Author: News Desk

While the federal estate tax often draws public attention, a lesser-known and still-active levy persists in several states: the inheritance tax. Currently, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania impose this tax on recipients of inherited assets. Unlike estate taxes which are paid by the estate itself the inheritance tax is paid by the beneficiary, based on the value of assets received. Rates and exemptions vary by state, and the relationship between the deceased and the beneficiary often affects the amount owed. The tax typically applies to non-immediate relatives or non-family members, though rules differ. Close family such as spouses…

President Donald Trump signaled support for even deeper tax reductions than those included in the multi-trillion-dollar economic package advancing through Congress. “I’d like to see a bigger cut in taxes,” Trump said during a press conference at the White House alongside billionaire entrepreneur and adviser Elon Musk. “It’s going to be jiggered around a little bit.” The president’s remarks come as the Senate prepares to take up the legislation that the House passed last week. The bill, as written, would extend the 2017 tax cuts and add an estimated $3.8 trillion to the national debt over the next decade. Musk…

In partnership with the Inter-American Development Bank (IDB), the Uruguayan government is advancing efforts to enhance the country’s fiscal framework to reinforce macroeconomic stability and attract long-term investment. At a high-level seminar titled “Proposals to Further Strengthen the Fiscal Framework in Uruguay” held at the Radisson Montevideo, Economy, and Finance Minister Gabriel Oddone and IDB Uruguay Representative Luiz Ros underscored the importance of institutional reforms to Uruguay’s fiscal rule. The event marks part of a broader public dialogue series supporting policy adjustments ahead of the national budget proposal. Strengthening Transparency and Market Confidence Oddone emphasized the strategic role of fiscal…

The American Beverage Association (ABA) filed a lawsuit Thursday in Sacramento Superior Court seeking to overturn the City of Santa Cruz’s recently enacted tax on sugary drinks, escalating a legal and political battle over public health measures and municipal taxing authority in California. The ordinance, which levies a two cents per fluid ounce tax on sugar-sweetened beverages, was approved by Santa Cruz voters in November 2024 and went into effect on May 1. The tax targets beverages with added sugar, including sodas and energy drinks, and is intended to discourage consumption while generating revenue for local health programs. Industry Pushback…

Ohio seniors could see a significant tax break under new legislation introduced by State Sen. Al Cutrona (R-Canfield). This would slash property taxes in half for homeowners aged 65 and older, regardless of their income. The proposal, estimated to cost $1.5 billion annually, would be funded entirely from the state’s $100 billion general revenue fund. It marks a significant push to shield elderly Ohioans from rising property taxes that lawmakers say are forcing many on fixed incomes out of their homes. “We are taxing the elderly out of their homes,” Cutrona said. “This is a clean 50% reduction, no strings…

Japan’s sweeping 2025 tax overhaul marks a decisive pivot in its postwar fiscal and national identity. Enacted on March 31 by the National Diet, the package introduces a Special Defense Corporation Tax, aligns Japan with the OECD’s Pillar Two global minimum tax standards, and revamps personal and corporate tax structures to address an aging society and mounting public debt. The centerpiece is a 4% corporate surtax earmarked for defense spending, an unprecedented move for a nation whose constitution has long upheld pacifism, with regional threats from China and North Korea escalating. Under persistent pressure from the U.S. to meet NATO-style…

Indonesia, the world’s largest palm oil producer, has raised its crude palm oil (CPO) export tax from 7.5% to 10% in a strategic move to fund its ambitious B40 biofuel program and replanting efforts, according to an official notice from the Ministry of Finance. Effective May 17, the tax hike comes as the government looks to maintain the financial sustainability of its biodiesel mandate, which requires 40% palm oil blending in diesel fuel. The revised tariff, based on the reference price of CPO, also affects other downstream palm products, per a report by Asia News Network. Industry Warnings Over Competitiveness…

India’s cryptocurrency industry is ramping up its lobbying efforts for tax reforms as Prime Minister Narendra Modi’s government shows signs of softening its stance on digital assets. The shift comes amid broader geopolitical currents, including the return of Donald Trump to the U.S. presidency, which has contributed to renewed optimism within the global crypto community. According to a report by the Financial Times, crypto exchange leaders in India have noted an increase in dialogue and willingness to engage from government officials, the industry’s main request: a reduction in what they describe as “harsh” tax policies.Read More: 2025 Crypto Tax Rules…

Nearly two years after Ghana implemented sweeping tax reforms, businesses, and financial professionals are still adjusting to the operational and fiscal realities brought by the changes. Introduced on January 1, 2023, the amendments to Ghana’s tax laws, including updates to the Electronic Transfer Levy (E-Levy), the Revenue Administration Act, and Value Added Tax (VAT), were designed to enhance revenue mobilization in the wake of rising fiscal pressures. Reduced E-Levy, but Tighter Enforcement Perhaps the most notable change for everyday Ghanaians was the reduction of the E-Levy from 1.5% to 1%, a move seen as a partial concession to public backlash.…

As President Donald Trump pushes a sweeping tax-and-spending bill through Congress, markets have fixated on an obscure yet increasingly controversial clause: Section 899. Dubbed the “revenge tax,” this measure targets foreign nations with policies deemed discriminatory to U.S. interests, and it’s beginning to spark unease on Wall Street and beyond. Weaponizing Tax Policy Formally known as the “Enforcement of Remedies Against Unfair Foreign Taxes,” Section 899 proposes increasing federal tax rates on passive income earned by individuals and institutions from countries imposing digital service taxes or minimum corporate tax schemes. Among the countries potentially affected are the UK, France, Canada,…