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The Latest Breaking News from Tax Cuts

‘Starve the beast’? The $40tn cost of Republicans’ false promises to cut spending

The enormous US debt under Trump will hobble the next Democratic administration – just as the GOP planned

The Guardian - US

US debt crosses $40 trillion threshold after doubling under Trump and Biden

United States debt has now exceeded forty trillion dollars for the first time. This significant increase occurred during the presidencies of Donald Trump and Joe Biden. Growing costs for social programs and interest payments are outpacing revenues. Tax cuts have constrained government income, contributing to the rising debt. Budget watchdogs…

The Economic Times

US gross national debt tops $40tn for first time

Milestone marks years of government spending that grew under both Donald Trump and Joe Biden

The Guardian - US

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IRS Issues New Guidance on Expanded Paid Family and Medical Leave Tax Credit

The Department of the Treasury and the Internal Revenue Service have issued official guidance on an expanded employer tax credit for paid family and medical leave (PFML), according to an announcement from the two agencies. The guidance, published as Notice 2026-28, addresses changes made under legislation called the Working Families…

The Free Financial Advisor

Bernie Sanders Slams Trump's Economic Agenda, Says It's for the 'Billionaire Class'

Sen. Bernie Sanders (I-Vt.) criticized President Donald Trump’s policy agenda, arguing that proposed spending priorities and changes to benefits would hurt working-class Americans while favoring wealthy individuals.

Benzinga

Global Market: Japan's 10-year bond yield climbs as fiscal concerns weigh on market ahead of BOJ meeting

Japan's 10-year government bond yield edged higher as uncertainty over funding for proposed food tax cuts weighed on investor sentiment. Markets are now focused on the Bank of Japan's policy meeting later this week for signals on future interest rate moves.

The Economic Times

Martin Lewis explains why 'no-one' will benefit from Andy Burnham's energy tax cuts

The finance expert picked apart the new Prime Minister’s money-saving plans

Evening Standard

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Justin Wolfers Says Trump's 'One Big Beautiful Bill' Puts an Expiration Date on 'No Tax on Tips,' but 'The Tax Cuts for the Rich Are Permanent'

Economist Justin Wolfers criticized President Donald Trump’s tax legislation, arguing that several campaign promises targeting workers and retirees were narrowed in the final law while tax cuts benefiting wealthier Americans remain permanent.

Benzinga

Texas agencies must cut spending by 3% under new order from Abbott, Patrick and Burrows

The Big Three framed the move as a way to keep Texas fiscally conservative and help fund priorities like property tax cuts. Public education and school vouchers were exempted.

The Texas Tribune

Tax push renders budget surplus forecasts 'unrealistic'

Treasury's assumption the federal budget will return to surplus within a decade is at risk because of likely tax cuts, an independent agency warns.

AAP

Florida’s proposed property tax cuts rely on a population boom that has slowed dramatically

From 2020 to 2024, Florida’s population grew by 8.5%, from 21.6 million to 23.4 million.

The Conversation

Bernie Sanders Says Microsoft's Layoffs and Xbox Price Hike Show Tax Cuts 'It Never Trickles Down'

On Monday, Sen. Bernie Sanders (I-Vt.) argued that Microsoft Corp’s (NASDAQ:MSFT) recent layoffs and Xbox price increases undermine claims that large corporate tax cuts ultimately benefit American workers.

Benzinga

Child Tax Credit: Many Families Expected It to Fall to $1,000 in 2026—Here’s What Actually Happened

For months, many parents worried that the federal Child Tax Credit would be cut in half after 2025, dropping from $2,000 to $1,000 per qualifying child. Those concerns stemmed from the scheduled expiration of provisions from the 2017 Tax Cuts and Jobs Act. Instead, Congress took a different path by…

Kids Ain't Cheap

Finance Bill passed 'hurriedly' to give tax benefits to liquor cos: Kerala LoP Vijayan

Leader of Opposition Pinarayi Vijayan accused the UDF government of hastily passing the Finance Bill to benefit liquor companies through tax cuts, disregarding assembly rules. He alleged Chief Minister VD Satheesan was determined to grant these tax benefits, which he believes will lead to increased liquor availability. The Assembly approved…

The Economic Times

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inkl

What Changes After the 2025 Tax Cuts Expire

Have you been wondering what actually happens when the 2025 tax cuts expire? The short answer is simple: several major rules will shift at the same time, and many taxpayers will feel the impact immediately. That reality makes it more important than ever to understand what’s changing and why.

The Economic Times

India's consumption story coming back to life and the timing couldn't be better: Ashi Anand

Indian consumers are set for a strong recovery. Falling interest rates and potential oil price drops are boosting confidence. Tax cuts are already in place. This positive shift is expected to drive spending across various sectors. Experts see this as a broad-based improvement. Digital platforms are also highlighted as a…

Kiplinger

Could Your ZIP Code Cut Your Federal Taxes? New Bill Explains How

The location-based tax cut would expand federal brackets for high-cost areas in New York, California, Florida and more. Here's who would qualify.

The Conversation

Grattan on Friday: Albanese’s broken promises have played into Hanson’s insurgency

After Labor targeted the threat of One Nation in a recent appeal to supporters for donations, the insurgents played tit for tat.

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The Economic Times

Australia's lower house passes bill for biggest overhaul of taxes in decades

Australia's parliament has approved a major tax reform. The government is curbing tax breaks for property investors to boost housing affordability. A capital gains discount is being removed. New tax cuts for workers are also included. The bill now moves to the Senate for further consideration. These changes aim to…

The Economic Times

Govt weighs tax cuts to boost foreign bond inflows: Report

India is set to boost foreign investment soon. The government plans to cut taxes on global funds investing in Indian bonds. Ownership limits on certain bonds may also be removed. These measures aim to attract more capital. The Reserve Bank of India is expected to allow unlimited access to some…

The Economic Times

India Inc sails past fourth-quarter estimates, but oil shock clouds outlook

Indian companies achieved better-than-expected profits in the March quarter. Domestic activity was strong, supported by tax cuts and easy money. However, the ongoing Iran conflict is creating an energy shock. This is expected to impact future company earnings negatively. High oil prices and supply issues pose risks to the economic…

The Guardian - UK

Wes Streeting backs calls for national insurance cut and North Sea drilling

Labour leadership hopeful says NI reduction for firms could ‘incentivise’ hiring, particularly of younger people

Saving Advice

Texas Seniors Are Finally Seeing the 2023 Property Tax Cuts Show Up on 2026 Bills

For years, many Texas seniors felt like property tax relief was always being promised but never fully felt in their monthly budgets. Even after the...

France 24

France announces €710 million in new energy aid

French Prime Minister Sébastien Lecornu has announced new support measures to cushion the impact of the energy crisis caused by the war in Iran. The €710 million package includes extending existing support schemes for sectors such as fishing, farming and construction, as well as a new bonus for taxi drivers…

AAP

Extension on fuel excise relief kept in play by PM

Fuel excise relief appreciated by Australian motorists may not end in July, as the government promotes other tax cuts due to begin at the same time.

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