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Big Oil wants to tax itself and give cash to Americans

Big Oil wants to tax itself and give cash to Americans

by | Aug 31, 2023 | taxes

Here are two shockers: Big Oil wants to tax itself to fight climate change. And it wants the proceeds to go to American families. Major oil companies including ExxonMobil (XOM), BP (BP), Royal Dutch Shell (RDSA) and Total (TOT) backed a carbon tax proposal on Tuesday...
How tax reform could affect your 401(k) tax break

How tax reform could affect your 401(k) tax break

by | Aug 31, 2023 | taxes

Republicans in Congress are gearing up to fight for lower tax rates. But how do you pay for those cuts? One possible solution on the table: Taxing you on your retirement savings up front. Several people in the retirement savings industry fear that lawmakers will...
3 smart ways for investors to cut their taxes

3 smart ways for investors to cut their taxes

by | Aug 31, 2023 | taxes

High returns aren’t the only factor to consider when choosing your investments. A tax-efficient portfolio can save you enough on your tax bill to nicely compliment your investment returns. Take a look at your own portfolio to see if you’ve implemented the...
Trump promises tax reform won’t impact 401(k) plans

Trump promises tax reform won’t impact 401(k) plans

by | Aug 31, 2023 | taxes

President Trump vowed Monday that the tax break for 401(k) plans will be kept in place under the administration’s tax reform proposal, despite reports to the contrary. “There will be NO change to your 401(k). This has always been a great and popular middle...
House tax bill would scrap deduction for medical expenses

House tax bill would scrap deduction for medical expenses

by | Aug 31, 2023 | taxes

The tax bill unveiled by Republicans in the House on Thursday would not, as had been rumored, eliminate the tax penalty for failure to have health insurance. But it would eliminate a decades-old deduction for people with very high medical costs. The controversial bill...