Taxes

Today on the Hill. The Senate Finance Committee is likely to send to the full Senate the nomination of former Federal Reserve Chair Janet Yellen to be Treasury Secretary. Despite some Republican  concerns about President Biden’s proposed levels of federal spending, Yellen is likely to win bipartisan support on the panel.  No gas tax down
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getty The three-martini lunch has been getting a lot of attention lately, thanks mostly to President Trump. For much of the last year, the president has been urging lawmakers to restore the tax deduction for business meals (and libations) to its former glory. And after months of spirited debate, he’s gotten his way, thanks to the recently enacted
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Capitalism produces a dizzying array of products and, in the process, generates an enormous amount of wealth. But capitalism creates a problem in that the gains from economic activity have become increasingly concentrated in a sliver of the population. Even before the COVID-19 pandemic, half of the population had seen little increase in real wages
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getty Retired IRS economist Kim Bloomquist discusses his findings of geographic — and perhaps race and class — bias in the tax agency’s selection of audits. This post has been edited for length and clarity. William Hoffman: Welcome to Tax Notes Talk, Kim Bloomquist. Kim Bloomquist: Thank you for inviting me. William Hoffman: You worked for the IRS for 20 years
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It was fascinating to watch Treasury-secretary designate Janet Yellen and several Republican members of the Senate Finance Committee dance their delicate deficit dance at Yellen’s confirmation hearing yesterday. For her part, Yellen had to pitch President Biden’s willingness to “act big” with substantial new spending programs that would add trillions of dollars to the $20
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WASHINGTON, DC – JANUARY 19: Janet Yellen, President-elect Joe Biden’s nominee for Secretary of the … [+] Treasury, participates remotely in a Senate Finance Committee hearing. (Photo by Anna Moneymaker-Pool/Getty Images) Getty Images It was fascinating to watch Treasury-secretary designate Janet Yellen and several Republican members of the Senate Finance Committee dance their delicate deficit
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Largely as a consequence of the pandemic, trillions of dollars have been flowing out of the Treasury’s coffers. The Congressional Budget Office (CBO) projects the federal budget deficit for 2020 alone will exceed $3 trillion, three times higher than pre-pandemic estimates. Meanwhile, President-elect Joe Biden has suggested that trillions of dollars more should be spent
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Supporters of US President Donald Trump, including Jake Angeli (C), a QAnon supporter known for his … [+] painted face and horned hat, enter the US Capitol on January 6, 2021, in Washington, DC. – Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. (Photo by
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Economic Security Planning, Inc. Today’s column addresses questions about whether to take a survivor’s benefit before a retirement benefit delayed until 70, how Canadian pensions can affect US Social Security benefits and how Social Security verifies marriages. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security
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Internal Revenue Service sign with a traffic signal in the foreground indicating a red light. getty One of my least favorite ideas is hiring private collection companies to collect federal taxes. So I was really intrigued by the second biannual report by the Treasury Inspector General For Tax Administration (TIGTA) on the program. Is IRS
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Having been a return-preparing tax professional for the last 40+ years, I annually prepare a top-ten list of concerns about the filing season ahead. Earlier today IRS Commissioner Rettig announced that the upcoming filing season start date will be delayed. IRS will begin accepting tax returns on February 12. I can almost hear the groans across this country
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President-elect Joe Biden proposed a new $1.9 trillion pandemic relief plan last night that would substantially cut taxes for low- and moderate-income households, especially those with children, and provide more than $600 billion in aid to state, local, and tribal governments. Biden’s plan would compete with the Coronavirus Aid, Relief, and Economic Security (CARES) Act
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