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Diamond retailer faces bankruptcy bid
Vashi Dominguez, founder of the collapsed luxury diamond retailer Vashi, is facing possible bankruptcy. The company, which went under in 2023, is alleged to have been involved in a £170m scam. Liquidators have served a statutory demand for over £17,500, which could lead to a bankruptcy petition. Dominguez’s whereabouts remain unclear, and his company’s diamond…
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Oregon Democrats push for budget boost
Oregon Democrats have advanced a plan to generate over $300m for the state budget by eliminating several tax breaks from President Donald Trump’s tax bill. The proposal includes new tax credits aimed at low- and moderate-income households, increasing the Earned Income Tax Credit by up to 55% for about 230,000 families. Senate Revenue Chair Anthony…
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Retail lobbyists push for online sales tax
A coalition of retail lobbyists is urging Sir Keir Starmer to support a new online sales tax to reform the UK’s business rates system. The proposal, from the Association of International Retail, the Association of Town and City Management, and the Heart of London Business Alliance, suggests a 2% levy on online sales. This could…
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New federal school-choice tax credit sparks battle over state control
A new federal tax credit will direct more than $3bn a year to scholarships, mainly for private and parochial schools, prompting a fight over who controls the program. Public-school advocates want states to set rules and safeguards, while school-choice supporters argue state oversight should be minimal. As the Treasury Department writes regulations, the program marks…
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Tax cut lawsuit heats up in Massachusetts
A coalition of union leaders and community activists has filed a lawsuit to block a proposed reduction in Massachusetts’ personal income tax rate from 5% to 4% over three years. The lawsuit claims the petition wording was “misleading and deceptive,” failing to mention that the cuts would apply to all income tax categories, including capital…
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IRS unveils clean fuel tax credit changes
The IRS and the Treasury Department have proposed new regulations for the clean fuel production credit under the One Big Beautiful Bill Act (OBBBA), aimed at supporting domestic clean transportation fuel producers. The 45Z credit offers businesses a tax credit for clean fuel produced after December 31st 2024, and sold by December 31st 2029. Key…
