#tax-reform

#tax-reform

The group, which ranges from the rightwing Adam Smith Institute to the leftwing New Economics Foundation, published proposals for sweeping pro-growth reforms the chancellor could introduce to tax all income from work equally. A separate report on Wednesday from the National Institute of Economic and Social Research (NIESR) urged Reeves to make brave choices and look for an extraordinary 50bn of spending cuts and tax rises to triple the size of her fiscal buffer.

Rachel Reeves is under pressure to overhaul the UK's tax system after the Resolution Foundation urged her to cut employee national insurance contributions by 2p and offset it with an equivalent rise in income tax. The thinktank, which has close ties to senior Labour ministers, said the measure could raise an additional £6bn a year by spreading the tax burden across a wider pool of taxpayers, including pensioners, landlords and the self-employed.

In a report that will be closely scrutinised in the Treasury, it said an additional 6bn a year could be raised through a policy to cut employee national insurance by 2p, with a corresponding increase for all income tax bands. This is because income tax applies to a wider group of taxpayers than employee national insurance including pensioners, landlords and self-employed people.

"This came as a huge shock," one executive said. "If the reforms are implemented as drafted, it will push costs beyond what is viable for many projects."

Young professionals working in a range of industries may feel like they've "made it" when the cross over into the six-figure threshold. Making $100,000 per year has been a goal many have set out to attain, and it can take some time in certain industries to hit this target. But with approximately one-fifth of the U.S. population earning this much money, and the number of six-figure earners living paycheck to paycheck surging, this sum isn't what it once was.

Under the One Big Beautiful Bill, seniors will see their Social Security income shielded from federal taxes-an adjustment projected to benefit 100,000 retirees in the state. The White House reports that 88% of Social Security recipients will pay no federal income tax on those benefits beginning with the 2026 tax year. That's up from just 64% under previous law and represents 14.2 million additional seniors keeping more of their retirement income.

Baltimore is undervaluing vacant land by nearly half a billion dollars, leading to low tax bills for absentee speculators while residents face the highest property tax rate in Maryland.

The Centre for the Analysis of Taxation warned that landowners were less likely to be impacted by inheritance tax reforms than working farmers, amidst ongoing debates about tax changes.

The new $6,000 senior deduction is a huge win for retirees. Having this extra deduction helps lower their taxable income. This means that more of their Social Security checks and retirement benefits stay in their hands instead of being taxed.

Verizon raised its annual profit forecast, citing strong demand for premium plans and benefits from tax law changes, leading to a notable rise in shares.

Residents in Great Falls, MT expressed intense frustration over skyrocketing property tax bills due to assessed values reflecting soaring home prices, demanding explanations from local officials.

"Childcare, as you know, has been seen as a personal problem for women and workers, but not an economic imperative. We knew we needed to get businesses to make the case..."

The goal of the new tax is pretty simple: It encourages colleges to use their major endowments to lower the cost of education.

"The thresholds are SO low and there should be NO CAP for goods and services. Make it about spending/payments. This is good for consumers."

The House of Representatives agreed to clear the last procedural hurdle for the One Big Beautiful Bill Act (BBB), paving the way for Trump's ambitious tax reform.

House Republicans faced challenges in advancing President Trump’s tax and spending cuts package, dealing with skeptical lawmakers and pressure to finalize the bill before the July 4th deadline.

"Senate Republicans moved one step closer to ripping health care away from millions of Americans to pay for massive tax breaks for billionaires," Gov. Kathy Hochul said in a statement.

The outcome capped an unusually tense weekend of work at the Capitol, the president's signature legislative priority teetering on the edge of approval or collapse.

The big, beautiful bill makes permanent the Tax Cuts and Jobs Act provisions, which generally benefited high earners more than most. Increased standard deductions are for individuals, heads of households, and married couples.

The Senate Republicans' tax bill could slash $1.1 trillion from health provisions by 2034, leading to an estimated 11.8 million people losing their health insurance.