Articles for Federal Income Tax

Trump promised no tax on tips. Why few tipped restaurant workers will likely benefit
1 week, 1 day ago

Trump promised no tax on tips. Why few tipped restaurant workers will likely benefit

LA Times  

While many workers hoped for tax-free tips, experts warn the proposal could disproportionately benefit higher earners and exacerbate inequalities in the service industry. “So if you already are not paying any income tax, telling you you don’t have to pay income tax doesn’t do you any good,” he said, “because you’re already at zero.” If you look at the restaurant …

Tax Congress Trump Restaurants Restaurant Income Tax Proposal
Trump's tariffs could cost American families $2,600 more a year
3 weeks, 5 days ago

Trump's tariffs could cost American families $2,600 more a year

Firstpost  

Even as US President-elect Donald Trump has pitched tariffs as the solution to everything, tariffs are most likely going to raise the cost for average American families and reduce their after-tax incomes, according to economists Republican presidential nominee and former US President Donald Trump speaks at the Bitcoin 2024 event in Nashville, Tennessee, US, July 27, 2024. On the campaign …

Trump Income Imports Cost Donald Trump Cent American
Trump tells Joe Rogan he's 'serious' about abolishing federal income tax in wide-ranging interview
1 month, 4 weeks ago

Trump tells Joe Rogan he's 'serious' about abolishing federal income tax in wide-ranging interview

Daily Mail  

Donald Trump has said he is serious about scrapping federal income tax if he wins the race to the White House. Trump referenced President William McKinley who famously raised the duty on imports to nearly 50 percent when he was in power in 1890 Rogan had asked the presidential nominee if he was serious when he mentioned slashing federal income …

Tax Taxes Trump Income Tariffs Increase Goods
Will Trump abolish income tax? Here's what US economy may look like if he wins
6 months, 1 week ago

Will Trump abolish income tax? Here's what US economy may look like if he wins

Firstpost  

The abolition of US federal income tax would lead to a shortfall of $2.1 trillion in government revenues, according to an expert Former US President Donald Trump has proposed abolishing federal income tax if he wins the US presidential election. 🧐 pic.twitter.com/hw0k8gwlGa — Thomas Massie June 13, 2024 Separately, in a meeting with business leaders, Trump has said he would …

Trump Income Tax Corporate Tax Income Leaders Republican Cost
A three-minute guide to what's in the federal budget to help with the cost-of-living crisis
7 months, 1 week ago

A three-minute guide to what's in the federal budget to help with the cost-of-living crisis

ABC  

Treasurer Jim Chalmers has described helping Australians with the cost-of-living crisis as the government's "number one priority". Amid persistent inflation and a slowing economy, it's no surprise that the issue was top of the government's federal budget agenda — so much so it was in the title: Cost-of-living help and a future made in Australia — with $7.8 billion earmarked …

Tax Budget Help Increase Rent Assistance
Joe Biden and Kamala Harris release 2022 tax returns. Their salaries are…
1 year, 8 months ago

Joe Biden and Kamala Harris release 2022 tax returns. Their salaries are…

Hindustan Times  

US President Joe Biden and his wife Jill Biden released their federal tax return which showed that the couple earned almost $580,000 last year and paid an effective federal income tax rate of 23.8%. The release of tax returns comes ahead of a 2024 presidential race in which Joe Biden is expected to seek a second term. US President Joe …

Income President Kamala Harris Federal Joe Biden Return Federal Income Tax
US Prez Biden earned $580,000 in 2022, paid 24% in federal income taxes
1 year, 8 months ago

US Prez Biden earned $580,000 in 2022, paid 24% in federal income taxes

India Today  

US President Joe Biden and first lady Jill Biden paid $137,658 in federal income taxes in 2022 after reporting an income of $579,514, according to their joint tax return released on Tuesday. DETAILS OF BIDENS' TAX RETURNS The bulk of the Bidens' income came from Joe Biden's $400,000 salary as president. VP KAMALA HARRIS, HUSBAND RELEASE TAX RETURNS Along with …

Income House President Kamala Harris Federal Joe Biden Bidens
How billionaires use hobbies to slash their tax bills
3 years ago

How billionaires use hobbies to slash their tax bills

Salon  

When the Kentucky Derby allowed spectators to return this spring, after the pandemic had curtailed attendance in 2020, the mood was euphoric. Six of the 20 thoroughbreds selected to run in this year's Derby were owned by ultrawealthy Americans whose horse-racing operations have produced a combined $600 million in losses that they could use to offset their federal taxable income, …

Business Horse Racing Tax Taxes Congress Income Million
Billionaires hit back over revelation of how little they pay in federal income taxes: ‘Do you think a rich person should pay taxes no matter what?’
3 years, 6 months ago

Billionaires hit back over revelation of how little they pay in federal income taxes: ‘Do you think a rich person should pay taxes no matter what?’

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Billionaire investor Carl Icahn declared a total income …

Tax Wealth Information Taxes Income Tax Pay Income
ProPublica: Many of the uber-rich pay next to no income tax
3 years, 6 months ago

ProPublica: Many of the uber-rich pay next to no income tax

Associated Press  

WASHINGTON — The rich really are different from you and me: They’re better at dodging the tax collector. And financier George Soros went three straight years without paying federal income tax, according to a report Tuesday from the nonprofit investigative journalism organization ProPublica. Overall, the richest 25 Americans pay less in tax — an average of 15.8% of adjusted gross …

Tax Wealth Taxes Congress Pay Income Democrats
Elon Musk, world’s second richest person, paid $0 in federal income tax in 2018, report claims
3 years, 6 months ago

Elon Musk, world’s second richest person, paid $0 in federal income tax in 2018, report claims

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

Musk Report Billion Federal Rate Paid Mr Musk
On eve of first debate, Trump taxes in question: US election news
4 years, 2 months ago

On eve of first debate, Trump taxes in question: US election news

Al Jazeera  

Two decades of records reportedly show Trump’s finances under stress as he prepares to face Joe Biden in first debate Vice presidential candidate Kamala Harris, has said Trump’s Supreme Court pick will “undo” the life’s work of late Justice Ruth Bader Ginsburg. If the president thinks his best case is made in urine he can have at it.” 15:30 ET …

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