Minnesota Governor Tim Walz, the Democratic vice-presidential candidate, is facing criticism for his state’s gas tax policy, which Republicans argue unfairly burdens lower-income residents. The GOP tax committee chair, Rep. Greg Davids, calls the tax a ‘lazy man’s tax increase’ and criticizes Walz for not prioritizing tax relief for the middle class despite a record budget surplus.
Billionaire investor Mark Cuban has invited Elon Musk to a public discussion about Vice President Kamala Harris’ tax policies, specifically the proposed 25% tax on unrealized capital gains for wealthy individuals. Cuban, a frequent advisor to Harris, insists that the Vice President does not intend to implement this tax, while Musk has been critical of the proposal. This exchange highlights the ongoing debate about tax policies and their potential impact on the U.S. economy.
A new bill, the BRAVE Act, has been introduced in the House of Representatives that aims to eliminate taxes for all US service members deployed overseas, regardless of whether they are in combat zones. This comes as the US military continues to face recruiting challenges due to concerns over pay and benefits.
Former President Trump, during a campaign event in Arizona, pledged to eliminate taxes on overtime pay, adding to his list of proposed economic policies aimed at boosting worker income. This promise follows his previous pledges to eliminate taxes on Social Security benefits and tips for service workers. The move is seen as an effort to attract voters in Arizona, a key state he seeks to flip back to the Republican column.
Former President Donald Trump has proposed eliminating taxes on overtime wages for individuals working beyond 40 hours per week, a move aimed at incentivizing work and simplifying hiring, but economists argue it could have unintended consequences and worsen the federal deficit.
The US government has recovered over $1.3 billion from wealthy taxpayers since late 2023 as part of a crackdown on tax evasion. This initiative comes after a significant drop in audit rates for millionaires during the previous administration, leading to a shift in the burden of unpaid taxes onto lower-income individuals. The current administration is focused on ensuring that high-income earners pay their fair share.
Virat Kohli has emerged as the highest tax-paying Indian cricketer for the financial year 2023-24, according to a report by Fortune India. Kohli’s tax payment of Rs 66 crore puts him ahead of other cricketing legends like MS Dhoni and Sachin Tendulkar. This news sheds light on the massive earnings of top Indian cricketers and their significant contributions to the government through taxes.
US Vice President Kamala Harris’ proposal to increase corporate tax rates and long-term capital gains tax has drawn comparisons to Indian Finance Minister Nirmala Sitharaman’s recent budget announcements. Social media has been abuzz with memes comparing the two politicians, highlighting the similarities in their tax policies and sparking discussions about their economic strategies.
India’s Budget 2024 tax proposals, particularly the increased Securities Transaction Tax (STT) and capital gains taxes, have sparked a wave of reactions on social media. While some discuss the implications, others turn to humor, with one Reddit post offering ironic financial advice on avoiding capital gains taxes by deliberately losing money. The post highlights the public’s frustration with the tax changes and the overall impact on the stock market.
The Indian government’s decision to tax interest earned on EPF contributions exceeding ₹2.5 lakh per year has sparked outrage on Reddit, with users jokingly suggesting taxes on everything from breathing air to bridge collapses. The change, announced in Budget 2024, has raised concerns about the increasing tax burden on individuals.
