The federal income tax is generally indexed for inflation. Most particularly, the income brackets to which the marginal tax rates apply are increased in line with the “Chained CPI-U.” While the chaine...
Tag: income tax
MicroStrategy’s Michael Saylor Sued for Alleged Tax Fraud in Washington, D.C.
By Vicky Ge Huang and Richard Rubin Aug. 31, 2022 6:17 pm ET Listen to article (2 minutes) The District of Columbia attorney general sued Michael Saylor, the founder and chairman of software intellige...
More States To Join The Flat Tax Club
Boise downtown and Idaho Capitol getty After lawmakers in nearly 10 states enacted income tax cuts in the first half of 2022, a string of special sessions in the second half of the year is resulting i...
Georgia Shows Contrasting Direction Of Federal & State Tax Burdens
Senator Raphael Warnock bumps elbows with Stacey Abrams during a campaign rally with U.S. … [+] President-elect Joe Biden (Photo by Drew Angerer/Getty Images) Getty Images While Congress is gett...
Mega Millions jackpot is $790 million. If it’s won, here’s tax bill
Scott Olson | Getty Images If you manage to beat the odds and land the next Mega Millions jackpot, don’t forget that Uncle Sam will snatch a slice of the windfall. The top prize has surged to $7...
How inflation affects 2023 tax brackets: You may get an unexpected ‘tax cut’
As you probably know, the federal income tax rate brackets, and many other federal tax parameters, are indexed for inflation using a factor based on the monthly average of changes in the chained Consu...
South Carolina Lawmakers Reach Deal To Cut Income Tax For Millions Of People & Thousands Of Small Businesses
The South Carolina State House getty Governors and lawmakers in 14 states enacted income tax relief last year and eight states have already approved income tax cuts so far this year. South Carolina is...
How The Flat Tax Revolution Of 2022 Was Sparked In North Carolina
Raleigh, North Carolina getty A reporter for WUNC — the NPR member station covering Raleigh, Durham, and Chapel Hill — referred to North Carolina as the “Rip Van Winkle State” during the June 3 episod...
IRS insists destruction of taxpayer data won’t affect payers
alfexe | iStock | Getty Images Filers won’t be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in a statement Thursday. The IRS tossed an estimated 30 mil...
‘The issues with the IRS are still present and very real’: Millions of Americans are racing to file their tax returns, and filing extensions
Tax Day came and went earlier this week, so if your upcoming weekend plans are just chilling after the last-minute tax time bustle, you might have company. April 18 marked the deadline in most states ...
Three things to take care of when you retire—your future self will thank you for it
After a working lifetime of alarm clocks and meetings, you might be looking forward to a lot more unstructured time once you retire. But taking care of one more to-do list early on can set you up for ...
The Fall And Rise Of The U.S. 1% [Infographic]
The Biden administration is in the process of proposing a minimum income tax rate of 20% on households worth $100 million and more. The proposal, which is expected to be released Monday, will also tar...
Opinion: Preparing for the great sunset: What you need to know if tax code provisions expire
The hot equities and housing markets have contributed to a surge in U.S. household wealth during the pandemic. According to the Federal Reserve, household wealth grew by $19 trillion to $137 trillion ...
Hey, Gig Worker! Prepare for a Lot More Work When You File Your Taxes.
Self-employed workers who quit salaried jobs last year in the “Great Resignation”—the biggest corporate exodus on record—may find themselves reminiscing about the good old days on a payroll as they pr...
2021-2022 Federal Income Tax Brackets and Rates
The top tax rate is 37%. For 2026, the top rate is set to return to 39.6%. Photo: Illustration: Tammy Lian The tax code currently has seven income-tax brackets for individuals that range from 10% to 3...
Why Moving to a State with Low Income Taxes Could Cost You
That’s what financial professionals are telling clients who are fed up with high income tax rates in their home state and weighing an out-of-state move. They’re counseling clients to take an in-depth ...
The WSJ Tax Guide 2022: What to Know Now About Tax Filing and Refunds
Feb. 18, 2022 5:30 am ET Get ready for a wild tax season. Every year more than 200 million Americans sign and send income-tax returns to the Internal Revenue Service. But the 2022 filing season will b...
Tax season: does the IRS know if you trade crypto? Is your NFT sale or mining income taxable?
Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch. It is tax season in the U.S., and I’ll ...
Uncertainty In The Valuation Of Non-Fungible Tokens
NFT concept, man standing with VR goggles looking for digital art to buy online. getty The Non-Fungible Token (NFT) Market is soaring and many more people are creating, buying, selling and swapping NF...
Opinion: This plan to tax the ultrarich is much simpler and better than Biden’s idea
President Joe Biden and Senate Finance Committee Chair Ron Wyden (D-OR) have proposed different ways to tax unrealized capital gains every year. Their shared goal is understandable, with trillions of ...