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The Latest Breaking News from Income Tax

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.

Reason

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

The Independent UK

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.

Evening Standard

From analysis to the latest developments in health,
read the most diverse news in one place.

Georgia Tax Refunds Are Coming: What to Expect in 2026

Georgia surplus tax rebates are rolling out in May. Here's the breakdown of who's eligible and the plan to lower your income tax rate to 4.99%.

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.

Kiplinger

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.

The Conversation

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.

AAP

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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.

Kiplinger

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

The Independent UK

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.

Fortune

Fact check: Ukraine elections, tax thresholds and viral masked men image

Roundup of fact checks from the last week compiled by Full Fact.

Evening Standard

New Iowa Income Tax Rate for 2025: What It Means for You

A new tax law lands Iowa among the top ten states with the lowest income tax rates.

Kiplinger

SC gives NewsClick one week relief against tax recovery, tells it to approach high court

The Supreme Court on Thursday granted a week’s interim protection to NewsClick against tax recovery demands over “unexplained cash credits”, LiveLaw reported. The court, however, dismissed a writ petition filed by PPK Newsclick Studio Pvt Ltd, the company that runs the news portal, and asked it to approach the Delhi…

Newslaundry

South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax

South Africa’s finance minister, Enoch Godongwana, cancelled the unveiling of the country’s 2025 budget as it was due to be released. The move is unprecedented in the country’s history.

The Conversation

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Reason

It's Time for a Flat Tax

America’s tax system is already highly progressive. A simpler, flatter structure would be fairer, raise more revenue, and fuel economic growth.

The Fashion Central

Labor Party to Debate Petition Demanding Major Raise of Personal Income Allowance

The Labor Party government is set to debate a petition calling for a significant increase in the income tax personal allowance—from the current £12,570 to £20,000.

Kiplinger

Trusts for Child Influencers: What Families Need to Know

As video blogging, or vlogging, gains popularity (and profitability), new laws are shaping financial obligations for caregivers of young creators.

Kiplinger

IRS Tax Refund Schedule 2026: When Will Your Refund Arrive?

Here's how to check your IRS tax refund status and when you can expect your federal refund.

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news in one place.

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Kiplinger

IRS Tax Refunds Are $1,000 Smaller This Year: Here's Why

Dynamite News

Defeat them in Delhi elections, GST will be half on all goods: Kejriwal takes dig at BJP-led Centre

Aam Aadmi Party (AAP) national convenor Arvind Kejriwal on Monday took a dig at the BJP-led Central government over the Union Budget 2025 saying that as soon as people gave them fewer seats, they promptly changed the income tax regime. Read further on Dynamite News.

Kiplinger

States That Won't Tax Your Retirement Income in 2026

Several states don’t tax Social Security benefits, 401(k)s, IRAs, and pensions. But you may still have to pay state taxes on some incomes.

Dynamite News

"A band-aid for bullet wounds, government bankrupt of ideas": Rahul Gandhi slams union budget

Congress leaders have slammed the budget. "A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift. Read further on Dynamite News:

Dynamite News

To benefit from income tax relief, you need jobs: Shashi Tharoor takes dig at Budget highlight

During Finance Minister Nirmala Sitharaman Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class. Read further on Dynamite News:

The Independent UK

Modi government slashes income tax for middle classes in India budget

Narendra Modi’s government has presented an annual budget that focuses on wooing the salaried middle class with tax cuts and spurring economic growth by boosting agriculture and manufacturing

Dynamite News

Budget 2025: No tax up to income of Rs 12 lakh, announces FM Nirmala Sitharaman

In major relief for middle class, Nirmala Sitharaman announced that no income tax would be payable up to income of Rs 12 lakh. A must read on Dynamite News

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