Tag: Federal Taxes (US)

Mnuchin Vows to Protect Trump’s Privacy if Tax Returns Sought

WASHINGTON — Steven Mnuchin, the Treasury secretary, signaled on Thursday that he would likely block a congressional request to obtain President Trump’s tax returns on privacy grounds, setting up a potential legal battle if Democrats follow through with plans to request those documents. During an occasionally testy hearing before the House Ways and Means Committee, […]

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‘Medicare for All’: The Impossible Dream

The Brits and Canadians I know certainly love their single-payer health care systems. If one of their politicians suggested they should switch to the American health care model, they’d throw him out the window. So single-payer health care, or in our case “Medicare for all,” is worth taking seriously. I’ve […]

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How Goes the Trade War?

Say this for Donald Trump: He’s provided us with many iconic quotations, which will surely be repeated in histories and textbooks for decades if not generations to come. Unfortunately, they’ll be repeated because they are extremely clear examples of bad ideas. In economics, the line you hear most is Trump’s […]

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SALT Limit Is Hitting 11 Million Tax Returns, Audit Finds

WASHINGTON — President Trump’s decision to cap a popular tax break will hit 11 million filers this year, as they can no longer deduct more than $10,000 in state and local taxes from their federal income taxes. This cap on deductions — intended to lessen the bottom-line cost of Mr. […]

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DealBook: Tax the Rich? Here’s a Modest Proposal

Everyone, it seems, has ideas about new tax strategies, some more realistic than others. The list of tax revolutionaries is long. The short list includes Representative Alexandria Ocasio-Cortez, who wants a top tax rate of 70 percent on incomes above $10 million a year; Senator Elizabeth Warren, who wants a […]

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Is America Becoming a Four-Party State?

In case you haven’t noticed, long-established political parties across the democratic world are blowing up, with Britain’s Labour Party just the latest to fracture. Could America’s parties be next? Could we have our first four-party election in 2020 — with candidates from the Donald Trump far right, the old G.O.P. […]

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A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It

The average tax refund is usually a couple of thousand dollars, but a man in Florida who earned less than $3,500 mistakenly received a check for a much higher amount: $980,000. How? He filed his taxes. The man, 29-year-old Ramon C. Blanchett, filed a 2016 income tax return in February […]

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Watch Out. Tax Season Is Even More Stressful Than Usual.

Take a deep breath, a drink, whatever calms you: It’s tax season. If you have already filed your return and received a satisfying refund, congratulations! You are a lucky person, because many people are having a hard time this year. Oddly, much of the pain comes from a shift that […]

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Smaller Tax Refunds Surprise Those Expecting More Relief

The tax preparers at H&R Block had a new class before their busy season started this year: empathy training. They listened to a mock exchange between an employee and a customer whose refund would not just shrink but disappear. The ficticious client had received a $1,500 refund last year, but […]

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The Government Shutdown Made the I.R.S. Even More Frustrating to Deal With

WASHINGTON — A record shutdown of the United States government resulted in a “shocking” number of taxpayers’ calls to the Internal Revenue Service going unreturned or being left to languish on hold for unusually long periods, according to a government audit released on Tuesday. The audit, by the office of […]

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Your Grandchildren Are Already in Debt

Medicare for All. The Green New Deal. Free college tuition. With each new entrant into the Democratic presidential sweepstakes comes a fresh cascade of ambitious social programs to entice and excite would-be supporters. The list of “payfors,” to use a bit of Washington jargon, grows more slowly. They’ll pay for […]

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Trump’s Nightmare Opponents

A few weeks ago, the pollsters at Monmouth University asked Democrats across the country to choose between two different kinds of nominees. One was a candidate whom the voter agreed with on most issues but who might struggle to beat President Trump. The other was the reverse — a strong […]

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The Global Con Hidden in Trump’s Tax Reform Law, Revealed

Last night, President Trump reserved a few minutes of his State of the Union address to praise his tax reform law, which turned a year old last month. To promote its passage, Mr. Trump and his congressional allies promised Americans that drastically lowered corporate tax rates would bring home large […]

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The Real State of the Union, in Charts

My fellow Americans, the state of our union is far weaker than it should be. The economy’s growth isn’t benefiting most families very much. Life expectancy has been falling. The planet is warming. The rest of the world is less enamored of America than it has been in the past. […]

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The Fleecing of Millennials

For Americans under the age of 40, the 21st century has resembled one long recession. I realize that may sound like an exaggeration, given that the economy has now been growing for almost a decade. But the truth is that younger Americans have not benefited much. Look at incomes, for […]

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Your 2019 Tax Refund Might Be Higher, Lower or Later Than Usual

Millions of Americans have come to count on tax refunds to fuel their spending in the waning days of winter. But as income tax filing season opens on Monday, a sweeping tax code overhaul and the lingering effects of a government shutdown could squeeze taxpayers’ refund checks and delay them, […]

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To Rise Above the Democratic Pack, Elizabeth Warren Tries ‘Nerding Out’

COLUMBIA, S.C. — The gym was hot. The lights malfunctioned. But the packed audience of nearly 1,000 people was engrossed as Senator Elizabeth Warren, the Massachusetts Democrat and presidential hopeful, did what she does best: “nerd out,” as she puts it. After talking up gun control laws and criminal justice […]

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Alexandria Ocasio-Cortez’s Tax Hike Idea Is Not About Soaking the Rich

Alexandria Ocasio-Cortez has kick-started a much-needed debate about taxes. But the debate, so far, has been misplaced. It’s obvious that the affluent — who’ve seen their earnings boom since 1980 while their taxes fell — can contribute more to the public coffers. And given the revenue needs of the country, […]

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Ocasio-Cortez Pushes Democrats to the Left, Whether They Like It or Not

[What you need to know to start the day: Get New York Today in your inbox.] WASHINGTON — Not so long ago, left-wing activists were dismissed as fringe or even kooky when they pressed for proposals to tax the super rich at 70 percent, to produce all of America’s power […]

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Trump’s Tax Cut One Year Later: What Happened?

ImageApple employees during the announcement for a new campus in Austin in front of the map showing the layout.CreditRicardo Brazziell/Austin American-Statesman, via Associated Press There was a point in early 2018 when big American companies couldn’t stop talking about the Trump tax cuts. Flush with the projected savings from a […]

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