Latest National taxes News

Puerto Rico suspends operations of bank amid global probe

Jun. 30, 2022 22:46 PM EDT

SAN JUAN, Puerto Rico (AP) — Authorities announced Thursday they have suspended the operations of Puerto Rico-based Euro Pacific International Bank, which officials previously said was under suspicion of facilitating money laundering and offshore tax evasion. The bank was founded...

Pakistan stock market plunges on new govt tax on industries

Jun. 24, 2022 10:29 AM EDT

ISLAMABAD (AP) — Pakistan’s stock exchange briefly halted trading Friday after its benchmark index plunged sharply following an announcement by the newly elected Prime Minister Shahbaz Sharif that he was imposing a new, 10% tax on major industries. Sharif, who appeared on the...

Oil industry says Granholm meeting sends 'positive signal'

Jun. 23, 2022 18:20 PM EDT

WASHINGTON (AP) — An oil industry meeting with Energy Secretary Jennifer Granholm to lower gas prices and boost domestic oil supplies was constructive, but did not produce a major breakthrough, administration and industry officials said Thursday. The closed-door meeting came as...

Gas prices sting US workers who depend on their cars

Jun. 23, 2022 09:56 AM EDT

DETROIT (AP) — High gas prices have Wallace Reid looking for a new career. Reid, who drives for Uber and Lyft in New York, fills up his Lexus at least three times a week. He pays around $95 each time, about double what he was paying last year. To make up for that, he’s driving...

WA, OR leaders skeptical about pausing gas taxes

Jun. 22, 2022 20:08 PM EDT

SEATTLE (AP) — President Joe Biden on Wednesday urged Congress to suspend federal gasoline and diesel taxes for three months and urged states to do the same at the local level. But both the Democratic governors of Washington and Oregon indicated they were unlikely to pursue a...

EXPLAINER: How Biden's proposed gas tax holiday would work

Jun. 22, 2022 19:13 PM EDT

WASHINGTON (AP) — Facing stubbornly high gas prices that average about $5 a gallon nationwide, President Joe Biden on Wednesday urged Congress to suspend federal gasoline and diesel taxes for three months. If savings from the 18.4 cents-a-gallon federal tax on gas are fully passed...

Biden calls for 3-month suspension of gas and diesel taxes

Jun. 22, 2022 18:04 PM EDT

WASHINGTON (AP) — President Joe Biden on Wednesday called on Congress to suspend federal gasoline and diesel taxes for three months — an election-year move meant to ease financial pressures that was greeted with doubts by many lawmakers. The Democratic president also called on...

'Groundhog Day' at IRS: Returns pile up, phone delays worsen

Jun. 22, 2022 13:53 PM EDT

WASHINGTON (AP) — It’s Groundhog Day at the IRS. After digging out of a daunting backlog from 2021, the agency has an even bigger backup for this tax season than it did a year ago and its pace for processing paper returns is slowing down, according to a watchdog report released...

In climate fight, EU lawmakers back stricter emission caps

Jun. 22, 2022 12:43 PM EDT

BRUSSELS (AP) — European Union lawmakers stepped up the fight against global warming Wednesday by requiring deeper emission cuts from power plants, factories and planes in the EU and by endorsing an unprecedented import tax. The European Parliament advanced draft climate...

IRS erases last season's backlog, but still faces 2022 crush

Jun. 21, 2022 18:15 PM EDT

WASHINGTON (AP) — The Internal Revenue Service said Tuesday that it will have erased its backlog of last season's tax returns by the end of this week. And with 143 million returns from this year's tax season processed so far, agency officials say there's a greater likelihood of...