Nowhere is President Biden’s ambitious policy agenda more in conflict than in his triple aim of funding a major infrastructure initiative, attacking climate change, and never raising taxes on households making less than $400,000. He has a terrific opportunity to achieve the first two promises, but he cannot if he sticks to that no new
Taxes
Will New York City ever recover from the pandemic? This segment of What’s Ahead points out that the rot eating away at the Big Apple was underway before Covid-19 hit. People and enterprises were already pulling up stakes because of a serious decline in the quality of life: • Rising crime, a result of an emasculated
The decision by the IRS to extend the initial filing due date of individual tax returns to May 17 was mostly a good thing. Maybe not as good a thing as the extension to July 15 in 2020, but it was something. There was a wrinkle though. Unlike in 2020 the due date of first quarter estimated tax
With a little over nine months left in his second (and last) term, New York Mayor Bill DeBlasio has appointed a Racial Justice Commission “tasked with targeting and dismantling structural and institutional racism across the City.” How much can New York—or any city on its own—do about this deeply embedded problem? There’s no question that cities and the
Despite the narrowest of margins in both houses of Congress, Democrats want to enact a sweeping, radical agenda that would remake the country. That’s why they want to abolish the filibuster. Instead of having to attract 60 votes to pass a measure in the Senate, Democrats would only need 51. Properly employed, the filibuster insures
Today’s column addresses questions about how stopping work years before claiming benefits can affect benefit rates, when exactly to submit an application to begin benefits the mont you turn 70 and potential effects of marriage on existing benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic
Within the last five years, the voices calling for the repeal of sales and use taxes on menstrual hygiene products (MHPs) have grown louder and more insistent. And they are being heard. Since 2016, of the 45 states and the District of Columbia that levy sales and use taxes, 15 (including the District) have exempted
United States v. Jane Boyd and Kimble v. United States, decided within two days of each other, delivered very different messages to taxpayers who have foreign financial account reporting obligations. Boyd, decided in the Ninth Circuit, holds that the IRS may impose only one non-willful penalty when a taxpayer files an untimely, but accurate, Report
Two weeks after the American Rescue Act, which authorized round 3 stimulus payments of $1,400, was signed into law, nearly 30 million Social Security beneficiaries are still waiting for their third round stimulus payments, says Rep. Richard Neal, chair of the Ways & Means Committee, who is blaming the Social Security Administration. In a letter
By Neil Hare While the Paycheck Protection Program (PPP) garners most of the attention for small business relief, the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 also created the Employee Retention Credit (ERC), which provided eligible employers a refund on their 2020 federal payroll expenses such as Social Security and Medicare taxes.