News about taxes

South Korean finance officials are reportedly set to meet major crypto exchanges, including Upbit, Bithumb, Coinone, DigitalX and Gopax, on Tuesday, days after a lawmaker introduced a bill that could delay the crypto tax by two years. The tax has already been postponed three times and is currently scheduled to start in January 2027. An exchange official said unresolved transaction standards and limited time to prepare infrastructure support a delay. Democratic Party lawmaker Park Min-gyu's bill would push the start date to January 1 of the second year after Korea begins sharing data under the OECD's Crypto-Asset Reporting Framework; with the first data exchange expected in 2027, taxation would begin in 2029.

Japan's government is reportedly considering raising corporate tax to fund a rise in defense spending, according to Japan Today citing sources familiar with the matter. The option comes as Japan revises three key security policy documents by year-end, which would likely push defense outlays above 10 trillion yen (about $63 billion) annually. The next five-year plan, covering fiscal 2027 through 2031, will focus on large-scale drone procurement and securing ammunition and missiles for a prolonged conflict, with a rough official estimate putting total spending at 70 trillion to 80 trillion yen. Businesses may resist a tax increase over concerns about wage growth and international competitiveness, and it remains unclear whether enough revenue can be raised. Defense spending for fiscal 2023 through 2027 is projected at about 43 trillion yen, and the 2% of GDP target for fiscal 2027 was reached ahead of schedule in fiscal 2025 after Sanae Takaichi became prime minister.

ABC and NBC evening newscasts reported ExxonMobil's record $8.4 billion first-quarter 2006 profit, but the article says they omitted how much the government collected in taxes. ABC highlighted that 15% of profits went to dividends and 40% to share buybacks, while ExxonMobil paid about $7 billion in federal income tax, equal to 83% of its profit. NBC said Exxon earned 9.5 cents per dollar of gasoline and oil sold, while the article notes an 18.4 cents per gallon federal gas tax and total taxes averaging 46 cents per gallon, versus the 28 cents Exxon earned on a $3 gallon. The article argues the coverage exaggerated the profits and ignored the tax burden.

The chief executive of Mattamy Homes says the HST rebate for new homes in Ontario was an important step, but Canada needs long-term structural reforms rather than stopgap measures. National home sales fell 7% year over year in August, and housing starts slowed modestly. He proposes permanently raising the rebate threshold and eliminating HST on the first $1-million of a new home's cost, with a two-year review mechanism, and allowing homeowners to deduct mortgage interest from taxable income. He notes that home building employs about 880,000 people across Canada each year, arguing that a stronger housing sector is needed to build more homes faster.

Greens senator Jordon Steele-John accused factions within the party of weaponising rumours against him and denied taking leave, even though leader David Shoebridge said he would not sit in parliament during an investigation. In France, protests over the cost of living and school standards turned violent, with looting in major cities after more than half a million people rallied, and President Emmanuel Macron condemned the violence. The Reserve Bank is reportedly concerned that the Middle East war will keep inflation high and could push interest rates up. Trade Minister Don Farrell urged the Coalition to back the Australia-EU free trade agreement, while Nationals leader Matt Canavan opposes it. One Nation leader Pauline Hanson pledged to reverse Labor's changes to capital gains tax and negative gearing, including restoring the 50 per cent discount.

Chancellor John Healey is reportedly considering raising the surcharge on bank profits above £100million from 3% to 8% at the upcoming Budget, reversing a cut introduced in April 2023 under Jeremy Hunt. The change could raise some £2billion for the Exchequer, but banks warn it could inflict a £20 billion hit on the economy. Lenders may try to recoup the cost by raising mortgage rates and cutting savings rates, though that risks losing customers to rivals. Conservative and City groups say the tax would stifle investment and harm Britain's competitiveness, while the TUC backs it and estimates it would raise £2.25billion a year. The Treasury said decisions on tax are for the Chancellor to announce at fiscal events.

Farmers have urged UK Prime Minister Andy Burnham to fully scrap the inheritance tax on farms introduced under Sir Keir Starmer's government, warning it threatens family farms. The threshold was raised to £2.5 million (£5 million for married couples) after a backlash, but farmers say tax bills can force families to sell land and make farms unviable. Sandy Wade-Gery, 76, whose Bedfordshire farm has been in his family since 1536, fears his son may be the last to keep it unless the tax is abolished. The Countryside Alliance and NFU also oppose the tax, while the Conservatives and Reform UK have pledged to reverse the changes if they win the next election. Further changes are speculated for next week's budget as Mr Burnham seeks to repair ties with farmers.

A Grattan Institute report says state government debt has more than doubled since 2019, with the interest bill now at 0.6% of annual economic output, and warns that future Australians will pay for today's deficits through higher taxes or worse public services. An AMP survey finds more than half of adults under 30 have changed their plans to have children due to cost-of-living pressures, and saving a 20% deposit takes most more than a decade. To repair the budget, Grattan proposes raising the GST from 10% to 15% and taxing fresh food, which it estimates would raise an extra $76 billion a year, with $33 billion going to income tax cuts, $25 billion to welfare and rent assistance, and $18 billion to the states. It also recommends scrapping the 2018 GST deal with Western Australia to save $6 billion. The report notes Australia's tax take of 29.4% of GDP is below the OECD average of about 34%, arguing for modest revenue increases alongside spending discipline.

Farmers have urged Prime Minister Andy Burnham to scrap the inheritance tax on family farms in the upcoming budget, saying the policy often forces families to sell land to pay the bill. The threshold was raised from £1 million to £2.5 million (£5 million for married couples) after a backlash, but farmers say that is not enough. Sandy Wade-Gery, whose Bedfordshire farm has been in his family since 1536, warned that his son could be the last William at the farm. The Conservatives and Reform UK have vowed to reverse the changes if they win the next general election, while the NFU opposes the changes and the Countryside Alliance calls for the tax to be scrapped entirely. There is speculation that further changes could be announced in next week's budget as Burnham seeks to mend ties with farmers.

Moving marijuana from Schedule I to Schedule III is being delayed by a Government Accountability Office report, as opponents seek to add the report, more testimony and documents to the administrative record. The DEA does not object to including the report, but the additional requests could postpone a final decision. For Green Thumb Industries (GTBIF), rescheduling could remove the federal tax burden under Section 280E, which bars deductions for ordinary operating expenses. Even so, the company generated $29 million in operating cash flow in Q2 2026, with revenue of $306.7 million, normalized EBITDA of $84.3 million and net income of $4.9 million. Q2 gross margin fell to 45% from 49.9% a year earlier, while the company repurchased about 29.5 million shares for $203.4 million.

Cosatu's newly elected leadership, led by general secretary Zingiswa Losi, used its reconvened 15th National Congress to call for faster talks on the next phase of the two-pot retirement reform and for tax relief for highly indebted workers. Critics argue the system offers less relief than expected because withdrawals are taxed at marginal income tax rates. The federation also pledged to strengthen its living wage campaign, defend collective bargaining, oppose retrenchments, labour broking and outsourcing, and develop a workers' cost-of-living index. It further demands greater transparency in retirement funds, better tax thresholds, and more union representation on the board of the Public Investment Corporation, where the law allows three union representatives.

Larry Elder argues that the Washington Post Editorial Board has repeatedly exposed Medicare for All promises by Democrats, including Michigan Senate candidate Abdul El-Sayed, as flat-out lies. He cites Post editorials on Britain's National Health Service, where 6.24 million patients were waiting for treatment in England as of October, and on California, where single-payer was estimated to cost $494 billion to $552 billion a year, compared with a proposed state budget of $349.4 billion. The column notes that roughly three-quarters of Medicare for All supporters believe billionaires could pay for it, but only 40% knew it would require raising taxes on most taxpayers. Elder says politicians make similar claims about green energy, expanded Social Security, free college and government-run childcare.

Latvia could allow residents to pay personal taxes in cryptocurrency as early as next year, according to Didzis Dejus, an adviser to the prime minister, with the Finance Ministry having agreed to the plan while technical work with a payment provider remains. On October 15, parliament passed a law taxing withdrawals from crypto investment accounts that exceed deposits rather than individual trades, along with a one-time declaration process. Holders can settle past obligations by paying 10% of their declared assets' market value at the end of 2026, with declarations filed from April 1 to May 31, 2027 and tax due by July 23. Dejus said this would help people who bought crypto years ago but lack records of what they paid. Timing may depend on the next government, as Prime Minister Andris Kulbergs' United List won the October 3 election but still needs coalition partners.

This opinion piece argues that Iowa Democrats opposing Amendment 1 want to raise income taxes. If approved on the 2026 general election ballot, the amendment would require a two-thirds vote of the Iowa Legislature to raise or create any income tax. The author notes that after reforms, Iowa's flat individual income tax is 3.8% and corporate rates range from 5.5% to 7.1%, down from a 12% top corporate rate a decade ago, and that sixteen states already require supermajorities for major tax increases. The author dismisses the claim that the measure would lead to sales tax hikes, saying most Republican legislators have long resisted such increases, though the 2008 sales tax change added a 1-cent SILO tax to the state rate without raising costs for taxpayers.

Campaign group FairFuelUK says more than 30,000 motorists, families, small businesses, tradespeople, farmers and hauliers have emailed the Prime Minister and Chancellor within 24 hours, ahead of the Budget on 28 October. The group is calling for an immediate cut and permanent freeze to Fuel Duty, plus a PumpWatch regulator with legal powers to investigate pump prices, and asks ministers to consider measures used in more than 40 countries. It also wants to meet founder Howard Cox to discuss his 20-year transport strategy, developed with input from more than 80,000 drivers. Cox argues cheaper fuel would lower business costs and inflation, while respondents, including a rural pensioner and a self-employed driving instructor, describe high fuel costs and limited public transport as a serious burden.

Roth conversions move pretax or nondeductible IRA money into a Roth IRA, which can potentially reduce lifetime taxes but can also raise income in the conversion year, so the strategy isn't right for everyone. As of March 31, Roth conversions were up 41% from the same period in 2025, according to Fidelity data covering 19.6 million IRA accounts. Advisors warn that extra income can phase out tax benefits such as education credits, the SALT deduction worth up to $40,400 for 2026, and the $6,000 senior deduction, and can also raise Medicare premiums. For ACA marketplace enrollees, income above 400% of the federal poverty line, about $63,000 for a single person or $129,000 for a family of four in 2026, can cost them the premium tax credit, so they should proceed with caution.

Covered call ETFs, which hold stocks and sell call options to generate regular income, have attracted investors seeking monthly cash flow, but they can create tax surprises. Their distributions may include ordinary dividends, capital gains and return of capital, and return of capital reduces cost basis, so tax is deferred until shares are sold, often leaving a higher capital gains tax bill later. Advisers quoted in the article warn that after-tax returns may fall short of expectations and that investors often discover the tax impact only at tax time, so holding these funds in tax-deferred accounts such as a traditional IRA is suggested. The article also points to the Morningstar Tax Cost Ratio, which measures how much taxes on distributions reduce a fund's annualized return.

According to a report from the Institute on Taxation and Economic Policy (ITEP), released on October 8, Trump administration policies could cost a typical middle-income American about $1,700 more in 2026, while the poorest 20% would pay about $750 more and the wealthiest 1% could save about $12,560. The analysis covers tax provisions in the One Big Beautiful Bill Act, the expiration of COVID-era ACA health insurance tax credits, and price increases tied to tariffs, the Iran war and immigration policies. For a middle-income taxpayer, the new tax law saves about $380, while price effects cost about $1,850 and the credit expiration about $230. The White House disputes this view, saying the policies helped stop inflation and support growth and jobs, and some policy experts question how the report calculates costs and benefits.

Opposition MP and former finance minister Colm Imbert told Parliament during the budget debate that he cannot support the 2026-2027 national budget presented by Minister Davendranath Tancoo, arguing the economy is in recession and will crash within the next couple of months if it has not already. He called the projected deficit “fictitious” and cited Ministry of Finance figures showing real GDP down 2.2%, energy down 6.6%, petrochemicals down 19.8% and visitor arrivals down 9.3%. Imbert said business lending growth fell from 11.4% in April 2025 to 0.6% in July 2026, which he attributed to a lack of confidence. He also claimed at least 70 new taxes and fees had been imposed on businesses in the past year, contrary to the UNC’s 2025 manifesto pledge to lower corporate taxes.

FairFuelUK says more than 30,000 people emailed Prime Minister Andy Burnham and Chancellor John Healey within 24 hours, urging urgent action on fuel costs before the Budget on October 28 as petrol and diesel prices rise amid conflict in the Middle East. Many respondents, including a pensioner in rural Wales and a self-employed driving instructor, say they rely entirely on cars for hospital visits, shopping and work because bus services are unreliable or absent. Demands include cutting Fuel Duty, a permanent freeze, a PumpWatch regulator with legal powers over excessive pricing, and recognising affordable mobility as a driver of growth. Founder Howard Cox argues that cheaper fuel would lower costs and inflation, and supporters ask to meet him to discuss a 20-Year Transport Strategy developed with input from more than 80,000 drivers and stakeholders.

The author argues that federal, state and local governments are the biggest sources of cost-of-living pressure, with taxes and fees hidden in the prices people pay, unlike private-sector purchases that consumers can choose to avoid. He says the CPI measures only consumer goods and services and excludes income taxes, payroll taxes and property taxes, so it misses the full household financial burden. As an example, the standard Medicare Part B premium rose from $148.50 in 2021 to $202.90 in 2026, about 37% in five years, even as Social Security benefits rose 3.6% through a cost-of-living adjustment. He concludes that affordability, not just prices, should be the focus, with government taking about 40% of GDP including mandatory transfers and taxes.