The billionaire philanthropist Bill Gates says there’s a “misfocus” in the way America’s wealthiest residents are taxed. He told The Verge’s Nilay Patel that if you focus on raising the ordinary income tax rate for America’s superrich, “you’re missing the picture.” The highest earners often have wealth tied to company […]

Democrats are attacking Republicans’ Tax Cuts and Jobs Act after reports indicated that tax refunds dropped during the first week of the 2019 tax season. Democrats say the decline in refunds proves the law did not benefit the middle class. But that doesn’t tell the whole story. Taxes for middle-income […]

A New York Times editorial titled “Abolish Billionaires” introduced many readers to an increasingly strong rallying cry on the American left. Progressive politicians are calling for significantly increased taxes on the rich to counteract exceptionally high levels of wealth inequality in the US. While there may be eyebrow-raising rhetoric around […]

The IRS took inflation into account when it released new tax brackets, which will apply to income earned in 2019. Tax Day 2019, when taxes are due for income earned in 2018, is Monday, April 15. The federal income-tax ranges have shifted slightly for 2019, and the standard deduction will […]

The House Ways and Means Committee held its first hearing about obtaining President Trump’s tax returns from the secretary of the Treasury. The meeting became tense at points, with Republicans accusing Democrats of “weaponizing” the law to go after a political foe. Democrats said they are interested in conflicts of […]

Rep. Alexandria Ocasio-Cortez of New York has touted a plan that would tax Americans earning more than $US10 million at a marginal rate of roughly 70%. The proposal was immediately met with consternation from the billionaire class, which argued that it would hurt the economy. Evidence shows, however, that the […]

Rep. Alexandria Ocasio-Cortez and Sens. Elizabeth Warren and Bernie Sanders have all introduced plans to increase taxes on the wealthy. While Republicans and wealthier businesspeople have attacked the proposals, the American public is open to the ideas, according to new polls. A new INSIDER poll found 37% of respondents supported […]

Republicans on the House Ways and Means Committee requested that the Democrat in charge change course on obtaining President Trump’s tax returns. The top Republican on the committee, as well as the ranking members on its oversight subcommittee, characterised it as an abuse of authority. The House Ways and Means […]

Tax Day 2019, the last day to file your 2018 tax return, is Monday, April 15. I filed my tax return for free through H&R Block just a few days after the IRS tax-filing season began on January 28. It took about an hour, and I should get my tax […]

Rep. Alexandria Ocasio-Cortez and Sens. Elizabeth Warren and Bernie Sanders have all recently proposed hiking taxes on the wealthiest Americans. The progressive tax proposals have incensed the right-wing and many of America’s billionaires, some of whom might run for president in 2020. While the right-wing says the left is fuelling […]

Sen. Elizabeth Warren has introduced an idea to levy a 2% tax on wealthy Americans’ assets over $US50 million and an additional 1% tax on assets over $US1 billion. According to a new INSIDER poll, 54% of Americans supported the idea, while only 19% disapproved. The plan is part of […]

Tax Day 2019, the last day to file your 2018 tax return, is Monday, April 15. Fortunately, b oth H&R Block and TurboTax provide free tax preparation services. Business Insider compared the two services to find out which one was easier to use. This post was originally published in 2018. […]

Sen. Bernie Sanders introduced a new plan to increase the estate-tax rate for wealthy Americans. The plan, called the “For the 99.8% Act,” would lower the exemption for the estate tax to $US3.5 million and increase the top tax rate to 77% for estates with assets over $US1 billion. Sanders […]

In Teton County, Wyoming, the county with the highest rate of charitable contributions on this list, 2016 tax deductions for charity averaged over $US45,000 per taxpayer. In counties with the least charitable giving, deductions averaged out to less than $US2000 per taxpayer, or over 22 times less money given than […]

The IRS released new tax brackets, adjusted for inflation, for 2019. The tax brackets apply to income earned in 2019. (Taxes are due on April 15 for income earned in 2018.) The federal income-tax ranges have shifted slightly, and the standard deduction will be $US12,200 for single filers and $US24,400 […]

Tax Day 2019, the last day to file your 2018 tax return, is Monday, April 15. According to IRS data, the average federal tax refund amount is down about 8% from last year, to $US1,865. If you have your W-2 handy, it will take less than five minutes to estimate […]

Tax Day 2019 is Monday, April 15. The government shutdown is now into its second month, but the IRS says it will still accept returns and provide refunds to taxpayers starting January 28. You can file your taxes as soon as you receive your W-2 form from your employer, which […]

25 counties in the United States paid more than a quarter of the total income tax collected in 2016, according to IRS data. Los Angeles County alone, with a population of over 10 million, paid 3.67% of all income tax liability in 2016. New York County, which covers Manhattan, has […]

The partial government shutdown has become the longest in United States history. Nearly 800,000 federal workers are furloughed or going without pay. The government shutdown affects other areas of the US economy, not just federal workers. As the partial government shutdown continues with what appears to be no end in […]

After Rep. Alexandria Ocasio-Cortez floated a plan to hike marginal tax rates on the super-rich, conservatives said the proposal would be political suicide for Democrats. But, according to an INSIDER poll, a plurality of Americans support a 70% tax rate on income over $US10 million. In fact, support for Ocasio-Cortez’s […]

Tax Day 2019 is Monday, April 15. On Tuesday, an AP report said a total of 46,000 IRS employees will return to work without pay to process tax returns and pay out refunds. Since the government shutdown began more than three weeks ago, the IRS has been operating with about […]

Rep. Alexandria Ocasio-Cortez slammed former Wisconsin Gov. Scott Walker’s simplification of her proposal to hike taxes on the super-rich in a tweet on Tuesday. Walker said he told a group of fifth graders that the policy amounted to their grandmother taking 70% of their $US10 pocketmoney. In a viral takedown, […]

The Tax Cuts and Jobs Act enacted new tax rules regarding spousal support payments, also known as alimony. In divorces finalised after January 1, 2019, the person paying spousal support can no longer deduct the amount from their taxes. For recipients, spousal support payments are no longer considered taxable income. […]

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective. Tax Day 2019 is Monday, April 15. The IRS has a free tax […]

The new GOP tax law may have changed a few things, but it still follows America’s progressive tax system – the more money you earn, the more taxes you pay. When it comes to state income tax, how much you owe varies by state. Using the Tax Foundation, we found […]

The IRS took inflation into account when it released new tax brackets, which will apply to income earned in 2019. Tax Day 2019, when taxes are due for income earned in 2018, is Monday, April 15. The federal income-tax ranges have shifted slightly, and the standard deduction will be $US12,200 […]

America operates on a progressive tax system. That means as a person earns more and progresses through tax brackets, their tax rate increases for each level of income. Rep. Alexandria Ocasio-Cortez of New York has touted a plan that would tax Americans earning more than $US10 million at a rate […]

Rep. Alexandria Ocasio-Cortez has received one question more than any other: How will she pay for her ambitious policy proposals? The newly sworn-in lawmaker told INSIDER that there were many ways to come up with the funding, including cutting back on military spending, raising taxes on the wealthiest Americans, and […]

Rep. Alexandria Ocasio-Cortez of New York has touted a plan that would tax the richest Americans at a rate as high as 70%. She said the additional funds from the taxes would contribute to a massive overhaul plan to lower the country’s carbon emissions to zero and eliminate fossil fuels […]

Tax Day 2019 is Monday, April 15. The IRS is still accepting tax returns during the government shutdown, so you should still file your taxes as soon as possible, accountants told Business Insider. In the event of a prolonged partial government shutdown, there may be a delay in tax refunds. […]

Tax Day 2019 is Monday, April 15. Tax refunds may be delayed if the partial government shutdown continues, according to The Wall Street Journal. A delay in tax refunds may affect the taxpayers who need it the most: people in lower-income households, who typically file taxes sooner than wealthier filers […]

The Saver’s Credit is a little-known tax credit that can reduce, or even eliminate, your tax bill. Tax credits are subtracted directly from the amount you owe in taxes on a dollar-for-dollar basis, whereas tax deductions are subtracted as a percentage from your gross income. You may qualify for the […]

If you receive a notice from the IRS it’s important to read it thoroughly and do your research. The IRS isn’t always right, so you should do your own research and, in some cases, hire a professional. It’s important to be honest and upfront with the IRS and provide them […]

Ohio is becoming the first US state to accept the Bitcoin cryptocurrency for business tax payments. Ohio politicians have been open about their desire to be on the forefront of blockchain technology adoption. It’s good news for Bitcoin and cryptocurrency among a stream of recent negative news. The state of […]

Your Black Friday and Cyber Monday purchases may cost a little more if you live in a state with high sales tax. Every state determines which goods and services apply to their sales tax, and some cities impose local taxes. Using data from the Tax Foundation, we ranked the 25 […]

US citizens receive a variety of tax breaks and tax incentives. But, there are still many tax cuts, breaks, and incentives that citizens in other countries receive that Americans don’t. These tax cuts include corporate tax breaks, tax-free incomes, and business incentives. Taxes in the US can be complicated, so […]

The next tax day is Monday, April 15, 2019. To prepare for tax season you’ll want to gather some previously filed documents and obtain other documents you may need to file for tax returns. Start tracking your income and deductions as soon as possible. The next tax day is April […]

Every tax season, there are criminals trying to scam innocent people out of some of their money. Bogus, aggressive phone calls demanding payment and “phishy” emails taking you to scam sites are still the most prevalent scams, but there are some new tactics, and some lesser-known scams to be wary […]

US tariff revenue in the third quarter increased by nearly 40% from the same quarter last year. President Donald Trump on Wednesday again claimed US tariffs were a cost to other countries, but economists say the t ariff revenue is coming mostly from the pocketbooks of American businesses and consumers. […]

The GOP was counting on the GOP tax law passed in December to be a cornerstone of their midterm election strategy. But the bill is wildly unpopular, and most Americans believe it benefits the wealthy and corporations. Many analysts believe President Donald Trump’s unexpected promise that another tax cut is […]

President Donald Trump proposed a vague new tax cut plan, catching Republican lawmakers off guard. Sen. Orrin Hatch of Utah, a top Republican retiring in 2018, said passage would be “highly unlikely” in the final months of the year. Republicans have defended the popularity of their tax cuts, despite polling […]

President Donald Trump surprised everyone when he started talking about a new 10% tax cut for the middle class on Saturday. Some analysts suggested Trump’s out-of-left-field announcement was designed to drum up support for Republican candidates before the midterm elections, since the original GOP tax reform law is unpopular. Trump […]

Certain committees in Congress have the authority to request President Trump’s tax returns for review and can then vote to make them public. Republicans have so far blocked efforts by Democrats to utilise the procedural tool. If Democrats retake the House majority, they can move forward with getting Trump’s tax […]

Jared Kushner, President Donald Trump’s son-in-law, paid little to no federal income taxes from 2009 to 2016, according to a report from The New York Times. Filings by the Kushner Companies reviewed by The Times show massive losses listed as depreciation, a real estate tax law allowance that allows for […]

The New York Times on Tuesday published in an in-depth investigation into a series of financial transactions by Fred Trump, President Donald Trump’s father, to pass wealth to his children. The investigation turned up a series of shady business practices, including what the paper called “outright fraud.” Legal experts said […]

The New York Times reported Tuesday that President Donald Trump was earning $US200,000 annually by the time he was 3 years old. By the time he was 8, Trump was a millionaire. The information was part of a much larger look into how the president became so wealthy. A massive […]

The New York Times on Tuesday released an extensive investigation focused on President Donald Trump’s fortune. The Times reported that the president and his family engaged in “instances of outright fraud” to enhance their wealth. The story also runs counter to Trump’s narrative that he is a self-made billionaire. The […]

The American government pays for a lot of things, but it doesn’t cover everything other governments do. Americans still need to pay for things like healthcare, college, and daycare out of their own pockets. However, just because other governments pay for these benefits doesn’t necessarily mean they’re free – these […]

Gary Cohn, President Donald Trump’s former top economic adviser, said the president originally wanted to raise the top marginal tax rate to 44% as the GOP tax bill was being crafted. The rate was ultimately lowered to 37% from 39.6% in the final version of the bill that is now […]

The Trump administration has threatened to place tariffs on all Chinese products entering the country. In addition to a $US200 billion round of duties that could be announced imminently, Trump last week said another $US267 billion worth of imports could subsequently be targeted. Hundreds of company and industry representatives testified […]

President Donald Trump said Apple should move production of its products to the US from China because the company could pay “ZERO tax” in America. The tweet comes after Apple warned that Trump’s pending tariffs on Chinese goods were a tax on US consumers and would drive up the cost […]

President Donald Trump told Bloomberg that he is considering indexing capital gains taxes to inflation. The move would result in a $US102 billion tax cut over the next 10 years that would overwhelmingly benefit wealthier Americans. But the idea is legally dubious. President Donald Trump confirmed Thursday that he is […]

Gary Cohn, President Donald Trump’s former top economic adviser, told Bloomberg that the administration’s plan to index capital gains taxes to inflation “got killed in 30 seconds or less.” The plan would amount to a $US100 billion tax cut over the next 10 years, with nearly all of the benefit […]

On Monday, The New York Times reported that President Donald Trump was considering a plan to change the way capital gains taxes are calculated. It’s widely expected that the benefits from this change will mostly go the wealthiest Americans. There’s a very simple reason why the top 1% stands to […]

President Donald Trump is considering a plan to index capital-gains taxes to inflation, which would result in a $US100 billion tax cut that would mostly benefit wealthy Americans. One of the arguments for the cut is that lower taxes on investments would spur economic growth. A study by the Congressional […]

President Donald Trump’s administration is considering adjusting Treasury Department regulations to index capital-gains taxes to inflation. Such a change would result in a roughly $US100 billion tax cut over the next 10 years, with 97% of the gain going to the top 10% of income earners. But there’s a problem […]

President Donald Trump is considering a plan to allow investors to index capital-gains taxes to inflation, according to a new report. This would result in a roughly $US100 billion tax cut over the next 10 years, with much of the benefit going to wealthier Americans. The Trump administration is said […]

In June, President Trump announced that the US planned to levy a 25% tariff on $US50 billion worth of Chinese-imported products. There’s two rounds of tariffs taking place, the first of which goes into effect on Friday. The second round of tariffs doesn’t have an implementation date yet, but it […]

The Fox Business Network host Maria Bartiromo is facing particularly fierce criticism over her latest interview with President Donald Trump, during which she did not challenge Trump’s unsubstantiated or false claims. A barrage of critics online accused Bartiromo of peddling Trump’s propaganda and following an administration-approved script. “Almost every time […]

Democrats and Republicans have been arguing about how large companies will spend gains from the GOP tax law’s huge corporate tax cut. In the first quarter, spending by S&P 500 companies supported both parties’ arguments. Share buybacks hit the highest level in a single quarter, supporting the Democratic argument that […]

A new Monmouth University poll found 40% of Americans approve of the GOP tax law, while 44% disapprove. Perhaps the more troubling number for Republicans: Only 38% of Republican voters strongly support the law, down from 49% in January. The GOP is already facing an enthusiasm gap in the 2018 […]

Republicans have argued that American workers will get bigger paychecks from the new tax law. Americans aren’t seeing that so far. According to a new Morning Consult/Politico poll, only 22% of people said their take-home pay is up, while 55% said there was no boost. The overall favorability of the […]

A new report from the congressional Joint Committee on Taxation analysed benefits from different parts of the new GOP tax law. The JCT found the new deduction for pass-through businesses would heavily benefit the wealthiest Americans. Americans making over $US1 million a year, who make up 0.3% of all tax […]

The $US1.5 trillion tax law signed by President Donald Trump last year could worsen the next recession, according to economists and strategists at Morgan Stanley. In a report on Tuesday, they likened the boost from the tax overhaul to a “happy hour” after which the economy would be vulnerable to […]

Tax Day is hanging over US investors, and it’s one reason behind bitcoin’s latest sell-off. That’s according to an investor letter penned by Pantera Capital, a crypto hedge fund based in California. Uncle Sam is to blame for bitcoin’s recent sell-off. The cryptocurrency declined by nearly 50% in March, from […]

A new poll from Gallup found Republicans’ tax law to still be unpopular. Thirty-nine per cent of people surveyed by Gallup approved of the law, while 52% disapproved. A NBC News/Wall Street Journal found that 27% of people thought the tax law was a good idea, and 36% said it […]

Tax season is almost over, with a final deadline of April 17 this year. The IRS free file look up tool details which services offer eligible taxpayers free tax filing. Business Insider reviewed the free file version of several online tax services. Tax day is just around the corner. The […]

Documents found by The New York Times reveal extensive civil systems implemented by the Islamic State. At the peak of their power, the militant group used taxes to fund garbage collectors and a motor vehicle authority. The group collected hundreds of millions of dollars from its taxes from agricultural goods, […]

Sen. Bernie Sanders thinks Amazon has gotten too large. In an interview on CNN, the 2016 Democratic presidential candidate said, “I think it is important to take a look at the power and influence that Amazon has.” President Donald Trump has upped his criticism of Amazon in recent days. Sen. […]

Republicans are banking on an economic boost from their massive new tax law as a part of their 2018 midterm strategy. According to a new analysis, 84% of S&P 500 companies talked about the new tax law on their fourth-quarter earnings call. Of those, 179 said they planned to invest […]

President Donald Trump is “obsessed” with Amazon, a source told the news website Axios on Wednesday. The president may target the retail giant because he thinks Amazon has gotten a free ride from taxpayers, the Axios report says. Compared with traditional brick-and-mortar retailers, Amazon often pays lower sales taxes and […]

President Donald Trump is “obsessed” with Amazon, a source told the news website Axios. The president is considering targeting the retail giant’s tax status or antitrust action. Trump blames Amazon for the decline of brick-and-mortar retailers and the pain that has caused real-estate developers. And he thinks the company is […]

Republicans created a massive loophole in their recently passed tax law that could have serious consequences for the agricultural industry. Lawmakers are trying to fix what’s become known as the “grain glitch” as part of the negotiations over this week’s massive spending bill. Negotiations are at an impasse after House […]

Republicans want to try for another round of tax cuts. Rep. Kevin Brady, an author of the recent GOP tax law, said that Republicans want to pass a bill to make the individual tax cuts permanent. Trump also teased another tax cut bill during two separate appearances this week. Another […]

The Panama Papers were the 11.5 million files leaked in 2016 from Mossack Fonseca, the world’s fourth-largest offshore law firm. Every year, about $US70 billion that the US could be using for infrastructure, law enforcement, healthcare or education is missing. It’s hidden deep within shell companies and anonymous entities in […]

Cryptocurrency exchanges generally don’t send customers information about potential tax liabilities. With the deadline for filing taxes Tuesday, many cryptocurrency investors are freaking out about what they owe the IRS for their holdings The bitcoin boom of 2017 minted several new millionaires – but not everyone who jumped on the […]

Every year, the IRS warns taxpayers to beware of a long list of tax scams, including robo-calls and phishing attempts. I receive scam calls regularly during tax season. Often they allege “fraud and misconduct” associated with my taxes and urge me to return the call “immediately.” As we approach the […]

John Paulson will have to pay $US1 billion in taxes this year because of a tax loophole that is now closed. The hedge-fund manager made billions betting against subprime mortgages and was able to store the earnings in an offshore account for a decade. Paulson is a friend of Donald […]

There are a variety of ways to get your taxes done – some people hire a tax preparer, while others do their own using online tax preparation services. Two of our journalists decided to do their own taxes for the first time – one used H&R Block and the other […]

Amazon will not pay federal income tax for the second year in a row, according to the Institute on Taxation and Economic Policy, despite being worth $US793 billion. President Donald Trump has criticised the company for this, yet he reduced the corporate tax rate, making it even easier for large […]

TurboTax is one of the most popular services for filing your tax return online. I decided to file my own taxes this year for the first time, and it was easier than I thought it would be. TurboTax’s tax-refund estimate in the top-left corner kept me motivated when the process […]

Republicans’ new tax law went into effect at the start of January. The Internal Revenue Service released new guidelines for employers withholding income tax from employees on January 11. The new withholding changes should hit Americans’ paychecks soon, resulting in roughly 90% of workers getting higher take-home pay, per the […]

A new Monmouth University poll found 44% of Americans approved of the GOP tax law, while 44% disapproved. This was a notable increase from a Monmouth poll in December that showed 26% approval and 47% disapproval. The gain in the Monmouth poll matched improved image outlooks for the law in […]

TurboTax offers a free online tax filing service for eligible taxpayers. The final tax deadline is April 17 this year. The IRS recommends e-filing your taxes and requesting your refund via direct deposit. Business Insider decided to try the free version of TurboTax’s service. Tax Day is here. The final […]

Tax Day 2019, the last day to file your 2018 tax return, is Monday, April 15. Your tax refund will typically be available within 21 days if you file electronically. The average federal tax refund for the 2017 tax year was $US2,727, but the figure varies by state. In some […]

Many people celebrate getting big tax refunds, but it’s not necessarily the best financial move. The money you get back when you file your taxes is your money – and it could have been in your bank account all along. Certified financial planner and Business Insider senior editor Lauren Lyons […]

Tax Day 2019, the last day to file your 2018 tax return, is Monday, April 15. The IRS began accepting tax returns on January 28. The new tax law is in effect, so there are a few changes to be aware of when filing your taxes. Tax refunds typically arrive […]

Tax avoidance schemes are being offered up to the wealthy like holiday packages. The number of companies offering these packages appears to have risen, and the trend was noticed within last year’s Paradise Papers. These packages allow third-party companies to profit off tax havens while operating in a legal grey […]

Apple has about $US250 billion in overseas cash. The tax law enacted at the end of last year gives the company incentives to transfer those holdings to the US. Apple has said it owes $US38 billion in taxes on that amount and has suggested it plans to spend tens of […]

Shares of General Electric are down 4% ahead of Tuesday’s opening bell after the company said it will take a $US6.2 billion charge to its legacy long-term care insurance business. GE Capital, the company’s finance unit, will inject $US15 billion over seven years into the North American Life & Health […]

A 2015 bill directed the Internal Revenue Service to begin using private debt collection agencies to recover some outstanding tax debts. The program cost $US20 million in fiscal year 2017, but the private collectors only regained $US6.7 million of the $US920 million of debt assigned to them. The private collectors […]

The Republican tax bill passed Congress on Wednesday, and President Donald Trump signed it into law on Friday. National home prices are expected to take a hit across the country. But certain housing markets might see a small boost, especially in rural areas in states including Alaska, Texas, New Mexico, […]

Republicans, including White House adviser Ivanka Trump, are promising that the vast majority of Americans will be able to file their taxes on a postcard-size form under the newly passed GOP tax bill. But tax experts and preparation professionals say otherwise. Republicans are promising that the vast majority of Americans […]

Donald Trump has filed for an extension on his 2017 tax returns. Anyone can apply for an extension through the IRS website, which moves the filing deadline to October 15, 2018. Payment plans are also available for people who can’t pay their tax balance in full. President Donald Trump is […]

Americans who own stocks will likely benefit from the Republicans’ tax plan. Most people think stocks will continue to climb if the plan passes before the end of the year, although its passage might be somewhat priced in already. There are also several details in the tax bill that might […]

President Donald Trump suggested during his campaign that he would close a tax loophole for hedge fund managers. But the Republicans’ tax bill keeps that loophole, called the carried interest provision, which allows fund managers to pay a lower tax rate on investment profits. President Donald Trump said during his […]

Republican are getting closer to passing their massive tax reform plan. They recently changed the top individual tax bracket to 37%, down from the current 39.6%, and lower than the 38.5% proposed by the Senate. This small change will give a huge boost to ultra-wealthy Americans. Republican leaders reached an […]

The Republicans’ proposed tax bill would change income tax brackets in 2018. But many Americans don’t understand how tax brackets work. We put together a handy guide to explain. The massive Republican tax bill passed Congress on Wednesday. The bill, called the Tax Cuts and Jobs Act, is now heading […]

Republicans’ new tax law takes effect on Monday. Ahead of the changes, taxpayers can make end-of-year tax moves such as prepaying their property taxes for next year. The IRS has guidance to help taxpayers determine whether they will be able to deduct a prepayment of their 2018 property tax bill. […]

President Donald Trump signed the Republican tax bill into law at the end of December. 2018 tax brackets have been changed under the new law, and are in effect starting this year. There are still seven income tax brackets, but the ranges have been adjusted. The personal exemption has been […]