Showing 1 to 10 of 10 results
Social Security Tax Deduction Introduced in "Big Beautiful Bill", but Long-Term Funding Challenges Remain
The "Big Beautiful Bill" introduces a temporary Social Security tax deduction for seniors aged 65+ with incomes below specific thresholds, starting in 2025 and expiring in 2028; this deduction, while providing short-term tax relief, does not address Social Security's long-term funding challenges.
Social Security Tax Deduction Introduced in "Big Beautiful Bill", but Long-Term Funding Challenges Remain
The "Big Beautiful Bill" introduces a temporary Social Security tax deduction for seniors aged 65+ with incomes below specific thresholds, starting in 2025 and expiring in 2028; this deduction, while providing short-term tax relief, does not address Social Security's long-term funding challenges.
Progress
12% Bias Score
Trump Proposes Tax Deduction for U.S.-Made Car Loans
President Trump announced a plan to make interest on U.S.-made car loans fully tax-deductible up to \$10,000 annually, phasing out above \$100,000 AGI from 2025-2028, citing the support of a lifelong Democrat autoworker who changed his allegiance due to the benefits of previous tax laws.
Trump Proposes Tax Deduction for U.S.-Made Car Loans
President Trump announced a plan to make interest on U.S.-made car loans fully tax-deductible up to \$10,000 annually, phasing out above \$100,000 AGI from 2025-2028, citing the support of a lifelong Democrat autoworker who changed his allegiance due to the benefits of previous tax laws.
Progress
60% Bias Score
Senate Passes Bill Offering $25,000 Tip Tax Deduction
The U.S. Senate unanimously passed a bill providing a tax deduction up to $25,000 on tips for eligible workers, costing an estimated $110 billion over 10 years and impacting approximately 4 million workers, primarily in tipped occupations such as food service and beauty services, as part of a larger...
Senate Passes Bill Offering $25,000 Tip Tax Deduction
The U.S. Senate unanimously passed a bill providing a tax deduction up to $25,000 on tips for eligible workers, costing an estimated $110 billion over 10 years and impacting approximately 4 million workers, primarily in tipped occupations such as food service and beauty services, as part of a larger...
Progress
44% Bias Score
Coalition Unveils First-Home Buyer Tax Deduction Plan
Peter Dutton announced a Coalition plan to allow first-home buyers to deduct mortgage payments from their income tax for five years, potentially saving families \$11,000 annually, while Labor plans a five percent deposit scheme, and increased funding for the Homes for Australia plan.
Coalition Unveils First-Home Buyer Tax Deduction Plan
Peter Dutton announced a Coalition plan to allow first-home buyers to deduct mortgage payments from their income tax for five years, potentially saving families \$11,000 annually, while Labor plans a five percent deposit scheme, and increased funding for the Homes for Australia plan.
Progress
52% Bias Score
2024 Tax Changes: Reduced Deductions for Business Meals and Entertainment
The 2024 tax year reduced the deductibility of most business meals to 50% and eliminated deductions for many entertainment expenses, impacting business owners' net income and prompting a need for revised tax planning strategies, although some exceptions for company events and employee meals remain.
2024 Tax Changes: Reduced Deductions for Business Meals and Entertainment
The 2024 tax year reduced the deductibility of most business meals to 50% and eliminated deductions for many entertainment expenses, impacting business owners' net income and prompting a need for revised tax planning strategies, although some exceptions for company events and employee meals remain.
Progress
44% Bias Score
Gambling Tax Deduction Cut Sparks Outcry from Professionals
A new tax law reduces the gambling loss deduction from 100% to 90%, potentially forcing professional gamblers to pay taxes on unearned income and driving them toward unregulated markets; this change, estimated to generate nearly $1.1 billion in revenue over a decade, resulted from Senate reconciliat...
Gambling Tax Deduction Cut Sparks Outcry from Professionals
A new tax law reduces the gambling loss deduction from 100% to 90%, potentially forcing professional gamblers to pay taxes on unearned income and driving them toward unregulated markets; this change, estimated to generate nearly $1.1 billion in revenue over a decade, resulted from Senate reconciliat...
Progress
52% Bias Score
Legal Challenge to 50-Year-Old Childcare Tax Deduction Precedent
A high court case will challenge a 50-year-old Australian legal precedent that blocks parents from claiming childcare fees as a tax deduction, arguing that the 1971 Lodge case is outdated and fails to recognize the importance of childcare for modern families and the economy.
Legal Challenge to 50-Year-Old Childcare Tax Deduction Precedent
A high court case will challenge a 50-year-old Australian legal precedent that blocks parents from claiming childcare fees as a tax deduction, arguing that the 1971 Lodge case is outdated and fails to recognize the importance of childcare for modern families and the economy.
Progress
60% Bias Score
Senate Unanimously Passes "No Tax on Tips Act" with Key Limitations
The Senate unanimously passed the "No Tax on Tips Act," providing a $25,000 deduction for reported tip income, excluding those earning over $160,000 and certain occupations, with state-level tax conformity required for full exemption.
Senate Unanimously Passes "No Tax on Tips Act" with Key Limitations
The Senate unanimously passed the "No Tax on Tips Act," providing a $25,000 deduction for reported tip income, excluding those earning over $160,000 and certain occupations, with state-level tax conformity required for full exemption.
Progress
52% Bias Score
Rising Home Equity and Declining Interest Rates Offer Homeowners Financial Advantages
The average homeowner now has $313,000 in equity (up 6% year-over-year), can borrow up to 80%, and benefit from declining interest rates on home equity loans and HELOCs, with potential tax deductions for home improvements.
Rising Home Equity and Declining Interest Rates Offer Homeowners Financial Advantages
The average homeowner now has $313,000 in equity (up 6% year-over-year), can borrow up to 80%, and benefit from declining interest rates on home equity loans and HELOCs, with potential tax deductions for home improvements.
Progress
44% Bias Score
GOP Tax Plan Threatens Student Loan Interest Deduction
House Republicans propose eliminating the student loan interest deduction, potentially impacting 12.7 million taxpayers who saved over \$1.6 billion in 2020, adding to financial strain amid uncertainty over loan forgiveness and high debt levels.
GOP Tax Plan Threatens Student Loan Interest Deduction
House Republicans propose eliminating the student loan interest deduction, potentially impacting 12.7 million taxpayers who saved over \$1.6 billion in 2020, adding to financial strain amid uncertainty over loan forgiveness and high debt levels.
Progress
64% Bias Score
Showing 1 to 10 of 10 results