Tax

A coalition sues to block Kentucky’s new 14.25% prediction markets tax

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FRANKFORT, Ky. — A coalition that includes Kalshi, Crypto.com and Polymarket filed a lawsuit Friday challenging Kentucky’s first-in-the-nation excise tax on prediction markets. The Kentucky General Assembly in April enacted a 14.25% tax on prediction market operators’ transaction fees, a levy the lawsuit says is discriminatory, unconstitutional and preempted by federal law. Prediction markets are … Read more

Federal judge strikes down Trump’s $100K H-1B visa fee, ruling it an unconstitutional tax

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NEWYou can now listen to Fox News articles! A federal judge on Monday struck down President Donald Trump’s $100,000 fee requirement for employers seeking H-1B visas for highly skilled foreign workers, ruling that the administration exceeded its authority by imposing what amounted to a tax that only Congress can authorize or delegate. U.S. District Judge … Read more

Illinois Gov. JB Pritzker to suspend tax breaks offered to data centers

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Illinois Gov. JB Pritzker on Friday plans to temporarily halt offering tax breaks to data centers that apply to build in the state and intends to call on lawmakers and other groups to hash out a framework in the fall veto session for how the centers should be developed. Subscribe to read this story ad-free … Read more

Sen. Ron Wyden wants to know why Leon Black paid Epstein $170 million for tax planning over 5-year period

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Democratic Sen. Ron Wyden of Oregon is demanding that a House panel question billionaire Leon Black over the extraordinary sums he paid Jeffrey Epstein for tax advice when he testifies before the House Oversight Committee later this month. In a letter Thursday to the committee’s chairman, GOP Rep. James Comer of Kentucky, and Democratic Ranking … Read more