taxes

Congressman Matt Gaetz (R-Fla.) introduced a bill that aims to allow Americans to pay their federal income taxes using Bitcoin. This legislation seeks to amend the Internal Revenue Code, signaling a potential shift towards integrating cryptocurrency into mainstream financial systems. The bill...

As the November election approaches, President Joe Biden and former President Donald Trump are offering two very different tax policies for the American people when one of them steps into the Oval Office in late January 2025. If elected, Trump would uphold his 2017 Tax Cuts and Jobs Act, which...

The U.S. Supreme Court has preserved a 2017 tax on American-owned businesses’ foreign profits. The justices voted 7-2 in making their decision, arguing that Congress has the constitutional power to tax people and businesses on their share of undistributed company income, Bloomberg reported....

Ex-President Donald Trump — who paid little to no income taxes over a decade — is now suggesting to do away with income taxes entirely. But there’s a catch. What Happened: Trump pitched an “all tariff policy” plan to eliminate the U.S. income tax during a meeting with Republican...

Former President Donald Trump has changed the Republican Party’s economic policy in recent years, opting for protectionism and tariffs in a historic departure from conservative norms. Trump floated a new policy idea to CEOs and lawmakers in a meeting ahead of the 2024 election. What Happened...

National Economic Council (NEC) director Lael Brainard appeared on CNBC Friday morning, touting President Joe Biden‘s economic plan amid budget concerns and new job data. Nonfarm Payroll Data: The Bureau of Labor Statistics reported nonfarm payrolls had increased by 272,000 in May, far above...

The U.S. has taken a firm stance against a proposed global wealth tax on billionaires, as announced Monday by Treasury Secretary Janet Yellen. This idea, championed by Brazil, France and other nations, aims to reduce economic inequality by targeting the global billionaires. Yellen emphasized that...

Tesla CEO Elon Musk seems to think biopharma giant Pfizer, Inc. (NYSE:PFE) has dodged taxes despite high profits. What Happened: The issue began on X, the platform Musk owns, where Ashley St. Clair, a contributor to satirical outlet The Babylon Bee,...

Roger Ver, a prominent figure in the early days of Bitcoin (CRYPTO: BTC) and known as “Bitcoin Jesus,” has been arrested in Spain and charged with mail fraud, tax evasion, and filing false tax returns. The U.S. Department of Justice alleges that Ver evaded nearly $50 million in taxes....

The Canadian government has announced several new tax increases in the latest budget released this week to cope with its debt. The country’s capital gains tax will spike to 67% for earnings surpassing $250,000 in the year. This establishes Canada as the nation with the world’s highest...

Sen. Elizabeth Warren went on the offense attacking Donald Trump for his record while serving as president of the U.S. after winning the 2016 election. What Happened: In a tight race between Trump and President Joe Biden in the 2024 presidential election, both candidates are reminding voters of...

There are tons of interesting tidbits about Tax Day. According to the Internal Revenue Service (IRS): Officers answered more than one million taxpayer phone calls this season. They processed over 100 million individual tax returns through April 6. Tens of millions more filings will be made on the...

President Joe Biden is anticipated to propose tax hikes on the wealthiest Americans and large corporations as a strategy to reduce the nation’s massive debt. In his third State of the Union address since taking office in 2021, scheduled for Thursday, Biden plans to introduce a minimum tax...

Knowing when to access your 401(k) can take significant time and effort. If you have been socking away funds in this popular tax-deferred vehicle (hopefully with employer-matched contributions), you have amassed an enticing amount for your retirement. The trouble comes in with understanding just...

Editor’s note: This story has been updated with additional information on the Child and Dependent Care Tax Credit. Tax season is right around the corner with eligible Americans able to file their taxes between January and mid-April 2024. The Child Tax Credit may change due to a bill working...