Money, Wealth & Power—A Daily Look at the Financial World
California is trying to convince its richest residents to stay put long enough to pay a new levy on their fortunes at the same time its own agencies are being called out for wasting millions of dollars. The tension between a state that wants to tax extreme wealth and a bureaucracy that has struggled to…
California’s latest attempt to tax extreme wealth has drawn fierce warnings from Wall Street and quiet planning from tax lawyers. Then one of the world’s richest tech bosses effectively shrugged, saying he is happy to pay. The contrast between a billionaire CEO laughing off a new levy and peers plotting exits captures the high‑stakes experiment…
President Donald Trump has turned a global tax deal that was designed to rein in U.S. tech and pharmaceutical giants into an agreement that largely shields them instead. What began as a 15 percent global minimum corporate tax aimed at the biggest multinationals has been rewritten so that U.S.-based groups are carved out, leaving foreign…
The Internal Revenue Service has quietly locked in the numbers that will govern how much of your 2026 income is taxed, and the changes are big enough to shift real money back into some households. The core tax rates stay the same, but higher thresholds and a richer standard deduction mean many filers will see…
Federal tax rules are shifting again in 2026, and this time the changes are more likely to nudge your take home pay up than down. The Internal Revenue Service is lifting the income thresholds for each tax bracket and updating how much employers withhold from paychecks, so many workers will see a modest bump in…
The global push for a 15 percent minimum tax on large corporations has survived a turbulent renegotiation, but the final compromise leaves the United States on the outside of the core enforcement regime. While more than 145 countries have agreed to move ahead, President Donald Trump has secured an exemption that keeps U.S.-headquartered multinationals under…
Side hustlers just got a rare dose of simplicity from Washington. A recent tax change raises the bar for when payment platforms and clients must send 1099 forms, which means fewer surprise tax documents for people making extra cash from gigs or online sales. The income is still taxable, but the paperwork burden is lighter…
Ron DeSantis has turned a dry topic, property tax policy, into a populist rallying cry by branding annual tax bills as “rent to the government” and warning that homeowners are being treated like ATMs. His push to wipe out property taxes on primary residences in Florida is no longer a thought experiment, it is a…
California’s latest push to tax extreme wealth has collided head‑on with a familiar Bay Area anxiety: what happens if the people who fund so much of the region’s economy simply leave. As state leaders float a new levy on billionaires, San Jose Mayor Matt Mahan has emerged as one of the most prominent local voices…
California’s latest effort to tax extreme wealth has triggered a very specific warning from the state’s tech elite: a 5 percent levy on billionaire fortunes could prompt an exodus that pulls hundreds of billions of dollars in assets out of the state. The proposal, framed by supporters as a way to tap concentrated fortunes for…