Category: Taxation

The Debt-Limit Deal Suggests Debt Will Keep Growing, Fast

Negotiations to prevent a government default reaffirmed that the big drivers of future deficits are all off the table in a divided Washington.
When Will the U.S. Run Out of Cash? The Answer Is Complicated.

The federal government is essentially living paycheck to paycheck, making the X-date hard to pin down.
I.R.S. Acknowledges Black Americans Face More Audit Scrutiny

The commissioner, Daniel Werfel, said the agency was working to correct unfairness in the enforcement of the tax code.
The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners

In an era of surging home and stock values, U.S. family wealth has soared. The trillions of dollars going to heirs will largely reinforce inequality.
I.R.S. Unveils $80 Billion Plan to Overhaul Tax Collection

The 10-year strategy document outlines a focus on taxpayer services and enforcement efforts on the rich.
Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes

The president proposed trillions of dollars in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on business and the rich
IRS Decision Not to Tax Certain Payments Carries Fiscal Cost

The Biden administration has opted not to tax state payments to residents, a decision that could add to the nation’s fiscal woes.
Berkshire Hathaway Reports Major Investment Losses in 2022

After a $22.8 billion loss, Warren Buffett called the figure “100 percent misleading” and urged shareholders to focus on his empire’s overall health.
Biden’s I.R.S. Nominee Will Be Grilled About $80 Billion Overhaul

Daniel Werfel is expected to defend the administration’s plan to modernize the agency at his confirmation hearing on Wednesday.
I.R.S. Decides Most Special State Payments Are Not Taxable

The agency offered the guidance that it had asked millions of taxpayers in 21 states to wait for before filing their returns.
As Tax Season Starts, a Beleaguered I.R.S. Looks to Bolster Customer Service

The Biden administration is focusing on making the agency more responsive amid concerns that a funding increase will result in more audits.
How the U.S. Government Amassed $31 Trillion in Debt

Two decades of tax cuts, recession responses and bipartisan spending fueled more borrowing — contributing $25 trillion to the total and setting the stage for another federal showdown.