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The Latest Breaking News from Income Tax

Louisiana lawmakers pass income and corporate tax cuts, raising statewide sales tax to pay for it

Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase, a mixed bag of success for Gov. Jeff Landry, whose original tax revision plans faced resistance from lawmakers and lobbyists amid hard fiscal realities

The Independent UK

5 FAQs About 529 College Savings Plans

Thanks to recent policy changes, families have more options for what to do with money sitting in tax-advantaged 529 accounts.

Kiplinger

Tax Credit vs. Tax Deduction: What’s the Difference?

Your guide to tax deductions and credits, how the IRS treats them differently, and how they impact your tax bill.

Kiplinger

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OPINION - The farmer's protest is a consequence of Labour's pre-election tax choices

A day like today is not a day for false dichotomies, we can leave those at home. But governments generally face a simple choice when it comes to raising money, between broad-based taxes (e.g. income tax) or granular (e.g. inheritance tax threshold changes for farmers). Both have their advantages and disadvantages, as is being…

Evening Standard

'Uncertainty' over whether SNP tax policy has cut revenues, says think tank

RESEACHERS have said they are unable to establish whether higher taxes in Scotland have cut Government revenues.

The National (Scotland)

Fact check: Projections of fiscal drag effect on pensioners are not from HMRC

Claim that £130 of tax to be collected on everyone receiving state pension relies on tax thresholds staying frozen longer than anticipated.

Evening Standard

Abolish the IRS—and the Income Tax Too

Americans spent an estimated $133 billion and 6.5 billion hours filing their tax returns in 2024.

Reason

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Income Tax raids residence of CM Soren's alleged aide ahead of polls

The Income Tax department is conducting raids at the residence of Sunil Srivastava. Read further on Dynamite News:

Dynamite News

IRS Updates Capital Gains Tax Thresholds for 2025

For the 2025 tax year, the IRS has increased the capital gains tax income thresholds. Here's what you need to know.

Kiplinger

Earned Income Tax Credit (EITC) 2025: How Much Will You Get?

The refundable amount for workers with or without children is slightly higher this year. Here’s what you need to know.

Kiplinger

Bus fare hike same as 1p income tax rise on working people who commute - new analysis

The Department for Transport has disputed claims that the 50 per cent rise in the cap on a single bus ticket equates to a 1p rise in income tax

The Independent UK

Broken system lets big business off tax hook: institute

Major corporations that pay no company income tax are taking advantage of a broken system that needs government intervention, a think tank says.

AAP

Qantas, Virgin, Netflix and Canva among 1,200 major companies that paid no income tax in Australia in 2022-23

ATO finds 31% of large businesses reported nil tax paid as many companies deducted losses and used offsets to dial their bills down to zero

The Guardian - AU

Miners dominate company tax list as others pay zero

A corporate income tax haul of almost $100 billion is being hailed as a "great result" but almost a third of major Australian companies avoided a tax bill.

AAP

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The Guardian - UK

What budget 2024 means for your personal finances

How Rachel Reeves’s measures on pensions, income tax, stamp duty and fuel duty will affect UK consumers

Evening Standard

Housing, tax rises, train fares and pub pints: What Rachel Reeves' Budget means for Londoners

There was good news for London transport, with the Chancellor committing £485million for TfL’s capital renewals programme and confirming HS2 will go to Euston

Kiplinger

Don't Miss Your Colorado TABOR Refund When Filing Taxes

Are you receiving a TABOR refund with your 2024 Colorado state income tax return? Find out how the recent TABOR news might impact you.

Kiplinger

2025 Tax Deduction Change for Those Over Age 65

Adjustments to the extra standard deduction can impact the tax bills of millions of older adults.

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Evening Standard

Fact check: The proportion of adults paying income tax has risen since 2014

In the 2014-15 fiscal year around 30.7 million people paid income tax, and this reached 37.4 million a decade later.

The National (Scotland)

A history of the SNP's pledge to reform council tax

THE SNP first pledged to reform council tax before they even came into government in 2007. So, what happened since then?

Evening Standard

Budget 2024: Keir Starmer hit with growing row over billions in tax rises 'breaking' Labour manifesto

Cabinet minister Pat McFadden denies Labour ‘misled’ voters during the election campaign

Fortune

Trump tells Joe Rogan he supports getting rid of income taxes and instead relying on tariffs—‘Yeah, sure, but why not?’

Trump has also teased eliminating taxes on tips, overtime pay, and Social Security payments, as well as exemptions for the military, veterans, and first responders.

Kiplinger

Harris vs. Trump's Tax Wish List: Income Tax, Capital Gains, Estate Tax and More

Take a comprehensive look at Harris and Trump's tax proposals. We cover income tax rates, tax credits and deductions, capital gains tax, estate tax, corporate tax and much more

Reason

Where Is Trump's Plan To Cut Spending?

The former president says the government should be funded like it was in 1890. So where's the plan to reset spending to 1890s levels?

The National (Scotland)

BBC apologises after SNP hit out at 'false claim' on Scottish income tax

THE SNP have accused BBC Scotland of failing to “grasp the basics of the Scottish income tax system” after a “false claim” on one of its…

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