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Taxes

Fact-checking misleading Harris claim about billionaire tax rates

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.
Student Loans

No, taxes are not going up to pay for student loan forgiveness

President Biden’s student debt relief plan does not raise taxes to pay for it, which is something only Congress can do. Here's how it could impact taxpayers.
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

There is a penalty for not filing, paying 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.
Taxes

Social Security benefits are taxable for some people, depending on their income

Up to 85% of your Social Security benefits are counted as taxable income if you meet certain requirements.