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The Latest Breaking News from Tax Foundation

I Asked ChatGPT About Tariffs — And Here’s Who It Said Is Impacted Most

To get a foundation into tariffs, I asked ChatGPT to explain tariffs to me in very rudimentary terms. And here's who it said would be impacted most.

GOBankingRates

Is Your State Coming For Your Online Sports Bets?

Several states are trying to hike sports betting tax rates in 2025. Here’s how it could affect you.

Kiplinger

Trump warns of 68% tax hike if budget bill fails. Not true, say experts

Think tanks say the tax might rise by 7.5 percent if the ‘Big Beautiful Bill’ does not pass, rejecting Trump’s claims.

Al Jazeera

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Republican tax bill would actually decrease the poorest Americans' incomes

Many Americans who make less than $51,000 a year would see their after-tax income fall if the legislation is passed as is.

Fortune

How much will Donald Trump’s tariffs cost US families?

US households will have to pay an estimated $4,000 more per year due to tariffs imposed by the US president.

Al Jazeera

Gen X, Boomers, Millennials, or Gen Z: Which Generation Pays the Most in Taxes?

Polls show that most people feel like taxes are unfair. But which age group bears the brunt of the tax burden in the United States?

Kiplinger

Ease the Tax Bite When You Tap Retirement Accounts

Savvy retirees tap retirement accounts with a tax plan. Each type of account may have different tax rules and rates, so know before withdrawing funds.

Kiplinger

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Get Your Gross Sex Out of My Sick Politics!

Plus: "Black Nazi,” Oprah interviews Kamala, and yet another looming government shutdown.

Reason

Brace for Big Tax Hikes in 2026 Unless Congress Acts

The Tax Cuts and Jobs Act expires at the end of 2025, with a high price tag for most Americans.

Reason

As Biden, McCarthy butt heads on debt, what are differences?

There are stark differences in how President Joe Biden and House Speaker Kevin McCarthy want to shore up the government’s finances

The Independent UK

Michael Hiltzik: Wall Street Journal tells us to weep for the plight of the very, very rich

Coverage of the richest Americans in publications aimed at their tax bracket tend to fall into two genres.

Los Angeles Times

Black married couples face heavier tax penalties than white couples, a report says

The report is part of a growing body of research into whether institutions and policies reinforce preexisting racial disparities.

WEKU

More than half of states are considering personal income tax cuts this year

"States’ rainy day funds have never been better stocked."

Fortune

Is Texas a tax haven? Not for businesses that pay higher taxes than in other states

Texas takes pride in being a low-tax haven, thanks largely to being among the states that don’t have an individual income tax.

Tribune News Service

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Fortune

How much America's richest people would pay under a billionaire tax is pretty complicated

Elon Musk and Bill Gates could owe billions under the Billionaire Minimum Income Tax. But how that tax would play out depends on several factors.

Tribune News Service

Newsom says 95% of Texans pay more than Californians in taxes. But is he correct?

Gov. Gavin Newsom recently proclaimed that “95% of Texans pay higher taxes than Californians.”

WEKU

Today’s Interview: Tax Foundation analyst reviews HB1, which would further reduce Kentucky’s inc

Today’s Interview: Tax Foundation analyst reviews HB1, which would further reduce Kentucky’s income tax

WEKU

Borrowers in 7 states may be taxed on their student loan cancellation

Seven states have tax policies on the books that could require them to treat student loans canceled by the federal government as taxable income.

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The Independent UK

LOCALIZE IT: Student loan debt relief could bring tax bills

EDITORS/NEWS DIRECTORS:

The Independent UK

North Carolina says it will tax Biden’s student loan forgiveness, and 3 more states are likely to follow suit

Arkansas, Minnesota and Wisconsin could follow suit in taking the student loan forgiveness, The Tax Foundation says

The Independent UK

States tapping historic surpluses for tax cuts and rebates

State governments flush with money are returning billions of dollars to their residents

Reason

Congress Just Passed the Inflation Reduction Act. It Will Hike Taxes on Some Middle-class Households.

It also spends billions on new green energy programs, and it lets the IRS hire 87,000 new agents.

Reason

A Global Tax Cartel Is Floundering. Good.

Just as you don't attract bees with vinegar, you don't attract corporations by promising to tax them heavily.

Tribune News Service

Proposed menthol ban highlights debate over ‘sin tax’ revenue

WASHINGTON — A proposed federal ban on menthol cigarettes has underscored the tension lawmakers face in using so-called “sin tax” revenue to fund critical social programs at the state and federal levels.

Roll Call

Proposed menthol ban highlights debate over ‘sin tax’ revenue - Roll Call

The FDA’s proposed ban on menthol cigarettes means states would see “sin tax” revenues fall, but vaping taxes are already filling the gap.

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