#tax-policy

#tax-policy

Angela Rayner is battling for her political survival after she admitted underpaying stamp duty on her 800,000 seaside flat and referred herself to the ministerial ethics adviser after days of denials of wrongdoing. The deputy prime minister confirmed her tax arrangements after coming under intense pressure to be more transparent about her properties, but has been left with her reputation damaged and future hanging in the balance.

"At her last Budget, the Chancellor chose to increase further the duty burden on an industry already weighed down by excessive tax and regulation," Kent said. "Despite that decision, tax receipts have not gone up; and more UK pubs and restaurants have been forced to close. Everyone connected with hospitality knows that pubs, restaurants and other venues cannot survive on beer alone - all rely on spirits for profits."

As part of Trump's "no tax on tips" policy, digital content creators will be able to claim a tax deduction next year on the portion of their income that comes from tips, a Treasury spokesperson confirmed to Business Insider. In a draft list of qualifying occupations provided to BI and first reported by Axios, the Treasury describes digital content creators as people who "produce and publish on digital platforms original entertainment or personality-driven content, such as live streams, short-form videos, or podcasts."

Speaking on CNBC Tuesday morning, McDonald's CEO Chris Kempczinski was asked how the fast-food chain would be affected by the "no tax on tips" provision of the Big Beautiful Bill, which President Donald Trump signed into law in July. Proponents of the change say that it will lower taxes for a variety of employees, including restaurant servers. At McDonald's, workers don't take tips, Kempczinski said, meaning that the chain's workers won't see a change.

Rachel Reeves is reportedly plotting a tax raid on landlords in an attempt to plug the up to 40billion blackhole in the nation's finances. The chancellor is considering raising taxes for landlords in her next budget by applying national insurance (NI) to rental income, arguing the move would target unearned income, according to reports. The plans aim to make the Treasury 2 billion, as it attempts to avoid breaking the chancellor's red lines outlined before the general election, which included not increasing VAT, income tax or national insurance.

Ever since Zohran Mamdani made a big splash by winning the Democratic nomination for Mayor of New York City in June of 2025, he has been thrust into the spotlight. Many, including , have opined on his tax policies that question whether he can raise over $10 billion in incremental revenues to pay for his ambitious plans by primarily raising taxes on the wealthy.

Rachel Reeves could consider cutting the amount savers are allowed to withdraw in a lump sum from their pension pots as she seeks to plug a multi-billion-pound hole in the public finances. The chancellor will look at proposals from civil servants that could raise around 2bn by lowering the limit on how much people are allowed to take out of their pension without paying tax. Currently, pensioners can take out a quarter of their pension pot tax-free, with a cap of 268,000.

Starmer emphasized that some figures concerning the public finances, particularly the projected shortfall, are not recognized by him and indicated a need to prioritize living standards.

The economy, Andrew, you've got to start by saying, our economy is amazingly resilient, amazingly resilient. It's been the bright spot in the world since 2020.

The world’s most important financial watchdog has warned that Chancellor Rachel Reeves will likely break a key party manifesto pledge by hiking taxes or cutting public services.

The anticipated 15% tariffs from Trump are likely to inflict significant economic damage, pushing businesses to reassess their financial strategies and market positioning.

The TCJA capped the SALT deduction at $10,000 for married couples and $5,000 for individuals, while the OBBBA raised the cap to $40,000 and $20,000 respectively.

The bill's complexity was always in service of its politics: When no one understands tax policy, it's much easier to sell whatever story you want.

According to the National Association of REALTORS®, 35% of homeowners in Virginia now exceed the federal capital gains tax exemption, potentially triggering thousands in federal and state taxes when they sell.

The Independent is trusted by Americans across the entire political spectrum. They choose not to lock Americans out of reporting and analysis with paywalls, believing quality journalism should be available to everyone.

In Mississippi, a hidden home equity tax is emerging, affecting nearly 8% of homeowners due to outdated capital gains tax thresholds that fail to account for inflation.

Mamdani's campaign is buoyed by a pro-Mamdani super PAC called OneNYC, which is led by Yasser Salem, aiming to elevate community capabilities and culture.