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The Latest Breaking News from the Tax Foundation

Scott Bessent Takes Premature Victory Lap on Tariff Revenues

Collections represented a surge in imports trying to beat higher rates—with a slump to follow.

Reason

Mississippi Tax Guide

Explore Mississippi's state tax rates for income, sales, property, retirement, and more. Learn how Mississippi compares nationwide.

Kiplinger

Is Your State Coming For Your Online Sports Bets?

Several states are trying to hike sports betting tax rates in 2025. Here’s how it could affect you.

Kiplinger

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read the most diverse news in one place.

Trump warns of 68% tax hike if budget bill fails. Not true, say experts

Think tanks say the tax might rise by 7.5 percent if the ‘Big Beautiful Bill’ does not pass, rejecting Trump’s claims.

Al Jazeera

Ten Cheapest Places to Live in Texas

Looking for a cheap place to live in Texas? Look no further. These counties have the lowest property tax bills in the Lone Star State.

Kiplinger

Where in Europe are workers losing ground as taxes rise faster than wages?

While most European countries experienced higher real post-tax incomes in 2024, some saw a decline, as rises in personal average tax rates outpaced real wage growth.

Euronews

Trump’s tax hike on millionaires is back on the table—but experts say it won't make a dent in the ultra-rich

The richest sliver of Americans now own a record share of the wealth, and tweaking income taxes is unlikely to change that.

Fortune

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Even on Pause, Trump's Trade War Runs Up a Big Price Tag

Predictions vary as to the ultimate cost, but there’s no doubt that tariffs create economic pain.

Reason

Despite Trump Pause, Overall US Tariff Rate At Highest In A Century

US President Donald Trump's delay of steeper tariffs may have won brief respite on Wall Street, but analysts say his actions -- which hit China especially hard -- already bring the average US effective tariff rate to its highest in over a century.

International Business Times

Did Donald Trump impose ‘the largest tax hike in our lifetime’?

Tariffs act as a tax on imports, raising prices for consumers. They might be the highest since 1951.

Al Jazeera

Trump tariffs could help clear the way for bigger tax cuts as Congress eyes a potential revenue windfall — and a shrinking economy

Economists at Citi Research said in a note on Thursday that the aggressive tariffs "may now become a justification for larger tax cuts."

Fortune

Trump’s tariffs in numbers: The biggest losers amid escalating US trade war

As Donald Trump is unleashed a fresh slate of tariffs on so-called ‘Liberation Day’, data correspondent Alicja Hagopian examines which countries are most at risk from new tariffs on up to $3.3 trillion of goods.

The Independent UK

Will Trump’s ‘liberation day’ be the start of a trade war – or another climbdown?

After myriad false starts and much fluctuation, the lingering question is not how far Trump can take his trade wars, but how far he will

The Guardian - US

Trump tariffs: U.S. blames the VAT for Europe trade deficit

A value-added tax is not a tariff, but Trump blames it for America’s trade deficit with the European Union.

Fortune

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Reason

Tariffs on Canada, Mexico, and China Could Start This Weekend

Trump's second trade war has apparently arrived. There remains much uncertainty, but expect it to be costly.

Reason

Americans Continue Migrating From High-Tax to Low-Tax States

Increasing mobility and remote work make taxes an important consideration in where to live.

Kiplinger

House GOP Bill Aims to Abolish the IRS and Rewrite the Tax Code

The stability of the IRS is crumbling as the U.S. presidency changes hands.

Kiplinger

The TCJA May Help Nonprofits Next Year: Here’s Why

A potential TCJA extension could help nonprofits. But is it enough to keep up with inflation?

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news in one place.

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Reason

Trump, the Self-Described 'Tariff Man,' Does Not Understand How Tariffs Work

Since the president-elect refuses to admit that levies on imports are taxes paid by Americans, he sees no downside to raising them.

Benzinga

States Without Legal Cannabis Are Missing Out On Billions In Annual Tax Revenue, New Analysis Shows

Cannabis tax revenue is transforming state economies, with over $19 billion raised so far. States like California and Colorado direct cannabis tax revenue to education.

Reason

Cigarette Taxes and Regulations Continue To Fuel a Thriving Black Market

Burdensome taxes and red tape produce the same results as outright prohibitions.

Reason

A Taxpocalypse of Rising Rates Is Coming For Americans if Congress Doesn't Act

Here's how expiring tax cuts could affect you.

The Guardian - UK

From higher tariffs to lower taxes, will Donald Trump’s economic plan pay off?

There is a strong chance of the president-elect’s radical strategy going wrong, with a high risk of rising prices, inflation and interest ratesBusiness live – latest updates

The Independent UK

Georgia measure would cap increases in homes' taxable value to curb higher property taxes

Georgia voters unhappy about rising property tax bills could limit how much of a home’s increasing value can be taxed

Fortune

Economists say inflation likely higher under Trump than Harris

For economists wary about prices under a Trump presidency, the Republican nominee’s tariff plans loom large.

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