An unprecedented leak of the personal federal tax data of thousands of Americans has turbocharged a debate over wealth inequality in the United States and has tax reform advocates hopeful that a deeper public understanding of how the wealthy avoid taxes will lead to a restructuring of the U.S. tax code. The data, leaked to […]
WASHINGTON – The Biden administration says wealthy Americans withhold more than $600 billion in unpaid taxes from the Treasury every year, and it has proposed a detailed plan to bulk up the Internal Revenue Service’s enforcement arm in an effort to increase tax compliance among high net worth individuals. Total unpaid taxes “will rise to […]
Rancor within the Republican Party peaked last week between members who remain loyal to former President Donald Trump and those who want the party to repudiate him and his continued false claims of election fraud. First, there was the dramatic expulsion of Congresswoman Liz Cheney from her leadership post in the House of Representatives after she voted to impeach Trump and denounced his claims the 2020 election had been “stolen” […]
WASHINGTON – The Biden administration is planning to fund most of a massive investment in U.S. infrastructure and jobs by raising tax rates on the wealthy and on businesses. But a new study shows that wealthy individuals are already holding back about $175 billion in taxes every year through complex tax evasion schemes. Further, experts […]