tax

IMF urges UK to 'reassess' tax cuts in biting attack on budget plan

IMF urges UK to ‘reassess’ tax cuts in biting attack on budget plan

The IMF has launched a biting attack on the UK’s plan to implement £45billion of debt-funded tax cuts, urging the government to ‘reassess’ the plan and warning that the package ‘no targeted” threatens to fuel soaring inflation. The multilateral lender said it was ‘closely monitoring’ developments in the UK and was ‘engaged with the authorities’ …

IMF urges UK to ‘reassess’ tax cuts in biting attack on budget plan Read More »

What is tax-loss harvesting (and who benefits from it)?

What is tax-loss harvesting (and who benefits from it)?

Photo: GaudiLab (Shutterstock) If you’ve noticed an underperforming investment in your portfolio, you might have a silver lining at your disposal: tax waste harvest. This strategy allows you to offset taxable capital gains against your capital losses. Through this process, you can reduce your tax bill and improve your overall portfolio in the future. We …

What is tax-loss harvesting (and who benefits from it)? Read More »

How to turn stock losses into tax savings and other ways to lower your tax bill

How to turn stock losses into tax savings and other ways to lower your tax bill

Prathanchorruangsak | Istock | Getty Images Review withholding tax First, you want to examine how much money is withheld from your payroll for federal taxes. Having too little tax withheld could result in a tax bill or penalty. If too much tax is withheld, you may get a refund. You should check your source deductions …

How to turn stock losses into tax savings and other ways to lower your tax bill Read More »

Larry Summers calls UK tax cuts 'totally irresponsible' and warns of possible contagion

Larry Summers calls UK tax cuts ‘totally irresponsible’ and warns of possible contagion

Larry Summers Cameron Costa | CNBC LONDON — Former US Treasury Secretary Larry Summers warned on Tuesday that the United Kingdom had lost its sovereign credibility after the new government’s fiscal policy sent markets tumbling. The pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on …

Larry Summers calls UK tax cuts ‘totally irresponsible’ and warns of possible contagion Read More »

Fed official warns UK tax cuts increase risk of global recession

Fed official warns UK tax cuts increase risk of global recession

The British government’s new budget plan has heightened economic uncertainty and increased the chances of a global recession, a senior US central bank official warned after the pound rose to a record high. Speaking as the pound plummeted as traders digested Britain’s Chancellor Kwasi Kwarteng’s £45 billion tax cut package, Raphael Bostic, chairman of the …

Fed official warns UK tax cuts increase risk of global recession Read More »

Biden's new minimum tax could hit Amazon, Berkshire Hathaway hardest, study finds

Biden’s new minimum tax could hit Amazon, Berkshire Hathaway hardest, study finds

Former Reagan economic adviser Art Laffer blasts Democratic stimulus spending for exacerbating inflation crisis. The new minimum corporate tax signed into law by President Biden last month will not have the same impact on large corporations. A small percentage will bear the heaviest burden, according to the news to research from the University of North …

Biden’s new minimum tax could hit Amazon, Berkshire Hathaway hardest, study finds Read More »

Pound plunges to record high as Kwarteng signals further tax cuts

Pound plunges to record high as Kwarteng signals further tax cuts

(Bloomberg) — Bloomberg’s Most Read The pound plunged nearly 5% to a record high after Kwasi Kwarteng pledged to continue tax cuts, even as markets delivered a damning verdict on the new Chancellor of the Exchequer’s fiscal policies . Most of the currency’s plunge on Monday came in a 20-minute frenzied selloff, evoking cries of …

Pound plunges to record high as Kwarteng signals further tax cuts Read More »

Do you plan to take social security at 62?  3 reasons to wait until 70

Do you plan to take social security at 62? 3 reasons to wait until 70

(Adam Levine-Weinberg) A big question for Americans nearing retirement is when to file for Social Security benefits. While the U.S. government has set the full retirement age at 67 for those born in 1960 or later, Americans can choose to receive a reduced Social Security benefit as early as age 62 – or wait beyond …

Do you plan to take social security at 62? 3 reasons to wait until 70 Read More »

Retirees: expect a massive increase in Social Security in 2023 and a higher tax bill

Retirees: expect a massive increase in Social Security in 2023 and a higher tax bill

(Katie Brockman) Next year, retirees will likely receive one of the largest cost-of-living adjustments (COLAs) in history. While the official COLA for 2023 won’t be announced until October, Senior League pundits expect it to be around 8.7%. That’s way more than the usual 1% to 3% increase that seniors get most years, and it’s also …

Retirees: expect a massive increase in Social Security in 2023 and a higher tax bill Read More »