Wealth, Inequality, And Taxes In The U.S.

gap inequality white concept getty Professor Goldburn P. Maynard Jr. of the Indiana University Kelley School of Business discusses the U.S. tax code’s effect on wealth inequality and how race has shaped the distribution of wealth. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor…

Time To Update Protections For Taxpayers

Digital background depicting innovative technologies in security systems, data protection Internet … [+] technologies getty Under President Biden’s new Build Back Better framework, the financial account information reporting proposal has been dropped from the budget reconciliation process. One of the chief concerns about that proposal was its potential to compromise taxpayers’ privacy interests. That concern is still…

Proposal To Retroactively Rescind Important Taxpayer Protection From IRS Abuse Should Be Rejected, Says Former National Taxpayer Advocate

Since 1998, the IRS has been prohibited from assessing penalties against a taxpayer unless the initial determination that the penalties should be assessed was personally approved, in writing, by the examiner’s immediate supervisor. The rule requiring written supervisory approval, 26 U.S.C. § 6751(b), was largely ignored by the IRS and the tax practitioner community until…

Treasury’s Growing Tax Enforcement Power

The United States Treasury getty When there is no stated intent regarding a specific Tax Cuts and Jobs Act provision, its general intent to reduce taxes and stimulate the economy should usually prevail. It is undeniable that former President Trump’s budget was largely realized through the TCJA’s successful passage — and that it was designed to reduce taxes and other taxpayer…