Tag: Taxation

Trump Broke the Tax Release Tradition. There’s Only One Way to Fix It.

When Richard Nixon declared, “People have got to know whether or not their president is a crook,” we often forget that he wasn’t talking about Watergate. He was speaking about compliance with tax law. The public had a “right to know,” in this case, what was in his returns and if he had followed the […]

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California, After Riding a Boom, Braces for Hard Times

OAKLAND, Calif. — When California shut down its economy in March, it became a model for painful but aggressive action to counter the new coronavirus. The implicit trade-off was that a lot of upfront pain would help slow the spread, allowing the state to reopen sooner and more triumphantly than places that failed to act […]

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Your Climate Disaster Tax Bill Is Growing

The coronavirus crisis has forced the federal government to step up suddenly with fiscal stimulus to sustain the U.S. economy and help avoid a global depression. This necessary intervention comes at a price — a spike in federal debt that will need to be repaid over the long term. The resulting pressure on the government, […]

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Trump’s Niece to Publish Book With ‘Harrowing’ Revelations, Report Says

A niece of President Trump will divulge a series of “harrowing and salacious” stories about him in an upcoming book, according to a published report. It would be the first time that the president could be forced to grapple with damaging revelations by a member of his own family. The niece, Mary Trump, will release […]

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As Energy Prices Tumble, Developing Countries Trim Subsidies

The coronavirus pandemic has sent economies into recession and reduced government revenue, so some countries are taking a politically perilous path: removing restraints on electricity and petroleum prices. Nigeria and Tunisia have lowered fuel subsidies in recent weeks, and India has raised taxes on gasoline and diesel fuel. Sudanese officials plan to replace some subsidies […]

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Trump Administration Escalates Global Fight Over Taxing Tech

WASHINGTON — The Trump administration said on Tuesday that it would open an investigation into taxes on digital commerce that have been adopted or proposed in nine countries and the European Union, escalating a global battle that will affect where big American tech companies like Facebook and Amazon pay taxes. The administration’s move could ultimately […]

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A €750 Billion Coronavirus Recovery Plan Thrusts Europe Into a New Frontier

BRUSSELS — For decades, even when the 2008 financial crisis threatened to blow the bloc apart, the European Union’s wealthier nations resisted the notion of collective debt. But the coronavirus has so fundamentally damaged the bloc’s economy that it is now forcing European leaders to consider the sort of unified and sweeping response once thought […]

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A €750 Billion Virus Recovery Plan Thrusts Europe Into a New Frontier

BRUSSELS — For decades, even when the 2008 financial crisis threatened to blow the bloc apart, the European Union’s wealthier nations resisted the notion of collective debt. But the coronavirus has so fundamentally damaged the bloc’s economy that it is now forcing European leaders to consider the sort of unified and sweeping response once thought […]

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Will Bars Exist in NYC After the Coronavirus?

On March 13, as New York City schools let out for what turned out to be their last official day and offices were telling their employees to work from home, I came down with an ominous fever and chills, and my business partner and I closed our two Brooklyn bar-restaurants. By the next week I […]

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Don’t Bail Out the States

Over 30 million Americans have filed for unemployment over the past six weeks. That is roughly 20 percent of the labor force. And that number is likely to grow larger as most states are ill equipped to handle the onslaught of the newly unemployed. While unprecedented numbers of people are seeking unemployment compensation, many state […]

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The Sheer Number of School Districts Is Tilting the Playing Field

If we really want to balance school budgets in the wake of the coronavirus — and create more long-term equity in our public school system — we need to come to terms with the idea that we need far fewer than the 13,000 school districts that are currently in operation in the United States. Today, […]

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The Sheer Number of School Districts Is Tilting the Playing Field

If we really want to balance school budgets in the wake of the coronavirus — and create more long-term equity in our public school system — we need to come to terms with the idea that we need far fewer than the 13,000 school districts that are currently in operation in the United States. Today, […]

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The Utter Unfairness of Educational Geography

If we really want to balance school budgets in the wake of the coronavirus — and create more long-term equity in our public school system — we need to come to terms with the idea that we need far fewer than the 13,000 school districts that are currently in operation in the United States. Today, […]

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The Conference Call Court

On Tuesday, the Supreme Court debated the nature of presidential power in two sets of cases regarding demands for President Trump’s personal records: one about his taxes, the other about claims that during his campaign he paid to silence women with whom he previously had affairs. This is what a constitutional clash on a conference […]

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McConnell to Every State: Drop Dead

Covid-19 has killed tens of thousands of Americans, and will clearly kill many more. The lockdown needed to contain the coronavirus is causing an economic slump several times as deep as the Great Recession. Yet this necessary slump doesn’t have to be accompanied by severe financial hardship. We have the resources to ensure that every […]

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States Are Being Crushed by the Coronavirus. Only This Can Help.

State governments are facing a fiscal crisis born of collapsing revenues, increased demand for safety-net programs like Medicaid and the direct costs of leading the Covid-19 response. If nothing changes, states will soon be forced to make deep cuts in vital public services, worsening the recession and slowing the ensuing recovery. There is one way […]

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A Wealth Tax Is the Logical Way to Support Coronavirus Relief

The calamitous coronavirus pandemic has befallen an America afflicted by massive, entrenched economic inequality. The resulting hardships — both present and still to come — fall most heavily on the already disadvantaged. This terrible suffering demands an exceptional response, and policies that were controversial just months ago are common sense today, or ought to be. […]

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No Fight Over Red Ink Now, but Virus Spending Will Force Tough Choices

WASHINGTON — The deficit hawks have had their wings clipped. No one wants to hear alarms raised about the dangers of staggering government spending during a monstrous threat to public health and the economy. Any such concerns have been silenced and set aside as the federal government throws open the spigots in an unstinting effort […]

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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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Christie’s to Pay Up to $16.7 Million Fine Over Tax Violations

As part of an agreement to avoid prosecution, Christie’s will pay up to $16.7 million for failing to properly collect New York sales tax from 2013 to 2017 on private purchases made in the state or ultimately delivered there, the Manhattan district attorney’s office said on Thursday. The fine comes after a yearslong investigation into […]

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Coronavirus Is Making the Public Pension Crisis Even Worse

For years, the country’s public pension plans have faced a yawning gap between what they owe and what they can pay. From the State of California’s public employees’ retirement plan, with more than 1.6 million participants, to tiny funds for employees of local mosquito-control programs in Illinois, public pensions are the time bomb of government […]

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Covid-19 Brings Out All the Usual Zombies

Let me summarize the Trump administration/right-wing media view on the coronavirus: It’s a hoax, or anyway no big deal. Besides, trying to do anything about it would destroy the economy. And it’s China’s fault, which is why we should call it the “Chinese virus.” Oh, and epidemiologists who have been modeling the virus’s future spread […]

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The Nordic Way to Economic Rescue

The unleashing of cash by Congress to combat the catastrophe of the pandemic amounts to the traditional American prescription — in gargantuan form. The $2 trillion package of spending expands the standard unemployment insurance system, while setting aside a pool of money that is supposed to aid distressed companies. It may prove to be weak […]

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Outbreak Ravages N.Y. Budget; Governor Calls Aid Deal ‘Terrible’ for State

The coronavirus felled the fixtures of New York’s economic engine: Broadway is dark, Times Square is deserted and Wall Street is in tumult. But as the pandemic forced restaurants, malls and hotels to close, and tens of thousands of workers to lose their paychecks, it also wreaked havoc on one inconspicuous victim: New York’s finances. […]

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Sorry, but It’s Tax Time, and You Should Probably Read All This Stuff

I dread filing taxes. At best, after preparing my return, I learn that I’ll get a modest refund, one that isn’t worth all the trouble. At worst, I get news like I did last year. Thanks to the 2017 tax overhaul, I discovered that the Internal Revenue Service hadn’t been gobbling up enough of my […]

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Trump Administration Faces Economic Test as Coronavirus Shakes Markets

WASHINGTON — The global spread of the deadly coronavirus is posing a significant economic test for President Trump, whose three-year stretch of robust growth could be shaken by supply chain delays, a tourism slowdown and ruptures in other critical sectors of the American economy. The outbreak of the virus in China has already disrupted global […]

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Property Tax Standoff: ‘The Political Will to Do This Does Not Exist’

ALBANY, N.Y. — In a closed-door meeting in 2013, politically powerful developers told Bill de Blasio that they were planning a lawsuit challenging New York City’s property tax system. The political system had done nothing to address their concerns for more than 20 years, they told Mr. de Blasio, who was about to be elected […]

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School Choice Logic Doesn’t Apply Here. Does the Supreme Court Get That?

Scrutinizing the avuncular sphinx Chief Justice John Roberts throughout the impeachment trial of President Trump, I kept wondering whether he will preserve or ransack the legacy of the framers we revere — framers like the Republican Betty Babcock and the Democrat Dorothy Eck. It’s the question on all Americans’ minds: Do Mr. Roberts and his […]

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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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Social Security: Where Do the 2020 Candidates Stand?

The C-SPAN video from 1995 is grainy, but the audio is clear: Senator Joe Biden is heard bragging about his support for freezing spending on Social Security as part of broader deficit reduction legislation. “I’m up for re-election this year, and I’m going to remind everybody what I did, at home, which is going to […]

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