Hacker News with Generative AI: Taxes

America's billionaires are worth a record $6T (usatoday.com)
America’s billionaires are now collectively worth a record $6 trillion. Their wealth has more than doubled since the passage of the landmark Tax Cuts and Jobs Act in 2017.

Economy, Wealth, Billionaires, Taxes

9 points by paulpauper 9 days ago | 3 comments

Sin taxes are suffering from a shortage of sinners (economist.com)
Pity the California taxman. The state has a yawning budget deficit, which politicians are attempting to narrow. Local laws make it difficult to raise taxes, requiring a two-thirds majority. Worse, once-reliable sources of funds are running dry. Fuel-tax revenues are forecast to fall sharply as drivers switch to electric vehicles. Revenues from cigarette taxes have fallen by $500m, or 29%, since 2017; now those from alcohol taxes are dropping, too.

Taxes, California, Economics, Public Finance

41 points by hhs 15 days ago | 78 comments

No More Tax-Free Lunch for Billionaires: Closing the Borrowing Loophole (taxnotes.com)
In this article, Fox and Liscow propose a tax on billionaires that would apply to borrowing against assets and explain how it could be designed and how it relates to other wealth tax proposals, as well as potential critiques.

Taxes, Wealth, Finance, Law, Economics

83 points by tortilla 23 days ago | 44 comments

You May Be Paying a Higher Tax Rate Than a Billionaire (propublica.org)
The very richest Americans win at the tax game no matter which measure you use. ProPublica has published an article, based on a vast trove of never-before-seen IRS information, that reveals the pittance in taxes the ultrawealthy pay compared with their massive wealth accumulation.

Taxes, Wealth Inequality, Finance, Billionaires

16 points by rurp 26 days ago | 10 comments

Tech boom forces US funds to dump shares to avoid breach of tax rules (ft.com)

Finance, Taxes, Technology, United States

13 points by mmarian 27 days ago | 3 comments

Italy declares its "web tax" applicable to any digital service worldwide (reuters.com)
Italy will strengthen its digital services tax as part of plans to raise more revenues in the 2025 budget, Deputy Economy Minister Maurizio Leo said on Wednesday, in a move that could trigger retaliation from the United States.

Italy, Taxes, Digital Services, International Relations, Economics

51 points by kimi 27 days ago | 85 comments

Homeowners who rent on Airbnb must pay 13% tax on property value when they sell (thestar.com)
A recent ruling by the Tax Court of Canada indicates homeowners who have regularly rented out their property on Airbnb or other short-term rental sites will be subject to paying 13 per cent HST when putting the home up for sale.

Real Estate, Taxes, Canada, Airbnb

30 points by chollida1 28 days ago | 6 comments

The IRS just updated its tax rules for 2025. Here's everything you need to know (befluentinfinance.com)
The IRS recently announced its tax bracket adjustments for 2025, and while the changes are subtle, they can still have a significant impact on your finances.

Taxes, Finance, IRS, 2025

11 points by TonyLiberty 29 days ago | 6 comments

Tax on Europe's frequent flyers could raise €64B a year – study (theguardian.com)
A “jet-setter” tax on Europe’s frequent flyers could slow global heating and raise €64bn (£54bn) a year at no extra cost to most people, a report has found.

Taxes, Climate Change, Aviation, Europe

7 points by nmridul 35 days ago | 2 comments

Ask HN: High income salaried employees – How do you reduce your taxes? (ycombinator.com)
If you are a W2 wage earner who earn a lot of money through salary, RSUs, etc, could you please share your favorite tax saving strategies? What are some legal ways to save on tax and build wealth? Any references to articles, videos, podcasts?

Taxes, Finance, Personal Finance, Wealth Management

15 points by yangikan 36 days ago | 12 comments

The richest people borrow against their stock (2021) (forbes.com)
Many of the country’s richest people, including Elon Musk and Larry Ellison, borrow against their stock while avoiding capital gains taxes.

Finance, Wealth, Taxes, Business

137 points by CHB0403085482 36 days ago | 335 comments

The IRS is rolling out its free tax-filing tool to 30M Americans (fastcompany.com)
Some 30 million Americans across the country will have a new way to file their taxes next spring: Direct File, a tool developed by the Internal Revenue Service (IRS) that allows users to prepare their taxes and file online completely free of charge and without the need for any third-party provider.

Taxes, Government, IRS, Technology, Financial

59 points by janeerie 41 days ago | 24 comments

Portugal seeks to become low-tax haven for young people (ft.com)

Portugal, Taxes, Economy, Youth, Policy

111 points by alephnerd 42 days ago | 260 comments

Who died and left the US $7B? (sherwood.news)
It was the biggest estate-tax payment in modern history, but no one knew who made it. Then an anonymous phone call pointed to one man.

Taxes, Inheritance, Wealth, Mystery, US News

456 points by jsnell 44 days ago | 551 comments

IRS Direct File adds 12 additional states, covers more tax situations in 2025 (irs.gov)
WASHINGTON — The Internal Revenue Service announced today that Direct File will be available for the 2025 tax filing season in double the number of states than last year’s pilot, and it will cover a wider range of tax situations, greatly expanding the number of taxpayers eligible to use the free e-filing service.

Taxes, IRS, Government, Technology

108 points by toomuchtodo 48 days ago | 47 comments

Irish finance minister calls €14B tax windfall from Apple 'transformational' (theguardian.com)
The Irish finance minister has hailed the €14bn tax windfall from Apple as “transformational” just weeks after the government lost a case in the European court of justice arguing the tech company should keep its money.

Business, Ireland, Taxes, Technology

34 points by adrian_mrd 51 days ago | 17 comments

Amazon UK pays corporation tax for first time since 2020 (theguardian.com)
Amazon’s main UK division has paid corporation tax for the first time since 2020 after the end of a “super-deduction” tax break introduced by Rishi Sunak.

Amazon, Taxes, UK, Business, Finance

47 points by PaulHoule 51 days ago | 31 comments

Taxes on everyday Europeans bring in 13 times more revenue than taxes on wealth (oxfam.org)
Taxes that disproportionately affect ordinary Europeans – consumption and labour taxes – bring in 13 times more revenue than taxes on wealth, which are paid mainly by the super-rich, according to a new analysis by Oxfam.

Taxes, Wealth Inequality, Economics, Europe

23 points by pera 65 days ago | 14 comments

Apple owes billions in Irish back taxes (theregister.com)
Following an eight-year legal tussle, Europe's highest court has ruled in a "final judgment" that Apple benefited from massive tax breaks after Ireland contravened EU state aid rules.

Apple, Taxes, Ireland, Law, European Union

39 points by latexr 72 days ago | 5 comments

Ask HN: Does Screwy SEC 174 tax reg make Canada a better place to bootstrap? (ycombinator.com)
Was thinking about US vs. Canada as a place to do a tech startup. Historically, it has been a no-contest. While Canada offers free healthcare and some better social services (quality has reduced significantly in recent years due to chronic underfunding and increase in population .. lets ignore that for a bit), the US enjoyed an array of advantages .. better tax incentives, better VC funding, better labor pool.

Taxes, Startups, Canada, United States

6 points by brutus1213 72 days ago | 3 comments

Apple must pay 13B euros in back taxes, EU's top court rules (cnbc.com)

Apple, Taxes, EU Law, Business, Finance

612 points by kklisura 72 days ago | 687 comments

Unrealized gains taxes are a pointless hassle. Much better ways to tax the rich (noahpinion.blog)
There’s this annoying thing that some Democratic politicians do in America. They want to toss out some economic populist red meat — a reasonable enough impulse — but they make it overly wonky and then get lost in the weeds.

Politics, Taxes, Wealth Inequality

27 points by NavinF 73 days ago | 84 comments

Silicon Valley's elite rattled by prospect of tax on unrealised gains (ft.com)

Silicon Valley, Taxes, Finance, Wealth

10 points by simonebrunozzi 75 days ago | 1 comments

Treasury recovers $1.3B in unpaid taxes from high-wealth tax dodgers (apnews.com)

Taxes, Finance, Wealth, Law Enforcement

29 points by MilnerRoute 75 days ago | 64 comments

Google–California Deal Falls Short Where a Data Tax Would Succeed (bloombergtax.com)

Google, California, Taxes, Data Privacy

5 points by tldrthelaw 79 days ago | 0 comments

IRS has a method of last resort to collect overdue taxes: Revoking your passport (cnbc.com)