The journalist Jesse Eisinger breaks down the ProPublica investigation into how little the uber-rich pay in taxes, and what that means for the rest of us.
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Tag Archives: Income Tax
Warren Buffett and the Myth of the ‘Good Billionaire’
There is no way to be a billionaire in America without taking advantage of a system predicated on cruelty.
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Fat Cats on a Hot Tin Roof
Pay up, Monopoly Men; freeloading isn’t cool.
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How Private Equity Firms Avoid Taxes
The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.
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ProPublica Report Has Congress Rethinking How to Tax Superrich
A report showing that the richest Americans, including Jeff Bezos, Elon Musk and Warren Buffett, pay almost no taxes has refocused attention on the tax code.
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Five Former Treasury Secretaries: Fund the IRS
America loses hundreds of billions of dollars to tax evasion every year. We need to give the I.R.S. the tools to combat it.
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How Billionaires Used Tax Loopholes to Save Billions
A bombshell report raises questions about the tax bills of the wealthy.
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The Real Tax Scandal Is What’s Legal
The wealthiest Americans live by a different set of rules, lavishly spending money that isn’t taxed as income.
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Rich Americans Like Bezos, Musk, Buffett Avoided Income Tax
An analysis by ProPublica based on Internal Revenue Service documents showed billionaires like Jeff Bezos and Elon Musk benefited from vagaries in the tax code.
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Here Are Some Tips for Teenagers on Landing a Summer Job
Openings abound now but may go quickly, so it’s wise to submit applications soon. And don’t wear jeans and a T-shirt to the interview.
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Biden Banks on $3.6 Trillion Tax Hike on the Rich and Corporations
The White House is proposing substantial increases in personal income tax rates for those earning about a half-million dollars and higher tax rates on large corporations.
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Biden’s $6 Trillion Budget Aims for Path to Middle Class, Financed by the Rich
The president’s budget envisions a redistribution of wealth that will allow more Americans to enjoy prosperity, and it invests in climate change, education and infrastructure.
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Republicans Push Biden to Divert Federal Aid for Infrastructure
Unexpected receipts, driven in part by taxes on high earners riding a hot stock market, have prompted Republicans to push the president to spend on infrastructure instead.
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Tax Day 2021: Here’s What You Need to Know
The I.R.S. said tax filers who needed more time could have an extra month. The federal tax deadline has arrived.
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When It Comes to Taxes, Being Tracked Can Be a Good Thing
With remote work more common now, tax apps that track your location have become relevant for professionals who want to work wherever they want to live.
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Biden Aides Quietly Say His Tax Increases Would Help Charities
The administration has been making the case to allies that to avoid paying the additional taxes the president has proposed, wealthy Americans would give more to nonprofits.
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Biden Leans Into Plans to Tax the Rich
“We’re not going to deprive any of these executives of their second or third home, travel privately by jet,” the president said at the White House.
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Amazon Paid No Corporate Tax to Luxembourg
The e-commerce giant’s European retail business had record sales in 2020, but its headquarters on the continent reported a $1.4 billion loss.
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Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds
The fight over SALT is a case study in the age-old conflict between constituent politics and national policy.
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Krugman Wonks Out: Why Doesn’t Cutting Taxes on the Wealthy Work?
Tax cuts for the rich may offer an incentive to work harder, but they’re also a big giveaway that encourages the elite to work less.
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California Is Awash in Cash, Thanks to a Booming Market
In a single year, the state’s financial outlook has gone from surplus to deficit to surplus as capital gains tax collections have risen amid a soaring stock market and I.P.O. boom.
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Biden Seeks $80 Billion to Beef Up I.R.S. Audits of High-Earners
The president’s “American Families Plan,” which he will detail this week, will be offset in part by a tax enforcement effort that administration officials believe will raise $700 billion over a decade.
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Biden Will Seek Tax Increase on Rich to Fund Child Care and Education
The president’s American Family Plan, which remains in flux, does not currently include an effort to expand health coverage, as administration officials had previously planned.
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Biden Set to Raise Taxes on Rich to Fund Child Care and Education
The president’s American Family Plan, which remains in flux, does not currently include an effort to expand health coverage, as administration officials had previously planned.
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The Tax Filing Deadline Was Delayed to May 17. Here’s What to Know.
The federal government and most states pushed back the date to May 17, but others have gone their own way. And if you make estimated tax payments, the deadline remains April 15.
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New York, Finally, Taxes the Rich
A budget that spends on education, homelessness and undocumented immigrants is the product of years of progressive politics, not a governor looking for a diversion.
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What N.Y. State’s Budget Means
Gov. Andrew Cuomo and the Legislature have agreed on a budget that will raise taxes on the wealthy and help those devastated by the pandemic.
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NY Reaches Deal on $212 Billion Budget to Jump-Start Economic Recovery
Gov. Andrew M. Cuomo and the Legislature have agreed to raise taxes on the wealthy and give aid to renters, businesses and undocumented immigrants.
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New York Reaches Deal on $212 Billion Budget to Jump-Start Recovery
Gov. Andrew M. Cuomo and the Legislature have agreed to raise taxes on the wealthy and give aid to renters, businesses and undocumented immigrants.
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New York State Is Set to Raise Taxes on Those Earning Over $1 Million
The deal, a sign of Gov. Andrew Cuomo’s weakened influence, would mean wealthy New York City residents would pay the highest combined local tax rate in the nation.
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Matt Gaetz Is in Deep Trouble
But at the task of epitomizing the Trumpified Republican Party, he has excelled.
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No Federal Taxes for Dozens of Big, Profitable Companies
FedEx and Nike are among those found to have avoided U.S. tax liability for three straight years.
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Bidenomics Is as American as Apple Pie
Big spending on infrastructure goes back to the Erie Canal.
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Biden Poised to Raise Taxes on Business and the Rich
The president’s infrastructure proposals are likely to require trillions of dollars in new tax revenue. They also give liberals a chance to address what they call the failures of Republican tax cuts.
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A Year After Ending Her Presidential Bid, Warren Wields Soft Power in Washington
The progressive Democrat’s proposals for taxing the rich will take center stage as talks on paying for an infrastructure bill ramp up.
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How to Collect $1.4 Trillion in Unpaid Taxes
Wealthy Americans are concealing large amounts of income from the I.R.S. There is a straightforward corrective.
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The Tax Headaches of Working Remotely
“Each state has its own rules,” one tax expert says. So if you worked in a state other than your usual one in 2020, here are some tips on dealing with the tax season.
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How Your 2020 Taxes Are Affected by the Coronavirus Pandemic
New rules, many of them temporary, give taxpayers breaks that can cut their tax bills or even generate extra refunds this year.
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A Break for Working Families
The government is allowing people who qualify for the earned-income tax credit to use income from either 2020 or 2019, whichever will result in a bigger credit.
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Which Families Will Receive the Most Money From the Stimulus Bill?
A large child tax credit will benefit the lowest-income families in particular.
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In the Stimulus Bill, a Policy Revolution in Aid for Children
The $1.9 trillion pandemic relief package moving through Congress advances an idea that Democrats have been nurturing for decades: establishing a guaranteed income for families with children.
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Don’t Pay Tax Penalties on Money You Took From Retirement Accounts
Here’s a guide to avoiding unnecessary taxes on withdrawals made last year.
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Virus Did Not Bring Financial Rout That Many States Feared
Grim forecasts held up for a few states, but many took in about as much tax revenue as before the pandemic — sometimes a lot more.
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Working from home now? Your 2020 state tax situation could suck
Enlarge / The arm of the law can be long indeed. (credit: Aurich Lawson / Getty Images)
Imagine for a moment that you work remotely—as so many now do in the COVID era—from a comfortable spare bedroom in your New Jersey home. Your employer is nominally based in New York City, but thanks to the pandemic, you didn’t even cross the Hudson River last year. So how is it that New York claims you owe them a pile of cash for state taxes?
Maybe this doesn’t sound terrible; after all, New York’s tax rates don’t differ so dramatically from New Jersey’s. But imagine instead that you took the opportunity provided by telecommuting to move to a “no income tax” state like Texas. Come tax time, you are planning on a big fat nothingburger of a state tax bill. And yet, New York could still claim state tax on your earnings. Now we’re talking a serious—and perhaps completely unplanned—financial hit.
Welcome, telecommuters, to the nightmare that can result when you and the state disagree about “where” you work.
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Trump Taxes: Here’s What’s Next in the Manhattan D.A.’s Investigation
A Supreme Court ruling has paved the way for prosecutors to begin combing through Mr. Trump’s financial records.
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If the check’s not in the mail, you’ll have to get your stimulus money on your taxes.
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Is My Stimulus Payment Taxable? And Other Tax Questions
With tax filing season about to begin, here’s what you need to know.
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The Problem With Using Tax Credits to Fight Poverty
Requiring work in exchange for benefits is an unfair system that doesn’t help the neediest. But that could change.
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You Made Money on GameStop. Here’s What You Need to Know About Taxes.
Some investors may have notched tens of thousands of dollars in profits. Depending on when they sell the stock, they may owe hefty capital gains taxes.
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I.R.S. Pushes Back Start of 2020 Tax Filing Season
The agency will start accepting returns on Feb. 12, about two weeks later than usual. But you still have to file by April 15.
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