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The Latest Breaking News from Income Tax

6 Retirement Accounts That Penalize for Early Access Without Warning

Saving for retirement is a big deal. You work hard, put money away, and hope it grows. But what if you need that money before you turn 59½? Many people don’t realize that some retirement accounts hit you with penalties if you take money out early. These penalties can shrink…

Clever Dude

Georgia Could Be Latest State to Eliminate Income Taxes

Eliminating the Georgia state income tax: Last-minute summer trend or permanent policy?

Kiplinger

The biggest voices need to admit Australia is a low-taxing nation before joining the economic reform conversation

Acoss’s new report factchecks some myths about Australia’s tax system and should be the basis of any discussion at the government’s roundtable

The Guardian - AU

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How money bills are being used to evade parliamentary debate on crucial matters

Over the last decade, some of the most significant legislations have been passed in Parliament with minimal debate in both houses. The Aadhar Act of 2016, amendments to the Prevention of Money Laundering Act (PMLA) and the Income Tax Act of 2025 are all examples of laws pushed through the…

Newslaundry

Take It From a Tax Attorney: This Is a Magic Multimillion-Dollar Tax-Saving Strategy

The qualified small business 1202 stock exemption is a $10 million exclusion that seems too good to be true and is often overlooked.

Kiplinger

OPINION - Will the income tax threshold freeze be extended? ...The Standard podcast

Listen here on your chosen podcast platform.

Evening Standard

How higher tax brackets in the UK compare to other major nations

UK taxes are relatively high, especially for middle and high-income earners, but how does that compare to other nations?

Evening Standard

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Why Retirees Are Suddenly Leaving Florida in Record Numbers

Florida has long been the dream destination for retirees. The warm weather, beaches, and no state income tax have drawn people from all over the country. But something has changed. More retirees are packing up and leaving Florida than ever before. This shift matters because it affects not just those…

Clever Dude

UK politics: Tories’ energy policy shows they are ‘anti-science, anti-jobs, anti-future’ Miliband tells MPs – as it happened

Energy secretary says it is not clear if opposition have any net zero policy

The Guardian - UK

Tax rises: Freeze on income tax thresholds for millions left on table by Treasury minister Darren Jones

The Government has promised not to raise the ‘headline rate’ of income tax but has left open the possibility of freezing the thresholds for paying the levy

Evening Standard

Top 8 States To Move To If You Don’t Want To Pay Taxes on Social Security

If you're wondering which states are best for retirees, GOBankingRates looked into which states have the lowest taxes.

GOBankingRates

What Moving to a Low-Tax State Really Does to Your Bills

Thinking about moving to a low-tax state? You’re not alone. Many people look at their tax bill and wonder if life would be easier somewhere else. The idea is simple: pay less in taxes, keep more of your money. But the reality is more complicated. Your bills don’t just shrink…

Clever Dude

Ross Greer: It's time for Scotland to pivot towards wealth taxation

ROSS Greer has said Scotland must pivot towards wealth taxation as he launched his bid to become co-leader of the Greens.

The National (Scotland)

Starmer opens the door for stealth tax extension as he tries to balance books

During a fiery PMQs, Keir Starmer ruled out increases to income tax, VAT and national insurance – but could not answer questions on wealth taxes or a freeze on tax thresholds

The Independent UK

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International Business Times UK

Trump's One Big, Beautiful Bill to Eliminate Taxes on Social Security Benefits for 90% of Recipients

The Social Security Administration stated that US President Donald Trump's bill will eliminate federal income taxes on Social Security benefits to offer immediate relief to seniors.

The Conversation

Tax season in South Africa: the system is designed to tackle inequality – how it falls short

South Africa’s personal income tax system is in the spotlight as the country’s tax filing season gets under way. Personal income tax is an important way of redistributing income from higher-earning to less-well-off individuals.

Benzinga

Trump 'Big Beautiful Bill' Sneaks 90% Cap On Gambling-Loss Deductions: Punters Warn New Amendment Could End US Professional Gaming

Professional gamblers and tax advisers are warning that a little-noticed line in Senate Republicans' 900-page "One Big Beautiful Bill" could make bettors pay income tax even when they break even.

The National (Scotland)

Anas Sarwar told to 'come clean' on how he would fund tax changes in Scotland

Anas Sarwar has been urged to "come clean" on how he would fund changes to the tax system in Scotland

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The Independent UK

Raise taxes or this government will fail, Rachel Reeves’s former top adviser warns

Exclusive: Jim O’Neill warns that the chancellor will have to raise income tax, national insurance or VAT to fill the £5bn black hole left by the welfare climbdown

International Business Times

What The $3.3 Trillion Bill Means For Your Wallet And The Country

The legislation would cut taxes sharply for businesses while also offering new credits to companies that manufacture in the U.S. It would restructure income tax brackets, delivering the biggest gains to top earners.

The Guardian - UK

Reeves expected to freeze income tax thresholds to raise funds after welfare U-turn

Government’s concessions over welfare cuts leave chancellor with a growing hole in her budget

The Guardian - UK

Number of higher-rate UK taxpayers expected to hit more than 7m this year

Frozen tax thresholds mean extra 500,000 to be taxed at 40% on some income in 2025-26, HMRC figures show

Evening Standard

More than seven million people estimated to be higher rate taxpayers in 2025-26

Some 39.1 million people are projected to be liable for income tax in 2025-26, according to HM Revenue and Customs figures.

Barchart

'Record-Shattering': Warren Buffett’s Berkshire Hathaway Has Now Paid $101 Billion in Cumulative Federal Income Tax

Berkshire Hathaway’s cumulative $101 billion in federal income tax payments under Warren Buffett’s leadership underscores the company’s extraordinary economic impact and the scale of its contribution to public services in the United States.

Barchart

Warren Buffett’s Berkshire Hathaway Now Pays 5% of All Corporate Income Taxes in America

Berkshire Hathaway's $26.8 billion tax payment in 2024 accounted for 5% of all U.S. corporate income tax, marking a dramatic reversal from its tax-free history six decades ago.

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