income taxes

Progressives are pushing for a wealth tax targeted at the ultra rich like Jeff Bezos and Elon Musk. However, as it turns out, taxing the richest people in the world is easier said than done.

Tesla shares are falling after Elon Musk proposed to sell 10% of his shares in the company if his Twitter followers agreed.

"Today, the President released his 2020 federal income tax return, continuing an almost uninterrupted tradition," the White House said on Monday, the deadline to file income tax returns.

No matter what you do for a living, odds are you paid more federal income tax than Trump did the year he took office. Analysts say real estate tax breaks allowed him to avoid high tax bills.

The tax collecting agency is one of those affected by the partial government shutdown, but the White House says it will issue refunds, reversing previous government policy.

Republican lawmakers say their plans will save the typical middle class family between $1,200 and $1,400. But polls show only 25 percent to 33 percent of Americans approve of the proposals.

Some senators want the tax overhaul to come with a built-in trigger: If budget deficits grow, tax cuts will be reversed. But several key senators strongly oppose the idea.

Grad students around the country walked out of classes, office hours, and research labs to protest the House tax plan. Many who are already struggling financially said the bill would hit them hard.

The alternative minimum tax was designed to prevent very wealthy families from dodging taxes entirely. But its reach has grown over the years, and now it hits hardest at upper-middle-class workers.

The plan would raise taxes on graduate students, who make very little money to begin with. Analysts say the provision could discourage students from seeking advanced degrees, hurting economic growth.

A committee vote is expected this week that would send the bill to the full House for a vote. Meanwhile, Senate Republicans are releasing their version of tax legislation in the coming days.