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Critics are blasting a "rain tax" Toronto is proposing to charge homeowners, Newsweek reported. City officials are proposing to hit homeowners with a "stormwater charge" according to how much their properties' water runoff would impact the storm sewer system, the magazine said, adding that it's an attempt to encourage citizens to keep grass and plants on their properties rather than paving outdoor square footage. Newsweek, citing Toronto city authorities, said the charge would be based on each property's hard surface area, including roofs, driveways, parking lots, and other concrete landscaping. "Stormwater is rain and melted snow. When not absorbed into...

Pesident Biden is pushing for trillions in tax hikes during an election year, despite experts warning it would reduce economic output and have other dire effects. It may be popular with the anti-corporate elements of potential voters, but tax experts say it's a mistake. "The tax increases would substantially increase marginal tax rates on investment, saving, and work, reducing economic output by 2.2 percent in the long run, wages by 1.6 percent, and employment by 788,000 full-time equivalent jobs," according to a recent Tax Foundation analysis. "On a gross basis, we estimate Biden’s FY 2025 budget would increase taxes by...

New York City officials are forecasting overdue property taxes will surge to a record $880 million in the current fiscal year — and they say it’s because they’ve lost the power to enforce punishments for delinquencies. The staggering figure — forecast for the fiscal year ending in June — marks a jump of more than 30% from three years ago, according to an offering document for a city general obligation bond sale Tuesday obtained by Bloomberg. “It’s not just the absolute dollar amount that I think should worry us all,” Preston Niblack, the city’s finance commissioner, said at a City...

My tax return is being held so the IRS can review it. The letter says they want to verify several things including “Itemized Deductions”! I use the standard deduction. I’m guessing it has to do with my voter registration as a republican. Anyone else experiencing this? Cheers!

FIRST ON FOX: A coalition of 18 states is calling on the Biden administration to terminate a taxpayer-funded tax filing preparation program, characterizing it as wasteful, unnecessary and flawed. In a letter Monday to Treasury Secretary Janet Yellen, Deputy Secretary Wally Adeyemo and Internal Revenue Service (IRS) Commissioner Daniel Werfel, 21 top financial officials from 18 states said the costs of the IRS Direct File program "far outweigh any potential benefits" and will create new issues for taxpayers and states, alike. In May 2023, Yellen ordered the IRS to move forward with the first-of-its-kind program, which is funded by the...

Hollywood has reportedly received a whopping $25 billion in state tax incentives to date — a win for studios like Disney and Netflix but a big “L” for ordinary taxpayers, who are footing the bill for the giveaways. Frequently championed by Democrats, state tax credits for movie and TV productions are intended to juice local economies by creating jobs and boosting revenue for small businesses that provide services like catering and transportation. That, in turn, is supposed to generate more tax dollars.

Finance expert John Williams has recently analyzed California's new tax policies, which include the introduction of a wealth tax targeting affluent residents and an exit tax for those relocating out of the state.

Voters in Chicago have voted against a proposed tax increase that many believe was a backdoor effort to raise money in order to support the city's growing migrant crisis. During Tuesday's primary election, voters were asked whether they would support increasing levies on high-valued real estate sales to address the problem of homelessness. The vote appears to have failed by a margin of 54 to 46 percent. The city's far-left Democratic Mayor, Brandon Johnson, had claimed that the money would be used to tackle the issue of homelessness. However, opponents pointed out that the Chicago City Council maintained the right...

A group of progressive lawmakers is renewing its push to increase taxes on the country’s wealthiest people. The proposal, reintroduced Tuesday, would create a 2 percent tax on households that are worth more than $50 million and a 3 percent tax on households worth more than $1 billion. It would affect the wealthiest 100,000 households in the country, according to the bill’s sponsor, Sen. Elizabeth Warren (D-Mass.), USA Today first reported. “Today I’m re-introducing my Ultra-Millionaires Tax so that when someone makes it really big—earning over $50 million—they have to chip in 2 cents on the next dollar,” Warren said...

In their annual one-house budget resolutions, Democratic majorities in the state Assembly and Senate laid out their negotiating position for this year’s budget deal with Gov. Hochul. They’ve decided to spend more — $13 billion more than the governor’s already-record $233 billion executive budget. And tax high earners and corporations more too, despite Hochul’s opposition.

Department of Health and Human Services Secretary Xavier Becerra refused to explain Thursday why “hardworking Americans should pay” for foreign lawbreakers’ healthcare when grilled by Wyoming Sen. John Barrasso. Barrasso detailed how cities are being overwhelmed by illegal immigrants draining their resources and putting a massive strain on health funds and infrastructure, noting Denver Health saw more than 20,000 illegally present foreigners seeking medical care in 2023. Denver Health is “at a critical, critical point” as costs pile up, CEO Donna Lynne said, according to Becker’s Hospital Review. “Can you please explain why it is the responsibility of hard-working American...

Vladimir Putin could raise taxes after the presidential election this month to keep the money flowing to pay for the country's war in Ukraine. Bloomberg reported on Monday that the Kremlin is considering dipping into the pockets of high-earning Russians and corporations, as the government plans to hike taxes by as much as 4 trillion rubles ($44 billion). Sources said that the hikes could be finalized this summer. Under the plan, the government would raise personal income tax from 15% to 20% for those earning over 5 million rubles (roughly $55k USD) and from 13% to 15% for those making...

The Chicago Bears revealed a plan for their new stadium Monday on the lakefront of the Windy City. A source close to the stadium project tells FOX 32 that the team is investing over $2 billion in private money into a "publicly owned domed stadium and park space."

There’s a highly organized, concerted effort underway here in NH to get outrageous amounts funded for NH schools and education agendas. I smell a racket in the making. This organization seems suspect and needs more looking into – which leftist/globalist entities are supporting and pushing this: The New Hampshire School Funding Fairness Project.

On Friday’s broadcast of the Fox News Channel’s “Your World,” Transportation Secretary Pete Buttigieg said that there is more work to be done on deficit reduction, President Joe Biden will continue to work on reducing the deficit, and that’s why the President has put out a proposal to raise taxes. After Buttigieg [relevant exchange begins around 2:20] said that Biden will “continue down the path of deficit reduction that he has achieved in his presidency,” host Neil Cavuto said, “We have more debt than we did when he assumed office. Debt has grown under this President. By the way, it’s...

On Friday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers member Heather Boushey responded to a question on whether the higher corporate taxes pushed by President Joe Biden will harm hiring by saying that “We need to make sure that the federal government has the resources that it needs to be able to do the things that it needs to do.” And that”businesses have a lot of resources, we’ve also given them a lot of subsidies and supports to go out there and invest.” Co-host Joe Mathieu asked, [relevant exchange begins around 7:15] “[H]e talked about...

President Joe Biden plans to launch a raid on the super rich, hiking taxes for corporations and billionaires like Elon Musk and Jeff Bezos. White House officials said the steps were part of a proposed 2025 budget to be released next week, and aimed at reducing the federal deficit by $3 trillion over 10 years. The tax plans are expected to form a core part of Biden's re-election campaign, contrasting markedly with presumptive Republican nominee Donald Trump, whose 2017 'Tax Cuts and Jobs Act' slashed taxes on companies and the wealthy.

People and businesses are moving out of Illinois, New York and California because of their far-left policies. These high-tax states are running out of things to tax to support their big spending policies. So they resort to lawsuits to get more money since they can't print it. Lawyers are some of the biggest Democrat supporters. Chicago is now suing oil companies for their supposed damage to the climate. Mayor Johnson, City Of Chicago Sues Oil And Gas Companies For Climate DeceptionTaxpayer protection, climate justice at heart of complaint.These lawsuits have been going on for a while. Six years ago New...

Take it from someone who has a hoard of legal accordion files stashed away in a hope chest: It’s a good idea to keep your tax records. However, if you’re going through a phase of trying to get rid of everything, the IRS is (sort of) clear on how many years to keep the paper trail. How Long To Keep Your Tax Records Let’s go in descending order: Forever: If you never filed a return, or if you filed a fraudulent return (neither of which is recommended) 7 years: If you file a claim for a loss from worthless securities...

Academy Award-nominated actor Terrence Howard has been ordered by a federal judge to pay nearly $1 million in back taxes, including interest and penalties, after saying that it was “immoral for the United States government to charge taxes to the descendants of slaves.” The judgment comes after the IRS spent a year trying to collect $578,000 in income taxes that Howard, 54, had not paid between 2010 and 2019, according to the Philadelphia Inquirer. The Justice Department sued the “Empire” star in 2022 over the issue, but the actor’s only response appears to have been an angry voicemail he left...