When the U.S. government sold the income tax to the public in the 1940s, its message obscured the tax’s limited application and coercive nature. It promoted the tax as a mass tax through popular culture, forgoing government officials as promoters. Sen. Elizabeth Warren, D-Mass., has done the opposite in messaging her wealth tax proposal. Getty
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COLUMBUS, OH – OCTOBER 26: Chase Young of the Ohio State Buckeyes pressures the quarterback against … [+] the Wisconsin Badgers (Photo by Jamie Sabau/Getty Images) Getty Images Late last month, the NCAA said college athletes could get paid for the commercial use of their likenesses or names, though it appeared to limit the compensation.
Share to facebook Share to twitter Share to linkedin Democrats are trying to get ahold of Donald Trump’s tax returns though several difference legal … [+] channels. Photo by Alex Wong/Getty Images Topline: A federal appeals court on Wednesday rejected a last-ditch effort by President Donald’s Trump’s lawyers to shield his financial records from Congress,
The IRS wants us to know that it is getting really serious about abuse in the area of the syndication of conservation easements. IR-2019-182 issued on November 12 tells us: “The Internal Revenue Service announced today a significant increase in enforcement actions for syndicated conservation easement transactions, a priority compliance area for the agency. Financial
Close up of a happy senior man using a laptop at home Getty I’m going to show you my favorite (perfectly legal) way to pay 0% tax on your dividend income. To show you the big savings this could mean, let’s look at two fictional investors who are nearing retirement: Jane and Janet. We’ll assume
Getty Winston Shrout has been apprehended. The former fugitive and tax fraud promoter had been on the run from law enforcement for months, but he was caught in Arizona this month by the U.S. Marshals Service. Shrout, 70, was convicted in April 2017 on six misdemeanor counts of willful failure to file tax returns and 13
Share to facebook Share to twitter Share to linkedin The investigation finds that recruiting Tesla comes at a price. David Calvert/The Washington Post via Getty Images Topline: While states often compete to attract thousands of new tech jobs, a USA Today investigation uncovered a host of issues—from workplace injuries to housing shortages—at Tesla’s Nevada Gigafactory
“Changes ahead” traffic sign in city Getty Coming soon to an Opportunity Zone investment near you: information reporting, and possibly much more of it. Two Democratic lawmakers released their visions for what investors and qualified opportunity funds should report to the IRS on November 6. QOFs and their investors should pay attention. The Opportunity Zone regime, which
Share to facebook Share to twitter Share to linkedin There are at least seven separate, ongoing efforts to surface Trump’s financial records. Photo by Chip Somodevilla/Getty Images (Updated: 2:44 p.m. EST, 11/11/2019) Topline: A federal judge dismissed a lawsuit Monday filed by President Trump in Washington D.C’s district court to prevent Congress from obtaining his
Share to facebook Share to twitter Share to linkedin The billionaire investor and Shark Tank host didn’t hold back. Steven Ferdman/Getty Images Topline: Famed investor and Shark Tank host Mark Cuban became the latest billionaire to criticize Elizabeth Warren’s proposed wealth tax in a series of tweets over the weekend, calling her the “smartest of
Share to facebook Share to twitter Share to linkedin Dimon criticized wealth inequality but avoided questions about his salary. Scott Olson/2017 Getty Images Topline: JPMorgan Chase CEO Jamie Dimon admitted in a recent interview that wealth inequality is a big problem in the U.S., but while the billionaire again criticized Warren and others for going
The recent Tax Court decision Coal Property Holdings is a good illustration of Reilly’s Fourth Law of Tax Planning – Execution isn’t everything but it’s a lot. This is a conservation easement syndication deal and the facts indicate that it is on the questionable side. “In September 2013 Coal Property Holdings, LLC (Coal Holdings), acquired
NEW YORK, NY, The Maybach S650 by Mercedes-Benz at the New York International Auto Show. (Photo by … [+] Michael Brochstein/SOPA Images/LightRocket via Getty Images) LightRocket via Getty Images Democratic presidential hopeful Elizabeth Warren has proposed a number of new taxes on high-income households. Add them up and many of the very wealthiest could pay
Tax Notes Talk podcast is a weekly discussion of cutting-edge developments in tax, including up-to-the-minute changes in federal, state, and international tax law and regulations. You can listen to Tax Notes Talk on iTunes, Spotify, Google Play and on the Tax Notes website. The podcast episode’s transcript below has been edited for length and clarity. Barbara
Economic Security Planning, Inc. Today’s column addresses benefit estimates on Social Security statements, switching to spousal after retirement benefits, the earnings test and survivor’s benefits, Medicare qualification and the possibility and advisability of filing retroactively for spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic
Single millennials should pay attention to these key considerations while navigating open … [+] enrollment. Getty Images It’s open enrollment season for workplace benefits. You’ll soon be getting a notice from HR, or maybe you already have. If you’re young, single and healthy, it’s tempting to skip reading all that fine print. Just sign up
Receiving a Pension Buyout Offer may feel like you’ve won the lottery. But make smart choices to … [+] help ensure you have a financially secure retirement. PA Images via Getty Images Pensions were once the cornerstone of a secure retirement. They provided a retirement income you could not outlive. Today, pension plans are being
On November 7, 2019, the IRS released long-awaited Proposed Regulations to update to the life expectancy tables that both retirement account (i.e., IRA, 401(k), 403(b), TSP) owners and beneficiaries use to calculate Required Minimum Distributions (RMDs). The tables have not been updated since Final Regulations were released by the IRS back in April of 2002,
Share to facebook Share to twitter Share to linkedin This time, though, the two might actually talk. Michael Cohen/Getty Images for The New York Times Topline: Bill Gates became the latest among a slew of billionaires to express skepticism over Senator Elizabeth Warren’s wealth tax on Wednesday, sparking a twitter conversation between the two, in
Getty The Internal Revenue Service (IRS) has announced the annual inflation adjustments for the year 2020, including tax rate schedules, tax tables and cost-of-living adjustments. These are the numbers for the tax year 2020 beginning January 1, 2020. They are not the numbers and tables that you’ll use to prepare your 2019 tax returns in 2020 (you’ll find them here). These