Government taxation and revenue
United kingdom PM Liz Truss says she’s a ‘fighter not a quitter’ as lawmakers plot to oust her
British Primary Minister Liz Truss departs 10 Downing Street for the weekly Key Minister’s Thoughts (PMQs) in the Dwelling of Commons in London, United Kingdom on Oct 19, 2022. Anadolu Company | Anadolu Agency | Getty Pictures LONDON — British Prime Minister Liz Truss insisted Wednesday she was a “fighter not a quitter” as she […]
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IRS: Here are the new income tax brackets for 2023
Andersen Ross | Blend Images | Getty Images Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023. The agency has boosted the income thresholds for each bracket, applying to tax year 2023 for returns filed in 2024. These brackets show how much you’ll owe for federal […]
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Britain’s failed tax experiment will depart economic scars and credibility problems, analysts say
U.K. Key Minister Liz Truss faces increasing pressure to resign. WPA Pool / Pool / Getty Pictures LONDON — The screeching tires of the U-flip executed by the U.K. federal government around its flagship fiscal procedures is echoing close to Westminster, with the new finance minister ripping up the program of tax cuts introduced much […]
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Biden claims abandoned U.K. tax lower program was a ‘mistake’ amid ‘worldwide inflation’
U.S. President Joe Biden delivers remarks at the Volvo Group Powertrain Operations plant in Hagerstown, Maryland, U.S., Oct 7, 2022. Elizabeth Frantz | Reuters President Joe Biden on Saturday called embattled British Primary Minister Liz Truss’ abandoned tax slice plan a “oversight,” and claimed he is nervous that other nations’ fiscal insurance policies may well damage the […]
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The ‘bummer’ of the $7,500 electric vehicle tax credit: Its full value may be hard to get
Tomekbudujedomek | Moment | Getty Images The historic climate legislation President Joe Biden signed in August offered a federal tax break — worth up to $7,500 — to households that buy new electric vehicles. But it may be tough for consumers to get the full value of the tax credit — at least initially. That’s […]
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These are common (and costly) Roth IRA conversion mistakes. Here’s how to avoid them
Ridofranz | Istock | Getty Images Roth individual retirement account conversions may be alluring when the stock market dips. But it’s easy to make mistakes, financial experts say. The strategy, which transfers pre-tax IRA funds to a Roth IRA for future tax-free growth, may pay off when the market drops because you can buy more […]
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Here’s how uber-rich pass wealth to heirs tax-free when markets are down
Year-end Planning Here’s how uber-rich pass wealth to heirs tax-free when markets are down Published Mon, Oct 10 20221:44 PM EDTUpdated 2 Min Ago Greg Iacurci@GregIacurci WATCH LIVE Source
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IRS delays guidelines, waiving penalties for some inherited retirement accounts until 2023
Zinkevych | iStock | Getty Images If you inherited a retirement account in 2020 or 2021, the IRS is waiving penalties for some heirs who needed to start taking required minimum distributions right away, according to a notice issued Friday. The new rule won’t apply until 2023. Typically, there’s a 50% penalty when you skip […]
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Here’s how to pay 0% capital gains taxes with a six-figure income
Luminola | E+ | Getty Images It’s natural to fixate on portfolio losses, especially with the S&P 500 down more than 20% for the year. But you may still have gains after years of growth, and the profits could qualify for a 0% tax rate, depending on your earnings. The thresholds may be higher than […]
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Key Democrat outlines 5 priorities for $80 billion in IRS funding
Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing. Tom Williams | Pool | Reuters Senate Finance Committee Chairman Ron Wyden, D-Ore., has outlined five priorities for the nearly $80 billion in IRS funding enacted in August through the Inflation Reduction Act. Wyden shared expectations for […]
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