State lawmakers are set to introduce bills this week that would test an unprecedented form of taxing the rich in several states where billionaires live. Read More.
The Republican leader of the Wisconsin Senate proposed implementing a flat 3.25% income tax rate on Friday, a plan that Democratic Gov. Tony Evers has vowed to block saying it benefits the wealthy over the middle class. Read More.
Rep. Earl L. “Buddy” Carter (R-GA) today introduced H.R. 25, the Fair Tax Act, to replace the current tax code with a national consumption tax known as the Fair Tax. Read More.
Mississippi Republican Gov. Tate Reeves is working toward the “complete elimination” of the state's income tax as he seeks re-election later this year. Read More.
Despite a possible economic downturn, a number of business taxes are rising — the opposite of what lawmakers would normally do in a recession. Read More.
Poor people faced a significantly higher chance in 2022 of being audited by President Joe Biden's IRS than both rich and middle-class earners, according to a Syracuse University study. Read More.
Rep. Buddy Carter, R-GA., is reintroducing a bill with several colleagues that aims to repeal the national income tax, implement a national consumption tax, and abolish the IRS. Read More.
IR-2023-01, January 4, 2023 — Many taxpayers make quarterly estimated tax payments during the year to stay current on their taxes, but many who should overlook this step. Read More.
If the winner were to take the lump-sum cash option of $403.8 million, the federal tax withholding would be $96.9 million — and more likely would be owed. Read More.