HOW IRS ENFORCES TAX LAWS
How irs enforces tax laws. When thinking about how the IRS enforces the tax laws, most people think first and foremost of the dreaded A word, audit. But the IRS has many tools in its arsenal other than audit’s to ensure compliance in the voluntary American tax system. In deciding which tool to ensure fairness […]
BIDEN EYEING HIGHER TAX RATE
Biden eyeing higher tax rate. President Joe BIden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long standing inequality, according to people familiar with the proposal. For those earning $1 million or more, the new top rate, coupled […]
SEVEN TRILLION IN UNCOLLECTED TAXES
Seven trillion in uncollected taxes. That’s according to Treasury Secretary Janet Yellen. That’s the amount over a decade of time that is being uncollected. Her remarks reflect the White House’s resolve to collect taxes from high earners and big firms. The Treasury Secretary said the tax gap could worsen if no additional action is taken. […]
BIDEN DETAILS TRILLION DOLLAR PLAN
Biden details trillion dollar plan. The Biden administration detailed the $1.8 trillion collection of spending increases and tax cuts that seeks to expand access to education, reduce the cost of child care and support women in the work force, financed by additional taxes on high earners. The American Families Plan, as the White House calls […]
MARRIAGE PENALTY FOR SOME
Marriage penalty for some. President Joe Biden is proposing higher taxes on the top 1% to help pay for the $1.8 trillion American Families Plan. But the “marriage penalty” may hit couples earning more than $500,000. Financial experts say tax planning strategies may lessen the sting. The wealthiest Americans may soon face a slew of […]
