Government taxation and revenue
Credit Suisse to pay $511 million for helping U.S. taxpayers hide over $4 billion overseas
Two men sit under a sign of Credit Suisse displayed on a building in Lugano, on June 9, 2023. Fabrice Coffrini | AFP | Getty Images Credit Suisse Services AG will pay about $511 million to settle a criminal case for having conspired with American taxpayers to hide more than $4 billion in at least […]
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NY Gov. says congestion pricing will remain despite federal deadline to end the program Sunday
Traffic moves along midtown Manhattan on February 19, 2025 in New York City. Earlier in the day, the Trump administration terminated approval of New York City congestion pricing. Alex Kent | Getty Images New York City’s $9 congestion toll on drivers in Manhattan’s busiest areas will remain in effect, despite the federal government’s Sunday deadline […]
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Tax attorneys say IRS has become a ‘zombie’ as agency cuts staff and halts audits of the wealthy
People walk in the rain past the Internal Revenue Service (IRS) building in Washington, D.C., U.S., April 11, 2025. Jonathan Ernst | Reuters A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. […]
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20,000 IRS employees interested in deferred resignation offer as tax deadline looms
A traffic light is red outside the U.S. Internal Revenue Service (IRS) building after it was reported the IRS will lay off about 6,700 employees, a restructuring that could strain the tax-collecting agency’s resources during the critical tax-filing season, in Washington, D.C., Feb. 20, 2025. Kent Nishimura | Reuters Around 20,000 Internal Revenue Service employees […]
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This homeowner cut her heating bill in half — and got a $1,200 tax credit
Key Points The energy efficient home improvement tax credit offers taxpayers up to $3,200 per year to offset the cost of projects like installing a heat pump or insulation. The Inflation Reduction Act extended the tax break through 2032 and made it more generous. Republicans may kill the tax credit as part of a multitrillion-dollar […]
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IRS acting commissioner will resign over deal to send immigrants’ tax data to ICE, sources say
Pgiam | Istock | Getty Images WASHINGTON — The acting commissioner of the IRS is resigning over a deal to share immigrants’ tax data with Immigration and Customs Enforcement for the purpose of identifying and deporting people illegally in the U.S., according to two people familiar with the decision. Melanie Krause, who had served as acting head since February, […]
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If tariffs encourage companies to return to the U.S., these companies will benefit
Stocks have fallen sharply in the aftermath of President Donald Trump ‘s tariffs, but there are some names that may ultimately benefit as companies return operations to the United States, according to two financial firms. Trump vowed to bring factories and jobs back to the country when he signed a sweeping tariff policy on Wednesday. […]
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U.S. Senate Republicans pass measure to move forward on Trump’s tax cuts
The U.S. Capitol building viewed through the bars of standard barricades in Washington, U.S., April 4, 2025. Leah Millis | Reuters The U.S. Senate approved a Republican budget blueprint early on Saturday that aims to extend trillions of dollars worth of President Donald Trump’s 2017 tax cuts and sharply reduce government spending. The vote, following […]
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The U.S.-Canada trade war could signal a shift in economic ties, experts say
President Donald Trump signed several executive orders at the start of his second term that lay out a blanket 25% tariff on Canadian goods imported into the United States, with some exceptions such as energy. Canadian energy will carry a lower tariff of 10%. The bulk of these tariffs went into effect at midnight on […]
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Canada, Mexico tariffs create ‘ripple effects’ on consumer prices, economist says
Key Points President Donald Trump imposed a 25% tariff on imports from Canada and Mexico on Tuesday. He put a lower 10% tariff on Canadian energy, and another 10% levy on China. Canada and Mexico are the largest trading partners of the United States. Businesses are expected to raise prices for consumer goods as a […]
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