Government taxation and revenue
Biden’s budget proposes tax hike on married filers making more than $450,000
President Joe Biden introduces his budget request for fiscal year 2023 on March 28, 2022 in Washington. Anna Moneymaker | Getty Images President Joe Biden released his 2023 federal budget request on Monday, calling to hike the top marginal income tax rate to 39.6% from 37%, a proposal floated by the administration last year. The […]
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President Joe Biden to propose new 20% minimum billionaire tax
US President Joe Biden addresses media representatives as he arrives for a European Union summit at EU Headquarters in Brussels on March 24, 2022. John Thys | AFP | Getty Images President Joe Biden is expected to propose a new minimum tax that would largely target billionaires when he unveils his 2023 budget, according to […]
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How to avoid a tax filing rejection if last year’s return is still pending
Drakula & Co. | Moment | Getty Images The IRS is backlogged and still sifting through tens of millions of pending returns, including many of last year’s filings. If your 2020 return is part of the pileup, there’s a special step for your 2021 electronic filing. The agency processed more than 61.9 million returns as […]
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57% of U.S. households paid no federal income tax last year as Covid took a toll, study says
More than half of American households paid no federal income tax last year due to Covid-relief funds, tax credits and stimulus, according to a new report. The nonpartisan Tax Policy Center estimates that 57% of U.S. households paid no federal income taxes for 2021, up substantially from the 44% before the pandemic. Howard Gleckman, senior […]
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Almost 645,000 people still hadn’t gotten their third stimulus checks by last fall, Treasury says
Irinascreativephoto | E+ | Getty Images Almost 645,000 people who were eligible for the third round of stimulus checks hadn’t gotten their payments as of mid-September, according to a U.S. Department of the Treasury report published Thursday. The American Rescue Plan authorized the federal government to send up to $1,400 to each person who qualified, […]
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How to avoid a 6-figure tax penalty on foreign bank accounts
Chuyn | Istock | Getty Images Whether you’re an expat or U.S.-based, you may need to report your foreign accounts to the U.S. Department of the Treasury by April 15 — or face costly tax penalties. The anti-money laundering Bank Secrecy Act of 1970 requires Americans with overseas assets to disclose holdings via a Report […]
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Meet Erin Collins, National Taxpayer Advocate for the IRS
Erin M. Collins Source: Erin M. Collins If you’re one of the millions of Americans grappling with IRS issues, you may not realize there’s another option for your unresolved problems. The Taxpayer Advocate Service, known as TAS, is an independent organization within the agency, providing one-on-one guidance and fighting for systemic changes. Erin Collins, the […]
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The IRS has delivered more than 45 million tax refunds. This is the average payment
Bill Oxford | E+ | Getty Images The IRS has issued more than 45 million tax refunds worth almost $152 billion in total, as of March 11, the agency reported Friday. Nearly half of Americans expect refunds this season, according to a Capital One report, providing a needed financial boost for a large percentage of […]
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