IRS Commissioner Danny Werfel testifies before the House Appropriations Committee in Washington, D.C., on May 7, 2024. Kevin Dietsch | Getty Images The U.S. Department of the Treasury and the IRS on Monday unveiled a plan to “close a major tax loophole” used by large, complex partnerships, which could raise more than an estimated $50 … Read more
Sen. Elizabeth Warren (D-Mass.), a leading figure in the Democratic Party’s liberal wing, warned her fellow Democrats on Monday to not shy away from next year’s fight over whether to extend temporary tax cuts enacted by former President Donald Trump in 2017. “The 2025 tax fight will create a huge opportunity to break with decades … Read more
The Chinese auto sector is increasingly making global automakers and politicians hot under the collar. In the early 1980s, the Chinese auto industry barely existed. Today the country has the capacity to make about 40 million vehicles annually — enough to supply half the world. Only about 25 million cars sold in the country in … Read more
D3sign | Moment | Getty Images The second-quarter estimated tax deadline for 2024 is June 17, and you could owe a penalty if you don’t send a payment, according to the IRS. You typically owe estimated tax payments for income without withholdings, such as from contract jobs, freelancing or gig economy work, or if you … Read more
WASHINGTON — Former President Donald Trump failed to impress everyone in a room full of top CEOs Thursday at the Business Roundtable’s quarterly meeting, multiple attendees told CNBC. “Trump doesn’t know what he’s talking about,” said one CEO who was in the room, according to a person who heard the executive speaking. The CEO also said Trump did not … Read more
Former president Donald Trump on Thursday raised the prospect of scrapping the U.S. income tax system and replacing it with something very different: much higher tariffs on imported goods. Trump has for some time proposed an across-the-board 10% increase in tariffs for imports, but his comments implied far, far heavier trade duties that would likely … Read more
A senior White House official said that Republicans’ plans to extend or expand the temporary tax cuts put in place in 2017 would likely come at the expense of ordinary Americans. “Although congressional Republicans haven’t specified how they’ll finance this round of tax cuts, every major Republican tax cut for the wealthy or corporations in … Read more
With the increase in the capital gains inclusion rate moving forward, Canadians with family cottages are facing a larger tax bill when they pass them on to family or sell for retirement. Real estate experts say it’s not just the wealthy being caught in the crossfire. “I know the federal government has been vocal about … Read more
Halfpoint Images | Moment | Getty Images The federal government has issued more than $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles, the U.S. Treasury Department and Internal Revenue Service said Wednesday. The Inflation Reduction Act created a mechanism whereby tax credits for buyers of new and used … Read more
Months after the confusion over whether Canadians needed to file bare trust tax returns before the April 2 deadline, we now know how many actually filed — even once the Canada Revenue Agency hit the pause button. According to National Revenue Minister Marie-Claude Bibeau, 44,034 tax returns were filed from Jan. 1 to April 16 … Read more
