#tax-policy

#tax-policy

New York Governor Kathy Hochul has labeled herself a " staunch capitalist" while affirming her intent to collaborate with Zohran Mamdani, the Democratic Socialist mayoral candidate who has rapidly become the frontrunner for New York City's top job. The political spotlight on Mamdani intensified throughout the week as he met with Mike Bloomberg, a former three-term mayor and a billionaire with deep ties to the city's business class and philanthropic community.

Tonight, we will celebrate the best result of all time, and my goal is for this to be just the beginning," party leader Sylvi Listhaug told her jubilant supporters on election night.

Rachel Reeves is widely expected to present a package of tax rises in her 26 November statement to offset deteriorating economic forecasts. However, the chancellor has been hamstrung by Labour's promise not to increase the three main revenue-raisers for the Treasury: income tax, national insurance and VAT. But in a surprise move in the debate about how to raise extra revenue, the CBI's chief executive, Rain Newton-Smith, says the time for tinkering is over.

DeSantis backed by state Chief Financial Officer Blaise Ingoglia has launched audits of several local governments to bolster support for the cuts. The governor has also voiced support for a complete abolishment of property taxes. Palm Beach County's finances from 2021 through 2025 are under review by the U.S. DOGE Service, which is relying on artificial intelligence and detailed line-item checks to evaluate spending.

Some Republicans already fear inflation could cost them dearly in the 2026 midterms, warning Trump has only a few months to reset his trajectory on voters' most important issue. For a president whose credibility on the economy has always been his strongest asset, the prospect of the bottom falling out is uniquely dangerous. State of play: Trump's approval rating on inflation and cost of living currently sits at -24, nearing Biden's lows during the peak of the 2022-23 price surge.

Asked about what he would do as chancellor, Tice said the party's priority would be to focus on savings and cutting regulation. "We have to focus on the savings because regrettably the finances of this country are in terrible, terrible trouble," he told BBC Radio 4's Today programme. "We will have to deal with whatever nightmare situation the government finances are in at the time of the next general election."

Angela Rayner is battling for her political survival after she admitted underpaying stamp duty on her 800,000 seaside flat and referred herself to the ministerial ethics adviser after days of denials of wrongdoing. The deputy prime minister confirmed her tax arrangements after coming under intense pressure to be more transparent about her properties, but has been left with her reputation damaged and future hanging in the balance.

"At her last Budget, the Chancellor chose to increase further the duty burden on an industry already weighed down by excessive tax and regulation," Kent said. "Despite that decision, tax receipts have not gone up; and more UK pubs and restaurants have been forced to close. Everyone connected with hospitality knows that pubs, restaurants and other venues cannot survive on beer alone - all rely on spirits for profits."

Speaking on CNBC Tuesday morning, McDonald's CEO Chris Kempczinski was asked how the fast-food chain would be affected by the "no tax on tips" provision of the Big Beautiful Bill, which President Donald Trump signed into law in July. Proponents of the change say that it will lower taxes for a variety of employees, including restaurant servers. At McDonald's, workers don't take tips, Kempczinski said, meaning that the chain's workers won't see a change.

Rachel Reeves is reportedly plotting a tax raid on landlords in an attempt to plug the up to 40billion blackhole in the nation's finances. The chancellor is considering raising taxes for landlords in her next budget by applying national insurance (NI) to rental income, arguing the move would target unearned income, according to reports. The plans aim to make the Treasury 2 billion, as it attempts to avoid breaking the chancellor's red lines outlined before the general election, which included not increasing VAT, income tax or national insurance.

Ever since Zohran Mamdani made a big splash by winning the Democratic nomination for Mayor of New York City in June of 2025, he has been thrust into the spotlight. Many, including , have opined on his tax policies that question whether he can raise over $10 billion in incremental revenues to pay for his ambitious plans by primarily raising taxes on the wealthy.

Rachel Reeves could consider cutting the amount savers are allowed to withdraw in a lump sum from their pension pots as she seeks to plug a multi-billion-pound hole in the public finances. The chancellor will look at proposals from civil servants that could raise around 2bn by lowering the limit on how much people are allowed to take out of their pension without paying tax. Currently, pensioners can take out a quarter of their pension pot tax-free, with a cap of 268,000.

Starmer emphasized that some figures concerning the public finances, particularly the projected shortfall, are not recognized by him and indicated a need to prioritize living standards.

The economy, Andrew, you've got to start by saying, our economy is amazingly resilient, amazingly resilient. It's been the bright spot in the world since 2020.

The world’s most important financial watchdog has warned that Chancellor Rachel Reeves will likely break a key party manifesto pledge by hiking taxes or cutting public services.

The anticipated 15% tariffs from Trump are likely to inflict significant economic damage, pushing businesses to reassess their financial strategies and market positioning.

The TCJA capped the SALT deduction at $10,000 for married couples and $5,000 for individuals, while the OBBBA raised the cap to $40,000 and $20,000 respectively.

The bill's complexity was always in service of its politics: When no one understands tax policy, it's much easier to sell whatever story you want.