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The Latest Breaking News from Income Tax

2025 Standard Deduction Changes Under New Trump Tax Bill

What is the standard deduction for your filing status in 2025?

Kiplinger

New 2025 Income Tax Brackets Are Set

The IRS has adjusted federal income tax bracket ranges for the 2025 tax year to account for inflation. Here's what you need to know now.

Kiplinger

Reeves’ income tax plan will hurt working people and increase inequality even more

Letters: Su Hardman on the news that the chancellor is expected to extend the freeze on income tax thresholds in the budget. Plus letters from Patrick Donovan, Prof Mike Stein and Michael Meadowcroft on Labour’s tax plans

The Guardian - UK

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read the most diverse news in one place.

When is the Budget and what is the ‘stealth’ tax rise Labour are set to keep?

Millions could pay more income tax if ‘stealth’ policy is continued

The Independent UK

Workers set for income tax hike as Rachel Reeves ‘to extend freeze on thresholds’

Conservatives have accused Keir Starmer and Rachel Reeves of preparing to break a manifesto pledge

The Independent UK

Rachel Reeves expected to extend ‘stealth’ freeze on income tax thresholds

Policy known as ‘fiscal drag’ could bring in as much as £7bn a year after 2028, while dragging workers into paying more tax

The Guardian - UK

Budget 2024: what taxes could Rachel Reeves raise?

The chancellor is aiming to make £40bn worth of tax rises and spending cuts to fill ‘black hole’ in public finances

The Guardian - UK

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States That Offer a Child Tax Credit

Fifteen states plus the District of Columbia currently offer a child tax credit. Here’s how much you can get this tax season.

Kiplinger

Tax-free cash withdrawals ‘surge while pension contributions plummet’ as savers panic over Budget rumours

A shake-up of the UK’s generous pension tax allowances has been feared for several years as chancellors search for ways to raise money without further indebting the country or raising income tax

The Independent UK

Millionaire business owners urge Rachel Reeves to raise £14bn from rise in capital gains tax

Group of wealthy investors argue it would have no impact on investment in the UK and would raise vital funds for public services

The Guardian - UK

What are Trump's Positions on Capital Gains Taxes?

Harris and Trump have different views on taxing capital gains. See what Trump said he would do if elected to the White House.

Kiplinger

What is Net Investment Income Tax (NIIT) and Who Pays It?

Find out which income levels are subject to the 3.8% NIIT surtax.

Kiplinger

The TCJA: Key Facts on the Tax Cuts and What's Extended for 2025

How many of the extended TCJA provisions in the so-called 'One Big Beautiful Bill' (OBBB) will impact your wallet?

Kiplinger

Day Trade Tax Rate Explained: How Much Traders Pay

Understanding the day trade tax rate might appear complicated. A lot of traders feel confused when it's about taxes. What will be the amount due? Which regulations should you be aware of? These are typical queries that lead to bewilderment.

inkl

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The National (Scotland)

Scottish income tax policy has 'little to no impact' on most businesses – new study

MORE than half of businesses in Scotland have experienced “little to no impact” from the Scottish Government’s income tax policy, according to…

Reason

Trump and Harris Both Favor Tax Hikes That Would Hurt Ordinary Americans

The costs of steep tariffs and a higher corporate income tax extend far beyond the advertised targets.

The Conversation

Labour is talking about a wealth tax again – what are its options and what might work?

Labour Party leader Chris Hipkins recently revealed the party is looking once again at its tax policy, including a possible wealth tax or a “capital income tax” (CIT).

Fortune

Project 2025: Will the rich ever pay tax again?

A little-known proposal in Project 2025, the Universal Savings Accounts (USA), means the next Bill Gates or Jeff Bezos will never get taxed.

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news in one place.

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Kiplinger

How Trump and Harris Might Handle Expiring TCJA Tax Cuts

Many key provisions of the TCJA will expire soon. Here’s why it matters during the 2024 election cycle.

The Independent UK

Montana Democrat Busse releases tax returns as he seeks a debate with Gov. Gianforte

Montana Democratic gubernatorial candidate Ryan Busse has provided 10 years of income tax records as he tries to goad Republican Gov. Greg Gianforte into debating him ahead of the November election

Kiplinger

A Look at Kamala Harris's Tax Plans Ahead of the Election

Under Harris's tax proposals, upper-income individuals would pay more taxes, while the middle class and lower-income people would pay less.

Kiplinger

A Look at Donald Trump's Tax Plans

We take a look at Donald Trump's tax plans and what they could mean for you. Here's what you need to know.

International Business Times

Trump's Policies Could Add $5.8T To Deficit, Nearly 5X More Than Harris' Plan: Penn Wharton Study

Harris's plan, which includes expanding the Child Tax Credit, and Earned Income Tax Credit, is expected to raise deficits by $2.1 trillion over the next decade.

Reason

Kamala Harris' Plan To Hike Corporate Income Taxes Would Fall on All Americans

As with Trump and his tariffs, Harris appears unwilling to acknowledge the obvious consequences of hiking taxes on businesses.

Kiplinger

Can You Change an Irrevocable Trust? Yes, But Be Careful

When an irrevocable trust no longer makes sense, you're not stuck with it. You can modernize it, but you must follow the rules and consider the consequences.

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