Tax policy news covering federal and state tax legislation, IRS rules, corporate and individual tax debates, and revenue and deduction changes.
A tax loophole used by US exchange-traded funds costs the Treasury about $48 billion annually, with nearly all benefits going to the top 1% of earners. The loophole, stemming from a 1969 law, allows ETFs to avoid capital gains tax through in-kind transactions and 'heartbeat' trades, which have surged alongside the ETF industry.
Deputy PM Ishaq Dar told a PPP delegation led by Bilawal Bhutto-Zardari that their tax proposals will be included in the FY-2026-27 budget. The PPP noted provinces were asked to raise revenue targets to meet IMF requirements, including Rs430bn in additional measures from the Centre and a matching amount from provinces.
A UK parliamentary committee recommended the government reform stamp duty to help first-time buyers, including launching a consultation by end of 2026. The report also called for simultaneous reform of council tax, citing reduced affordability due to rising house prices and a lowered nil-rate threshold.
Celebrity chefs including Tom Kerridge endorsed Andy Burnham for prime minister, citing his support for cutting hospitality VAT from 20% to 10%. Kerridge criticized Nigel Farage's rival VAT pledge as funded by reinstating the two-child benefit cap. The chefs launched a campaign called 'VAT's the problem' to aid struggling businesses.
This commentary argues that wealthy investors are exploiting UK inheritance tax breaks by converting natural landscapes into commercial tree farms, harming biodiversity. It contends that the financial incentives for such forestry are driving land prices up and putting pressure on ecosystems, as illustrated by a legal battle over a site in the Scottish Borders.
Mayor Katie Wilson called concerns about wealthy residents and businesses leaving Washington due to the new millionaire tax 'overblown.' A survey found 44% of business leaders consider moving out of state, and firms are twice as likely to expand outside Washington.
Amsterdam city council proposes increasing the tourist tax from 12.5% to 20% of hotel rates by 2030, with incremental rises starting in 2027. Funds will support public spaces and neighborhoods affected by tourism. The city currently has Europe's highest tourist tax.
This commentary argues that California Governor Gavin Newsom's proposal to permanently cap R&D tax credits threatens the state's life sciences and tech industries. It contends that weakening these sectors would harm California's economy and global competitiveness, urging state leaders to reject the limit.
This commentary examines the proposed tourist tax in Norfolk and Suffolk, featuring perspectives from a local business CEO and visitors. It argues that the levy may raise insufficient funds and could deter tourists, questioning its effectiveness and impact on consumer affordability.
This commentary analyzes the Illinois gas tax freeze and revenue diversion, arguing that the temporary suspension is a token gesture that provides minimal relief to consumers. It contrasts the policy with Indiana's more substantial gas tax holiday and warns that Illinois risks losing fuel sales to neighboring states.