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.
Category: Taxation
-
How a Trump Tax Break Rescued Horse Racing
The New York Times – Business: -
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.
-
Thiel Gives $3 Million to Group Seeking to Block California Wealth Tax
More large donations from wealthy Silicon Valley figures are expected as they try to marshal opposition to a proposed ballot measure that would impose a new tax on billionaires.
-
Google Guys Say Bye to California
Sergey Brin is joining his Google co-founder, Larry Page, in reducing ties to the state where they built their fortunes.
-
Why Haven’t Trump’s Tariffs Had a Bigger Impact?
Steep import taxes have raised prices and affected U.S. businesses, but not quite as much as expected. A new report offers some reasons.
-
A Wealth Tax Floated in California Has Billionaires Thinking of Leaving
It’s uncertain whether the proposal will reach the statewide ballot in November, but some billionaires like Peter Thiel and Larry Page may be unwilling to take the risk.
-
Trump Has a New Auto Loan Tax Break. Here’s Who Could Benefit.
Many Americans can take advantage of President Trump’s deduction on auto loan interest, but the tax break will provide only modest savings.
-
Businesses Are Cashing In on Trump’s Tax Cuts
Corporate tax revenue has quickly dipped since Republicans passed tax cuts this summer. But economists think these tax breaks might be worth it.