Author: News Desk

A proposed plan to allow Immigration and Customs Enforcement (ICE) to access IRS data on taxpayers, including undocumented workers, could have far-reaching consequences for tax collection in the U.S. Experts warn that this unprecedented move could discourage immigrants from paying taxes, threatening nearly $100 billion in federal and state revenue. In 2022, undocumented immigrants contributed an estimated $97 billion in taxes. Many of these individuals file tax returns in the hope that doing so may help their future legal status applications. However, under a deal reportedly being pushed by ICE, this information could be used to identify individuals suspected of…

India’s lower house of parliament has passed the 2025 budget, making a pivotal change by removing the equalization levy (often referred to as the “Google Tax”), which was first introduced in 2016. This tax required non-resident companies to pay a 6% levy on earnings derived from digital advertising in India. In the previous financial year, it generated INR 3,343 Cr ($390 million) for the Indian government. Finance Minister Nirmala Sitharaman announced the removal of the levy on March 25, 2025, citing the need to address uncertainty in international economic conditions. While Sitharaman didn’t elaborate on the specific reasons, it is…

Vietnam’s Ministry of Finance has introduced a Draft Decree on Tax Administration for E-Commerce and Digital Platforms, set to take effect on April 1, 2025. This decree will require e-commerce and digital platforms to track, withhold, and remit taxes for business households and individual sellers using their platforms. The new rules apply broadly to platforms with payment functions, digital content providers, online advertisers, cloud services, social media platforms with in-app transactions, and other digital economy players. Key obligations for platforms include:✅ Ensuring all sellers provide a tax identification number (TIN) before transactions.✅ Withholding VAT and personal income tax (PIT) from…

Congressional Republicans are struggling to agree on spending cuts needed to offset President Donald Trump’s multi-trillion-dollar tax-cut agenda, exposing deep divisions within the party. At the center of the debate is whether to reduce Medicaid funding, eliminate green energy tax credits, and adjust the state and local tax (SALT) deduction cap—all while navigating a looming debt ceiling crisis. The House Freedom Caucus is pushing for $2 trillion in cuts over the next decade, including $880 billion from Medicaid, which covers 35 million people in states Trump won in 2024. However, moderate Republicans are resisting deep Medicaid reductions, instead proposing a…

As the tax filing deadline approaches, the Internal Revenue Service (IRS) reminds taxpayers that IRS Free File is a convenient and cost-free way to prepare and file federal tax returns. Available exclusively on IRS.gov, Free File offers eligible taxpayers access to guided tax preparation software, electronic filing, and direct deposit refunds—all at no cost. Who Qualifies for IRS Free File? IRS Free File is available to individuals and families with an adjusted gross income (AGI) of $84,000 or less for the 2024 tax year. Through a public-private partnership with the Free File Alliance, the IRS connects taxpayers with online tax…

Texas is taking steps to enhance its research and development (R&D) tax structure, aiming to stay competitive with other states that offer more generous incentives. With equipment manufacturing being a capital-intensive industry with high R&D investment, Texas lawmakers are considering updates to its tax credit system through SB 2206 and HB 4393. Currently, Texas offers a franchise tax credit and a sales tax exemption for qualifying research activities, but these incentives lag behind other states. Texas ranks 33rd in R&D investment as a percentage of gross state product (GSP), a situation attributed to outdated and inefficient tax policies. Comparatively, California…

President Donald Trump has announced a sweeping 25% tariff on imported automobiles, a move the White House claims will bolster domestic manufacturing while generating an estimated $100 billion annually in revenue. However, the tariffs—set to take effect on April 3, 2025—could significantly raise vehicle prices, disrupt global supply chains, and escalate trade tensions with key allies. The tariff applies to both finished vehicles and auto parts, potentially increasing the cost of imported cars by an estimated $12,500 per vehicle. Economists warn that this could further fuel inflation and restrict consumer choice, disproportionately affecting middle- and working-class buyers. U.S. automakers, who…

In a move likely to escalate trade tensions, President Donald Trump is expected to unveil a flat, double-digit tariff on all European Union (EU) goods as part of his promised “reciprocal tariffs” on April 2, 2025. According to EU diplomats briefed on a recent meeting between European trade chief Maroš Šefčovič, U.S. Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, the tariffs are expected to take effect at midnight on April 3, 2025. Though the final rate is still uncertain, sources suggest the tariff could be as high as 20 to 25 percent, based on existing trade barriers…

Private equity firms are pushing for a new tax benefit to significantly increase the business debt they can deduct from taxes. Currently, businesses can deduct up to 30% of their income as interest on debt. However, private equity firms want to use an alternate accounting measure, earnings before interest, taxes, depreciation, and amortization (EBITDA), which could boost deductions by up to 15%—resulting in billions in tax savings for private equity firms. This new tax perk would also benefit other companies that use debt to finance operations, including manufacturers, who have joined private equity firms in lobbying Congress to pass the…

President Donald Trump stated that tariffs scheduled to take effect on April 2, 2025, will likely be “more lenient than reciprocal,” offering a softer approach to the tariffs imposed on certain goods. In a Newsmax interview, Trump explained, “If I were reciprocal, that would be very tough for people,” adding that while there will be some exceptions, they will be limited. This announcement comes as concerns grow that more stringent tariffs could dampen consumer confidence and harm the economy. The Conference Board reported a drop in consumer expectations to a 12-year low, while the S&P 500 faced a 3% dip…