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Taxes
Kamala Harris’ claim that billionaires pay lower tax rates than firefighters is misleading
Taxes
Fact-checking misleading Harris claim about billionaire tax rates
VP Kamala Harris said on 60 Minutes that teachers, nurses, and firefighters have higher tax rates than billionaires. Here’s what the tax code actually says.
Taxes
Biden-Harris unrealized gains tax would not tax most Americans
Biden’s proposed unrealized gains tax only targets Americans worth at least $100 million. Most Americans wouldn’t be taxed when their home’s value increases.
Taxes
Biden-Harris unrealized gains tax would not impact most Americans
Biden’s proposed unrealized gains tax only targets Americans worth at least $100 million. Most Americans wouldn’t be taxed when their home’s value increases.
Joe Biden
No, billionaires don’t pay average of 8.2% in federal taxes
President Biden claimed during the State of the Union that the “average federal tax rate” for billionaires is 8.2%. But the actual number is higher.
Olympics
Yes, some U.S. Olympic medalists have to pay federal taxes on their winnings
Federal law exempts Olympic medalists from being taxed on their winnings if their annual incomes are under $1 million. High-earning athletes are still on the hook.
Donald Trump
No, Donald Trump did not lower taxes on billionaires and raise them on everyone else
Illinois Gov. J.B. Pritzker claimed former President Trump lowered billionaires’ taxes while raising them for many working-class Americans. That’s false.
Taxes
Claim Trump can make tips tax-free needs context
Former President Trump says if he wins the 2024 election, there will be “no taxes on tips.” Here’s what would need to happen for tips to be tax-free.
Taxes
Could Trump make tips tax-free?
Former President Trump says if he wins the 2024 election, there will be “no taxes on tips.” But that would only happen if Congress passes a law.
Social Security
Raising Social Security tax cap for high-income earners would help, but not fix, its shrinking reserves
Taxing more income from higher earners could help with Social Security’s financial problems, but it wouldn’t completely fix the issues.
Taxes
No, credit card cash-back rewards are not taxable
With Tax Day fast approaching, VERIFY reader Larry wanted to know if credit card cash-back rewards are taxable. Here’s why they are not.
Taxes
VERIFYING what happens if you don’t file or pay your taxes on time
The IRS penalizes taxpayers for both filing late and paying late. We VERIFY how you can avoid or reduce late penalties and interest.
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