Category: Taxation

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.
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.
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.
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.
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.
States Try Easing the Burden of Long-Term Care’s High Cost

Seeing their own financial benefits, too, Washington and California are among the states creating programs to help older residents.
Oregon Town’s Marijuana Boom Yields Envy in Idaho

Tax revenue has surged since cannabis stores opened in Ontario, Ore., fueling a push in neighboring Idaho to legalize sales and get in on the action.
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.