All posts tagged: tax

Trump’s big beautiful income tax dodge

Trump’s big beautiful income tax dodge

Published by Sam Flores

During the 2016 presidential debates between Hillary Clinton and Donald Trump, the former secretary of state claimed that Trump, despite his alleged fortune, had reportedly not paid any income tax. In response, Trump smugly quipped, “That makes me smart.” Enough people apparently agreed that vastly wealthy people are entitled to keep every last penny for themselves — rather than pay their fair share into the system that made their wealth possible — because Trump was elected president just a few weeks later. Even then, it was clear that Trump’s reputation as a brilliant businessman was largely manufactured by his own relentless self-promotion, along with a talented reality show producer who put him on television. But it was and remains true: Most wealthy people and many corporations pay little or no income tax by manipulating the system in perfectly legal ways. Trump was one of them. Since every major party presidential candidate had voluntarily released their tax returns over the past four decades, it was assumed he would follow suit. But despite promising to do so, Trump claimed …

HMRC made us wait a year for £150,000 tax rebate | Money

HMRC made us wait a year for £150,000 tax rebate | Money

Published by Sam Flores

When my mother died, there was a four-year delay in achieving probate owing to financial complexities. During this time my father paid inheritance tax (IHT) on the advice of his solicitor, to prevent interest accruing. It turned out that the solicitor’s estimate of the amount was wildly out. My father applied for a rebate a year ago and, eight months later, HMRC confirmed that he was owed £153,500. Two more months have passed without a word. My father is 86 and I do wonder if HMRC is hoping he will die before it has to pay. He used all his savings, and had to sell a field to pay the tax he thought he owed, and it’s left him very short of money. CJ, Bristol If we are 30 days late paying our tax dues, HMRC levies a 5% fine plus interest on the sum owed. When it owes us, however, it allows itself as long as it chooses, and that can be up to a year. Here’s the wonder – three days after I raised …

Farage: I will scrap income tax on overtime

Farage: I will scrap income tax on overtime

Published by Sam Flores

Nigel Farage has pledged to axe income tax on overtime as he vows to “make work pay”. If Reform UK wins the next general election, people who earn less than £75,000 and work overtime above a 40-hour week will pay no income tax on the extra hours. The £5bn a year tax cut announcement, made during the crucial Makerfield by-election campaign, will be seen as a direct challenge to Andy Burnham, the Mayor of Greater Manchester. Mr Burnham hopes to oust Sir Keir Starmer if he wins the seat. It appears to be inspired by Donald Trump’s move to scrap tax on tips and is an attempt to make it harder for Labour to define itself as the party of working people. On Saturday, Survation released the constituency voting intention for Makerfield – with Labour leading on 43 per cent, edging Reform on 40 per cent, Restore Britain on 7 per cent, the Lib Dems on 4 per cent, the Green Party on 3 per cent and the Conservatives on 2 per cent. Writing for …

How new pension tax rules could cost your family thousands – and what to do now before time runs out

How new pension tax rules could cost your family thousands – and what to do now before time runs out

Published by Daniella Wilson

There’s less than a year to go before pensions fall within the scope of inheritance tax for the first time, so there’s no time to lose if you want to explore ways to potentially reduce future tax bills for your loved ones. From April 2027, most unused defined contribution pension pots and certain pension death benefits will be included as part of your estate for inheritance tax purposes. Under current rules, pensions are usually excluded from your estate, making them one of the most tax-efficient ways to pass on wealth after your death. Get your free guide to equity release written by Paul Lewis The changes could have serious implications for some families, especially those with large pension savings. Many retirees have deliberately used other savings first in retirement because pensions could previously be passed on relatively tax efficiently. Lisa Caplan, director of Charles Stanley Direct Advice and Guidance, part of Raymond James Wealth Management, said: “Anyone with significant pension wealth needs to urgently review their planning, especially if they had previously planned to leave …

Reeves allies unleash on Miliband in battle for Britain’s Treasury – POLITICO

Reeves allies unleash on Miliband in battle for Britain’s Treasury – POLITICO

Published by Sam Flores

The MP stressed that given both Burnham and the other main leadership contender, Wes Streeting, have signed up to Reeves’ fiscal rules it “doesn’t leave much margin for significant change anyway.” “The bond markets kind of make her bomb-proof,” another Labour MP argued, praising the incumbent chancellor’s record for steadying the economy in turbulent times. “The big clash between Rachel and Ed is over the North Sea,” this person added, referring to the Jackdaw and Rosebank oil and gas fields whose licenses have been stymied by legal challenges. Reeves is seen as being in favor of their expansion, while Miliband puts more emphasis on the climate trade-offs. “So there’s a big fault line there. No wonder he wants her out of the way.” Another backbencher said they believed Miliband — who has made no public comment on whether he would want the job and remains in Starmer’s cabinet — would prevent “any meaningful welfare reform.” “Reverting back to a 2010-15 economic policy hymn-sheet” — the years when Miliband led the Labour Party to electoral defeat …

Mamdani fires back at Bezos over Queens teacher tax remark

Mamdani fires back at Bezos over Queens teacher tax remark

Published by Sam Flores

New York City Mayor Zohran Mamdani fired back on Wednesday at Jeff Bezos after the Amazon founder and executive chairman questioned whether raising taxes on billionaires would do anything to help working-class New Yorkers. “You could double the taxes I pay, and it’s not gonna help that teacher in Queens. I promise you,” Bezos said in an interview on CNBC earlier Wednesday. Mamdani responded on X: “I know a few teachers in Queens who would beg to differ.” Bezos, meanwhile, pushed for tax cuts for low-income Americans. He called for eliminating federal income taxes on the bottom half of earners, telling CNBC’s Andrew Ross Sorkin on “Squawk Box” that the top 1% of taxpayers pay about 40% of all tax revenue, while the bottom half pay 3%. “I don’t think it should be 3%,” Bezos said. “I think it should be zero.” In 2023, the bottom half of taxpayers had an adjusted gross income of nearly $54,000 in 2023, according to the Tax Foundation, which is funded by conservative interests, citing the most recent IRS statistics. Households earning in the top …

Gov. Reynolds signs Iowa sweepstakes and gambling crackdown expanding enforcement and revising tax withholding

Gov. Reynolds signs Iowa sweepstakes and gambling crackdown expanding enforcement and revising tax withholding

Published by skeptic

Iowa Governor Kim Reynolds has approved a wide-ranging gambling bill that strengthens enforcement against unlicensed sweepstakes operators while reshaping how the state handles tax withholding on gambling winnings. Reynolds signed Senate File 2289 on May 15, giving the Iowa Racing and Gaming Commission expanded authority to pursue unauthorized betting and sweepstakes businesses operating in the state. It also updates financial reporting rules tied to gambling payouts and raises reimbursement limits for commission members. In a letter sent to Secretary of State Paul Pate, Reynolds wrote, “I hereby transmit: Senate File 2289, an Act relating to matters under the purview of the department of inspections, appeals, and licensing, and including effective date provisions.” She added, “The above Senate File is hereby approved on this date.” The legislation allows state regulators to issue enforcement actions against companies or individuals offering gambling products in Iowa without proper licensing approval. This applies to sports wagering, fantasy sports contests, pari-mutuel wagering, advance deposit wagering, and sweepstakes-style gambling platforms. One section of the legislation states the commission may take action “including …

Minister Slaps Down Wes Streeting's Call For 'Wealth Tax That Works'

Minister Slaps Down Wes Streeting's Call For 'Wealth Tax That Works'

Published by Sam Flores

Wes Streeting, Secretary of State for Health and Social Care of the United Kingdom, arrives for a cabinet meeting at 10 Downing Street in London, Tuesday, Feb. 24, 2026. A minister has slapped down Wes Streeting’s suggestion of a “wealth tax that works”. Streeting resigned as the health secretary within Keir Starmer’s cabinet last week, accusing the prime minister of offering a “vacuum” instead of a vision for governing. Starmer has so far resisted dozens of calls from his own MPs to resign and a leadership contest is yet to be triggered. But Streeting has claimed he would seek to enter any potential competition. The backbencher now appears to have laid out parts of his policy agenda, telling the BBC’s Political Thinking podcast that he would introduce a wealth tax which could raise £12 billion a year. He said his plan for a “wealth tax that works” includes reforms to capital gains tax, a levy on the profit made after selling an asset. He wants to encourage investment by offering lower rates to “genuine” entrepreneurs. Streeting …

Even insiders don’t know what Burnham has planned for Britain – POLITICO

Even insiders don’t know what Burnham has planned for Britain – POLITICO

Published by Sam Flores

A fourth person who has worked with Burnham said that might be a plus when it comes to winning the next general election against the insurgent Reform Party. “I know it’s a banal thing, but we’ve not had a northern prime minister for a really long time, unless you count Rishi Sunak,” this person said. (Sunak represented a leafy Yorkshire constituency but is from the south of England.) “It does matter, because every weekend conversation … will be migration, housing, cost of living, dirty high streets, antisocial behaviour. Great — we win on those, we win the country.” The first person who has worked with Burnham said it is deeper than raw electoral politics. This person said Burnham sees many policy issues through two main lenses — rewiring the economy and bringing communities together. As such, he is not totally off the world stage. As mayor, he has carved out time in his diary to see diplomats — in part because Manchester has the most consulates of any English city apart from London. And he …

Trump tax returns get protection from IRS under fund settlement

Trump tax returns get protection from IRS under fund settlement

Published by Sam Flores

Former President Donald Trump arrives at his caucus night event, with sons Donald Trump Jr. and Eric Trump, at the Iowa Events Center on January 15, 2024 in Des Moines, Iowa. Chip Somodevilla | Getty Images News | Getty Images Federal tax returns filed by President Donald Trump, family members, the Trump Organization, and related trusts and affiliates before this week are protected from potential Internal Revenue Service enforcement actions under a controversial $1.8 billion settlement with the Justice Department, a new document posted Tuesday shows. The Justice Department, as part of the settlement, barred the federal government from prosecuting or pursuing “any and all claims” that could have been made by the IRS, which included “tax returns filed before” the effective date of the settlement, according to the document, signed by Acting Attorney General Todd Blanche. The protection extends to Trump, his family members, the Trump Organization and “parties including trusts, parent, sister or related companies, affiliates, and subsidiaries.” It covers any pending tax audits of Trump and the others referred to in the …