On Monday, Republicans in the House of Representatives fulfilled a key campaign promise by passing a bill to rescind a massive funding boost for the IRS. Formally titled the “Family and Small Business Taxpayer Protection…
The Carried Interest Loophole Survives Again
Once again, carried interest carried the day. The last-minute removal by Senate Democrats of a provision in the climate and tax legislation that would narrow what is often referred to as the “carried interest loophole”…
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The Mega Millions Jackpot is $830 Million… But…
The Mega Millions jackpot has jumped yet again. Strong ticket sales have pushed the top prize up to $830 million, marking the second adjustment ahead of Tuesday night’s drawing. If won at that amount, it…
Supreme Court Refuses to Hear Challenge to SALT…
The Supreme Court Monday rejected an appeal from several states challenging Congress's cap on state and local taxes that can be deducted from federal taxable income. New York led a group including Connecticut, New Jersey, and Maryland in trying…
How to File for an Extension With the…
There are just a few days left in the 2022 tax season, but millions of Americans still need to file their returns to the IRS. If you are among those who have not yet filed your taxes –…
White House Unveils New Tax Proposal to Pay…
The White House will target billionaires with a new minimum tax when President Biden unveils his 2023 budget, according to a document from the administration obtained by Fox News. Dubbed the "Billionaire Minimum Income Tax," the Biden administration proposal, as highlighted…
Why Your Tax Refund May Be Smaller This…
If you’re banking on a tax refund, it may be smaller, or you may owe money this season, according to financial experts. Typically, you get a federal tax refund when you’ve paid or withheld more…
Biden’s Tax Overhaul is On Shaky Ground After…
A slew of proposed taxes aimed at ultra-wealthy Americans and well-off corporations were dealt a potentially fatal blow on Sunday, imperiling a key pillar of President Biden's sweeping economic agenda. Moderate Democrat Sen. Joe Manchin told "Fox News…
Take a Closer Look at the Specific Plans…
A key part of Democrats' tax and spending plan involves raising levies on the top sliver of U.S. households, including restoring the top individual income rate to 39.6%. That new top rate – which reverses part of the…
