income tax

Americans are poised to receive the largest tax refunds in history, according to forecasts by the Secretary of the Treasury and acting IRS Commissioner Scott Bessent.  According to today’s report, Bessent anticipates households could see refunds increase by $1,000 to $2,000.  How...

President Donald Trump hinted at a sweeping shift in U.S. federal tax policy, suggesting that the massive tariff revenues that the government is earning could go towards offering significant relief for low and middle-income taxpayers. Plans To ‘Substantially’ Cut Income Tax Speaking to...

Your federal income tax refund could jump by roughly $1,000 in 2026, thanks to a new slate of tax breaks that take effect for the 2025 tax year. Wall Street Forecasts One Of Biggest Refund Seasons An analysis by financial firm Piper Sandler projects the average refund will climb from about $3,151...

Losing a spouse can deliver a second blow after grief, which is a higher tax bill. Financial planners warn that the so-called "survivor's penalty" can sharply raise lifetime taxes if couples don't plan. How Filing Status Change Drives Higher Taxes When one spouse dies, the survivor often keeps much...

The White House is reportedly reviving the push for a tax increase on the wealthiest Americans as part of President Donald Trump‘s forthcoming tax package. What Happened: The proposal recommends allowing the top marginal income tax rate cut, enacted by Trump in 2017,...

Economist Justin Wolfers pushed back against President Donald Trump’s inconsistent recent remarks on trade deals, taxes, and tariff revenue, calling his position "fundamentally incoherent." What Happened: On Tuesday, the Australian economist dismissed Trump's claim that tariff revenue could...

Kevin O’Leary, a prominent entrepreneur and investor from ABC’s Shark Tank, recently shared his perspective on Social Security and retirement planning. What Happened: O’Leary underscored that Social Security was never meant to be the only income source for retirees. He pointed...

After President Donald Trump unveiled the tariffs on all its trading partners on Wednesday, this economist recalled his analysis of tariffs being used to fund tax cuts. Meanwhile, another senior economist highlighted other possible implications of the tariff announcements. What Happened: Craig...

Senator Bernie Sanders (I-Vt.) has expressed strong criticism of Donald Trump’s proposal to eliminate all income taxes, describing it as ‘insane economics’ that would disproportionately benefit the wealthy. What Happened: On Wednesday, Sanders took to X to voice his disapproval of...

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...

President Joe Biden is among the people who completed their taxes ahead of an April 15 deadline. Here's a look at Biden's earnings and taxes paid in 2023. Joe Biden's Tax Return: Biden's 2023 tax return was made public this week, which marks the third straight year as a president Biden has done...

The Internal Revenue Service said on Tuesday it has submitted a report to Congress evaluating a Direct File option for taxpayers. The federal agency said, in a statement, that many taxpayers are interested in using a free IRS-provided tool to prepare and file taxes. The IRS is taking steps to begin...

Most billionaires don’t get to where they are by earning a salary. And that also means they might pay less income tax than Americans who make a living through wages. According to a report from ProPublica, some billionaires in the U.S. paid little or no income tax relative to the vast amount...

House Republicans are set to vote on the Fair Tax Act introduced by Rep. Earl L. “Buddy” Carter (R-GA) which seeks to eliminate all personal and corporate income taxes, the death tax, gift taxes, and the payroll tax while also eliminating the need for the...

The House Ways and Means Committee released thousands of pages of President Donald Trump's tax returns from the years 2015 through 2020 on Friday, giving Americans a detailed look into the former president's finances during his time in office. What Happened? After a lengthy legal battle,...