Money, Wealth & Power—A Daily Look at the Financial World
Ohio Gov. Mike DeWine is treating the drive to erase property taxes as a five-alarm fire, not a routine policy fight. He has warned that wiping out this revenue could force something like a 20 percent sales tax, a shift that would land hardest on everyday shoppers rather than on wealthier homeowners. The clash is…
Los Angeles shoppers are still adjusting to a county sales tax that already jumped to 9.75 percent in many communities, yet local leaders are now weighing another half‑cent increase that would land squarely on everyday purchases. The proposal is framed as a lifeline for a health care system facing deep federal cuts, but for families…
For years, many Americans have treated their checking account as a kind of offstage area in the tax system, a place where money moves but the Internal Revenue Service only occasionally glances. That mental model is badly outdated. Between new reporting rules for payment apps, long‑standing cash deposit alerts and aggressive tools for collecting old…
Oregon lawmakers are racing to rewrite key parts of the state tax code, pitching a plan they say will deliver the largest break in state history for low and moderate earners while closing what they describe as costly loopholes for corporations and the wealthy. At the center is Senate Bill 1507, a proposal Democrats say…
The fight over the IRS $600 1099-K rule has turned a once-obscure tax form into a flashpoint for anyone who sells online, freelances on the side, or uses payment apps to get paid. After several delays and a major reset by Congress, the question now is not just what the threshold is, but whether these…
Tax filing season is underway, and the agency at the center of it is operating with far fewer people and far more political baggage than it had just two years ago. The Internal Revenue Service has shed more than 20,000 jobs, faces a $10 billion lawsuit from President Donald Trump, and is being asked to…
Tax rules are shifting just as the Internal Revenue Service struggles with budget strain and technology gaps, a bad combination for anyone who counts on a smooth refund. The 2026 filing season will test how well taxpayers can use new deductions and credits while navigating an agency that is warning of longer waits and more…
Property taxes have long been the price of admission to American homeownership, underwriting schools, police, parks and libraries. Now lawmakers and activists in Texas and Ohio are trying to blow up that bargain, promising to end annual tax bills on homes and land altogether. Their campaigns tap into deep frustration over rising assessments, but they…
President Donald Trump’s new auto tax break promises up to $10,000 a year in savings on car loan interest, a headline figure that sounds tailor made for stretched drivers. In reality, getting anywhere near that full benefit often requires a luxury-level purchase price and a carefully structured loan that many households will never touch. The…
President Donald Trump has promised that the 2026 filing season will deliver the biggest tax refunds in history, powered by his One Big Beautiful Bill and new breaks for workers. On paper, many households really are in line for larger checks because withholding stayed high even as the law cut taxes for 2025 income. In…