Though Florida and Texas famously have no personal-income tax, they still have to generate state revenue - so they hike up other types of tax.
Republican Sen. Patrick J. Toomey, who authored 2017 tax reforms, said his intention "was not that multibillionaires ought to pay no taxes."
Confidential tax documents filed with the IRS, obtained by ProPublica, demonstrate how some of the world's wealthiest have avoided paying taxes.
The Icahn Enterprises boss said his taxable income was zero in 2016 and 2017 because his investment expenses exceeded his returns in those years.
ProPublica obtained confidential tax documents filed with the IRS that revealed how some of the world's wealthiest have avoided paying taxes.
Indonesia is the latest country to look into potential tax reforms in the wake of the pandemic, with a focus on asking the wealthy to chip in more.
In his "Golden State Stimulus," California Gov. Gavin Newsom plans to send middle-income people $600 checks and families with dependents $500 checks.
President Joe Biden is set to propose an increase in capital gains tax for the richest Americans to 39.6% from 20%, according to reports.
Miami's mayor told CNBC he'd already spoken to some of New York's biggest firms about moving to the Florida city.
55 of America's biggest companies paid $0 in federal taxes last year. A new study breaks down loopholes major companies use to avoid paying taxes.
Biden says "no one making under $400,000 will see their taxes go up," but the White House says families qualify. That still only hits the richest.
Top-earning New York City residents may have to pay 14.7% income tax, Gov. Cuomo warned Tuesday. This would be the highest income tax in the US, ahead of California in second place. A tax hike depends on whether Washington helps plug New York state’s budget deficit, partly caused by the […]
Paul Constant is a writer at Civic Ventures, a cofounder of the Seattle Review of Books, and a frequent cohost of the “Pitchfork Economics” podcast with Nick Hanauer and David Goldstein. In this week’s episode of Pitchfork Economics, Goldstein and Hanauer spoke with New Jersey Governor Phil Murphy about his […]
A report from Bloomberg found that the top 1% of New Yorkers had a combined $US133.3 billion in income in 2018, and paid 42.5% of the city’s total income tax. That means just 0.46% of the city’s population accounted for a whopping $US4.9 billion in tax revenues that year. Obviously, […]
On election day, Arizona voters passed Proposition 208, which would increase the income tax on those making $US250,000 to directly fund education. Creators of the proposition estimate that it will bring in $US940 million annually. Arizona’s governor, Republican Doug Ducey, had previously spoken out against the measure. Visit Business Insider’s […]
JB Pritzker, the billionaire governor of Illinois, supported a measure that would more heavily tax the rich – it failed to pass on election night. Illinois currently has a flat tax rate, meaning every resident pays the same percentage of their income. Pritzker wanted to raise the rate to be […]
The New York Times reported President Donald Trump only paid $US750 in federal income tax the year before his presidency and in his first year in office. Business Insider compared the reported federal income tax paid by Donald Trump to the tax returns released by other recent presidential candidates Barack […]