Why Billionaires Pay So Little Tax

Leaked documents have reignited a long-simmering debate: Why are the ultrawealthy taxed so differently from those who earn far less?

#audio-neutral-informative, #federal-taxes-us, #high-net-worth-individuals, #internal-revenue-service, #musk-elon, #propublica, #soros-george, #taxation, #united-states, #weisman-jonathan

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Inside the I.R.S. Files of the Ultra-Wealthy

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.

#audio-neutral-informative, #bloomberg-michael-r, #federal-taxes-us, #high-net-worth-individuals, #icahn-carl-c, #income-tax, #internal-revenue-service, #musk-elon, #propublica

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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.

#apollo-global-management, #bain-capital, #biden-joseph-r-jr, #blackstone-group-the, #capital-gains-tax, #carlyle-group-lp, #federal-taxes-us, #government-accountability-office, #high-net-worth-individuals, #income-inequality, #income-tax, #internal-revenue-service, #kirklandellis, #kkrco-lp, #mnuchin-steven-t, #private-equity, #rettig-charles-p, #schwarzman-stephen-a, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #tpg-capital, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #whistle-blowers

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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.

#alternative-minimum-tax, #biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #pro-publica, #propublica, #republican-party, #senate-committee-on-finance, #stocks-and-bonds, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #toomey-patrick-j, #united-states-economy, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron

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Dealing With Our Segregated, Jim Crow Education System

The George Floyd case may represent a milestone of progress in criminal justice. But can we expand this recognition of unfairness and inequity to other spheres?

#black-people, #discrimination, #education, #floyd-george-d-2020, #george-floyd-protests-2020, #humphreys-county-miss, #internal-revenue-service, #segregation-and-desegregation, #supreme-court-us, #tax-credits-deductions-and-exemptions

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US Treasury calls for stricter cryptocurrency rules, IRS reporting for transfers over $10K

President Biden’s vision for an empowered, expanded IRS is poised to have a big impact on cryptocurrency trading.

According to a new report from the U.S. Treasury Department, the administration wants to put new requirements in place that would make it easier for the government to see how money is moving around, including digital currencies. The report notes that cryptocurrencies pose a “significant detection problem” and are used regularly by top earners who wish to evade taxes.

The proposed changes would create new reporting requirements built on the framework of existing 1099-INT forms that taxpayers currently use to report interest earned. Cryptocurrency exchanges and custodians would be required to report more information on the “gross inflows and outflows” of money moving through their accounts. Businesses would also be required to report cryptocurrency transactions above $10,000 under the new reporting requirements.

“Although cryptocurrency is a small share of current business transactions, such comprehensive reporting is necessary to minimize the incentives and opportunity to shift income out of the new information reporting regime,” the report states.

The Treasury Department notes that wealthy tax filers are often able to escape paying fair taxes through complex schemes that the IRS currently doesn’t have the resources to disrupt. According to the report, the IRS collects 99 percent of taxes due on wages, but that number is estimated to be as low as 45 percent on non-labor income, a discrepancy that hugely benefits high earners with “less visible” income sources. The Treasury calls virtual currency, which has some reporting requirements but still operates mostly out of sight in regulatory grey areas, a particular challenge.

“These opportunities are particularly available for those in the top end of the income distribution who can avoid taxes through sophisticated strategies such as offshoring, creating complex partnership structures, or moving taxable assets into the crypto economy,” the Treasury report states.

The report details a multiyear effort to bolster IRS enforcement that would bring in as much as $700 billion in tax revenue over the next 10 years. The proposed changes, if implemented, would go into effect starting in 2023.

#biden, #cryptocurrency, #decentralization, #digital-currency, #financial-technology, #government, #internal-revenue-service, #tax, #tc

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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.

#coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #freelancing-self-employment-and-independent-contracting, #income-tax, #internal-revenue-service, #tax-preparers-and-preparation, #taxation, #unemployment-insurance

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Michael Jackson’s Estate Is Winner in Tax Judge’s Ruling

The decision on the value of Mr. Jackson’s name and likeness will significantly lower his estate’s tax burden from the government’s first assessment.

#celebrities, #decisions-and-verdicts, #federal-taxes-us, #internal-revenue-service, #jackson-michael, #pop-and-rock-music, #sony-music, #sony-atv-music-publishing, #wills-and-estates

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Here’s How to Claim Your Stimulus Payments: File Your Tax Return

Thursday: In addition to three federal stimulus payments, some Californians also qualify for the Golden State Stimulus.

#american-rescue-plan-2021, #california, #coronavirus-aid-relief-and-economic-security-act-2020, #internal-revenue-service, #stimulus-economic

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Justice Dept. Asked to Examine Whether Swiss Bank Kept Helping Tax Dodgers

Credit Suisse had admitted to helping American clients evade taxes in 2014 and was fined $2.6 billion, but it avoided even higher fines because of its vow that it had stopped the practice.

#banking-and-financial-institutions, #credit-suisse-group-ag, #federal-taxes-us, #garland-merrick-b, #internal-revenue-service, #justice-department, #senate-committee-on-finance, #switzerland, #tax-evasion, #united-states-politics-and-government, #wyden-ron

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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.

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #tax-evasion, #tax-shelters, #united-states-economy, #united-states-politics-and-government

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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.

#american-institute-of-certified-public-accountants, #content-type-service, #coronavirus-2019-ncov, #federal-taxes-us, #freelancing-self-employment-and-independent-contracting, #income-tax, #internal-revenue-service, #national-conference-of-cpa-practitioners, #personal-finances, #tax-preparers-and-preparation

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How the Homeless Are Struggling to Get Their Stimulus Checks

Many people living in homeless shelters and on the street have not received the federal stimulus checks they’re entitled to, stymied by misinformation and bureaucracy.

#american-recovery-and-reinvestment-act-2009, #coalition-for-the-homeless, #department-of-social-services, #federal-taxes-us, #homeless-persons, #internal-revenue-service, #manhattan-nyc, #new-york-city, #shutdowns-institutional, #stimulus

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An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers

The I.R.S. believes the American drugmaker used an abusive offshore scheme to avoid federal taxes.

#accounting-and-accountants, #bristol-myers-squibb-company, #corporate-taxes, #federal-taxes-us, #internal-revenue-service, #legal-profession, #pricewaterhousecoopers, #tax-evasion, #tax-shelters, #whitecase

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Stimulus check for less than expected? The I.R.S. says some delays are tied to spousal debts.

Married people who filed their returns jointly may receive their stimulus in two separate installments if their tax return includes something called an injured spouse claim.

#american-rescue-plan-2021, #federal-taxes-us, #internal-revenue-service, #rebates-and-refunds, #stimulus-economic

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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.

#federal-taxes-us, #income-inequality, #income-tax, #internal-revenue-service, #tax-evasion

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I.R.S. Pushes Tax Deadline Back One Month

Filers will have until May 17, according to lawmakers. The extra time is intended to ease the burden on Americans dealing with the economic upheaval caused by the pandemic.

#american-institute-of-certified-public-accountants, #american-rescue-plan-2021, #federal-taxes-us, #internal-revenue-service, #tax-preparers-and-preparation, #taxation

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Treasury Ramps Up Racial Equity Review as It Deploys Relief Funds

The review follows an executive order signed by President Biden requiring federal agencies to pursue racial equity and to support underserved communities in their policies and programming.

#adeyemo-adewale, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #executive-orders-and-memorandums, #internal-revenue-service, #minorities, #race-and-ethnicity, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-mint, #united-states-politics-and-government, #yellen-janet-l

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Stimulus payments start to arrive on Wednesday, although some banks gave people access already.

More payments will be made in coming weeks, including for people who will receive theirs by mail as a check or debit card.

#american-rescue-plan-2021, #biden-joseph-r-jr, #content-type-service, #income, #internal-revenue-service, #personal-finances, #stimulus-economic, #united-states

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Whistle-Blower Says Credit Suisse Helped Clients Skip Taxes After Promising to Stop

A former bank employee contends that the Swiss bank continued to help American clients avoid taxes long after its 2014 plea deal with the U.S. government

#boente-dana-j, #cole-james-m, #credit-suisse-group-ag, #dougan-brady-w, #federal-taxes-us, #high-net-worth-individuals, #internal-revenue-service, #justice-department, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #whistle-blowers, #wray-christopher-a

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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.

#content-type-service, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #income-tax, #internal-revenue-service, #personal-finances, #rebates-and-refunds, #stimulus-economic, #tax-credits-deductions-and-exemptions, #tax-preparers-and-preparation, #unemployment-insurance

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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.

#content-type-service, #coronavirus-2019-ncov, #families-and-family-life, #income-tax, #internal-revenue-service, #rebates-and-refunds, #tax-credits-deductions-and-exemptions, #tax-preparers-and-preparation

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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.

#content-type-service, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #fines-penalties, #income-tax, #individual-retirement-accounts, #internal-revenue-service, #personal-finances

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If the check’s not in the mail, you’ll have to get your stimulus money on your taxes.

#content-type-service, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #income-tax, #internal-revenue-service, #stimulus-economic

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The IRS Is Now Accepting 2020 Tax Returns

Millions of people received stimulus payments and unemployment assistance last year — but they are treated differently for tax purposes.

#content-type-service, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #internal-revenue-service, #unemployment-insurance

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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.

#biden-joseph-r-jr, #content-type-service, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #income-tax, #internal-revenue-service, #personal-finances, #stimulus-economic, #tax-preparers-and-preparation, #unemployment-insurance

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Democrats to Unveil Up to $3,600 Child Tax Credit as Part of Stimulus Bill

The credit would send monthly payments to millions of Americans under certain income thresholds for a year starting in July.

#biden-joseph-r-jr, #children-and-childhood, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #families-and-family-life, #house-of-representatives, #internal-revenue-service, #law-and-legislation, #poverty, #stimulus-economic, #tax-credits-deductions-and-exemptions, #taxation, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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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.

#content-type-service, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #income-tax, #internal-revenue-service, #rebates-and-refunds, #rettig-charles-p, #tax-preparers-and-preparation

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‘It Was a Joke’: Some Small Businesses Got $1 Relief Loans

Sole proprietors were eligible for loans under the Paycheck Protection Program only if they were profitable, but many got tiny loans because of the way rules were written.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #internal-revenue-service, #small-business, #small-business-administration, #stimulus-economic

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Stimulus Payment Delayed? You May Need to Claim It on Your Tax Return

Payments must be sent by the government by Jan. 15, the I.R.S. said. If yours isn’t sent by then, you’ll have to claim it as a rebate on your 2020 taxes.

#federal-taxes-us, #income-tax, #internal-revenue-service, #stimulus-economic, #tax-preparers-and-preparation

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There’s a Way Biden Can Raise More From the Rich Without Higher Taxes

Increased spending to enforce the existing tax code would pay for itself and then some.

#biden-joseph-r-jr, #income-tax, #internal-revenue-service, #tax-credits-deductions-and-exemptions, #tax-evasion, #tax-shelters, #trump-donald-j

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Making Financial Decisions When You Don’t Have All the Facts

The president-elect is considering tax changes that could affect stock sales, selling a family business and leaving money to heirs. But we still don’t know how much he’ll be able to do.

#biden-joseph-r-jr, #capital-gains-tax, #content-type-service, #family-business, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #presidential-election-of-2020, #united-states-politics-and-government, #wills-and-estates

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Trump Tax Write-Offs Are Ensnared in 2 New York Fraud Investigations

Inquiries into the president and his businesses, one criminal and one civil, are now looking at tax deductions taken on consulting fees. Some of the payments appear to have gone to Ivanka Trump.

#clifford-stephanie-1979, #cohen-michael-d-1966, #income-tax, #internal-revenue-service, #james-letitia, #tax-evasion, #trump-organization, #trump-tax-returns, #trump-donald-j, #trump-donald-j-foundation, #trump-eric-f-1984, #trump-ivanka, #vance-cyrus-r-jr

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Why 3rd Grade Matters

Well, many reasons. But Harvard economist Raj Chetty says that’s the age at which America’s “Einsteins” are identified — and lost.

#biden-joseph-r-jr, #charlotte-nc, #chetty-raj, #education, #harvard-university, #income-inequality, #india, #internal-revenue-service, #social-media, #united-states

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Biden and Surrogates Hit Trump on Taxes in Closing Argument

“Why should you pay more taxes than Donald Trump?” Joseph R. Biden Jr. asked as he took aim at the president’s taxes and tax policy.

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #harris-kamala-d, #house-of-representatives, #income-tax, #internal-revenue-service, #mcconnell-mitch, #national-debt-us, #obama-barack, #presidential-election-of-2020, #sanders-bernard, #senate, #trump-tax-returns, #trump-donald-j

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Trump’s Philanthropy: Big Tax Write-Offs and Claims That Don’t Always Add Up

Hidden financial records cast doubt on a number of his charitable commitments and show that most of his giving came from land deals that offset his income.

#appraisals-and-valuation-property, #comedy-central, #cushmanwakefield-inc, #federal-taxes-us, #income-tax, #internal-revenue-service, #james-letitia, #land-use-policies, #parks-and-other-recreation-areas, #philanthropy, #presidential-election-of-2020, #qaddafi-muammar-el, #trump-organization, #trump-tax-returns, #trump-donald-j

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U.S. Brings ‘Largest Ever Tax Charge’ Against Tech Executive

Federal prosecutors said Robert T. Brockman had used a web of entities based in Bermuda and Nevis, as well as secret bank accounts in Bermuda and Switzerland, to hide $2 billion in income from the I.R.S.

#brockman-robert-t, #federal-taxes-us, #internal-revenue-service, #smith-robert-f-1962, #tax-evasion, #tax-shelters, #vista-equity-partners

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Who’s the Tax Cheat: The Lady in Jail or the Man in the White House?

Donald Trump knows that taxes are for the poor.

#cheating, #federal-taxes-us, #high-net-worth-individuals, #humphreys-county-miss, #income-tax, #internal-revenue-service, #tax-credits-deductions-and-exemptions, #tax-evasion, #trump-donald-j, #united-states-politics-and-government

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The I.R.S. Is Outgunned

The agency doesn’t have the resources to battle the tax lawyers of the ultrarich. Trump’s returns are just one example of how little the wealthy pay.

#corporate-taxes, #corporations, #federal-taxes-us, #income-inequality, #internal-revenue-service, #tax-evasion, #trump-tax-returns, #united-states, #united-states-politics-and-government

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Trump Deflects Questions About Taxes, but First Debate Has a New Issue

While the president’s Republican allies generally kept their silence, Democrats pounced and former Vice President Joseph R. Biden Jr., the party’s presidential candidate, posted a video noting that the president paid less in income taxes than everyday Americans.

#biden-joseph-r-jr, #debates-political, #democratic-party, #federal-taxes-us, #income-tax, #internal-revenue-service, #presidential-election-of-2020, #republican-party, #trump-donald-j, #united-states-politics-and-government

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Does Donald Trump Need a Bailout?

Maybe that’s why he sucks up to Putin.

#disloyal-a-memoir-the-true-story-of-the-former-personal-attorney-to-president-donald-j-trump-book, #federal-taxes-us, #florida, #internal-revenue-service, #putin-vladimir-v, #rage-book, #tax-evasion, #trump-tower-manhattan-ny, #trump-donald-j, #united-states, #united-states-international-relations, #united-states-politics-and-government

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The Picture of a Broken Tax System

Donald Trump’s tax returns illustrate the profound inequities of the tax code and the shambolic state of federal enforcement.

#federal-taxes-us, #income-tax, #internal-revenue-service, #tax-evasion, #taxation, #trump-donald-j

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Tips on Spending the Money in College Savings Accounts

Funds in 529 plans grow tax free and can be withdrawn tax free if they’re spent on eligible education expenses. But there is some fine print.

#529-savings-plans, #colleges-and-universities, #content-type-service, #federal-taxes-us, #financial-aid-education, #internal-revenue-service, #personal-finances, #tax-credits-deductions-and-exemptions

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Will Trump’s Executive Directives Provide Relief?

Because Congress controls federal spending, at least some of the measures will almost certainly be challenged in court. Or they may become moot if Congress reaches a deal.

#coronavirus-aid-relief-and-economic-security-act-2020, #cuomo-andrew-m, #evictions, #executive-orders-and-memorandums, #federal-emergency-management-agency, #federal-taxes-us, #internal-revenue-service, #layoffs-and-job-reductions, #mnuchin-steven-t, #payroll-tax, #pelosi-nancy, #personal-finances, #states-us, #student-loans, #treasury-department, #trump-donald-j, #unemployment-insurance, #united-states-politics-and-government, #wages-and-salaries

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Filing Your Taxes Deadline: Questions and Answers for July 15th

“It’s just like April 15, but in July.” Here’s what you need to know. And if you’re owed a refund, be prepared to wait: The I.R.S. has a huge backlog.

#aarp, #american-institute-of-certified-public-accountants, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #income-tax, #internal-revenue-service, #personal-finances, #rebates-and-refunds, #shutdowns-institutional, #tax-foundation, #tax-preparers-and-preparation

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Americans Must Know if Their President Is a Crook

The public’s interest in access to Donald Trump’s or any president’s tax filings depends on strong reform legislation from Congress.

#federal-taxes-us, #internal-revenue-service, #law-and-legislation, #nixon-richard-milhous, #presidents-and-presidency-us, #senate, #suits-and-litigation-civil, #supreme-court-us, #taxation, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government

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Trump on Releasing His Tax Returns: From ‘Absolutely’ to ‘Political Prosecution’

The Supreme Court’s decision adds another twist in a yearslong debate over whether the president should release his tax returns.

#federal-taxes-us, #income-tax, #internal-revenue-service, #presidential-election-of-2016, #supreme-court-us, #tax-evasion, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government

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In the Supreme Court’s Trump Tax Ruling, Voters Lose

The justices reiterated that no president is above the law, but voters still won’t see his taxes before November.

#alito-samuel-a-jr, #clinton-bill, #elections-district-attorneys, #federal-taxes-us, #income-tax, #internal-revenue-service, #mazars-usa, #nixon-richard-milhous, #presidential-election-of-2020, #roberts-john-g-jr, #subpoenas, #supreme-court-us, #thomas-clarence, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr

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Fraudulent Covid Antibody Tests? FBI Warns of Scammers, Identity Theft

Scammers are out to get personal information that could lead to identity theft.

#centers-for-disease-control-and-prevention, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-bureau-of-investigation, #federal-trade-commission, #food-and-drug-administration, #frauds-and-swindling, #health-insurance-and-managed-care, #identity-theft, #internal-revenue-service, #medicare, #national-institutes-of-health, #tests-medical

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Projects to Stash Carbon Dioxide Underground Get a Boost

The government, after years of delays, is finally clarifying rules on tax breaks for companies that use carbon capture to fight climate change.

#carbon-capture-and-sequestration, #carbon-dioxide, #coal, #environment, #farmington-nm, #federal-taxes-us, #global-warming, #greenhouse-gas-emissions, #internal-revenue-service, #new-mexico, #tax-credits-deductions-and-exemptions, #united-states-politics-and-government

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