The president’s fiscal 2025 budget proposal includes about $3 trillion in deficit reduction over a decade, largely from raising taxes on high earners and corporations.
Category: Taxation
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I.R.S. to Crack Down on Corporate Jet Users Who Abuse Tax Code
The tax collection agency’s scrutiny will involve new data analytics tools to find private jet owners who claim millions of dollars in deductions on planes being used for personal travel.
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I.R.S. Commissioner Warns Budget Cuts Would Add to Deficit
Daniel Werfel, the Internal Revenue Service commissioner, pushed back against claims from Republicans that he had not been following the law.
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I.R.S. Commissioner Aims to Show Progress Amid Threats of Budget Cuts
Daniel Werfel will try to persuade skeptical Republicans on Thursday that funding the tax agency is a good investment.
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Yellen Hits Trump Over Handling Of Economy
The Treasury Secretary acknowledged that consumer prices, which have weighed on economic sentiment, continue to be too high.
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Effort to Revamp I.R.S. Struggles Despite Multibillion-Dollar Infusion
The Office of the National Taxpayer Advocate lamented that the tax collection agency, which now faces budget cuts in Congress, is still struggling to answer the telephones.
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I.R.S. to Begin Trial of Its Own Free Tax-Filing System
Residents of 12 states are eligible to participate if they meet certain criteria. But the agency’s plans have already met resistance from tax preparation companies.
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How a Legal Fight Over a $15,000 Tax Bill Could Upend the U.S. Tax Code
The Supreme Court ruling in the Moore case could cost the federal government billions of dollars in lost tax revenue.
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The Federal Deficit Is Growing. This Is Why.
Tax receipts dipped unexpectedly last year. The Biden administration blames Republican tax cuts, but the truth is more complicated.
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Higher Rates Stoke a Growing Chorus of Deficit Concerns
A long period of higher interest rates would make the government’s large debt pile costly, a possibility that is fueling a conversation about debt sustainability.
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Going to Europe? Be Prepared for New Visitor Taxes.
Driven by the climate crisis, the post-pandemic surge in visitors and a growing interest in making tourism work for local communities, European cities are finding new ways to tax visitors.
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IRS to Stop Surprise Visits to Homes and Businesses
The end of a decades-long practice comes amid political backlash and increasing threats to agents.