Taxes
Trump’s Tariffs Will Be A Disaster
Combined tax cuts and tariffs on imports will only increase the national debt and inflation. It was said of the Bourbons upon their restoration after the French Revolution and the...
Larry Summers: Biden’s Tax on Oil Companies Could Backfire
Former Treasury Secretary Larry Summers appears to be firmly against President Joe Biden’s strategy of potentially punishing the oil industry for high gas prices by imposing a windfall profit tax,...
Biden Threatens Oil Companies to Bring Down Gas Prices
President Joe Biden on Monday slammed oil companies for raking in record profits, saying that they could soon confront higher taxes if they don’t pass on profits to consumers by...
Biden Is Hiring an Army of 87,000 IRS Agents? Not So Fast
Last week, the Senate passed the Inflation Reduction Act, a piece of legislation that contains some remnants of Biden’s 2021-era Build Back Better agenda, including money for climate and an...
Social Security Gave a Crucial Feature an Update for the Digital Age
Social Security has introduced a redesign for its My Social Security portal. “It’s now easier for your clients who receive Social Security or Supplemental Security Income (SSI) to do business...
Former Senator Offers New Social Security Reform Proposal
Another proposal to fix Social Security. Earlier this month, the Social Security Administration (SSA) released its annual Trustees Report, and it contained good news: The main trust fund for Social...
Treasury Secretary Janet Yellen Calls to Fund ‘Under-Resourced’ IRS
In testimony this week, the Secretary of the Treasury Janet Yellen talked about possible changes to how people file their taxes—including encouraging more Americans to use free filing. Appearing before...
IRS Aims to Boost Audit Rates of Wealthy Americans
The Internal Revenue Service (IRS) is taking steps to increase its audit rates of high-income taxpayers, according to a statement recently released with the agency’s annual Data Book. According to...
Senators Call For Probe Into ID.me Facial Recognition Database
Last year, the Internal Revenue Service (IRS) briefly teamed up with ID.me, a private-sector vendor, to layer additional security on tax filings. The arrangement involved the granting of an $86...
House Bill Aims to Protect Senior Citizens From Financial Scams
As red-hot inflation continues to eat away at the buying power of millions of Americans, it is unsurprising to hear that many individuals, especially senior citizens, have been falling for...
Didn’t Get a Tax Refund? We Might Know Why
Despite the wide-ranging staffing and budgeting issues at the Internal Revenue Service (IRS), the agency has valiantly sent out more than 63 million tax refunds worth over $204 billion in...
Study Finds the IRS Audits Low-Income Americans More Frequently
Tax season is underway, and it’s been something of a season of crisis for the Internal Revenue Service (IRS). The agency has admitted that it is understaffed and underfunded, with...