Category: Taxation

The Tax Bill Haunting Your 401(k) and I.R.A.

The New York Times – Business:
Most people have piled their savings into tax-deferred accounts, delaying taxes until they retire. Using Roth options can help ease your tax bite.
California’s Billionaire Tax Battle

The New York Times – Business:
Wealthy residents of the state have put millions of dollars toward stopping a proposed 5 percent tax on their assets.
Have a Montana License Plate in California? Officials Have an Eye on You.

The New York Times – Business:
Since 2018, Californians have bought luxury vehicles worth over $20 million in sales-tax-free Montana, exploiting a loophole that avoided millions of dollars in levies, an investigation revealed.
Trump Signals Opposition to Tariff Refunds, Hinting at Legal War to Come

The New York Times – Business:
One week after the Supreme Court invalidated President Trump’s tariffs, he suggested that his administration could try to relitigate a case that was decided 6 to 3.
Trump Doubles Down on Closing Tax Loophole on Cheap Imports

The New York Times – Business:
The exemption was shut down last year by President Trump based, in part, on the same legal grounds as the tariffs that were invalidated by the Supreme Court.
Tariff Whiplash Clouds Outlook for Federal Budget

The New York Times – Business:
The tariffs thrown out by the Supreme Court had become an important revenue source. President Trump said he could replace that money with other levies.
Supreme Court Justices Strike Down Trump’s Tariffs

The New York Times – Business:
President Trump is the first to invoke the International Emergency Economic Powers Act of 1977 to set tariffs on imported goods from more than 100 countries.
How a Trump Tax Break Rescued Horse Racing

The New York Times – Business:
Owners spent nearly $1.5 billion last year on racehorses, a big increase over 2024. A new tax provision allows them to immediately deduct the full cost of the purchase.
States Say No Thanks to Trump Tax Cuts, Drawing Republican Fire

The New York Times – Business:
State income taxes often reflect federal policies, but Washington, D.C. and some states have taken steps to keep the latest Republican changes out of their tax codes.
Federal Debt to Hit Record Levels, Budget Office Warns

The New York Times – Business:
President Trump has reshaped the country’s economic policies, but the outlook for the budget remains dire.
Trump’s Lawsuit Against I.R.S. Creates ‘Enormous Conflict of Interest’

The president is demanding that the federal government pay him at least $10 billion over the unauthorized disclosure of his tax returns during his first term.
A Rug Maker Withstood One Year of Trump’s Tariffs. New Challenges Loom.

Loloi stockpiled rugs from India, Turkey and other countries in advance, but inventory is running low.