Government taxation and revenue
U.S. sues Sen. Jim Justice, wife for $5.1 million in unpaid taxes dating to 2009 as legal woes mount
West Virginia Gov. Jim Justice holds up his dog Babydog as he comes to the end of his State of the State speech in the House chambers, at the West Virginia State Capitol in Charleston, W.Va., Thursday, Jan. 27, 2022. Chris Dorst | Charleston Gazette | AP The U.S. government on Monday sued Sen. Jim […]
Read More
New IRS reporting requirements will make a classic crypto ‘tax cheat’ risky starting with 2025 return
With year-end approaching, it’s a good time to make sure your tax house is in order. It’s especially important for crypto investors, given a new IRS brokerage reporting requirement covering transactions after Jan. 1, 2025. The IRS generally treats crypto like property, similar to stocks or real estate, so selling crypto can trigger a capital […]
Read More
Illinois Gov. Pritzker made $1.4 million gambling last year, tax filings show
Illinois Gov. JB Pritzker stands with other elected officials to discuss federal deployments in Chicago, Sept. 29, 2025. E. Jason Wambsgans | Tribune News Service | Getty Images Illinois Gov. JB Pritzker made more than $1.4 million from gambling in 2024, his federal tax returns showed. Pritzker, a Democrat who is widely seen as a […]
Read More
IRS furloughs nearly half of its workforce due to government shutdown
People exit the the U.S. Internal Revenue Service (IRS) building in Washington, D.C., on Feb. 20, 2025. Kent Nishimura | Reuters The IRS on Wednesday said that it was furloughing nearly half of its workforce due to the ongoing government shutdown. About 34,000 IRS workers are being furloughed, according to the tax agency. Another 39,870 […]
Read More
Wealthy Americans are traveling to Europe to dodge tariffs on luxury goods
Key Points Some affluent consumers are planning trips to Europe to buy luxury goods, with the goal of bringing them back tariff-free. Watchmakers in Switzerland and fashion boutiques in France and Italy are among the most sought after, travel advisors said. There are caveats to the strategy, experts said. For one: Travelers are supposed to […]
Read More
Trump’s tax law will mostly benefit the rich, while leaving poorer Americans with less, CBO says
U.S. President Donald Trump, joined by Republican lawmakers, signs the One, Big Beautiful Bill Act into law during an Independence Day military family picnic on the South Lawn of the White House on July 04, 2025 in Washington, DC. Samuel Corum | Getty Images News | Getty Images President Donald Trump’s tax and spending law […]
Read More
Why cutting capital gains tax on home sales wouldn’t solve the country’s housing issues
A Sold sign in front of a home under construction at the Waterways subdivision in Gulf Shores, Alabama, US, on Friday, Dec. 6, 2024. Micah Green | Bloomberg | Getty Images Real estate experts are weighing in on a potential end to capital gains tax on home sales — as floated by President Donald Trump […]
Read More
New York City braces for wealth flight with Mamdani’s political rise
Zohran Mamdani’s primary win in New York City’s mayoral race and proposal to raise taxes on millionaires have touched off fears of a new wave of wealth flight from the city. Yet so far, there is little evidence of a slowdown in high-end real estate or real wealth losses in New York. Florida real estate […]
Read More
IRS says churches can endorse political candidates without losing tax-exempt status
A view of the Internal Revenue Service (IRS) building in Washington, D.C., U.S., April 11, 2025. Jonathan Ernst | Reuters The IRS said in a new federal court filing that churches can endorse political candidates to their congregations without risking the loss of their tax-exempt status. The move upends a 70-year-old interpretation of the U.S. […]
Read More
Trump ‘big beautiful’ bill gives top 1% biggest tax cuts in these states
Key Points Legislation championed by President Donald Trump would give the top 1% of U.S. households an average tax cut of about $66,000, according to the Institute on Taxation and Economic Policy. The highest earners in Wyoming, South Dakota and Texas stand to get a tax cut of more than $100,000 from the bill, formerly […]
Read More