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- US drivers head to Native American lands for cheaper gas
Some of the cheapest fuel in the country can be found on tribal land due to tax exemptions. [TheTopNews] Read More.45 mins ago - RED & BLUE DIVIDE: States push competing tax plans as voters weigh changes i...
A wave of aggressive tax proposals is hitting voters this election cycle, as states push sharply different plans that could reshape how governments raise revenue. From efforts targeting high-net-worth individuals to proposals aimed at eliminating major taxes altogether, the growing divide is forcing voters to weigh competing visions of fiscal policy.JOSH ALTMAN SOUNDS ALARM ON CALIFORNIA WEALTH TAX, SAYS WORKERS WOULD PAY THE PRICEFOX Business’ Gerri Willis joined FOX Business’ Stuart Varney on "Varney & Co." to report on the surge in ballot initiatives and legislative proposals spanning both blue and red states, highlighting how lawmakers are experimenting with new approaches to taxation amid mounting budget pressures and political demands.Those proposals are already raising concerns about unintended consequences, particularly when it comes to retaining wealth and investment within state borders.BILLIONAIRES AND BUSINESSES FUEL GROWING EXODUS FROM BLUE STATES"They do have other places to go. It's ultimately perhaps counterproductive if you want to fund certain programs at certain levels," Tax Foundation senior fellow Jared Walczak said.The debate comes as some high-tax states are already grappling with out-migration, with IRS data showing residents and businesses moving from states like California, New York, and Illinois to states such as Florida and Texas in recent years — a trend policymakers are increasingly factoring into tax decisions.At the same time, backlash is building in other parts of the country, where voters are pushing to reduce or eliminate property and income taxes entirely, setting up a broader national debate over how far states should go in reshaping their tax systems.PROGRESSIVE LAWMAKERS BERNIE SANDERS, RO KHANNA UNVEIL $4.4T WEALTH TAX TARGETING BILLIONAIRESThe divide is playing out against a broader national shift in tax policy. According to the Tax Foundation, 23 states have cut their top marginal individual income tax rates since 2021, underscoring a growing push to improve competitiveness and attract residents. Meanwhile, rising home values have driven property tax bills higher in many regions, fueling calls for relief and adding pressure on lawmakers to find alternative revenue sources.Cutting or eliminating major taxes presents a challenge for lawmakers, who must determine how to replace lost revenue while continuing to fund core services.GET FOX BUSINESS ON THE GO BY CLICKING HERE [TheTopNews] Read More.2 hours ago - How to file a tax extension before the April 15 deadlineThe deadline to file 2025 tax returns is looming on Wednesday, April 15, and while tens of millions of taxpayers have filed their returns, there will likely be millions filing extensions to give themselves until the fall to submit their returns.Taxpayers who need more time to file their 2025 tax return can request an extension before the April 15 deadline by filling out an online form. Extensions give taxpayers until Oct. 15 to file their 2025 tax returns while avoiding a penalty for filing late, which is 5% of your unpaid taxes for each month that a return is late, up to 25% of the total unpaid, according to the IRS. Additional penalties can be levied for failing to pay.The IRS emphasizes that tax extensions are only for filing a tax return and don't provide extra time to pay, so if taxes are owed, then a payment is required at the time the extension is requested to avoid incurring the penalty.BEWARE OF THESE TAX SCAMS AS THE FILING DEADLINE APPROACHES, CONGRESS WARNSIf a taxpayer is owed a refund, there is no penalty for filing late, although they must file their return within three years to receive their refund.Taxpayers who have a balance due and can't pay the full amount by April 15 should pay what they can and apply for a payment plan – also known as an installment plan or online payment agreement. The IRS notes that most applicants are immediately notified of their approval or denial without having to call or write to the IRS.AVERAGE TAX REFUND UP NEARLY 11% FROM A YEAR AGO, IRS DATA SHOWSThere are three ways a taxpayer can request an extension for filing their tax return.Taxpayers who go to the IRS website to pay taxes they owe using an online option may click on "extension" as the reason for the payment. That will give the taxpayer a confirmation number associated with their extension that can be kept for their records, with no need to file additional forms.All individual tax filers who use IRS Free File can use the program to request an automatic extension, regardless of their income and at no cost to them. However, there are income requirements and limitations for using IRS Free File to file taxes.IRS REFUND TRACKER EXPLAINED: WHAT YOU NEED TO KNOW BEFORE THIS YEAR'S TAX FILING DEADLINETaxpayers may also submit Form 4868, which is an application for automatically extending… [TheTopNews] Read More.2 hours ago
- IRS CEO addresses staffing concerns, says refunds are ‘faster’ and ‘larger...IRS CEO Frank Bisignano pushed back Monday on reports that the agency is short-staffed, telling FOX Business there is "no staffing shortage" and pointing to strong tax season performance as evidence."That's because people go, 'If you had 100,000, and now you have 72,000, you must be short-staffed,'" Bisignano said on "Varney & Co.," referencing a drop-off in the agency's workforce."But we've run orgs our whole life to drive productivity and quality, and it's through technology," he added.TRUMP TOUTS POTENTIAL 20% TAX REFUNDS FROM ‘BIG BEAUTIFUL BILLBisignano’s remarks challenged headlines suggesting the IRS is struggling to keep up with staffing cuts, including a recent Politico report raising concerns as the agency works to implement new Republican-led tax breaks.He suggested those concerns overlook how the agency has shifted its focus beyond raw headcount and toward productivity and efficiency by using "every tool imaginable" to maintain high-performance standards.SOME AMERICANS WILL LOSE POPULAR 401(K) TAX BREAK IN MAJOR RETIREMENT RULE CHANGE STARTING 2026"We started when I came on in October, and we changed the way we think about the call centers. We changed our metrics on how we were going to deliver," he said."We're delivering refunds faster than ever and larger than ever while doing OBBB (One Big Beautiful Bill) tech changes to implement it."He also emphasized the agency's use of artificial intelligence to bolster compliance, warning that taxpayers attempting to skirt the rules will be caught.GET FOX BUSINESS ON THE GO BY CLICKING HERE"We're going to find them. That's the job," he said."You think about places to use AI and technology, it's really around that, increasing the compliance. So if you say, what are we doing? We're driving customer service to the best season we've ever had, right? We're increasing collections, revenue's up, and we're protecting privacy, and that's a mantra." [TheTopNews] Read More.3 hours ago
- Christine Fréchette Is Chosen to Lead Coalition Avenir Québec
Far behind in the polls, Quebec’s governing party chose Christine Fréchette to succeed François Legault and to lead it in a vote this fall. [TheTopNews] Read More.3 hours ago - How many ships are crossing the Strait of Hormuz?The first vessel has crossed the Strait of Hormuz after the US imposed a military blockade of Iran's ports. [TheTopNews] Read More.3 hours ago
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