Millions of Americans saw a Social Security benefit boost last year thanks to the Social Security Fairness Act. If you were among them, you probably got a permanent increase to your checks as well as a one-time payment for benefits going back to January 2024. That extra money has likely been a huge help as living costs continue to rise. But it could also lead to a major shock when you file your 2025 tax return. Will AI create the world's first trillionaire? Our team just released a report on the one littl ...

Core Insights - HM Revenue & Customs (HMRC) reported that inheritance tax (IHT) receipts for April 2025–January 2026 reached £7.1 billion, an increase of approximately £100 million compared to the same period last year, indicating a continuing upward trend in IHT receipts [1] - The increase in IHT is attributed to a prolonged freeze in the nil-rate band and residence nil-rate band, along with sustained growth in property values and investment portfolios over the past decade, resulting in more families being subject to IHT [2] - The impact of IHT at a rate of 40% is significant, particularly for estates valued between £3 million and £5 million, where tax liabilities can exceed £1 million without proper planning [3] Tax Revenue Overview - HMRC's total gross receipts for the tax take and National Insurance (NI) contributions during the same period amounted to £784.9 billion, reflecting an increase of £65.6 billion compared to the previous year [3] - Income Tax, Capital Gains Tax, and NI contributions saw a combined increase of £52 billion, totaling £460.7 billion [4] - Value Added Tax (VAT) receipts rose by £9 billion to £154.3 billion, while stamp duty and related taxes increased by £1.9 billion, reaching a total of £17 billion [4] - Business tax receipts for April 2025–January 2026 were reported at £81.8 billion, marking a £1.8 billion increase from the same period last year [4]

Tax Policy Changes - The child tax credit received a $200 boost to the maximum amount for the 2025 tax year [2] - Individuals with tipped income can deduct that on their tax return, effective for 2025 [3] - A new $6,000 deduction per senior is available, subject to income thresholds [5][6] Impact of Tariffs - In 2025, tariffs amount to an estimated $1,100 burden per US household on average [7][8] - If tariffs remain in effect, the burden is projected to grow to about $1,400 per household next year [8] - Customs duties on Christmas lights alone have risen to $45 million this year [9] - Tariffs on holiday items have climbed to upwards of $500 million through the first 9 months of 2025 [11] - Toys and board games are subject to tariffs, increasing their cost [13][15] Offsetting Factors - Tax cuts passed by Congress last year will result in larger refunds [16] - The Treasury Department will adjust withholding tables for lower taxes from each paycheck [16] - Tax cuts in aggregate have a larger revenue impact than the tariff hikes [17]

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