Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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New York State Enacts 2026–2027 Budget with Individual and Business Tax Law Changes
New York State has enacted its 2026–2027 budget incorporating significant individual and business tax law changes. The legislation introduces modifications affecting personal income tax rates and provisions alongside corporate tax adjustments. Key changes impact New York taxpayers across multiple categories, reflecting the state's fiscal priorities for the upcoming two-year budget cycle. Tax professionals advising clients with New York nexus should review updated compliance obligations, rate structures, and any amended credits or deductions. The enacted budget represents material changes to New York's tax landscape, requiring timely assessment of withholding, estimated payments, and business entity planning strategies for affected individuals and corporations operating in the state.
Will the AI Apocalypse Come for the Tax Code?
This article explores how artificial intelligence-driven economic transformation may fundamentally challenge existing tax structures. As AI reshapes labor markets, business models, and value creation, traditional tax bases—particularly those reliant on employment income and corporate profits—face potential erosion. The piece examines whether the current tax code is equipped to handle AI-induced disruptions, including shifts from labor to capital income, changes in how value is generated and measured, and the concentration of economic gains among capital owners. Tax professionals should consider how AI adoption may accelerate debates around taxing automation, digital services, and reforming income tax structures to maintain revenue adequacy.
Has Britain run out of “other people” to tax?
This article examines the UK government's fiscal challenge of finding new revenue sources, questioning whether the traditional political strategy of taxing 'other people' — typically higher earners, corporations, or non-domiciles — has reached its practical limits. It explores the narrowing base of taxpayers who can bear additional burdens, the behavioural responses of high earners and businesses to increased tax rates, and the revenue shortfalls from recent policy changes. The piece analyses whether further tax rises on wealthy individuals or corporations will yield meaningful revenue or accelerate avoidance and emigration, ultimately suggesting the UK may need to broaden its tax base or cut spending.
In Conversation with Chilean Finance Minister Jorge Quiroz: Reforming the Tax Code for Growth and Competitiveness
Chilean Finance Minister Jorge Quiroz discusses proposed reforms to Chile's tax code aimed at enhancing economic growth and competitiveness. The conversation, hosted by the Tax Foundation, explores structural changes to the tax system, including potential modifications to corporate taxation, investment incentives, and the broader fiscal framework. The reform agenda seeks to balance revenue needs with creating a more attractive environment for domestic and foreign investment. This comes as Chile evaluates its tax competitiveness relative to regional peers and global standards, with implications for how the country positions itself for economic development while maintaining fiscal sustainability.
Financial Transaction Taxes in Europe, 2026
This Tax Foundation analysis examines financial transaction taxes (FTTs) across European countries as of 2026. FTTs are levies applied to the buying and selling of financial instruments such as stocks, bonds, and derivatives. The article maps which European nations currently impose FTTs, their respective rates, and the scope of instruments covered. FTTs remain controversial among tax professionals due to concerns about market liquidity, potential capital flight, and revenue efficiency. Several EU member states maintain distinct FTT regimes, while an EU-wide harmonised FTT proposal has faced prolonged political resistance. The data provides a comparative reference for advisers dealing with cross-border securities transactions and investment structuring within Europe.
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