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TaxBuzz Top 5 - Trump Threatens UK with "Big Tariff," Ken Griffin Takes on Mamdani After Penthouse Video & More

by
Rebekah Barton
on
4/24/2026
TaxBuzz Top 5 - Trump Threatens UK with "Big Tariff," Ken Griffin Takes on Mamdani After Penthouse Video & 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. Trump Threatens Tariffs on UK Over Digital Services Tax Targeting US Tech Giants

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Credit: Aaron Chown - WPA Pool/Getty Images

President Donald Trump has escalated tensions with the United Kingdom, warning he will impose a “big tariff” on British goods if the UK does not scrap its digital services tax on major U.S. tech companies. The tax, introduced in 2020, places a 2% levy on revenues from companies like Google, Apple and Meta, which Trump argues unfairly targets American businesses.

Speaking from the White House, Trump said the U.S. could “very easily” respond with tariffs if the policy remains in place, signaling a potential new flashpoint in U.S.-UK trade relations.

The UK’s digital services tax generates roughly £800 million annually and was originally designed as a temporary measure until global tax rules for digital companies are standardized. However, it has remained a sticking point in negotiations with the U.S., which has long opposed similar taxes across Europe.

The threat comes amid wider geopolitical and economic tensions, including disagreements over the Iran conflict and trade policy, raising concerns about the stability of the U.S.-UK economic relationship. Analysts warn that retaliatory tariffs could impact industries far beyond tech, including manufacturing and exports.

The dispute is part of a broader clash over digital services taxes already playing out across Europe, where countries like France and Canada have implemented similar levies targeting large tech firms. The U.S. has repeatedly pushed back, arguing these taxes disproportionately impact American companies and should instead be handled through global agreements like the OECD’s ongoing tax framework — negotiations that have stalled, leaving countries to act on their own in the meantime.

2. Ohio Property Tax Abolition Campaign Hits 305,000 Signatures — But Still Faces Steep Hurdles

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Credit: AlenaMozhjer/Getty Images

A grassroots campaign to eliminate property taxes in Ohio says it has gathered roughly 305,000 signatures toward a proposed constitutional amendment, signaling growing momentum behind one of the most sweeping tax proposals in the country. The effort reflects mounting frustration among homeowners facing rising property valuations and tax bills across the state.

However, the campaign is not yet on the ballot. To qualify for the November 2026 election, organizers must submit about 415,000 valid signatures, with geographic distribution requirements across at least half of Ohio’s counties, meaning they still need tens of thousands more signatures and a buffer to account for invalid ones.

If the measure does qualify and pass, it would completely eliminate taxes on real property, including homes, land and buildings. This would be a dramatic shift in how Ohio funds local services. Property taxes currently generate over $20 billion annually, supporting schools, police, fire departments and local infrastructure.

That potential impact has already sparked organized opposition. A coalition of more than 65 groups — including educators, first responders and local officials — has formed to fight the proposal, warning it could severely disrupt funding for essential public services if no replacement revenue is identified.

Even supporters acknowledge the proposal raises major unanswered questions about how to replace that funding, with some state leaders warning alternatives could include significant increases in sales or income taxes if property taxes are eliminated.

3. Ken Griffin Pushes Back After Mamdani Uses His $238M Penthouse In ‘Tax The Rich’ Message

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Credit: Kayla Bartkowski/Getty Images

Billionaire hedge fund manager Ken Griffin is pushing back after New York City Mayor Zohran Mamdani featured his $238 million Manhattan penthouse in a campaign-style video advocating for higher taxes on the wealthy. The video used Griffin’s property as a symbol of extreme wealth in New York, designed to push Mamdani’s agenda of raising taxes on top earners and large asset holders.

Griffin responded by criticizing the messaging, arguing that targeting individuals risks oversimplifying the broader economic picture and could discourage investment in cities like New York. He has been an outspoken voice on tax policy in recent years, frequently warning that aggressive tax increases can drive capital and high earners to relocate.

Mamdani, meanwhile, has leaned into the moment, using the spotlight to reinforce his argument that ultra-wealthy residents should contribute more to fund housing, transit and public services. Mamdani himself made about $145,000 last year. The ongoing exchange highlights how tax policy debates are increasingly being framed through specific, high-profile examples of wealth rather than abstract policy discussions.

The clash reflects a larger political and economic divide playing out in major cities, where leaders are balancing affordability concerns with the risks of losing high-income taxpayers — a tension that continues to shape tax proposals nationwide.

4. Texas Emergency Supplies Tax-Free Weekend Returns, Letting Shoppers Skip Sales Tax on Key Items

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Credit: fstop123 - E+/Getty Images

Texas is once again offering a tax-free weekend for emergency preparation supplies, giving residents a chance to stock up ahead of hurricane season without paying state or local sales tax. The 2026 holiday runs April 25–27, applying automatically at checkout for qualifying purchases made in-store or online.

The exemption covers a wide range of preparedness items, including generators (under $3,000), emergency ladders and shutters (under $300), and smaller essentials like batteries, flashlights and first-aid kits (generally under $75). There’s no limit on how many qualifying items can be purchased during the weekend.

Officials say the goal is to help Texans prepare for natural disasters like hurricanes, floods and wildfires before peak season begins, when demand, and prices, can spike. Many of the eligible items align with recommended disaster supply kits, including radios, phone chargers, tarps and fire extinguishers.

However, not everything qualifies. Items like cleaning supplies, medical masks, camping gear, chainsaws and vehicle batteries are excluded from the tax break, even though they may still be useful in emergencies.

The event is one of several annual Texas sales tax holidays, but unlike the back-to-school weekend, this one is narrowly focused on disaster readiness — a reflection of how states are increasingly using targeted tax breaks to encourage specific behaviors like emergency preparedness.

5. New York’s Proposed Pied-à-Terre Tax Targets Luxury Second Homes as Budget Pressures Mount

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Credit: Busà Photography/Getty Images

New York leaders are advancing a proposed “pied-à-terre” tax on luxury second homes, targeting properties in New York City valued at $5 million or more that are not used as primary residences. Backed by Mayor Zohran Mamdani and Gov. Kathy Hochul, the measure is aimed at capturing revenue from wealthy, often out-of-state owners who currently pay limited local taxes.

The proposal is expected to impact roughly 13,000 high-value properties and could generate about $500 million annually, making it one of the most significant targeted tax ideas in the state’s current budget negotiations.

Supporters argue the tax is a politically viable alternative to broader income tax hikes, since it focuses on non-resident owners and ultra-luxury real estate rather than full-time New Yorkers. The structure is designed to avoid hitting primary homeowners or properties that are actively rented out.

The real estate industry and business groups have pushed back quickly, warning the tax could depress high-end property values, discourage investment and create administrative complexity in determining residency and valuation.

The proposal is now tied up in state budget negotiations, where lawmakers must decide whether targeting second homes is enough to help close New York City’s multibillion-dollar fiscal gap without broader tax increases.

Which headline this week most interests you?

Feature Image Credit: Anna Moneymaker/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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