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The Latest Breaking News from Federal Taxes

Why Trump’s Social Security Tax Plan Mostly Helps High-Income Retirees

Trump’s plan to end federal taxes on Social Security could boost high‑income retirees, strain the trust fund & leave lower‑income seniors with little benefit.

GOBankingRates

The Hidden Tax Rules Shrinking Social Security Checks — What Seniors Need to Know

Social Security feels like a fixed number stamped on your monthly statement, a tidy promise you can plan around. But the reality bites a little differently. That check you rely on doesn’t always arrive untouched. Federal taxes can carve away a portion of it, and most people never see it…

The Free Financial Advisor

California Sues to Protect $4.9 Billion in School Funding

State funding and local resources are currently at the center of a high-stakes legal battle between Sacramento and Washington. You pay federal taxes with the expectation that those funds return to support your local roads and schools. However, California is currently pushing back against a federal threat to withhold $4.9…

Budget and the Bees

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He Has 27 Rentals, Makes $15,000 A Month, But Hasn't Paid Taxes In A Decade. 'For A Guy Who Doesn't Pay Taxes, You Shouldn't Be This Broke'

Claud from Orlando, Florida, called into “The Ramsey Show” with a confession: he hasn't filed his federal taxes since 2016. Despite owning 27 rental properties and reportedly bringing in up to $15,000 a month, Claud is struggling with cash flow and facing a looming financial mess.

Benzinga

You Earn It, You Keep It: New Bill Would End Taxes On Social Security Benefits

A new bill in Congress could permanently eliminate federal taxes on Social Security benefits — a change that would impact millions of retirees. The You Earn It, You Keep It Act would also strengthen the program's trust funds by requiring higher earners to contribute more.

Benzinga

Trump’s Big Beautiful Bill Reduces Federal Taxes in Every State: Here’s How Much of a Cut You Could See

Most taxpayers just dodged a major tax hike. See how much you could save under Trump’s extended tax cuts and which states benefit the most -- and least.

GOBankingRates

Elizabeth Warren Says Elon Musk's SpaceX Is Paying Less Tax Than You But Getting 'Billions' From The Government: Trump And GOP 'Rigged' The Tax Code

Sen. Elizabeth Warren (D-Mass.) has accused Elon Musk's SpaceX of benefiting from billions in U.S. government contracts while paying little to no federal taxes.

Benzinga

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New Senior Tax Deduction That Could Slash Your Retirement Income — But It Ends Soon

When it comes to retirement, it is important to identify as many tax deductions as you can. After all, you are on a limited income. Learning about a new senior tax deduction could make all the difference in the world. Many headlines have suggested that this deduction would “eliminate” all…

Clever Dude

Some US restaurants and servers oppose Republicans' 'no tax on tips' budget proposal

Some segments of the U.S. restaurant industry don’t support President Donald Trump’s proposal to eliminate federal taxes on tips

The Independent UK

Why Your California Utility Bill Could Increase Under Trump's Tax Plan

Energy bills in the Golden State may shock you if Republican lawmakers in Congress remove certain energy tax credits through Trump's 'big, beautiful bill.'

Kiplinger

Newsom is warned of ‘criminal tax evasion’ if he withholds federal taxes

California governor made threat amid reports Trump is weighing huge federal funding cuts targeting state

The Guardian - US

Are Tips Taxable in 2025? Understanding the IRS Rules

With all the recent talk about ending federal taxes on tips, some wonder whether tips are taxable income.

Kiplinger

Voters in Seven Swing States Love Ending Taxes On Tipped Income: Poll

They were lukewarm about Harris' proposal to provide $25,000 for housing purchase assistance

International Business Times

Kamala Harris Pledges To Eliminate Taxes On Tips For Workers

Vice President Kamala Harris pledges to eliminate federal taxes on tips for service workers, sparking debate and drawing criticism from former President Trump.

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International Business Times UK

Ohio Woman Wins $15M Lottery But Only Receives $5.4 Million - Are Cash Payouts Worth It?

Jeanne opted for the $7.5 million cashout option and paid 28% in state and federal taxes to take home $5.4 million. She also had the option to receive $600,000 annually for 25 years.

Roll Call

Trump plan to eliminate tip tax garners Capitol Hill interest - Roll Call

Former President Donald Trump again trotted out his desire to eliminate federal taxes on income from tips.

Reason

The Real Tax Gap

Wealthier Americans pay a record share of federal taxes, but voters (and President Joe Biden) believe they're freeloading.

WEKU

Up First briefing: Hunter Biden's second indictment; college presidents under fire

Hunter Biden faces new criminal charges related to his failure to pay federal taxes. The presidents of three elite colleges are under scrutiny for their testimony at hearing on campus antisemitism.

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Zenger

Economist Peter Schiff Suggests Suspending Taxes During Government Shutdown

Noted economist Peter Schiff proposes suspending federal taxes if government services are halted

The Texas Tribune

Effort to fix payroll error for state National Guard troops falls short in Texas Senate

The mistake meant about 7,400 soldiers sent to the Texas-Mexico border under Operation Lone Star were hit with higher-than-expected federal income taxes.

Fortune

Puerto Rico is becoming the new Florida for the ultrawealthy and remote workers

Puerto Rico offers the same warmth, sunshine, and affordability Florida does—but without the federal taxes.

Tribune News Service

Commentary: The IRS is becoming a model of efficiency. Really

Paying taxes is like paying a visit to the dentist: We might not like doing it, but deep down we know we need to. Among other things, our federal taxes fund national defense, health care for veterans, loans to small businesses, critical repairs for crumbling road and rail bridges, and…

Los Angeles Times

How to file your taxes and get your refund for free in 2023

Historically, April is tax time. (We will hold briefly for boos.) But there is a silver lining. Two, actually: Most people don’t need to pay for special software to file them. And if you’re fortunate enough to be a Californian, your state and federal taxes probably aren’t due until October.

Reuters

Brazil govt to resume fuel taxes -ministry

The Brazilian government is set to resume the collection of federal taxes on fuels this week, the Finance Ministry said on Monday.

The Independent UK

IRS won't tax most relief payments made by states last year

The IRS says most relief checks issued by states last year won't be subject to federal taxes, providing late guidance as taxpayers have begun filing returns

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