INFLATION ACT WOULD HELP DRUG PRICES

Inflation act would help drug prices. The now under consideration “Inflation Reduction Act” has one component that the large majority of Americans overwhelmingly support, negotiating the price of drugs for the American people. The United States is one of the only developed countries in the world that does not do that for its people. In […]

SUPREME COURT TO HEAR FBAR PENALTY CASE

Supreme Court to hear fbar penalty case. The U.S. Supreme Court has decided to hear, or in the Court’s words grant “Certiorari” to Alexandru Bittner’s case. He is a Romanian-American business person who was held liable for $2.72 million in penalties for failing to file Financial Crimes Enforcement Network (FINCEN) forms 114, Report of Foreign […]

SHOULD MARRIED COUPLES FILE JOINTLY

Should married couples file jointly. A choice is given to married couples at tax time, to file jointly or separately. Most married people automatically file joint returns because they can get a lower tax rate, but some situations exist where filing a joint return would in fact be better. Some of the reasons to file […]

PRINTING MONEY FOR STIMULUS PROPOSALS

Printing money for stimulus proposals. When the economy was going down the toilet, due to the COVID pandemic, back in the spring, the government had to decide whether to put stimulus money into the economy to jump start the economy. Since the cost of inaction, lost tax revenue, due to lost jobs and business failures, […]

TAX RELIEF SPENDING AND THE DEBT

Tax relief spending and the debt. The federal government plans to spend historic sums to battle the economic fallout from COVID-19.  Over the past two months, Congress has approved some $2.4 trillion to combat the coronavirus crisis and the resulting financial fallout. Billions to bail out industries. Billions to bailout small businesses. Billions to boost […]

WILL BIDEN CHANGE YOUR RETIREMENT PLANS

Will biden change your retirement plans. It’s an election year and you know what that means: Proposals are cropping up from both sides of the aisle that promise to make your life easier. One, supported by the Biden-Harris ticket, is a change to the tax rules for 401 (k) retirement plans. Given that roughly half […]

BYE CALIFORNIA HELLO RESIDENCY AUDIT

Bye California hello residency audit. Californians like to complain about high taxes, and who can blame them ? California may have more millionaires and billionaires, but the tax cost of livin in the Golden State has always been high. The current top rate 13.3%–which is the same on ordinary income and capital gain–dates from 2012. […]

WILL TRUMP’S ECONOMY FOLLOW BUSH’S

Will Trump’s economy follow Bush’s. That idea seems to be popping up in media circles these days, with many noted economists stating the short term economic boost provided by the Tax Cuts and Jobs Act may fade away, leaving us with larger deficits to deal with down the road. The comparison is the George W. […]