income tax

The White House is reportedly reviving the push for a tax increase on the wealthiest Americans as part of President Donald Trump‘s forthcoming tax package. What Happened: The proposal recommends allowing the top marginal income tax rate cut, enacted by Trump in 2017,...

Economist Justin Wolfers pushed back against President Donald Trump’s inconsistent recent remarks on trade deals, taxes, and tariff revenue, calling his position "fundamentally incoherent." What Happened: On Tuesday, the Australian economist dismissed Trump's claim that tariff revenue could...

Kevin O’Leary, a prominent entrepreneur and investor from ABC’s Shark Tank, recently shared his perspective on Social Security and retirement planning. What Happened: O’Leary underscored that Social Security was never meant to be the only income source for retirees. He pointed...

After President Donald Trump unveiled the tariffs on all its trading partners on Wednesday, this economist recalled his analysis of tariffs being used to fund tax cuts. Meanwhile, another senior economist highlighted other possible implications of the tariff announcements. What Happened: Craig...

Senator Bernie Sanders (I-Vt.) has expressed strong criticism of Donald Trump’s proposal to eliminate all income taxes, describing it as ‘insane economics’ that would disproportionately benefit the wealthy. What Happened: On Wednesday, Sanders took to X to voice his disapproval of...

Ex-President Donald Trump — who paid little to no income taxes over a decade — is now suggesting to do away with income taxes entirely. But there’s a catch. What Happened: Trump pitched an “all tariff policy” plan to eliminate the U.S. income tax during a meeting with Republican...

President Joe Biden is among the people who completed their taxes ahead of an April 15 deadline. Here's a look at Biden's earnings and taxes paid in 2023. Joe Biden's Tax Return: Biden's 2023 tax return was made public this week, which marks the third straight year as a president Biden has done...

The Internal Revenue Service said on Tuesday it has submitted a report to Congress evaluating a Direct File option for taxpayers. The federal agency said, in a statement, that many taxpayers are interested in using a free IRS-provided tool to prepare and file taxes. The IRS is taking steps to begin...

Most billionaires don’t get to where they are by earning a salary. And that also means they might pay less income tax than Americans who make a living through wages. According to a report from ProPublica, some billionaires in the U.S. paid little or no income tax relative to the vast amount...

House Republicans are set to vote on the Fair Tax Act introduced by Rep. Earl L. “Buddy” Carter (R-GA) which seeks to eliminate all personal and corporate income taxes, the death tax, gift taxes, and the payroll tax while also eliminating the need for the...

The House Ways and Means Committee released thousands of pages of President Donald Trump's tax returns from the years 2015 through 2020 on Friday, giving Americans a detailed look into the former president's finances during his time in office. What Happened? After a lengthy legal battle,...

President Joe Biden and first lady Jill Biden released their income tax returns last week. The first couple reported $610,702 in adjusted gross income and paid $150,439 in federal income tax at an effective tax rate of 24.6%. While it’s unclear what former president Donald Trump’s...

It’s doubtful Benjamin Franklin knew he was forever linking the IRS to the U.S. Constitution when he said, in a letter to Jean-Baptiste Le Roy in 1789, “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be...

The Trump administration has proposed substantial modifications to the U.S. tax code, spurring both controversy and support among diverse sectors of society and the economy. Partisanship debates aside, it has been argued that the new legislation could bring the largest tax cut for individuals seen...

Donald Trump took some heat this weekend over comments he made regarding taxes on businesses and the wealthiest Americans. On Sunday, Trump said that he and many other wealthy Americans would be willing to pay more in income taxes. However, on Monday, Trump clarified that he will not be raising...