Taxes

The American Families Act — Biden’s new spending proposal covering paid leave, child benefits, childcare subsidies, tuition-free community college, and more, but lacks one component progressives had been calling for: an expansion of Medicare, in terms of benefits provided and age eligibilities. Here’s an excerpt from yesterday’s Washington Post: “Congressional Democrats are planning to pursue

In this installment of Willis Weighs In, Tax Notes contributing editor Benjamin M. Willis talks with Anthony J. Nitti, partner at RubinBrown LLP, about the court cases that make up the foundation of tax law. Here are a few highlights from their discussion, edited for length and clarity. Willis: We are here today to talk about something

More than one year into the Covid-19 pandemic, we are seeing stronger signs of economic recovery.  And although the pandemic may be inducing some real changes in the American economy, its biggest impact is acceleration and deepening of pre-pandemic trends, especially inequality. Wednesday’s new estimated GDP figures confirm the overall economic rebound.  In the first quarter of

The Canada Revenue Agency recently won its first cryptocurrency-related customer data request — a request involving Coinsquare, the country’s largest cryptocurrency exchange. Under the order, Coinsquare must turn over personal and transactional information about its largest users, which captures about 5 to 10% of its customer base. In many ways, the CRA is following in the footsteps of the IRS, which in 2016

Today’s column addresses questions about when delayed retirement credits are applied to retirement benefits, whether suvivor’s benefits from a foreign country will affect Social Security benefits and becoming eligible for Social Security benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets

This episode of What’s Ahead points out how the tax proposals President Biden outlined in his national address will hurt, not help, the economy. If enacted, they will turn into political poison for the Democrats. A doubling of the capital gains levy will shrink Uncle Sam’s revenue, as people will be more inclined to hold

Heirs and hedge fund managers might take a hit, but tens of millions of families and lower-paid young singles will come out ahead with fatter tax credits. President Biden will lay out his $1.8 trillion American Families Plan on Wednesday in his first address to a joint session of Congress on the eve of his

My passions in life include family, cooking, board games, taxes, and small businesses. However, sometimes small businesses struggle to be heard by Congressional leadership is over lobbyists for large multinational corporations. After all, if I am operating a small business in Upstate New York what is the best way to make sure my view is heard with

With more than 50% of the U.S. population having at least one Covid-19 vaccination, we are starting to see the outlines of a post-pandemic economy.  For all of the virus’ deadly effects (including horrific death rates in India and elsewhere), we are seeing a stronger economic recovery, fueled in part by President Biden’s $1.9 trillion stimulus.  But the President wants to

In the latest episode of Tax Notes Talk, David Thompson of the National Council of Nonprofits talks about how tax policy affects tax-exempt organizations and tax issues on the nonprofit industry’s radar today.  The post has been edited for length and clarity. Fred Stokeld: I’m here today talking with David Thompson, vice president of public policy

Today’s column addresses questions about how stopping work before claiming a Social Security retirement benefit can affect the benefit amount, divorced spousal benefits and the family maximum that can be claimed on a single record and how the Government Pension Offset (GPO) is applied. Larry Kotlikoff is a Professor of Economics at Boston University and

This segment of What’s Ahead goes over the reasons that doubling the capital gains tax—as proposed by the Biden administration—would hurt everyone, not just the rich. The economy stagnates without new investment. Investing is risky. Most new businesses fail within a few years of inception. If government severely taxes the rare successes, guess what? Investments

Topline National Economic Council director Brian Deese on Monday defended President Biden’s proposal to nearly double the tax rate on long term capital gains and qualified dividends received by investors earning more than $1 million annually, emphasizing that only a small fraction of American households would see their tax treatment change if the plan were

As the U.S. economy recovers from the disruption and damage of Covid-19, the Internal Revenue Service is struggling through a filing season unlike any other in history. The agency is under tremendous strain thanks to the enormous extra burden associated with sending out three rounds of stimulus checks; coping with other pandemic-related changes to the

There are plenty of different categories at the Academy Awards, and not all celebs come away with awards or even gifts. Some get swag worth $60,000, but top nominees get a jam-packed gift bag worth $205,000. There’s a long tradition of gifts at the Oscars and with good reason. Companies pay promoters to place their

Topline As President Joe Biden enters the final stretch of his first 100 days in office, he’s still garnering approval from a majority of Americans—and faring better than his predecessor—but an overwhelming majority of voters are still concerned about the economy as concerns over gun laws and immigration also come to the fore, according to

Today’s column addresses questions about whether child benefits will be reduced if the record holder filed early for their own retirement benefit, whether investing in stocks and cryptocurrency count as earnings and whether collecting early divorced spousal benefits reduce later retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

Early last month, President Biden met with a group of prominent historians, seeking their guidance on how to build a transformative presidency.  Axios described the two-hour session as a “for-the-history-books marker of the think-big, go-big mentality that pervades his West Wing.” Biden peppered his guests with questions about America’s most consequential presidents: George Washington, Abraham Lincoln, Lyndon Johnson, and the like. But one

In the game of tax chicken that is the 2021 filing season the IRS has swerved, albeit involuntarily, again. Despite repeatedly doubling down on the stance that first quarter estimated tax payments were due on April 15, the latest in a series of IRS system glitches has caused payments for many taxpayers not to be

Every so often I focus on what seems, from personal experience, to represent customer “support” bordering on consumer fraud. Reasonable customer service is part and parcel of what one is purchasing from our increasingly small number of mammoth retail companies. As those who read my Forbes columns know, I generally write about issues of general