Us Tax

IMF says US tax, spending bill runs counter to deficit-cutting advice

Bessent, who manages the US stake, has criticized the Fund for straying too far from its core economic stability and surveillance missions

'US remittance tax, tariffs to cost India billions in lost investments'

The original version of US President Donald Trump's "One Big Beautiful Bill" included a 5 per cent excise duty on outward remittances

Republicans say they are nearing deal on Trump's tax cuts, divided on cost

Republicans, who hold narrow majorities in the House of Representatives and Senate, have spent weeks trying to agree on a plan to cover the cost of extending the tax cuts

US inheritance tax threatens HNI investors: Can GIFT City be a solution?

Wealthy Indian investors looking to diversify their portfolios face a surprise tax burden when inheriting US stocks. GIFT City, India's international financial hub, can offer a solution

Elon Musk's firm Neuralink ditches Delaware, reincorporates in Nevada

Neuralink isn't the first business Musk has reincorporated outside of Delaware and may not be the last

Harvard University faces new threat of state tax on $51 billion endowment

Harvard, the oldest and richest college in the US, has long been a target for its immense wealth

Collected $360 mn more from rich tax cheats, says IRS amid funding concerns

The IRS says it has collected an additional USD 360 million in overdue taxes from delinquent millionaires as the agency's leadership tries to promote the latest work it has done to modernise the agency with Inflation Reduction Act funding that Republicans are threatening to chip away. Leadership from the federal tax collector held a call with reporters on Thursday to give updates on how the agency has used a portion of the tens of billions of dollars allocated to the agency through Democrats' Inflation Reduction Act, signed into law in August 2022. Along with the USD 122 million collected from delinquent millionaires last October, now nearly half a billion dollars in back taxes from rich tax cheats has been recouped, IRS leaders say. The announcement comes as the IRS braces for a more severe round of funding cuts. The agency cuts previously agreed upon by the White House and congressional Republicans in the debt ceiling and budget cuts package passed by Congress last year which ..

US Republicans vow to oppose Yellen's G7 tax deal, casting doubt on future

The opposition from Republicans may push President Joe Biden to attempt to use budget procedures to pass the initiatives with only Democratic votes

Black Lives Matter invested $32 mn in stocks, has $42 mn in assets: Report

The tax filing suggests the organisation is still finding its footing: It currently has no executive director or in-house staff

Billionaire tax hits critics as US president pushes for budget deal

The Democrats' idea for a new billionaires' taxplan quickly ran into criticism

Social spending, business tax hike drive $6 trillion Joe Biden budget

President Joe Biden's USD 6 trillion budget proposal for next year would run a USD 1.8 trillion federal government deficit despite a raft of new tax increases on corporations and high-income people

Joe Biden to propose tax hikes, $80 billion for audits of the rich

The measures will be key elements to offset the cost of Biden's "American Families Plan" that he's set to unveil in a speech to Congress

Joe Biden eyes tax rate as high as 43.4% in upcoming economic plan

The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6%

US announces additional measures to prevent corporate tax inversions

The move comes as pharmaceutical giant Pfizer plans to merge itself with Ireland-based Allergan