I.R.S. Suspends Free Online Offering to File Taxes Directly
So, the IRS has decided to suspend its free online tax filing service, a move that’s stirring up a lot of frustration and, frankly, a bit of outrage. It seems the service, which allowed taxpayers to file directly with the government without paying for third-party software, won’t be available for the 2025 tax season. The general sentiment is that this is a step backward, and it’s not hard to see why.
Many people are questioning the timing and the reasons behind this decision. There’s a palpable sense that the interests of big tax software companies like TurboTax and H&R Block are being prioritized over the needs of average taxpayers.… Continue reading
The IRS will discontinue its Direct File program after a limited pilot and one full filing season, according to Commissioner Bill Long. This decision aligns with the policy directives within a large spending bill, which allocated resources to research and potentially replace direct e-file programs. Despite positive feedback from users, with 94% rating their experience as “excellent” or “above average,” the program is ending. The IRS is committed to modernizing its operations and will provide transparency regarding tax returns and audits.
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Colorado voters approved Proposition MM, a measure that increases taxes on high-income households to fully fund free school meals for all public school children and support the SNAP program. The tax increase, impacting households earning $300,000 or more, will generate revenue to cover the costs of the free meals program, including staff raises and local food sourcing, while any surplus will support SNAP administration. This initiative follows the passage of Proposition FF in 2022, which initially established the Healthy School Meals for All Program but lacked sufficient long-term funding. The passage of Proposition MM ensures the continuation of free school meals for all children and also provides funding to help administer new SNAP requirements.
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The Finance Ministry is implementing tax increases and expanding the tax base to finance defense and security, including lowering the revenue threshold for reporting for small and medium-sized businesses and introducing taxes on gambling. These measures come as the economy cools and revenue from oil and gas sales decline. Facing economic challenges and previously aiming to replenish the National Welfare Fund, the Ministry now plans to adjust oil-related tax flows. The Ministry’s proposals were made shortly before the formal 2026 budget proposal is to be presented.
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France’s richest man, LVMH’s Arnault, slams proposed billionaire tax, and it’s honestly not surprising. The core sentiment echoing through this whole situation is a giant, collective eye-roll. Seriously, a billionaire objecting to a proposed tax aimed at the ultra-wealthy? It’s the kind of news that confirms suspicions rather than shocks. The fact that this tax is being considered in France, with its rich history of, shall we say, addressing the concerns of the wealthy, just adds another layer of intrigue.
The proposed tax, targeting wealth exceeding 100 million euros, has understandably ruffled some feathers. The context here is the pressure on Prime Minister Sébastien Lecornu, who is facing a potential confidence vote if he doesn’t include it in the 2026 budget.… Continue reading
The Powerball jackpot has soared to $1 billion, making it the sixth-largest in the game’s history. This follows 39 drawings without a winner, and the last $1 billion prize was claimed in April 2024. Players must match all six numbers, with odds of 1 in 292,201,338, to win the grand prize. Winners can choose between an annuity paid over 30 years or a lump-sum cash option, both subject to federal and, in most cases, state income taxes.
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The Senate has approved the “Big Beautiful Bill,” a sweeping legislative package that will likely impact healthcare, taxes, and social services. The bill, which passed in a tie-breaking vote by Vice President J.D. Vance, faced opposition from several Republican senators who cited concerns over the bill’s impact on the national debt and its betrayal of the promises Donald Trump made. President Trump celebrated the bill’s passage on Truth Social, calling on the House of Representatives to pass it before the Fourth of July. The bill is now being sent back to the House of Representatives where it will be voted on with amendments, and then sent to President Trump for signing.
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In a rare public statement, Warren Buffett characterized tariffs as a “tax on goods,” akin to an act of war, expressing concern that they could fuel inflation and harm consumers. He highlighted the economic ripple effect, questioning the long-term consequences of such policies. This comment marks Buffett’s first public assessment of President Trump’s recent tariff announcements, which include increased levies on goods from Mexico, Canada, and China. Buffett’s remarks come amidst market volatility and his own recent shift towards a more conservative investment strategy.
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Russia Plans Major Tax Hikes
As I sit here contemplating the recent news of Russia planning major tax hikes, my mind is filled with a myriad of thoughts and emotions. The concept of higher taxes is not new, but in the context of Russia’s current political and economic climate, it takes on a whole new level of significance. Putin’s “special operation” to fund military endeavors is causing quite a stir, with the potential for tax increases looming over the heads of the Russian populace.
The proposed tax hike targets those earning 200,000 roubles a month, which equates to approximately 2,000 euros.… Continue reading
As news of Trump potentially owing $100 million from double-dip tax breaks surfaces, it’s hard not to feel a sense of déjà vu. The relentless cycle of accusations, audits, and potential consequences seem to be part and parcel of the Trump narrative. The notion that someone as privileged as Trump can owe such a staggering amount and potentially wriggle out of it is both frustrating and disheartening. The system seems to bend and warp when it comes to holding the wealthy and powerful accountable for their actions.
Trump’s track record of evading consequences and pushing the boundaries of legality is nothing new.… Continue reading
Matt Underwood 
John Q. Hosedrinker