Taxes

From July to December, the IRS delivered advanced payments of the 2021 expanded child tax credit (CTC) to the families of over 61 million children. Most received half of their credit but will need to file a tax return to get the rest. However, a new Urban Institute survey finds that some eligible families, especially

Given the exceptional circumstances of the Russian invasion of Ukraine, all weapons at our disposal are likely to be scrutinized, including changes in tax law. Should the United States terminate its treaty with Russia? And should the United States deny tax credits for income taxes paid to the Russian government? To the tax community already

California proposed a new tax to take effect in 2023 that could collect billions in taxes. The bill was introduced by Assemblymember Alex Lee of San Jose. This isn’t an income tax at all, it would be America’s first bona fide wealth tax. It would tax households worth more than $50 million with a 1%

Syndicated Conservation Easement (SCE) products aren’t produced in vacuums. There are teams of people constructing and assembling a variety of documents that support each fund’s capital raise. In the past, if one of those procedural links failed it was treated independently from the others. What this conspiracy case tells us is moving forward, is that

There’s great economic news in the just-released February employment report—638,000 new jobs, a 3.8% unemployment rate, and average weekly earnings up by 5.4% over the past year. But many Americans have a sour, negative view of the economy. Why the disconnect? The aggregate US economy is almost back to pre-pandemic levels, in significant part because

A lot of inherited IRA owners are in for a surprise. In a switcheroo, the Treasury Department has reinstated annual required minimum distributions for most folks who’ve recently inherited Individual Retirement Accounts, according to proposed regulations released late last month that interpret the 2019 retirement law known as the SECURE Act. IRA experts are still

Virginia’s efforts to subsidize a stadium and mixed-use commercial development for Dan Snyder and his Washington Commanders NFL football team would be a foolish waste of taxpayer money. But an attempt by three Democratic Members of Congress to block the funding scheme is misguided and short-sighted. The bill, introduced by Representatives Jackie Speier (D-CA), Earl

Reactions to President Biden’s State of the Union address focused on his call to action against Russian aggression in Ukraine.  But the President also emphasized the economy, and while noting where we need to do more, he emphasized the economy’s strength since he took office—what economist Noah Smith has called the “Biden boom.” Biden told us “Our economy

In the latest installment of In the Pages, Robert Goulder of Tax Notes and Jasper L. Cummings, Jr., an attorney based in Raleigh, North Carolina, discuss the importance of tax secrecy and whether it’s truly needed.  This transcript has been edited for length and clarity. Robert Goulder: Hello, everyone. I’m Bob Goulder, a contributing editor with Tax Notes. Welcome

If Putin stays his course, Russia will, at one extreme, become Iran economically speaking. Or it may find that its only major trading partner is China, turning Mother Russia into China’s baby. Putin still has a way out. He can cease fire and negotiate for something both side can agree. Vladimir Putin has landed himself

In an appeal to the Ninth Circuit an “innocent spouse” drew support from the Center For Taxpayer Rights and The Federal Tax Clinic At the Legal Services Center Of Harvard Law School in the form of an Amicus Brief. That didn’t do trick. In its opinion, the Ninth Circuit confirmed the Tax Court decision that

Professor Adam Crepelle of the George Mason University Antonin Scalia Law School discusses the complicated tax relationship between U.S. states and Native American tribes. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: tribal taxation. The relationship

As President Joe Biden (D) makes his journey down Pennsylvania Avenue for his first State of the Union (SOTU) address, millions of Americans will be listening keenly to hear what solutions he lays out for curbing inflation and getting the country out of the pandemic. One of those Americans will be Adam Layne, the newly

Last week Sen. Rick Scott, R-Fla., released an 11-point plan to “Rescue America” that featured at least one provocative tax proposal. “All Americans should pay some income tax to have skin in the game, even if a small amount,” Scott declared. “Currently over half of Americans pay no income tax.” At least one of Scott’s GOP colleagues in the

Despite experiencing record levels of output and job growth during the first year of the Biden presidency, rising prices are casting a shadow over the economy. Inflation over the last 12 months was higher than at any point in the last 40 years and has outstripped wage gains for many workers across the income distribution.

Today’s Social Security column addresses questions about how retirement benefits accrue both cost of living adjustments and delayed retirement credits, the ability to suspend a retirement benefit and potential effects of having no income before filing. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

Now that the Biden administration has resurrected decades-old Superfund excise taxes on dozens of chemicals and hazardous substances, the countdown is on for the IRS to release highly anticipated rules before the taxes start July 1. In the meantime, chemicals industry groups are lobbying for the agency to ease taxpayers into the new regime. Some,

Sen. Rick Scott (R-FL), who chairs the National Republican Senatorial Committee, has proposed an 11-point plan to “Rescue America” including this: “All Americans should pay some income tax to have skin in the game, even if a small amount. Currently over half of Americans pay no income tax.” The Tax Policy Center estimates that achieving

Today’s Social Security column addresses questions about the ways delaying filing until 70 can increase your retirement benefit rate, effects of early retirement benefits on later spousal benefits and when the WEP does and does not apply. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security

The value of interstate tax competition, that is, the use of tax incentives, has always been a point of contention among economists and government officials. Economist Milton Friedman, a free-market advocate who propounded that the government’s appetite for revenue was insatiable and will unproductively consume whatever revenue it can grab, believed that any means — like