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TaxBuzz Top 5 - Vance Promotes “Working Families Tax Cut” in Georgia Visit, Americans Snap-Up London Mansions Amid Tax Crackdown & More

by
Rebekah Barton
on
8/22/2025
TaxBuzz Top 5 - Vance Promotes “Working Families Tax Cut” in Georgia Visit, Americans Snap-Up London Mansions Amid Tax Crackdown & 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. Vice President Vance Promotes “Working Families Tax Cut” in Georgia Visit

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Credit: Megan Varner/Getty Images

Vice President J.D. Vance made a stop in Peachtree City, Georgia—where the he spotlighted the tax provisions (via AP) of President Trump’s recently enacted “One Big Beautiful Bill,” touting the “working families tax cut.” Speaking to employees at Alta Refrigeration, Vance highlighted key benefits such as eliminated taxes on overtime and tips and increased child tax credits, painting them as a boost for hardworking Americans.

In his remarks, he said, “If you’re working hard, the government ought to leave you alone,” characterizing the law as a reward for productivity rather than a burden. This visit served as part of a broader campaign effort in swing-state Georgia, where GOP leaders are aggressively promoting the tax breaks as a midterm election message. Per the AP, Vance also used the opportunity to criticize Democratic Senator Jon Ossoff for opposing the measure, warning that Ossoff may later feign support for it during next year’s campaign. Ossoff was speaking fewer than 20 miles away at the Clayton County Chamber of Commerce, where he said, "To be very blunt, I think it is embarrassing for the vice president to be coming to Georgia to sell a policy that is already resulting in harm."

From a fiscal perspective, Georgia residents stand to feel some immediate impact from the tax cut provisions. Yet critics point out the broader consequences, including steep cuts to Medicaid and nutrition programs, which have already prompted warnings from local hospitals over potential service disruptions.

2. State Child Tax Credits Help Curb Child Poverty, Study Finds

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Credit: designer491/Getty Images

Recent analysis by Columbia University’s Center on Poverty and Social Policy reveals that U.S. states implementing refundable child tax credits (CTCs) during and after the pandemic saw significantly better outcomes in child poverty rates compared to states without such programs. Per Bloomberg, that the study spotlights how these state-led initiatives helped shield families from economic hardship even after federal support waned.

Overall, child poverty remains high: in December, 22.5% of children lived in poverty—up from 14.7% just four years earlier. States that responded with refundable CTCs managed to soften this increase, pointing to the effectiveness of state-level policy actions.

Since the historic federal Child Tax Credit expansion in 2021—credited with reducing national child poverty by about 26%—many states have continued the momentum. As of 2025, 17 states offer their own form of CTCs, up from just six prior to the pandemic. Notable reforms include:

  • New York, increasing its Empire State Child Credit from $330 to $500 ($1,000 for children under 4) and lifting income phase-ins for low-income families.
  • Maryland, easing strict income cliffs that previously excluded families earning between $15,000 and $24,000.
  • Maine and Vermont, enhancing their credits to extend eligibility to younger children or expand benefit amounts.

These findings prove that state-level policy innovation—specifically through more inclusive and refundable child tax credits—can play a crucial role in reducing poverty and promoting economic equity, especially at a time when federal supports have been scaled back.

3. U.S. Buyers Capitalize on London Mansion Slump Amid U.K. Tax Crackdown

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Credit: Gary Yeowell/Getty Images

Amid potential new tax hikes -- not to mention non-dom changes -- that target the wealthy in the U.K., a surge of wealthy Americans is snapping up prime London real estate at bargain prices.

According to Newsweek, high-end buyers from the U.S. now account for 25% of overseas luxury home purchases in London—up from 18% last year—as prices drop across prime boroughs like Kensington and Chelsea. Markets have softened significantly, with sales and prices declining, creating a rare buyers' opportunity in some of the world's most desirable neighborhoods.

This shift follows Chancellor Rachel Reeves’ reforms, including abolishing the previously mentioned non-domicile tax status and raising inheritance and capital gains taxes—measures intended to raise £12.7 billion over five years. The Wall Street Journal notes that these high-tax policies have sparked a wave of millionaire departures.

For American investors, this is a rare convergence of market opportunity and relative tax familiarity. Unlike many countries, the U.S. taxes residents on worldwide income, which aligns more closely with the new U.K. tax regime—reducing expatriation tax friction and making London properties more attractive to U.S. buyers.

4. Florida’s Property Tax Reform Vision: No Full Abolition—Yet

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Credit: felixmizioznikov/Getty Images

Florida is not yet poised to abolish property taxes, despite Governor Ron DeSantis's vocal support for the move. Lawmakers and experts caution such a change would require a constitutional amendment, needing approval from both the Legislature and 60% of voters, with any ballot measure likely not appearing before 2026.

Meanwhile, practical reform is inching ahead through legislative initiatives. A newly filed bill, SB 1308, would empower counties and cities to provide property tax rebates, allowing localities control over targeted homeowner relief, Newsweek reports.

Amid rising tax pressures on property owners, voters took action last November by approving Amendment 5, which links the homestead exemption to the national inflation rate. While homeowners currently benefit from up to $50,000 off assessed value—equating to around $800 in annual savings—transparency about benefits is under scrutiny. In a Kiplinger article, the Florida Policy Institute estimates that savings will average only $20 per household over five years, with local governments facing a projected $406 million revenue shortfall.

These developments surface in a state already grappling with surging property taxes—up nearly 60% over the past five years in cities like Jacksonville and Tampa—as housing values soared and insurance costs spiked. Florida’s property tax scene is clearly at a crossroads. While abolition remains a distant ambition, incremental relief—especially through inflation-indexed exemptions and local rebates—is beginning to take shape.

5. Majority of College Students Fear Financial Fallout from New Tax Law

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Credit: Glowimages/Getty Images

A recent survey by U.S. News & World Report, as reported by The Guardian, reveals that a majority of college students—about 61%—expect to be directly affected by the sweeping changes found in the “One Big Beautiful Bill” (OBBB), now set to take effect in July 2026. The legislation dismantles key components of federal student aid, including the income-driven repayment plans like the SAVE Plan. It also eliminates Grad PLUS loans for graduate students and imposes strict borrowing caps, limiting graduate degrees to $100,000 in loans and professional degrees (e.g., law or medicine) to $200,000. Only 20% of students surveyed said they fully understand the provisions, while 51% expressed outright opposition. Many are reconsidering their career and education plans—some are exploring options like switching academic fields, studying abroad, or even joining the military for financial stability. First-generation students, especially those from immigrant families, are believed to be most at risk due to additional provisions like rollbacks in campus immigration protection measures.

What It Means:

  • For Students: Increased financial pressure, reduced aid flexibility, and fears of mounting debt—especially for graduate students.
  • For Education Planning: Rising uncertainty around pursuing higher education, especially in high-cost fields.
  • For Policy Makers & Families: A need for clearer communication and support as students navigate the changing landscape of federal education funding—well beyond the college campus.

Which headline this week most interests you?

Feature Image Credit: Megan Varner/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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