A heated debate is unfolding in Chicago over a proposed tax on online sports betting. The city's Mayor, Brandon Johnson, is pushing for a 10. 25% amusement tax on online sports bets. However, this idea is facing strong opposition. Thirty Illinois House Democrats have written a letter to the City Council, urging them to reject Mayor Johnson's plan. The Democrats argu...
Britain's finance chief, Rachel Reeves, has hinted that the Labour government might need to raise taxes to meet its financial goals. This is a big deal because the government promised not to raise taxes on working people during the election. Reeves mentioned that sticking to this promise would mean making tough choices, like cutting back on important investments. Sh...
The UK's money boss, Rachel Reeves, has warned that the upcoming budget will be tough. She blames past governments for the current mess, pointing to Brexit and years of tight spending. She says the country isn't producing as much as it should, which means less money coming in. This makes it hard to pay off debts and fund important services. But it's not all about th...
In the UK, the finance minister, Rachel Reeves, has made it clear that she's not afraid to make tough decisions, even if they aren't the most popular. Her goal? To shield the country from the ongoing struggles of high inflation and interest rates. As she prepares for the upcoming budget on November 26, she's considering whether to raise taxes or not. Reeves recently...
Social Security benefits can be a lifeline for many, but taxes on these benefits can be confusing. It's not just about the money you receive; it's also about how it affects your tax situation. First, let's talk about "combined income. " This isn't just your regular income. It's your adjusted gross income plus any tax-exempt interest and half of your Social Security ...
The person in charge of the U. S. tax agency's digital currency team, Trish Turner, is stepping down. This move happens just as new tax rules for cryptocurrencies are about to take effect. Turner is leaving for a job in the private sector, and it's not clear who will take over her role. The IRS has recently introduced new rules and forms for taxing digital assets. T...
Denver's leaders are pushing for more bonds to fund new parks, recreation centers, and roads. But bonds are not free money. They are loans that must be repaid with interest. This means that every time the city takes on more debt, it is the taxpayers who will ultimately foot the bill. Bonds are often misleadingly presented as a way to get things done without raising ...
Zohran Mamdani, the Democratic frontrunner for New York City's mayoral race, has made his intentions clear to the city's business leaders: higher taxes are coming their way if he wins. He even challenged them to consider leaving the city if they disagree with his plans. During a recent meeting with top business figures, Mamdani stood firm on his policies. He didn't ...
The Bay Area's transit systems are in a tough spot. BART and other services are facing big money problems. They need around $800 million every year just to keep running. One idea is to ask voters to approve a sales tax in 2026. But this might not be the best way. Sales taxes hit people who can least afford it the hardest. There's another idea. Big tech companies in ...
The United States tax system is always changing, with Congress regularly reviewing it. The goal is to reward success in the marketplace, which comes from innovation, productivity, and job creation. This is the American way of doing business. It is not a chaotic system; it is a deliberate engine that drives investment based on real economic potential. Businesses succe...