Tag: Income Tax

Trump on Releasing His Tax Returns: From ‘Absolutely’ to ‘Political Prosecution’

WASHINGTON — In September 2016, Donald J. Trump stood on the debate stage as a presidential candidate and addressed a question that had dogged him on the campaign trail: When would he release his tax return? “I’m under a routine audit, and it’ll be released,” Mr. Trump said. “And as soon as the audit is […]

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In the Supreme Court’s Trump Tax Ruling, Voters Lose

In two major cases on Thursday, the Supreme Court rejected President Trump’s attempt to avoid all legal scrutiny of his financial records and reaffirmed the principle that undergirds any democratic society: No one, not even the president, is above the law. That’s the good news. It’s also the bare minimum Americans should expect. The bad […]

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The Inheritance Tax Is Far Too Low

A massive transfer of wealth is underway and will accelerate in the coming years. Baby boomers and the generation that preceded them currently own $84 trillion, or 81 percent of all U.S. household wealth — wealth that will before long be inherited by their children and other beneficiaries. This extraordinary transfer of resources will further […]

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The Virus Is Vaporizing Tax Revenues, Putting States in a Bind

The ballooning costs of the coronavirus pandemic have put an unexpected strain on the finances of states, which are hurriedly diverting funds from elsewhere to fight the outbreak even as the economic shutdown squeezes their main source of revenue — taxes. States provide most of America’s public health, education and policing services, and a lot […]

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Your 8 Most Vexing Tax Questions, Answered

Filing your tax return may make your head hurt again this year. For only the second time, Americans must cope with the new set of rules that sprang from the tax overhaul enacted by Congress in 2017. Many people are still adjusting to the law’s quirks, while puzzling over other legislative changes that came at […]

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9 Reasons to Stop Doing Your Own Taxes

Doing your own taxes really isn’t like changing your own oil. Even if you enjoy such tasks, getting either one of them wrong as a do-it-yourselfer can be expensive. But as complicated as a car engine may be for a relative novice, an encounter with the tax code offers so many more costly ways for […]

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Democrats, if We Remain Divided, We’ll Fall

The Democratic Party has long advocated strong government, paired with the power of markets, to achieve broad economic well-being. But for the first time in the five decades I’ve been involved in Democratic policy and politics, the fundamental structure of our market-based economic system is being seriously debated. A recent Gallup poll found that a […]

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One Guaranteed Winner in the Democratic Primary: Plans to Tax the Rich

WASHINGTON — The Democratic primary race remains highly unpredictable as Nevada’s caucuses are held on Saturday, but there is one thing we already know for sure about the party’s next presidential nominee: She or he has big plans to tax the very rich. Every leading candidate in the party’s 2020 field — from relative moderates […]

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The Liberal Economists Behind the Wealth Tax Debate

BERKELEY, Calif. — One of the most liberal policy proposals animating the Democratic presidential primaries is the handiwork of two French economists who are not formally advising any campaign and have barely met the candidates running for the White House. Gabriel Zucman and Emmanuel Saez are the driving force behind proposals for a wealth tax, […]

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How to Find the Best C.P.A. or Tax Accountant Near You

If you recoil at the thought of preparing your own tax return and wonder how you can find a good certified public accountant (C.P.A.) or tax accountant, you’re not alone. According to the I.R.S., of the more than 138 million tax returns e-filed through November 22, 2019 (for the 2018 tax year), about 58 percent […]

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Bloomberg: Fixing Inequality Is My Priority

Every Democrat running for president agrees that income inequality is one of the great problems of our time. And we all agree that the wealthy should pay more in taxes. But only one of us has actually raised taxes on the wealthy by persuading a Republican legislature to vote for them: Me. When I was […]

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Bloomberg Proposes $5 Trillion in Taxes on the Rich and Corporations

WASHINGTON — Former Mayor Michael R. Bloomberg of New York unveiled a plan on Saturday that would raise an estimated $5 trillion in new tax revenue from high earners and corporations, a proposal that would almost certainly raise his personal tax bill but is less aggressive than those from his most liberal rivals for the […]

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