Former President Donald Trump has repeatedly asserted that a Republican-backed “megabill” would lead to the complete elimination of federal taxes on Social Security benefits, a claim that robust examination of the proposed legislation reveals to be unfounded. Despite these consistent declarations, a thorough review of the varying versions of the […]
Tag: taxation
Income Tax Dept Notifies Cost Inflation Index For FY 2025–26: What It Means For Your LTCG Tax
The Income Tax Department has officially unveiled the Cost Inflation Index (CII) for the financial year 2025–26, a critical announcement poised to significantly impact taxpayers, particularly those navigating Long Term Capital Gains (LTCG) tax. This index serves as an indispensable tool, specifically designed to adjust the cost of acquiring assets […]
Raskin: I’d Prefer Raising Taxes on Others over ‘Symbolic Consolation Prize’ of Ending Taxes on Tips
Representative Jamie Raskin (D-MD) recently offered a nuanced yet firm perspective on ongoing tax reform discussions, particularly challenging the notion of eliminating taxes on tips. Speaking on CNN’s “The Arena,” Raskin articulated a clear preference for a more robust and progressive income tax system, viewing targeted tax breaks for tipped […]
Trump keeps saying the GOP mega bill will eliminate taxes on Social Security. It does not
President Donald Trump has repeatedly stated that the Republican Party’s ambitious tax and spending legislation will eliminate taxes on federal Social Security benefits, a claim that stands in stark contrast to the actual provisions within the bills passed by both the Senate and the House of Representatives. This persistent assertion […]
A megabill mystery: New solar and wind tax comes as a surprise to Republican senators
A significant political and economic controversy has been unexpectedly unearthed with the discovery of an excise tax targeting wind and solar projects, quietly embedded within a comprehensive domestic policy bill championed by Republican senators. This provision, a major jolt to the rapidly growing renewable energy industry, has also caught numerous […]