Tag: Federal Taxes (US)

Elizabeth Warren Wants a Wealth Tax. How Would That Even Work?

When the United States government wants to raise money from individuals, its mode of choice, for more than a century, has been to tax what people earn — the income they receive from work or investments. But what if instead the government taxed the wealth you had accumulated? That is the idea behind a policy […]

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In Amazon Fight, Progressives Showed What They Want: A New Economic Agenda

The political opposition that prompted Amazon to walk away from building a corporate headquarters in New York City featured a touchstone of the progressives’ economic agenda: ending tax policies that unfairly reward and pamper the wealthy. But it also exposed a political vulnerability, leaving unclear what alternative strategy they are offering to encourage growth and […]

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A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It

The average tax refund is usually a couple of thousand dollars, but a man in Florida who earned less than $3,500 mistakenly received a check for a much higher amount: $980,000. How? He filed his taxes. The man, 29-year-old Ramon C. Blanchett, filed a 2016 income tax return in February 2017 that included a W-2 […]

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Watch Out. Tax Season Is Even More Stressful Than Usual.

Take a deep breath, a drink, whatever calms you: It’s tax season. If you have already filed your return and received a satisfying refund, congratulations! You are a lucky person, because many people are having a hard time this year. Oddly, much of the pain comes from a shift that might seem pleasant: sweeping changes […]

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your taxes 2019: All Talk, Little Action: What to Expect on Tax Policy This Year

There was a brief period this month when it seemed that the midterm elections, which delivered control of the House to Democrats, might immediately shake up Americans’ income tax bills. That sense of urgency lasted half a day. On Feb. 7, newspapers reported that President Trump had said he was “open” to easing a tax […]

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The Federal Debt Is Rising. Concern Is Not.

WASHINGTON — The federal debt ticked past $22 trillion this week, a record that comes despite continued economic growth, but neither political party appears to be making a priority of debt reduction. Larry Kudlow, the director of President Trump’s National Economic Council, said on Thursday that the president was “concerned” about the rise of the […]

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Europe Flags American Territories in ‘Dirty Money’ List, Deepening Rift With U.S.

FRANKFURT — The United States assailed the European Union on Wednesday for adding American territories to its “dirty money” list, opening a new rift in a relationship that has grown increasingly fractious amid disputes over trade and Iran sanctions. Four United States territories, including Puerto Rico, were added to a money laundering blacklist that will […]

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your taxes 2019: The 8 Most Common 2019 Tax Return Questions, Answered by Experts

Some level of bafflement attends tax-filing season every year. But in 2019, as Americans examine their returns for the first time under the full effect of the sweeping new Republican tax law, the situation is the most cryptic in memory. Some tax breaks have been erased or capped, while others have been expanded or introduced. […]

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Your Taxes 2019: They’re Rich and They’re Mad About Taxes (Too Low!)

Stephen Prince was aboard the Silver Whisper, a luxury cruise ship docked in French Polynesia, sipping his morning coffee from sparkling china as he lamented a tax break that was about to save him millions of dollars. The founder of a private company that makes plastic gift cards, Mr. Prince is among the wealthy elite […]

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Smaller Tax Refunds Surprise Those Expecting More Relief

The tax preparers at H&R Block had a new class before their busy season started this year: empathy training. They listened to a mock exchange between an employee and a customer whose refund would not just shrink but disappear. The ficticious client had received a $1,500 refund last year, but this year would owe $575. […]

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The Government Shutdown Made the I.R.S. Even More Frustrating to Deal With

WASHINGTON — A record shutdown of the United States government resulted in a “shocking” number of taxpayers’ calls to the Internal Revenue Service going unreturned or being left to languish on hold for unusually long periods, according to a government audit released on Tuesday. The audit, by the office of the National Taxpayer Advocate, shows […]

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Democrats, Debt and Double Standards

Much of Donald Trump’s State of the Union address was devoted to describing the menaces he claims face America — mainly the menace of scary brown people, but also the menace of socialism. And there has been a lot of discussion in the news media of what he said on those topics. There has, however, […]

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Your Grandchildren Are Already in Debt

Medicare for All. The Green New Deal. Free college tuition. With each new entrant into the Democratic presidential sweepstakes comes a fresh cascade of ambitious social programs to entice and excite would-be supporters. The list of “payfors,” to use a bit of Washington jargon, grows more slowly. They’ll pay for this how, again? Tax the […]

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Trump’s Nightmare Opponents

A few weeks ago, the pollsters at Monmouth University asked Democrats across the country to choose between two different kinds of nominees. One was a candidate whom the voter agreed with on most issues but who might struggle to beat President Trump. The other was the reverse — a strong candidate with different views from […]

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For Democrats Aiming Taxes at the Superrich, ‘the Moment Belongs to the Bold’

The only thing more startling than the flurry of tax proposals Democrats have unveiled in recent weeks is the full-throttle response they’ve gotten from the public. Representative Alexandria Ocasio-Cortez suggested a near doubling of the top income tax rate. Senator Bernie Sanders, who caucuses with the party, introduced a bill to raise taxes on dynastic […]

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House Democrats Begin Push to Secure Trump’s Tax Returns

WASHINGTON — Democrats took the first cautious steps on Thursday in their quest to obtain President Trump’s long-hidden tax returns, further inflaming the contentious relationship between the president and the newly empowered House. A fractious afternoon hearing of a Ways and Means oversight subcommittee was intended to begin building a case that Mr. Trump’s withholding […]

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The Global Con Hidden in Trump’s Tax Reform Law, Revealed

Last night, President Trump reserved a few minutes of his State of the Union address to praise his tax reform law, which turned a year old last month. To promote its passage, Mr. Trump and his congressional allies promised Americans that drastically lowered corporate tax rates would bring home large sums of capital that had […]

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Pelosi Declares House Will Not Be Intimidated From Its Trump Inquiries

WASHINGTON — A defiant Speaker Nancy Pelosi declared on Wednesday that House Democrats would not be cowed by President Trump’s “all-out threat” during his State of the Union address to drop their investigations of his administration, as fellow Democrats pushed ahead with a bevy of sensitive inquiries. “It was a threat; it was an all-out […]

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The Real State of the Union, in Charts

My fellow Americans, the state of our union is far weaker than it should be. The economy’s growth isn’t benefiting most families very much. Life expectancy has been falling. The planet is warming. The rest of the world is less enamored of America than it has been in the past. But I can offer you […]

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The Empty Quarters of U.S. Politics

Howard Schultz, the coffee billionaire, who imagined that he could attract broad support as a “centrist,” turns out to have an approval rating of 4 percent, versus 40 percent disapproval. Ralph Northam, a Democrat who won the governorship of Virginia in a landslide, is facing a firestorm of denunciation from his own party over racist […]

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