Dozens of states crank out tax cuts amid economic headwinds
States with budget surpluses like Florida, Idaho, Colorado, Virginia and others have proposed property, income or sales tax cuts to provide economic relief to families.
Biden 2024 budget proposal brings US economy back to 'horrific' Jimmy Carter era: Tax reform advocate
Americans for Tax Reform president Grover Norquist calls President Biden's proposed budget an "assault" on taxpayers' and small-to-medium businesses' bottom line.
Twitter users erupt at IRS's calls for thieves to report stolen income: 'Good to know'
Twitter users mocked the IRS's confounding rule about thieves and drug dealers needing to report the fair market value of any stolen property or drug income.
Biden to propose major tax hikes as part of administration's plan to cut deficit: report
President Biden is expected to propose a series of major tax hikes on Thursday as part of his administration's plan to reduce the deficit over the next decade.
Manufacturers urge Biden to reverse tax changes that have hurt investment
The National Association of Manufacturers is urging President Biden to call for the reversal of tax policy changes hurting the industry as he rolls out his new budget proposal.
Biden proposes tax increase for those making over $400K to boost Medicare funding
President Biden is looking to increase taxes on those making more than $400,000 in an effort to boost funding for Medicare.
Sell on eBay or get paid on Venmo? You probably owe the IRS taxes
New rules requiring Venmo, PayPal and cash app to send 1099-Ks for transactions over $600 kick in next year, but Americans still must report side-hustles to the IRS.
Tax reporting nightmare creates a 'disaster' scenario for Americans: Reform expert
Americans for Tax Reform President Grover Norquist warned millions of taxpayers will face a "disaster" scenario with the IRS' new rule on third-party payment apps.
IMF sees ad hoc taxes on excess profits as 'problematic'
European countries are debating whether oil companies making record profits because of the energy crisis triggered by Russia's invasion of Ukraine should pay additional taxes.
States tap historic surpluses for tax cuts and rebates
This year, 31 states have enacted some form of tax cut or rebate. Missouri and Idaho are likely to increase this number aiming to relieve constituents of high inflation.
IRS benefits from Democrat tax bill, while taxpayers are the ones who get hurt
IRS benefits from Democrat tax-and-spend bill. It gives the agency $80 billion and 87,000 new employees, but ordinary taxpayers will be the ones who suffer.
Manchin says he's not for reviving Biden's Build Back Better agenda
Sen. Joe Manchin, once again, poured cold water on hopes the Senate would pass President Biden's ambitious Build Back Better social spending plan.
IRS wraps tax season with same old problems
The IRS will try to process over 133 million tax returns filed by individuals and businesses this year while also facing a backlog of returns.
Tax Day is already bad, and Biden wants to make it worse
Tax Day is a particularly dreary and unpleasant "holiday" this year.
How to fix the IRS and its monster backlog: 4 ideas to consider
The IRS needs technological upgrades and fewer responsibilities as taxpayers are left hanging.
House Republicans call on IRS to ensure Americans receive their tax refunds in a timely manner
House Republicans in a Wednesday letter called on the IRS to ensure Americans receive their tax refunds in a “timely” manner.
Expanded child tax credit would permanently reduce child poverty, CBPP finds
Build Back Better would make the Child Tax Credit permanently available to low-income families. But the trillion-dollar spending plan faces hurdles in Congress before it can be signed into law.
Debate rages over Biden's proposed $600 IRS reporting requirement for bank accounts
Democrats say the reporting requirement would help the IRS crack down on fraud, Republicans say it's government snooping.
Local banks seek to sink IRS personal account snooping plan by rallying customers
Local financial institutions have pushed customers in recent days to speak out against a Treasury Department proposal that would require the IRS to track transactions valued at $600 or more, joining Republican lawmakers who have criticized the plan.
Biden backs tax on billionaires' unrealized investment gains
President Biden said Friday he supports a Democratic proposal to tax billionaires annually on their unrealized investment gains.