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☆ Capital gains tax hikes 'entirely off the table' under President-elect Trump, Republican Congress, economist says
▼ + stars: | 2024-11-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Long-term capital gains rates apply to assets owned for more than one year. Higher capital gains tax rates, however, are "entirely off the table," under a Trump presidency and Republican-controlled Congress, said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. Even with partial Republican control, "it's most likely that capital gains tax policy just stays put where it is," York explained. For 2024, investors pay long-term capital gains rates of 0%, 15% or 20%, depending on taxable income. Combined with long-term capital gains taxes, higher earners currently pay up to 23.8% on investments.

Persons: Donald Trump, Jim Watson, Donald Trump's, Kamala Harris, Harris, Joe Biden's, Erica York, York, Howard Gleckman Organizations: U.S, Republican, Afp, Getty, Trump, Tax, Center, Federal Tax Policy, Republicans, Representatives, White, Urban, Brookings Tax Locations: Palm Beach

The fee turned up in September 2019, after Trump placed 25% tariffs on steel, and hasn’t gone away since. So far, the tariffs in force under both White Houses have cost Americans $79 billion, the nonpartisan Tax Foundation estimated this summer. The nation’s roughly 33 million small businesses employ nearly half the nation’s workers and generate more than 43% of the gross domestic product, the U.S. Chamber of Commerce estimates. “Whether we like it or not, Asia is the bike manufacturing hub of the world,” said Zagata, who raised prices by between 18% and 22% after the Trump tariffs took hold. San Diego-based entrepreneur Nichole MacDonald said profit margins for her patented, 10-pocket Sash Bag have been thinning in recent years as material and freight costs have jumped, and tariffs aren’t helping.

Persons: Donald Trump, Chris Smith, Trump, hasn’t, Smith, ”, Biden, —, who’ve, Erica York, Julia Demaree Nikhinson, they’re, Jonathan Gold, Gold, “ they’ve, Ryan Zagata, Zagata, he’d, Felix Tintelnot, Trump’s, ” Trump, Brian Hughes, Nichole MacDonald Organizations: Virginia Beer Co, Constellation Brands, Corona, Trump, Foundation, Tax, National Retail Federation, U.S . Chamber, Commerce, Brooklyn Bicycle Co, GOP, Duke University, “ Locations: Williamsburg , Virginia, U.S, China, Modelo, Mexico, New York City, Asia, York, Germany, Diego, India

☆ After six years of tariffs, small-business owners aren't eager for more
▼ + stars: | 2024-11-01 | by ( Alexandra Byrne | ) www.cnbc.com time to read: +9 min

The fee turned up in September 2019, after Trump placed 25% tariffs on steel, and hasn't gone away since. Small-business owners have already been facing tariffs on billions of dollars of goods, most of them from China, implemented by Trump in 2018. So far, the tariffs in force under both White Houses have cost Americans $79 billion, the nonpartisan Tax Foundation estimated this summer. The nation's roughly 33 million small businesses employ nearly half the nation's workers and generate more than 43% of the gross domestic product, the U.S. Chamber of Commerce estimates. "Whether we like it or not, Asia is the bike manufacturing hub of the world," said Zagata, who raised prices by between 18% and 22% after the Trump tariffs took hold.

Persons: Donald Trump, Chris Smith, Trump, hasn't, Smith, Biden, —, who've, Erica York, they're, Jonathan Gold, Gold, they've, Ryan Zagata, Zagata, he'd, Felix Tintelnot, Trump's, Brian Hughes, Nichole MacDonald, MacDonald, Kamala Harris, it's, Sara Hauman, isn't, doesn't Organizations: Albuquerque, Virginia Beer Co, Constellation Brands, Corona, Trump, Foundation, Tax, National Retail Federation, U.S . Chamber, Commerce, Brooklyn Bicycle Co, GOP, Duke University Locations: Albuquerque , New Mexico, Williamsburg , Virginia, U.S, China, Modelo, Mexico, New York City, Asia, York, Germany, Diego, India, America, Portland , Oregon, West Coast

☆ Here's who would benefit from Trump's proposed tax break on car loan interest
▼ + stars: | 2024-10-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Trump's proposed tax break would make interest on car loans fully tax deductible. That tax break lets homeowners deduct annual mortgage interest payments from their taxable income, thereby reducing their tax bill. Few taxpayers claim itemized tax deductionsTo get the deduction, car owners would need to itemize their tax return to include their borrowing costs. About 14.8 million federal tax returns, or about 9%, claimed an itemized deduction on their 2021 federal tax returns, according to the most recent IRS data. An itemized tax break on car loan interest "would help only a fraction of taxpayers," said Leonard Burman, an institute fellow at the Urban-Brookings Tax Policy Center.

Persons: Donald Trump, Sarah Rice, Trump's, Experian, It'd, Seiberg, Trump, didn't, Erica York, —, Leonard Burman, Burman, York, it'd Organizations: Detroit Economic, Bloomberg, Getty Images, Federal Reserve Bank of New, AAA, Trump, Cowen Washington Research Group, Republicans, CNBC, Finance, Social Security, Taxpayers, Tax, Center, Federal Tax, Urban, Brookings Tax Locations: Federal Reserve Bank of New York, Detroit, York

☆ What Harris’ unrealized capital gains tax proposal means for you
▼ + stars: | 2024-10-06 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

A billionaire minimum tax is one of several proposals pushed by Democrats in recent years to tax the rich. Harris has specifically called for raising the top tax rate on millionaires with long-term realized capital gains from 20% to 28%. Harris’ proposal to increase the tax rate on realized capital gains to 28% would apply to taxpayers with income over $1 million. How a tax on unrealized capital gains would workLet’s discuss how a billionaire minimum tax – which is, on a basic level, a tax on unrealized capital gains – would impact a homeowner. If passed, a billionaire minimum tax – an unprecedented tax on income not yet received – would likely face many legal challenges.

Persons: Kamala Harris that’s, “, ”, Mark Friedlich, Harris, hasn’t, Biden, Joe Biden, Erica York, it’s, ” Friedlich, Ron Wyden, Joe Manchin, Kyrsten, inheritances Harris hasn’t, Biden’s Organizations: Washington CNN, IRS, Wolters Kluwer, Accounting, Biden, Tax, Oregon Democrat, Senate Locations: Altrata, Oregon, Sens, West Virginia, Arizona

☆ China-Mexico freight traffic surges in Trump, Biden tariff era, as companies find ways to evade U.S. trade war
▼ + stars: | 2024-09-20 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +16 min

Patrick T. Fallon | AFP | Getty ImagesNew data shows a surge in trade between China and Mexico at a time of tough tariff talk during the presidential campaign. This nearshoring of manufacturing enables companies to change a product's origin of goods, also referred to as the "economic nationality" of a product. Data from freight analytics firm Xeneta shows China to Mexico container trade up by 26.2% from January to July 2024, after growing by 33% in 2023. Mexico is also a member of the Pacific Alliance, a trade bloc formed by Mexico, Chile, Colombia, and Peru. "Bilateral tariffs should be expected to lead to trade diversion, and that's exactly what happened in the aftermath of the trade war.

Persons: Patrick T, Fallon, Jordan Dethwart, Mary Lovely, Anthony Solomon, Simon Cohen, Peter Sand, Donald Trump, Trump, John Piatek, Biden, Piatek, Lovely, Moody's, Elon Musk, Musk, Tesla, Sand, Charles Van der Steene, Van der, Mexico —, Freightos, Erica York, York, Tim Robertson, Ian Arroyo, Arroyo, Saul Loeb Organizations: El, El Paso Sector, AFP, Getty, U.S, Companies, Peterson Institute for International Economics, Henco Logistics, European Union, European Free Trade Area, Pacific Partnership, Pacific Alliance, GEP, Motive, BMW, Ford, GM, Kia, gigafactory, Volvo, Pirelli, Michelin North America, Hyundai, SFK USA, Maersk, Bureau of Transportation Statistics, CNBC, United, Pacific, Port, U.S ., ITS Logistics, Tax, DHL Global, Dana, Afp Locations: El Paso, Mexico, New Mexico, Chihuahua, Sunland Park , New Mexico, China, Redwood Mexico, United States, Canada, U.S, Japan, Israel, Latin America, Chile, Colombia, Peru, USA, propping, Laredo , Texas, El Paso , Houston, San Diego, Monterrey, Fremont , California, Austin , Texas, Americas, Mexican, Monterrey . Mexico, East, lading, Maersk North America, Tijuana, El Paso , Texas, Pacific Coast Port, Lazaro, Laredo, Monterrey , California, U.S . West, U.S . East, Gulf, West Coast, Asia, Mexico City, Warren , Michigan

Sen. JD Vance introduces former President Donald Trump during a rally at Herb Brooks National Hockey Center on July 27 in St. Stephen Maturen/Getty ImagesFormer President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pays the tariff. “It’s fair to call a tariff a tax because that’s exactly what it is,” said Erica York, a senior economist at the right-leaning Tax Foundation. He also said he would impose a “100% tariff” on countries that shift away from using the US dollar.

Persons: Sen, JD Vance, Donald Trump, Stephen Maturen, Trump, –, Kamala Harris, ” Trump, ” Vance, ”, Erica York, “, Joe Biden Organizations: Herb Brooks National Hockey Center, Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission Locations: St, Cloud , Minnesota, China, Arizona

Former President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pays the tariff. A tariff is a tax that is paid by US businesses – not other countries – when a foreign-made good arrives at the American border. “It’s fair to call a tariff a tax because that’s exactly what it is,” said Erica York, a senior economist at the right-leaning Tax Foundation. He also said he would impose a “100% tariff” on countries that shift away from using the US dollar.

Persons: Donald Trump, Sen, JD Vance, Trump, –, Kamala Harris, ” Trump, ” Vance, ”, Erica York, “, Joe Biden Organizations: Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission Locations: China, Arizona

☆ Trump tax cuts expire after 2025. Here's how the presidential election could affect your taxes
▼ + stars: | 2024-09-09 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

With the presidential election approaching, experts are sounding alarms about the upcoming expiration of the 2017 Tax Cuts and Jobs Act, or TCJA. Without action from Congress, trillions in tax breaks enacted by former President Donald Trump via the TCJA will expire after 2025. "If the 2017 tax cuts are allowed to expire after 2025, about 62% of taxpayers would see their tax bills go up," said Erica York, senior economist and research director at the Tax Foundation. "That's because the TCJA provided tax cuts for the vast majority of taxpayers." Both Trump, the Republican presidential candidate, and Vice President Kamala Harris, the Democratic candidate, have called for tax changes that could affect millions of Americans.

Persons: Donald Trump, Erica York, Kamala Harris, Stephen Moore, Trump, Harris Organizations: Tax, AP, Trump, Republican, Democratic, CNBC, White

☆ Fact check: Trump and Vance keep falsely describing how tariffs work
▼ + stars: | 2024-09-09 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

Washington CNN —Former President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pay the tariff. Facts First: Trump and Vance’s claims about how tariffs work are false. Together, the price increases cost consumers more than $1.5 billion during the first year the tariffs were in place. It’s true that after Trump imposed tariffs on foreign-made steel, some American steel companies reopened mills and created new jobs.

Persons: Donald Trump, Sen, JD Vance, Trump, Kamala Harris, ” Trump, “, ” Vance, ” “, ”, Erica York, Joe Biden, Rick Muskat, Howard Gleckman, Jeff Ferry, Ferry Organizations: Washington CNN, Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission, US Treasury, US Customs, Protection, Deer Stags, CNN, Brookings Tax, Coalition for, Prosperous, Tax Foundation, China Business Locations: China, Arizona, Wisconsin, American, United States, South Korea, Mexico, Prosperous America

☆ Both Trump and Harris want to eliminate taxes on tips. This is how it could affect workers
▼ + stars: | 2024-08-12 | by ( Tami Luhby | Matt Egan | ) edition.cnn.com time to read: +6 min

But the move likely wouldn’t help many tipped workers, largely because a sizable share don’t earn enough to pay federal income taxes, experts say. Harris would couple her plan to eliminate taxes on tips with a push for Congress to raise the minimum wage, a Harris campaign official said. Many states and municipalities have higher minimum wages and minimum tipped wages, while some states have eliminated lower minimum wages for tipped workers. Just excluding tips from federal income taxes could reduce revenues by at least $107 billion over 10 years, according to the Tax Foundation. Just getting rid of federal income taxes on tips would lead to a loss of about half that size.

Persons: Donald Trump, Kamala Harris, Trump, Harris, Republican Sen, Ted Cruz of, Democratic Sens, Jacky Rosen, Catherine Cortez Masto, it’s, ” Ernie Tedeschi, Biden, ”, Erica York, ” York, Tedeschi, Ted Pappageorge, “, Pappageorge, Bethany Khan, CNN’s Aaron Pellish Organizations: CNN, Republican, Social Security, Democratic, Yale University, Budget, White House Council, Economic Advisers, Tax Foundation, Culinary Workers Union Local, Culinary Union Locations: Las Vegas, Ted Cruz of Texas, Nevada, York

☆ Fact-checking night 4 of the Republican National Convention
▼ + stars: | 2024-07-18 | by ( Cnn Staff | ) edition.cnn.com time to read: +8 min

CNN —The final night of the Republican National Convention has kicked off in Milwaukee. Pompeo’s claim about the southern border under TrumpFormer Secretary of State Mike Pompeo claimed at the Republican National Convention Thursday that the US-Mexico border was “closed” during Donald Trump’s presidency. Facts First: This characterization of Trump’s tariffs is misleading. It’s true that Trump’s tariffs on China raised billions of dollars for the US government, but the duties were paid by US companies – not China. For example, Trump’s tariffs were imposed, in part, to boost the US manufacturing sector – but that industry lost jobs.

Persons: Donald Trump, Mike Pompeo, Donald Trump’s, Trump, Joe Biden, Devan Cole Trump, “, Daniel Dale Pompeo’s, “ We’d, ” Pompeo, Glen VanHerck, CNN’s Haley Britsky Linda McMahon’s, Linda McMahon, Erica York, Katie Lobosco, Ronald Reagan’s, Jimmy Carter, Carter, Affairs didn’t, Joe Biden ”, Daniel Dale Organizations: CNN, Republican National Convention, Trump Former, Republican, Convention, Trump, Biden, Republicans, Democrats, Electoral, Infrastructure Security Agency, Department of Homeland Security, Northern Command, North American Aerospace Defense Command, Small, US International Trade Commission, Tax Foundation, Federal Reserve, Foreign Affairs, Affairs Locations: Milwaukee, Mexico, Afghanistan, United States of America, China, America, United States

☆ Biden and Trump both want to extend tax cuts for most Americans — but paying for it could be tricky
▼ + stars: | 2024-06-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Presumptive nominees President Joe Biden and former President Donald Trump have both pledged to extend expiring tax breaks for most Americans — but questions remain on how to pay for it. Trillions in tax breaks enacted by Trump via the Tax Cuts and Jobs Act of 2017, or TCJA, will expire after 2025 without action from Congress. Expiring individual provisions include lower federal income brackets, higher standard deductions, a more generous child tax credit and more. But the federal budget deficit will be a "huge sticking point" as the 2025 tax cliff approaches, said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. The cost of extending major parts of the TCJA has grown about 50% since initial estimates in 2018, according to the Committee for a Responsible Federal Budget.

Persons: Joe Biden, Donald Trump, Erica York Organizations: Trump, Tax, Center, Federal Tax, Finance, Congressional, Budget

☆ Trump-era tax cuts set to expire after 2025 — here's what you need to know
▼ + stars: | 2024-05-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

The TCJA reduced federal income tax rates across the board, with the top rate falling to 37% from 39.6%. That would return the federal income tax rates to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. In the meantime, some higher earners have been leveraging lower income tax rates through 2025 by incurring income now, experts say. The standard deduction could fallWhen filing taxes, you claim the standard deduction or itemized deductions, whichever is greater. Before 2018, about 70% of taxpayers claimed the standard deduction, compared with 90% in tax year 2020, according to the Tax Policy Center.

Persons: Donald Trump, Michael M, Erica York, Roth, it's, Gleckman, Robert Dietz Organizations: Santiago, Getty, Tax, Center, Federal Tax, Senate, Bernstein Private Wealth Management, CNBC Locations: Wildwood Beach, Wildwood , New Jersey, California , New Jersey, New York, Minneapolis

☆ Biden, Trump face 'massive tax cliff' amid budget deficit, experts say
▼ + stars: | 2024-05-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The next U.S. president will face trillions in expiring tax breaks. While President Joe Biden and former President Donald Trump have shared early proposals, the federal budget deficit could complicate plans, experts say. Many TCJA tax breaks are temporary and slated to sunset after 2025 unless Congress passes legislation to extend them. "It's a massive tax cliff," said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. Here's why prices still aren't going downHowever, the federal budget deficit will be a "huge sticking point" amid tax negotiations, York said.

Persons: Joe Biden, Donald Trump, Erica York, Biden, York, Howard Gleckman Organizations: Trump, Tax, Center, Federal Tax, Finance, Congressional, Urban, Brookings Tax Locations: Washington

☆ Here's what Trump's proposed tariffs could mean for your wallet
▼ + stars: | 2024-03-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As President Joe Biden and former President Donald Trump secure enough delegates to clinch their party nominations, policy experts are weighing how proposed tariffs could affect American consumers. While the Trump campaign hasn't released many tax policy specifics, he has renewed his support for tariffs, which are taxes levied on imported goods from another country. "I'm a big believer in tariffs," Trump said Monday on CNBC's "Squawk Box," suggesting that he's likely to reinstitute duties if elected for a second term. The Biden administration has maintained some of those tariffs. "Here's an area where the candidates are actually pretty similar — first what Trump imposed and then what Biden maintained," said Erica York, a senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy.

Persons: Joe Biden, Donald Trump, hasn't, Trump, dysmorphia, Biden, Erica York Organizations: White, Washington , D.C, Trump, Finance, European Union, Tax, Center, Federal Tax Locations: Washington ,, China, Mexico

☆ US PCAOB fines PwC in China for allowing cheating on audit exams
▼ + stars: | 2023-12-01 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A US regulator has hit the China arm of prestigious “Big Four” firm PwC with a $7 million fine. In its announcement, the PCAOB said the practice was widespread, involving more than 1,000 employees from PwC Hong Kong, and hundreds more from PwC China. It fined PwC $7 million in total, with its entities in Hong Kong and mainland China ordered to pay $4 million and $3 million, respectively. The mainland Chinese arm works in collaboration with its Hong Kong and Macao offices, collectively boasting a headcount of more than 20,000. On Thursday, the US regulator also penalized a mainland Chinese accounting firm for violations, including issuing a false audit report.

Persons: “, Erica Y, Williams, ” PwC, ”, Shandong Haoxin Organizations: Hong Kong CNN, US Public Company, PwC, US, Shandong Haoxin Locations: Hong Kong, China, Macao, Shandong Haoxin, Shandong

☆ The SALT deduction is like the trickle-down economics for Democrats, says Harvard's Jason Furman
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe SALT deduction is like the trickle-down economics for Democrats, says Harvard's Jason FurmanErica York, Tax Foundation senior economist, and Jason Furman, Harvard Kennedy School professor and former Chairman of the Council of Economic Advisers under President Obama, join 'Squawk Box' to discuss a new study from the Tax Policy Center, which found that loopholes in the SALT cap are costing the federal government $20 billion a year after generating between 80% to 85% of its intended revenue, and more.

Persons: Harvard's Jason Furman Erica York, Jason Furman, Obama Organizations: Tax Foundation, Harvard Kennedy School, of Economic Advisers, Tax, Center

☆ These are the key tax policy issues to watch for during the first GOP presidential debate
▼ + stars: | 2023-08-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Scott Olson | Getty ImagesEight candidates will take the stage for the first Republican presidential debate on Wednesday night — and experts are watching closely for comments on key tax policy issues. "The 800-pound gorilla in the room is the Tax Cuts and Jobs Act and the expiration of all the individual income tax provisions slated after 2025," said John Buhl, senior communications manager at the Tax Policy Center. Enacted in 2017, former President Donald Trump's signature tax legislation ushered in sweeping changes to the tax code including lower income tax brackets, higher standard deductions and a significantly larger estate tax exclusion, among other provisions. Most Americans could see higher taxesOne of the closely-watched Tax Cuts and Jobs Act provisions is changes to the individual income tax brackets. "I don't think we're going to see a complete extension of everything in the Tax Cuts and Jobs Act," she said.

Persons: Scott Olson, John Buhl, Donald Trump's, Buhl, Erica York, There's Organizations: Getty, Tax, Center, Trump, Federal Tax

☆ The Next Tax Battle: 'Gig tax' targets payment app users
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Next Tax Battle: 'Gig tax' targets payment app usersSteve Rosenthal, Urban-Brookings Tax Policy Center senior fellow, and Erica York, Tax Foundation senior economist, join 'Squawk Box' to discuss the battle over the so-called 'gig tax', which requires third-party payment apps like PayPal and Venmo to send 1099 forms to anyone reporting business income over a certain threshold.

Persons: Steve Rosenthal, Erica York Organizations: Urban, Brookings Tax, Center, Tax Foundation, PayPal

☆ Climate change and El Niño have left parts of South America sweltering under a heat wave -- in the middle of winter
▼ + stars: | 2023-08-04 | by ( Sophie Tanno | ) edition.cnn.com time to read: +5 min

CNN —Parts of South America are sweltering under abnormally hot temperatures – despite being in the depths of winter – as the combination of human-caused climate change and the arrival of El Niño feed into extreme winter heat. “This temperature is the highest recorded in this period in all of Chile,” a spokesperson for the Meteorological Directorate of Chile told CNN. Ivan Alvarado/ReutersIn Argentina, some places reached highs of 38 degrees Celsius (100.4), according to the country’s national meteorological service. This smashed the previous record for that day of 24.6 degrees Celsius (76.3 Fahrenheit) set in 1942. For comparison, New Orleans’ average high the first week of February is also 18 degrees Celsius, and the city has never been above 28.3 degrees Celsius in the first week of February.

Persons: Maximiliano Herrera, ” Herrara, ”, Maisa Rojas, Hace, Ayer, 🥵🌎, jcHZq7vL — Organizations: CNN, Northern Locations: South America, Chile, Argentina, America, Southern

☆ Owe Taxes This Year? Here’s How to Lower Your Balance Due in the Future.
▼ + stars: | 2023-04-07 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

Most Americans equate tax season with the hope of getting a big refund. Yet one in four taxpayers typically owes money at the time of filing, according to the Internal Revenue Service. A tax bill can come as a costly surprise, so it pays to know your payment options. Last year, the average balance due was nearly $8,000, compared with an average of $5,273 from 2010 through 2019. Given that average refunds for those who have filed their taxes are smaller this year so far, balances due could be larger, said Erica York , a senior economist at the Tax Foundation in Washington, D.C.

☆ Biden pushed a billionaire minimum tax – here's what Elon Musk would pay
▼ + stars: | 2023-02-08 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

"Pass my proposal for a billionaire minimum tax," Biden told Congress. Biden's billionaire tax, however, also hits top millionaires. Under the plan, households would calculate their effective tax rate for the minimum tax. The Biden administration says that aside from restoring "fairness" to the tax code, the billionaire minimum tax would raise $360 billion in added revenue over 10 years. Opponents say that aside from potentially being unconstitutional, the billionaire minimum tax would be difficult to administer – especially for an IRS already understaffed.

☆ The Fair Tax Act, explained: what to know about the Republican plan for a national sales tax, decentralized IRS
▼ + stars: | 2023-01-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

John Miller | iStock | Getty ImagesA group of House Republicans are revisiting the Fair Tax Act, which would replace certain federal levies with a national sales tax and decentralize the IRS. Erica York Senior economist and research manager at the Tax FoundationThe Fair Tax Act comes amid increased scrutiny of the $79.6 billion in IRS funding, enacted through the Inflation Reduction Act in August. After months of critique, House Republicans in January voted to rescind the funding. A 'pretty significant' tax hike for the middle classWhile the Fair Tax Act isn't likely to gain traction in Congress, experts say the plan would be a significant change for middle-income earners and the wealthiest Americans. If enacted, middle-income earners would see a "pretty significant tax increase," and the wealthiest Americans would see the biggest cuts, according to John Buhl, senior communications manager at the Tax Policy Center.

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