Money, Wealth & Power—A Daily Look at the Financial World
California Assembly Republicans introduced legislation to freeze the state’s motor vehicle fuel tax for a full year, targeting the $0.61 per gallon excise rate that hits drivers at the pump. Assemblyman Jeff Gonzalez and Republican coauthors introduced AB 1745, which would suspend the state excise tax on gasoline for one year. The bill arrives as…
Tipped workers across the United States could see a new tax break under the No Tax on Tips Act, which creates an above-the-line deduction allowing eligible employees and self-employed individuals to subtract up to $25,000 in qualified tips from their taxable income. The deduction applies to tax years 2025 through 2028, meaning the first returns…
Thousands of taxpayers face the prospect of refiling their federal returns after a series of IRS processing failures, social media-driven filing errors, and e-file rejections created a backlog that federal watchdogs say is affecting millions of people. With the 2025 filing season set to begin on January 27 and the April 15 deadline looming, the…
The Treasury Department and IRS released guidance confirming that workers who earn tips can deduct up to $25,000 in qualified tip income from their federal taxes for tax years 2025 through 2028. The new deduction, created under the One, Big, Beautiful Bill Act, is retroactive to 2025 but will not change paychecks right away because…
The White House declared the 2026 filing season the “biggest tax refund season ever,” projecting that refunds would rise by $1,000 or more thanks to the One Big Beautiful Bill Act signed into law on July 4, 2025. Early IRS data shows average refund checks climbing 10.9% compared with the same point last year, but…
The Florida House of Representatives voted 80-30 on February 19, 2026, to pass a joint resolution that would exempt homestead properties from certain non-school ad valorem (property) taxes, if it is ultimately approved by the Senate and voters. Designated CS/CS/HJR 203, the measure proposes a constitutional amendment to exempt homesteads from all non-school ad valorem…
The IRS reported that the average tax refund for the 2025 tax year stands at $2,290 as of early February 2026, a 10.9% jump from the $2,065 average recorded at the same point last year. The increase arrives during a filing season shaped by new federal deductions and growing questions about whether the agency has…
Congress has blocked the District of Columbia from opting out of federal tax breaks on tips, overtime pay, and a senior standard deduction, forcing the city to conform to changes enacted under the One, Big, Beautiful Bill. The President signed H.J.Res. 142 into law, nullifying the D.C. Income and Franchise Tax Conformity Revision Temporary Amendment…
The IRS now requires dealers to verify every electric vehicle’s eligibility for the $7,500 clean vehicle tax credit through a federal portal before closing a sale, creating a system where a single Vehicle Identification Number can make or break a deal. The requirement, tied to the New Clean Vehicle Credit under Section 30D of the…
Los Angeles County residents are now paying more in sales tax on everything from restaurant meals to clothing, thanks to a voter-approved measure that took effect on April 1, 2025. The net increase may look small on paper, but it lands on top of rates that already rank among the highest in the nation, and…