New cars manufactured in the USA are eligible for Trump tax benefit, according to the IRS.
January 1, 2026, 9:11 a.m. ET Taxpayers purchasing a new vehicle in 2025 might qualify for significant tax breaks next filing season, provided the vehicle is produced in the United States, according to the Internal Revenue Service. Those interested should check their vehicle information labels (VINs) to see if their 2025 purchases are eligible for […]
Student loan forgiveness is taxable once more: Begin preparing for the ‘tax bomb,’ CFP advises.
Potential Tax Implications for Student Loan Forgiveness Post-2026 Borrowers who have their student loans canceled after 2026 may encounter significant tax liabilities. The tax protection on student loan forgiveness provided by the American Rescue Plan Act of 2021 is set to expire on December 31, 2025. Notably, this provision was not extended or made permanent […]
New tax on contraceptives in China starts due to worries over a significant population decrease
China’s Tax Changes on Contraceptives and Childcare Services Starting January 1, China will impose a 13% value-added tax on contraceptives while exempting childcare services. Officials claim this initiative is part of a larger strategy to increase birth rates as the nation grapples with a declining population. These tax reforms will end exemptions that have been […]
Mamdani and Hochul are urged to back a payroll tax to finance universal child care, according to a progressive think tank.
New Year, New Taxes? State employees in New York are set to face higher taxes as funding for a large universal child care initiative is on the horizon, championed by the newly elected Mayor Zoran Mamdani and Governor Kathy Hochul. A recent study indicates a substantial fiscal challenge ahead. The Fiscal Policy Institute, a progressive […]
Workers in California and New York are frustrated by their states’ choice to oppose the ‘No Tax on Tips’ rule established by the Trump administration.
California and New York Reject Federal Tip Tax Exemption States like California and New York, led by Democratic governance, are reportedly not adhering to the federal “tip tax exemption” introduced by the Trump administration earlier this year. This situation leaves tipped workers still obligated to pay state income taxes on their tips, regardless of the […]
California acknowledges that the ‘billionaire tax’ would harm state revenues as supporters are permitted to collect signatures.
Supporters of California’s contentious wealth tax argue it could generate tens of billions. However, Attorney General Rob Bonta is cautioning voters about the potential long-term financial fallout, which might be counterproductive. For the wealth tax measure to make it onto the November ballot, it first needs to gather enough signatures. Bonta explained that while the […]
Marjorie Taylor Greene supports a 2026 tax uprising: ‘so tired’
Greene Advocates for 2026 Tax Revolt, Questions Trump’s Commitment to America First Rep. Marjorie Taylor Greene, the controversial lawmaker, has intensified her call for a tax revolt in 2026, expressing frustration over President Trump’s perceived departure from his “America First” principles. During a recent appearance on the X Show, Greene (R-Ga.) pointed out that many […]
Peter Thiel establishes Miami office as California billionaires criticize wealth tax
Peter Thiel’s Move Amid California’s Proposed Wealth Tax Billionaire Peter Thiel is taking significant steps in response to California’s proposed wealth tax, which has sparked concern among the state’s richest residents. Thiel’s investment firm, Teal Capital, is getting ready to open a new office in Miami, following reports of his frustration over a potential 5% […]
Trump’s tax law may allow millions of Americans to pay no federal income tax. Who is eligible and how to access it in 2026.
Trump’s Tax Changes and Their Impact on Americans President Donald Trump’s recent tax legislation aims to lessen the tax burden for a significant portion of the U.S. population. According to projections from the Tax Policy Center, around 40% of American households could face a federal income tax bill of $0 by 2025. Interestingly, this same […]
Babies will receive their $1,000 ‘Trump accounts’ in 2026, along with tax challenges.
Newborns might be eager for the new Trump account launching in the coming year, but experts caution that it could create tax complications for those looking to contribute—parents, grandparents, friends, and more. The Trump Account is a savings initiative aimed at helping families accumulate wealth for various future expenses. Starting in July, every child born […]