Government taxation and revenue
Here are 4 ways to take advantage of your health-care expenses before the end of the year
ronnachaipark | iStock | Getty Images Health-care expenses can often be unpredictable and unwelcome. However, depending on your situation, there may be strategies you can employ that make those outlays a bit less financially painful. Because some of them involve taxes, experts say they shouldn’t be viewed in a vacuum. In other words, you may […]
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Biden names pick for new IRS head as agency plans for $80 billion funding, wrestles with backlog
The Internal Revenue Service building in Washington. SAUL LOEB/AFP via Getty Images New role a ‘challenging assignment,’ former IRS commissioner says Biden’s nomination comes at a critical time for the agency. After another difficult filing season, the IRS is still wrestling with a backlog. As of Nov. 4, there were 4.2 million unprocessed individual returns […]
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Massachusetts voters approve ‘millionaire tax.’ What it means for the wealthy
If you make more than $1 million a year in Massachusetts, you may soon be subject to a “millionaire tax” approved by voters this week through a ballot initiative. The new law creates a 4% tax on annual income above $1 million, on top of the state’s current 5% flat income tax, aiming to fund […]
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The Powerball jackpot is $1.9 billion only if you take the annuity. Here’s why the lump sum may be overrated
It’s hard to imagine what it would be like to win Powerball’s 1.9 billion prize. But the reality almost always falls far short of the fantasy. “The curse of the lottery losers is very real,” said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One of the very first decisions a […]
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The $1.9 billion Powerball jackpot — the largest ever — is up for grabs. Here’s the tax bill if there’s a winner
Mark Ralston | Afp | Getty Images Whoever is the next jackpot winner in Powerball will be looking at the largest lottery prize ever awarded. The tax bill will also be pretty impressive. After no one hit all six numbers drawn Saturday, the Powerball jackpot headed higher. For Monday night’s drawing, it’s now an estimated […]
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5 key personal finance issues this midterm election season — and what they mean for your wallet
As Americans head to the polls, several key personal finance issues are weighing on voters’ minds and wallets. This week, the Federal Reserve enacted its fourth consecutive 0.75 percentage point interest rate increase to fight inflation, triggering further stock market losses. Meanwhile, recession fears are growing, with 84% of Americans worrying how a prolonged economic […]
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Powerball’s jackpot is $1.6 billion, the largest U.S. lottery prize ever. If you win, here’s how much would go to taxes
Jonathan Alcorn | Reuters If you manage to beat the odds stacked against hitting the Powerball jackpot, don’t forget you’ll have a silent partner in the win: the taxman. The jackpot for Saturday night’s drawing is now the largest U.S. lottery ever at an estimated $1.6 billion — pretax — if you were to opt […]
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Supreme Court quickly blocks Congress from receiving Trump income tax returns
Previous President Donald Trump stands on the 18th green throughout the Professional-Am tournament before the LIV Golfing sequence at Trump Nationwide Doral, Oct. 27, 2022. Jasen Vinlove | United states Nowadays Sporting activities | Reuters Supreme Court docket Chief Justice John Roberts on Tuesday briefly blocked the Household Approaches and Signifies Committee from getting several […]
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Trump asks Supreme Court to intervene in effort and hard work by Congress to get his tax returns
Former U.S. President Donald Trump speaks during a rally in Robstown, Texas, U.S., Oct 22, 2022. Go Nakamura | Reuters Former President Donald Trump questioned the Supreme Court on Monday to intervene in a case in which the IRS was purchased to give years of his profits tax returns to the Household Strategies and Means […]
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‘Millionaire tax’ plans are on the ballot in California and Massachusetts. Here’s what that means for taxpayers
How states plan to spend ‘millionaire tax’ revenue While the proposed taxes sound similar, there are differences in how each state plans to use the revenue. In Massachusetts, assuming voters pass the measure, the tax is expected to generate about $1.3 billion of revenue in 2023, according to a Tufts University analysis. The state aims […]
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