Tax

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...

• The European Commission has released a tax simplification package featuring proposals for the direct taxation Omnibus and a Recast of the Directive on Administrative Cooperation (DAC). • The Omnibus Proposal specifically updates the Tax Merger Directive's scope and definitions to align with the previously introduced Mobility Directive. • This move is significant as it integrates tax measures into cross-border restructuring operations, addressing a gap left by the original Mobility Directive.

• Three major entertainment bodies—the United Producers Association (UPA), Actors Collective Pakistan (ACT), and the Directors Guild Pakistan (DGP)—are opposing a proposal in the Finance Bill 2026–27 to scrap taxes on foreign content. • Industry leaders and celebrities warn that removing this tax would create unfair competition, potentially triggering mass unemployment within the local showbiz sector. • The opposition argues that the move could undo a decade of progress made in rehabilitating and growing the local drama industry.

Fund manager Geoff Wilson says he did not watch full video and deleted it after ‘inappropriate associations were identified’Get our breaking news email, free app or daily news podcastThe fund manager Geoff Wilson, a prominent public critic of the government’s tax changes, has deleted an inflammatory AI-generated video he reposted from a rightwing nationalist account portraying Anthony Albanese and Jim Chalmers taking money from white Australians and giving it to recently arrived migrants wearing Islamic face coverings.Wilson said he had not watched the full video before sharing it or examined other accounts, some of whose content he reposted on Wednesday morning – which included content relating to the QAnon conspiracy theory – and deleted his posts after being contacted by Guardian Australia. 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.