’s concessions over welfare cuts leave chancellor with a growing hole in her budget

The Guardian - UK

Number of higher-rate UK taxpayers expected to hit more than 7m this year

Frozen tax thresholds mean extra 500,000 to be taxed at 40% on some income in 2025-26, HMRC figures show

The Guardian - UK

More than seven million people estimated to be higher rate taxpayers in 2025-26

Some 39.1 million people are projected to be liable for income tax in 2025-26, according to HM Revenue and Customs figures.

Evening Standard

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'Record-Shattering': Warren Buffett’s Berkshire Hathaway Has Now Paid $101 Billion in Cumulative Federal Income Tax

Berkshire Hathaway’s cumulative $101 billion in federal income tax payments under Warren Buffett’s leadership underscores the company’s extraordinary economic impact and the scale of its contribution to public services in the United States.

Barchart

Warren Buffett’s Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

Berkshire Hathaway's $26.8 billion tax payment in 2024 accounted for 5% of all U.S. corporate income tax, marking a dramatic reversal from its tax-free history six decades ago.

Barchart

2025 Virginia Tax Rebate Checks Are Arriving: What to Know

Given a historic 2025 gubernatorial race, tax policy will remain a key issue for Virginians, while the current governor announces rebates.

Kiplinger

Author Dame Pat Barker thought honours letter was income tax bill

Dame Pat, 82, was first honoured with a CBE in 2000 for her services to literature, and on Friday received her damehood.

The Independent UK

Uganda’s tax system is a drain on small businesses: how to set them free

Uganda is one of the countries most exposed to recent cuts in international aid, particularly with the dissolution of the US Agency for International Development (USAID). In 2023, about 5% of gross national income – a measure of a country’s total income, including income from foreign sources – was received…

The Conversation

NHL's state income tax debate heats up with the Florida Panthers back in the Stanley Cup Final

The Florida Panthers are two wins away from being the fifth Stanley Cup champion in the past six years to based in a U.S. state with no income tax

The Independent UK

What pensioners need to know about income tax

Tax on income you receive from a pension is calculated in the same way as earnings from employment

The Independent UK

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The Conversation

Australia is in the firing line of Trump’s looming ‘revenge tax’. It’s a fight we’re unlikely to win

The Australian Labor Party just won an election victory for the ages. Now, it may be forced to walk back one of the key achievements of its first term.

The Fashion Central

Labour Under Pressure as Income Tax Freeze Extension Appears Increasingly Likely

The Chancellor, Rachel Reeves, is under growing pressure to break Labour’s manifesto pledge not to raise the so-called “big three” taxes—income tax, National

Euronews

Where in Europe are workers losing ground as taxes rise faster than wages?

While most European countries experienced higher real post-tax incomes in 2024, some saw a decline, as rises in personal average tax rates outpaced real wage growth.

Kiplinger

Ask the Editor, May 30: Questions on the One Big Beautiful Bill

In this week's Ask the Editor Q&A, we answer tax questions from readers on the House-passed “One Big Beautiful Bill.”

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news in one place.

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Newslaundry

Inside India’s shadow wealth: Just 3 lakh crorepatis in a nation of 1.4 billion

India’s wealthy elite love their cash – not just for convenience, but for what it hides. Despite a surge in digital payments, stacks of unaccounted currency still fuel real estate deals and many economic activities in the informal part of the economy, leading to tax dodging and funding of election…

Evening Standard

Fact check: More people are paying higher rate income tax than five years ago

The number of people paying the 40% rate has increased from 4.4 million to 7.4 million in the last five years.

Newslaundry

How Gujarat Samachar fell out of Modi’s favour

Facing backlash amid the 2002 Gujarat riots, then Chief Minister Narendra Modi wrote a letter to a prominent Gujarati newspaper, reportedly appreciating its coverage of the incident. The same coverage had been termed as a “clear violation of all accepted norms of media ethics” by an Editors Guild of India…

Kiplinger

Eight Ways to Financially Plan Your Way Through Challenging Times

A chief wealth strategist makes some suggestions about how to better position yourself financially while coping with economic uncertainty.

Mic

Senate Passes 'No Tax on Tips' Act in Unanimous Vote

The U.S. Senate has approved the 'No Tax on Tips' Act, aiming to eliminate federal income tax on tips, with bipartisan support.

The Independent UK

Two reasons why millions of pensioners are paying higher income tax rates

IN FULL

The Independent UK

Millions of pensioners ‘dragged’ into paying higher tax rates

“The nation has fallen victim to the effects of fiscal drag” says one expert

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