The tax provides more than $23 billion per year in revenue for federal highway and public transit programs. The federal gas tax has been in place, in one way or another, since 1919 and was last raised in 1993.
One way is to increase income taxes. There's also the option for an annual or one-off wealth tax on everything someone has above a certain mark. A few governments want to tax extreme wealth to lower taxes on a stagnating middle class or to make up for social inequality.
These figures reflect what we see every day. Compliance isn't difficult because people are careless—it's difficult because it's fragmented, deadline-driven, and overwhelmingly manual.
Under current law, bitcoin is treated as property, which means every purchase with the asset triggers a capital gains calculation, regardless of transaction size. BPI argues that this framework discourages routine payments, such as buying coffee or sending small remittances, because users must track cost basis and report minor gains and losses.
Nearly 150 countries have agreed on a landmark plan to stop large global companies shifting profits to low-tax jurisdictions, but the US will be exempt from the deal, angering tax transparency groups. The plan, finalised by the Organisation for Economic Cooperation and Development, excludes large US-based multinational corporations from the 15% global minimum tax after negotiations between the Trump administration and other members of the G7.
Many of those developments will continue to affect SALT in 2026 as we see renewed challenges to Public Law 86-272, a federal law that prohibits states from imposing income taxes on out-of-state businesses that only solicit sales of tangible personal property in the state. There also will be developments involving digital advertising taxes, federal tax law changes, interstate disputes, and a US Supreme Court ruling involving the government's right to take property to satisfy a tax lien.
"We are still in the early days of the so-called great wealth transfer," says the lawyer Pierre Valentin, the joint head of art law at Fieldfisher. "The wave started in the US with the sale of collections such as those of Sydell Miller, Mica Ertegun and more recently, Leonard Lauder. The wave is coming to Europe, for example with the auction of the collection of Pauline Karpidas [last] September. I expect that there will be many more of those 'white glove' sales in the next 10 to 15 years because younger collectors collect differently from their parents and grandparents."
An estimated one million people failing to file could net HMRC £100 million in automatic fees. There is an automatic £100 fine for late filing.
It's that time of year again. Tax season is about to begin, and most Americans need to complete their 2025 filings by Wednesday, April 15. To avoid missing a deadline or paying a penalty, plan to check your local tax dates and income paperwork as soon as possible. Here's everything you need to know about taxes in the new year.
Days before the 2026 tax filing season begins, the head of the IRS announced a shake-up Tuesday, saying the personnel and operational changes are intended to improve taxpayer service and modernize the agency. The timing of the announcement coincides with a critical moment for the agency, as the IRS prepares to process millions of tax returns while simultaneously implementing major tax law changes under the tax and spending package President Donald Trump signed into law last summer.
A new year brings a new tax filing season. With many cash-strapped Americans worried about their finances, many can't wait to file their returns. The sooner you file, the sooner your chances of getting your refund, after all. But just when can you begin submitting your tax return to the Internal Revenue Service (IRS)? That depends. Here's what you need to know about the 2026 tax filing season.
When it comes to tax season, it's always an annual reminder that where you live does determine how much of your paycheck actually stays in your pocket. While federal taxes apply equally across state lines, state and local taxes can vary, often dramatically, and for residents of the highest-taxed states, the difference can amount to thousands of dollars every year.
You're required to pay 12.4% of your income into Social Security up until a certain point. If you're a salaried worker, though, you get to split that bill with your employee, leaving you to pay 6.2% of your income into Social Security while the company you work for pays the other 6.2%. This year, the wage cap for Social Security is higher than it was in 2025. Let's review what that means and who it's apt to hurt the most.
Bisignano previously spent most of his career in large financial institutions and fintech companies, including serving as CEO of both Fiserv and First Data. Earlier in his career, he was co-chief operating officer of J.P. Morgan Chase and CEO of its mortgage banking unit. Now, Bisignano is running the SSA and IRS much like the private sector firms he has made a career of fixing, according to Tully.
The nonpartisan Congressional Budget Office's 10-year outlook projects worsening long-term federal deficits and rising debt, driven largely by increased spending, notably on Social Security, Medicare, and debt service payments. Compared with the CBO's analysis this time last year, the fiscal outlook has deteriorated modestly. Major developments over the last year are factored into the latest report, released Wednesday, including Republicans' tax and spending measure known as the " One Big Beautiful Bill Act,"
