Government taxation and revenue
‘Tax us now’: Millionaires call on the global elite to tax them more
Protesters take part in a demonstration against the World Economic Forum (WEF) during the WEF annual meeting in Davos on May 22, 2022. Fabrice Coffrini | Afp | Getty Images A group of over 150 millionaires are calling on the elite attendees of this year’s World Economic Forum in Davos, to tax them more. The […]
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The number of billionaires soared during the pandemic. How tax proposals aim to reduce wealth inequality
A mobile billboard calling for higher taxes on the ultra-wealthy depicts an image of billionaire businessman Jeff Bezos, near the U.S. Capitol on May 17, 2021 in Washington, DC. Drew Angerer | Getty Images A new billionaire was created on average about every 30 hours during the Covid-19 pandemic, according to a new report by […]
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Tax breaks aren’t prime reason for high-net-worth philanthropy, study finds
Maria Teijeiro | OJO Images | Getty Images Tax breaks aren’t the primary incentive for philanthropy among the ultra-wealthy, according to BNY Mellon Wealth Management’s inaugural Charitable Giving Study. The report, polling 200 individuals with wealth ranging from $5 million to more than $25 million, found the top three motivators were personal satisfaction, connection to […]
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How Davos became the anti-establishment’s punching bag
The World Economic Forum is trying to fix an image problem. Nearly 2,500 global leaders from business, politics and civil society are expected to take part in a rare springtime version of Davos this week. The annual meeting will see movers and shakers convene in Switzerland’s luxury Alpine ski resort of Davos for five days […]
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House Democrats push for state and local taxes relief in appropriations bill
Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Despite roadblocks, five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes, […]
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Just 2% of the richest Americans had their taxes audited in 2019, down from 16% in 2010
The Internal Revenue Service headquarters in Washington, D.C. Andrew Harrer | Bloomberg | Getty Images The wealthiest Americans are getting their taxes audited at a far lower rate than they were over a decade ago, due in large part to staff and funding shortages at the Internal Revenue Service, according to a new report. The […]
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Amazon’s Bezos criticizes Biden over inflation tweet
Amazon CEO Jeff Bezos speaks during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. Paul Ellis | Reuters Amazon founder Jeff Bezos took aim at President Joe Biden on Friday over a tweet that said inflation could be brought down by taxing wealthy corporations. Biden earlier in the day tweeted: […]
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Leading House Democrat Bill Pascrell demands Biden replace IRS chief over tax document destruction ‘scandal’
Charles P. Rettig, commissioner of the Internal Revenue Service, testifies during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., June 8, 2021. Tom Williams | Pool | Reuters A leading House Democrat on Friday called on President Joe Biden to replace IRS Commissioner […]
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IRS insists destruction of 30 million files of taxpayer data won’t affect payers
alfexe | iStock | Getty Images Filers won’t be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in a statement Thursday. The IRS tossed an estimated 30 million so-called paper-filed information returns in March 2021, according to an audit by the Treasury Inspector General for Tax Administration. The […]
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Tax professionals ‘horrified’ by IRS decision to destroy data on 30 million filers
courtneyk | E+ | Getty Images An audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers, sparking anger from the tax community. The material, known as paper-filed information returns in accounting parlance, is sent yearly by employers and financial institutions, and covers taxable activity, such […]
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