Two million pay 60 percent income tax

Sean McCann, of NFU Mutual, said: “By then, the threshold will not have changed for 18 years, dragging more and more people into the higher marginal tax rate as salaries rise to keep up with inflation.” He added: “Income between £100,000 and £125,140 is effectively taxed at 60 per cent, and if you add in … Read more

Amazon’s MMO players face higher taxes than Jeff Bezos IRL

Image: Gareth Cattermole/Amazon Games/Kotaku (Getty Images) Last week, New worlds patch notes indicated that taxes on Trade Post transactions would rise from 2.5 percent to a whopping 5 percent. The funny thing about this situation is that the MMO is published by Amazon Games, owned by Jeff Bezos. Last year, ProPublic reported that Jeff Bezos … Read more

Inflation, cost of living: ABS data shows milk and fruit skyrocketing while meat remains cheap

What will hurt you if you put it in the trolley? Time for our regular inflation check! The ABS has released its latest official inflation figures for July, August and September and they confirm that prices are rising faster than you can keep up with. The following chart shows the most important items: your gas … Read more

Court of Appeals Clears Way for IRS to Transfer Trump Tax Returns to House Committee

CNN — The House Ways and Means Committee will receive former President Donald Trump’s IRS tax returns within a week after a federal appeals court on Thursday rejected Trump’s request to delay the release. The Supreme Court can intervene if Trump appeals. A panel of three judges on the DC Circuit Court of Appeals has … Read more

3 things that help reduce the sting of high inflation

There really isn’t anything nice to say about inflation when it comes to your bottom line. It’s heavy on your wallet. It is hard on your savings because it reduces the purchasing power of the dollars you have funneled away. And it’s tough on your pay, because chances are your last pay rise didn’t keep … Read more

Income tax changes ruled out this budget, but the drive for a new income review is gaining momentum

The treasurer may have ruled out making changes to the Phase 3 income tax cuts in his first budget, but there is a growing push for major tax reforms in this parliamentary term. Most important points: Economists say the government could trim about a quarter of its budget deficit by adjusting its Phase 3 income … Read more

No cheat code for online gaming industry, because the tax authorities put the fire to the shins

The Ministry of Information and Broadcasting issued a new advisory on Tuesday requesting television and digital media platforms not to play ads for online gambling sites. The All India Gaming Federation welcomed the new dictation. Calls for stricter centralized regulation in the online gaming sector have increased in recent days, especially after the income tax … Read more

With a stroke of the pen, Parson approves income tax cut for Missourians from January

Tricky Question: The Missouri Legislature Is Considering A Cut In The State’s Income Tax Rate. David Nicklaus thinks the austerity measures will help the state’s economy, but Jim Gallagher argues Missouri should spend money first to support basic services. David Nicklaus, Chris Drury JEFFERSON CITY — Gov. Mike Parson on Wednesday signed … Read more

Quarteng may have walked straight into Gordon Brown’s bear trap

The most important supply-side measure was the announcement of 40 business zones within which the tax benefits will be significant. I suspect that these zones will succeed in improving performance in those specific economic areas. The problem with such policies, however, is that there is a tendency to divert economic activity from other places, with … Read more

What are the income streams of online gamers and how are they taxed?

The online gaming industry in India has experienced unprecedented growth in recent years. From live streaming of video games, to fantasy sports to online gambling, there are different types of online gaming that generate revenue. Users should be aware of the taxation of such income which varies according to the nature of the income. Professional … Read more