What’s the best engine to drive the economy? More money for the rich, or better wages for the working class? Economics correspondent Paul Solman explores the debate between those two lines of thought with billionaire venture capitalist Nick Hanauer and noted libertarian law professor Richard Epstein. Continue reading
WASHINGTON — The Internal Revenue Service is offering to waive steep penalties for Americans living abroad who haven’t been paying their U.S. taxes.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include all the world’s financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas. Continue reading
Russian banks that buy U.S. securities after July 1 will forfeit 30 percent of the interest and dividend payments. The withholding applies to stocks and bonds, including U.S. Treasuries. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not. Continue reading
Fifty-two percent of Americans think their taxes are too high, but a similar majority think their taxes are fair. On this tax day, Making Sen$e revisits some of our favorite tax conversations to examine how much Americans of different income brackets should be paying. Continue reading
Use our interactive to get an idea of how income and social safety-type taxes are factored into your paycheck, and how you’d fare if the U.S. had a wage tax structure similar to other developed nations.
As millions of Americans race to meet Tuesday’s tax deadline, their chances of getting audited are lower than they have been in years. Continue reading
More than 40 million taxpayers use tax preparers who do not have to meet any standard of competency in order to prepare taxes.
Each year about 42 million tax returns are prepared by tax professionals who are unaccredited and unregulated by the IRS. After a plan to regulate them was struck down by a federal court last year, there’s more regulation on hairdressers in most of the country. Critics say this leaves low-income taxpayers particularly vulnerable. But does licensing tax preparers mean tax preparation will improve? Continue reading