Author: News Desk

Mississippi lawmakers have approved a sweeping tax overhaul that includes a gradual reduction of the state’s individual income tax and an increase in fuel taxes, with a significant portion of the additional revenue directed toward transportation funding. The bill, HB1, has passed both the House and Senate and is now headed to Gov. Tate Reeves’ desk. Key elements of the bill include a phased reduction of the 4.4% income tax rate to 3% by 2030, which is expected to result in a $400 million revenue loss. Additionally, the bill will raise the state’s fuel excise tax by nine cents per…

Georgia lawmakers are pressuring local governments to reverse their decisions to opt out of a state-imposed property tax cap, which voters approved in November 2024. The cap limits how much a home’s rising value can be taxed, intending to provide property tax relief. Despite this, many local governments, citing rising expenses, opted out, with nearly two-thirds of school districts and a quarter of counties rejecting the cap. The cap was designed to curb rapid property value increases, which saw statewide property tax collections rise 44% from 2018 to 2023. Senate Finance Committee Chairman Chuck Hufstetler, who has criticized the opt-outs…

The Glenwood Springs City Council has rejected a request for a $750,000 sales tax rebate to support the opening of a Barnes & Noble bookstore at Glenwood Meadows. The decision was made after over an hour of deliberation and public comments, where concerns about fairness to local businesses and the lack of a formal incentive policy took center stage. Developer Steve Shoflick had proposed the rebate to bring the bookstore to the 24,000-square-foot space formerly occupied by Bed Bath & Beyond. Barnes & Noble had shown interest in the location, but the deal was contingent on receiving city support. Despite…

President Donald Trump’s proposed $5 million “gold card” visa—intended as a shortcut to U.S. citizenship for the wealthy—could hit significant tax and legal obstacles. Although Trump has suggested the gold card won’t require Congressional approval, changing tax laws and immigration policies to accommodate the proposal would necessitate legislative action. The Tax Challenge Trump’s plan aims to allow gold cardholders to avoid U.S. taxes on income earned outside the country. However, experts argue that only Congress has the power to amend the Internal Revenue Code to create such an exemption. As it stands, U.S. tax laws consider individuals with U.S. residency…

Sales tax and VAT compliance is no longer just an administrative hassle—it’s a trillion-dollar issue reshaping global business operations. The 2018 Wayfair ruling in the U.S. and evolving global regulations have dramatically increased tax compliance burdens, particularly for high-growth startups. The Scale of the Compliance Challenge In the U.S., businesses must comply with complex sales tax regulations across multiple jurisdictions. In 2023 alone, state and local governments collected an estimated $219 billion in sales tax revenue. Globally, VAT compliance presents an even larger challenge, with worldwide VAT revenue exceeding $5 trillion annually, according to IMF data. The rise of AI-driven…

President Donald Trump is pressing Senate Republicans to include a debt ceiling increase as part of his broad domestic agenda, which seeks to overhaul the U.S. tax code, border security, energy policy, and defense. According to Senate Majority Whip John Barrasso, Trump has advocated for including the debt limit hike within the “reconciliation bill,” allowing him to bypass negotiations with Democrats and avoid a potential default. The issue was raised earlier this month during a meeting between Senate Finance Committee Republicans and White House officials, where Trump emphasized his desire for a debt ceiling increase to be tied to his…

COLUMBIA, S.C. — South Carolina lawmakers, led by Governor Henry McMaster, introduced a bold new income tax reform bill on Tuesday. The proposed legislation aims to reduce the state’s current income tax rate of 6.2% to 3.99%, with the long-term goal of cutting it even further to 2.4%. If enacted, the tax overhaul would allow residents to retain more earnings and make South Carolina more competitive with neighboring states, such as North Carolina and Georgia. Governor McMaster and other prominent lawmakers, including Speaker of the House Murrell Smith and Senate President Thomas Alexander, argue that South Carolina’s current tax burden…

With April 2—Trump’s so-called “Liberation Day”—approaching, the president is shifting tactics to make his tariff policy more palatable while maintaining pressure on global trade partners. Rather than imposing immediate, sweeping tariffs, Trump is now signaling delays and carve-outs for key industries, reducing the immediate shock to markets and businesses. Key Developments: Trade War Still on the Horizon? While Trump’s tariffs are not as extreme as initially promised, they are still causing disruptions for businesses and supply chains, particularly in industries that rely on Chinese imports. Meanwhile, India is reportedly lowering tariffs ahead of April 2 in anticipation of US trade…

Governments worldwide are moving to modernize VAT systems to capture tax revenue from digital services provided by foreign companies. As digital transactions grow—reaching $3.82 trillion in 2022—countries are implementing new VAT rules to ensure tax parity between domestic and international businesses. Key VAT Changes by Country: Philippines – Starting June 1, 2025, a 12% VAT will apply to foreign digital service providers, including cloud services, streaming platforms, mobile apps, and e-learning tools. B2B transactions will follow a reverse charge mechanism, while B2C providers must register, collect, and remit VAT via the Bureau of Internal Revenue (BIR). Sri Lanka – Plans…

The IRS and Treasury Department are bracing for a more than 10% drop in tax revenue by the April 15 filing deadline. The projected shortfall, potentially exceeding $500 billion, is attributed to shifting taxpayer behavior and recent federal budget cuts. Key Factors Behind the Revenue Decline: Government Response & Controversy The Treasury Department dismissed the report as “sensational and baseless,” urging skepticism about anonymous sources. However, experts warn that IRS staff reductions during tax season could materially impact compliance and enforcement, leading to long-term revenue losses. With tax revenue playing a crucial role in government spending and deficit reduction, policymakers…