#IRS reminder: Residents of American Samoa who received unemployment benefits last year may exclude up to $10,200 per person of unemployment compensation from U.S. income tax for 2020. See:
The IRS targets people who are cheapest to audit: low-income taxpayers, many of them people of color. I spoke with @DorothyABrown about why we need to mandate funding for the IRS to go after wealthy tax cheats, and how it could reduce implicit bias in our tax system.
But the 2017 tax reform act rates is not to blame, for lower taxes. While effective tax rates dropped in its aftermath, taxable income increased, as did cash taxes paid.
Mayors representing hundreds of municipalities in metropolitan Chicago today launched a campaign to get lawmakers to stop dipping into the share of state income tax receipts meant for cities and villages.
Last year, for the first time on record, the 400 wealthiest Americans paid a lower total tax rate than any other income group.
Shock of shocks! Donald Trump, the self-proclaimed billionaire, received a $72.9 million tax refund from the IRS while not paying a nickel in federal income taxes in 10 out of 15 years. Yep. Trump l-o-v-e-s corporate socialism for himself, rugged capitalism for everyone else.
Amazon CenturyLink Chevron Deere Delta Air Lines Eli Lilly FedEx Gannett General Motors Goodyear Honeywell JetBlue MGM Resorts Netflix Prudential Financial Starbucks Whirlpool Total federal income tax paid by these companies last year: $0