Tax Bill

Plan to levy 5% tax on California billionaires championed by progressives – but state’s super rich are forcefully opposedFull story: California billionaire tax heads to ballotThe proposed billionaire tax in California is officially heading to voters’ ballots in November. After getting more than double the necessary signatures to qualify, the secretary of state certified the ballot measure late on Thursday.The confirmation came after backroom dealing didn’t pan out between California’s governor, Gavin Newsom, who opposes the proposal, and the labor union backing it. Continue reading...

Proposal to introduce one-time tax of 5% will go to voters in November after backers decline to withdraw measureCalifornia’s billionaire tax, explained: what you need to knowCalifornia voters will get to decide in November whether billionaires should pay a one-time 5% tax, after a deadline passed on Thursday for its backers to withdraw the measure.The so-called billionaire tax is among the highest-profile ballot efforts in the US this year taking aim at rising wealth disparities, and is set to be one of the state’s most contentious ballot initiatives. It has already spurred tech moguls to pour millions of dollars into attempts to stop the proposal. Continue reading...

We know the monarch paid £24.6m in tax over the last two years, but we still don’t know how wealthy he actually isCrown estate makes more than £1bn profit for third year runningKing Charles has become Britain’s first monarch in modern times to reveal how much tax he pays on his private income: £24.6m over the last two years.It’s a move celebrated by some as heralding an era of greater transparency from the monarchy. But just how open has it been? Continue reading...

• Former President Donald Trump's proposed Social Security tax cuts are facing scrutiny due to their potential impact on program funding. • New estimates suggest the policy could reduce Social Security revenue by approximately $168 billion through the year 2034. • This reduction matters as it could accelerate the depletion of funds, potentially threatening the long-term stability of benefits for millions of retirees.

Albanese government under pressure to wind back fuel tax credit scheme for multinational miners as analysis shows cost to budgetGet our breaking news email, free app or daily news podcastCoal companies could receive an extra $6.2bn in taxpayer refunds for the diesel they use if the Albanese government greenlights just half the mine developments up for approval.The finding, in an analysis released by activist group Lock the Gate, comes as the government faces an internal campaign before next month’s Labor party national conference to commit to winding back a fuel tax credit scheme for multinational miners. Continue reading...

Buckingham Palace says move is bid to increase ‘clarity and accessibility’ relating to monarchy’s financesKing Charles will become the first head of state to reveal their personal tax bill in what the palace says is a bid to enhance transparency around royal finances.Charles, 77, will publish his financial details as his royal household seeks to increase “clarity and accessibility” around the monarchy’s finances by producing a new report on the subject. Continue reading...

Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1bnA controversial proposal in California to issue a wealth tax on billionaires has gained enough signatures to qualify for the ballot in November, state officials announced on Wednesday.The news is set to intensify an already heated debate around the tax, which has pitted tech moguls and the state’s governor, Gavin Newsom, against the labor unions backing the measure. Continue reading...