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TaxBuzz Top 5 - Illinois Gov. Won Over $1.4 Million Gambling, Trump Admin. Tries to Block Carbon Tax & More

by
Rebekah Barton
on
10/17/2025
TaxBuzz Top 5 - Illinois Gov. Won Over $1.4 Million Gambling, Trump Admin. Tries to Block Carbon Tax & More

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Illinois Governor Pritzker Reported $1.4M Gambling Win Amid Tax Filings

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Credit: Tatiana Maksimova/Getty Images

Illinois Governor J.B. Pritzker disclosed in recent tax filings that he won about $1.4 million playing blackjack in Las Vegas during a vacation. The winnings were reported as net gains after losses, and his campaign says he plans to donate the entire amount to charity.

Pritzker—who does not draw a gubernatorial salary—placed his business interests in a blind trust when he assumed office in 2019. That said, his overall financial disclosure shows a robust year: more than $10 million in adjusted gross income for 2024. 

At a press conference, he called his win “incredibly lucky,” and encouraged legal gaming tourism in Illinois. He added: “Anybody who’s played cards in a casino knows that … you often play for too long and lose whatever it is that you won. I was fortunate enough to have to leave before that happened.” 

Pritzker is often discussed as a potential 2028 presidential contender and is running for a third term as governor. 

It’s worth noting that Illinois is already doubling down on gaming taxation. In its 2025–26 budget, the state introduced a per-bet fee on online sports wagers in addition to revenue-based sports betting taxes—moves designed to capture more revenue from the state’s expanding gambling market. This disclosure intersects politics, tax policy, and public perception—especially for a wealthy governor with philanthropic messaging.

2. Ferrari Slashes UK Shipments After Reeves's Tax Overhaul Hits Wealthy Buyers

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Credit: Dan Kitwood/Getty Images

Ferrari has begun cutting back the number of cars it sends to the U.K., in response to recent tax policy changes that have dampened demand and hurt resale values. The shift ties directly to the U.K. government’s decision in April to end the favorable non-domiciled (non-dom) tax status for wealthy residents—and to raise taxes on high earners. That measure is widely viewed as triggering an exodus of affluent buyers and weakening the market for luxury vehicles.

Ferrari CEO Benedetto Vigna told the Financial Times, “Some people are getting out of that country for tax reasons … we see a stabilization” after the company reduced allocations to the U.K. 

He also noted that residual values of key models had dipped—particularly in the U.K. market—citing that right-hand drive versions can’t easily be resold elsewhere. The Purosangue model’s residual value fell 12.2% between January and October 2025; the SF90 Stradale declined 6.6%.

The U.K. chancellor, Rachel Reeves, brushed off predictions of a wealthy exodus as “scaremongering,” saying, “This is a brilliant country and people want to live here.” She’s declined to impose a wealth tax so far, but remains open to further reforms targeting capital gains, council tax bands, and rental income taxation.  For Ferrari, the move is less about short-term profits and more about preserving long-term brand value: strong resale prices matter in the supercar world, especially given how much of luxury vehicle sales depend on lease valuations and residual assumptions.

3. Poland Enacts “Zero Income Tax” for Families with Two Children

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Credit: SimonSkafar/ E+/Getty Images

Poland’s new president, Karol Nawrocki, has signed into law a sweeping reform that eliminates personal income tax (PIT) for parents or guardians raising at least two children earning up to 140,000 zloty (~€32,973) annually. 

Under the law, qualifying families will pay zero income tax up to that threshold. For many households, the presidency estimates this will translate to about 1,000 zloty (~€235) in additional monthly disposable income. 

The tax break applies broadly, including legal guardians and foster parents, not just biological parents. The changes will take effect starting in the 2026 tax year, with returns filed in 2027. 

Nawrocki campaigned heavily on this reform—part of his so-called “tax armour” package—and fulfilled the pledge soon after taking office. To fund it, the government projects raising ~14 billion zloty through tighter tax rules, though analysts warn that may prove overly optimistic.

Critics note the benefits skew toward higher-earning families who can already exceed the 140,000 zloty mark—lower-income households, many of which already pay little or no PIT, see modest gains. Tax experts are questioning whether the revenue targets and fairness claims will hold up under economic pressure.

Poland’s move joins a wave of family-focused tax reforms seen globally, where governments use tax policy to incentivize demographics, bolster fertility, or respond to demographic decline. The country will now become a whether test case: Can targeted “zero-PIT for families” produce both political goodwill and sustainable public finances?

4. Trump Administration Pushes Hard to Block Global Shipping Carbon Tax at IMO

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Credit: Win McNamee/Getty Images News

The Trump administration is mounting a full-scale diplomatic campaign to derail a proposed global carbon tax on shipping emissions during a pivotal International Maritime Organization (IMO) meeting. The proposal—part of the IMO’s Net-Zero Framework—would charge ships that exceed certain emission thresholds and channel the revenue into a fund for green transition programs. 

U.S. officials have called the plan a “European-led neocolonial export of global climate regulations” and warned of heavy retaliation against countries that vote for it. In public comments, Secretary of State Marco Rubio declared the U.S. a “hard NO” and urged other nations to stand against it. Embedded threats include tariffs, visa sanctions, increased port fees, and other trade penalties. 

Critics of the U.S. posture argue these measures may be counterproductive. For instance, transport decarbonization advocates say that shifting to a system of explicit adoption (rather than tacit acceptance) could slow or even stall global progress. The U.S. is pushing for a procedural change: even if the measure passes in London, it would require countries to reconfirm their support later—giving room for additional pressure.

Industry and climate groups largely support the IMO plan, viewing it as essential to avoid a patchwork of national rules. The measure would begin in 2028, with gradually tightening standards and associated compliance fees or credits. President Trump amplified the opposition via social media, calling the proposal a “Global Green New Scam Tax on Shipping” and warning of “increased prices on American consumers.”

5. Florida House Rolls Out Bold Property Tax Cut Proposals for 2026 Ballot

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Credit: ntzolov/Getty Images

Florida’s Republican-led House has filed a slate of eight proposals aimed at reducing or eliminating non-school homestead property taxes, with many structured as constitutional amendments to be decided by voters in 2026. 

Speaker Daniel Perez emphasized that the ultimate decision should rest with Floridians, not legislators. “If we have faith in the voters … we should not be afraid to let them be a part of the conversation about the taxes they pay,” he wrote.

Some notable proposals include:

  • HJR 201 (Rep. Kevin Steele): eliminate non-school homestead property taxes altogether
  • HJR 205 (Rep. Juan Porras): exempt those 65+ from non-school homestead taxes
  • HJR 207 (Rep. Shane Abbott): new homestead exemption equal to 25% of assessed value after current exemptions 
  • HJR 209 (Rep. Demi Busatta): additional $100,000 exemption tied to property insurance status 
  • HJR 211 (Rep. Toby Overdorf): remove the cap on portability of “Save Our Homes” benefits
  • HJR 213 (Rep. Griffitts): limit assessed value growth for non-school homestead property to 3% over three years (versus 10% per year now)
  • HB 215 (Rep. Jon Albert): statutory changes, including requiring a 2/3 vote for local millage increases and spousal portability combining of Save Our Homes benefits (within $500,000 cap) 

All proposals explicitly protect school taxes and prevent local cuts to law enforcement funding. These proposals must gain 3/5ths legislative approval to appear on the 2026 ballot and then pass by 60% of voters to become part of the state constitution. 

Which headline this week most interests you?

Feature Image Credit: Jim Vondruska/Stringer/Getty Images

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Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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