TAX

Think Biden's Social Security tax hike looks bad?  Some lawmakers are calling for even more extreme measures

Think Biden’s Social Security tax hike looks bad? Some lawmakers are calling for even more extreme measures

(Maurie Backman) Social Security is in trouble. In future years, the program is expected to spend more on planned benefits than it collects in revenue. And we can thank baby boomers for that. Over the next decade baby boomers will exit the workforce in droves. To be clear, this is an option they are more …

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Pound jumps after UK tax cut rescinded, oil climbs higher

Pound jumps after UK tax cut rescinded, oil climbs higher

TOKYO, Oct 3 (Reuters) – Oil surged on Monday as OPEC+ considered cutting output at its meeting later this week, while the pound appreciated after the British government announced it would would undo a controversial tax cut that had rocked UK markets. Asian stocks mostly fell over the holidays, although Japanese markets found support from …

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Kwasi Kwarteng defends tax policies as markets falter, saying he had ‘no other choice’ – British Politics Live

Key events Filters BETA Key events (2) Robert Booth UK households are set to set their utility bills on fire later, in a wave of cost of living protests timed to coincide with soaring gas and electricity unit prices that will drive up the bills. In what organizers predict will be the biggest nationwide protests …

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Energy expert says California's windfall tax is a bad idea

Energy expert says California’s windfall tax is a bad idea

Find out what clicks on FoxBusiness.com California’s imposition of a windfall tax on oil companies would be damaging, according to an energy expert who spoke to FOX Business. California Democratic Governor Gavin Newsom on Friday called for a windfall tax to be levied on profits above a set amount for companies involved in oil extraction, …

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UK isolated as EU agrees windfall tax on energy companies

EU energy ministers have agreed to levy windfall taxes on energy companies’ profits and cut electricity consumption, but remain at odds over proposals to cap gas prices. Meeting in Brussels on Friday, the bloc’s 27 energy ministers endorsed proposals to levy a “solidarity levy” on fossil fuel producers who have benefited from soaring energy prices. …

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Tough 'orthodoxy', Kwarteng clings on after UK market rout

Tough ‘orthodoxy’, Kwarteng clings on after UK market rout

After weeks of hard work, UK finance minister under fire for tax cuts Truss backs a key ally, but some question his future Kwarteng fired key manager, with no budget forecast LONDON, Sept 29 (Reuters) – As Britain’s new finance minister, Kwasi Kwarteng was hoping to unravel Finance Ministry groupthink that he and new Prime …

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Pound crashes as new UK PM bets on tax cuts for the rich

Pound crashes as new UK PM bets on tax cuts for the rich

LONDON — If anyone thought Britain needed a period of calm after Boris Johnson’s tumultuous prime minister, no one told his successor. The country was already facing an ugly menu of challenges. But the solution proposed by new Prime Minister Liz Truss quickly threw the economy into chaos, threatening both immediate and lasting consequences for …

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How to turn stock losses into tax savings and other ways to lower your tax bill

How to turn stock losses into tax savings and other ways to lower your tax bill

Prathanchorruangsak | Istock | Getty Images Review withholding tax First, you want to examine how much money is withheld from your payroll for federal taxes. Having too little tax withheld could result in a tax bill or penalty. If too much tax is withheld, you may get a refund. You should check your source deductions …

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