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Musk Posts Eyebrow-Raising Response to Sanders Tweet

Tesla CEO did not like Vermont senator's directive on taxation

(Newser) - Bernie Sanders has long been known for posting online about taxing the super-rich, but a tweet over the weekend irked one of those wealth holders in particular. "We must demand that the extremely wealthy pay their fair share. Period," the Vermont senator posted on Saturday. The next morning,...

G-20 Backs Global Tax Rule Meant to Boost Fairness

US treasury secretary says it should end 'race to the bottom'

(Newser) - Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations as part of an agreement on new international tax rules, a step toward building more fairness amid skyrocketing revenues of some multinational businesses. The move by the Group of 20 summit in Rome was...

Guess Who's Not Keen on Dems' Billionaire Tax Plan?

Tesla/SpaceX CEO Elon Musk could see $5B in taxes over 5 years if the plan were put in place

(Newser) - Under a new proposal unveiled by Democrats this week, America's richest of the rich would soon be helping to pay for President Biden's domestic agenda by paying taxes on unrealized gains on assets like stocks in their portfolio, whether or not they sell them. It was expected there'...

A New Tax Plan Requires a Fundamental Shift
New Strategy:
Novel Tax on
the rundown

Democrats' New Strategy: Novel Tax on Billionaires

It would require the richest of the rich to pay taxes on assets even if they don't sell them

(Newser) - Democrats in Congress are still trying to figure out how to pay for President Biden's wish list, and it looks like they're settling on a plan to levy a novel penalty on the very richest of Americans. Coverage:
  • The idea: The proposal being worked out would require about

IRS Sending Out Millions of 'Math Error' Notices
IRS to Millions of Taxpayers:
You Made a 'Math Error'
in case you missed it

IRS to Millions of Taxpayers: You Made a 'Math Error'

Pandemic credits apparently caused a lot of confusion

(Newser) - Millions of Americans are getting an unwanted letter in the mail from the IRS informing them of a "math error." And in the vast majority of cases, that error works in the government's favor. The agency has sent out 11 million such letters as of mid-August in...

Tax Laws Give Sports Owners a 'Financial Magic Trick'

They end up paying lower rates than stadium workers as well as players

(Newser) - ProPublica is out with the latest installment of its series on how the richest Americans avoid paying taxes , and this one focuses on the owners of sports teams. It begins with a look at Los Angeles Clippers owner (and Microsoft co-founder) Steve Ballmer, and an interesting contrast. A concession...

How Peter Thiel Used Loophole to Amass $5B in His Roth IRA

It amounts to 'Bermuda-style tax haven right here in the US'

(Newser) - ProPublica is continuing its investigative series on how the richest of the rich avoid paying taxes, and the latest story is surprising in that it revolves around a "relatively humdrum retirement" tool—the Roth IRA. The idea behind the Roth is that modest earners can sock away money...

A Plan for Ending the Practice of Stashing Profits Overseas

The G7 agrees to a flat tax of 15%

(Newser) - The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries, per the AP . G7 finance ministers meeting in London also endorsed proposals to make the world'...

Biden Offers Free Preschool, Community College
Biden Offers
Free Preschool,
Community College

Biden Offers Free Preschool, Community College

Sweeping 'American Families Plan' expected to cost $1.8T over 10 years

(Newser) - Students would get four extra years of paid education under the White House's new $1.8 trillion spending and tax plan, which would also provide paid family and medical leave for US workers. The "American Families Plan" may irk not only Republicans, but progressive Democrats, too. Here's...

DOJ Suit: Roger Stone Owes IRS $2M in Taxes

Complaint: Trump ally's tax troubles, which stretch back to 2007, didn't stop him from living it up

(Newser) - Former President Trump pardoned Roger Stone right before he left office, but that reprieve isn't going to help the GOP operative with his latest IRS troubles. NBC News reports that the Justice Department filed a lawsuit Friday in Florida against the 68-year-old Trump ally for the nearly $2 million...

Looks Like This Year's Dreaded Tax Deadline Isn't April 15

IRS is expected to push it back a month

(Newser) - If you've been procrastinating on your 2020 taxes, don't feel guilty about staying that course. The IRS on Wednesday will reportedly push the deadline from April 15 to May 15. CNN reports Democratic Reps. Jamie Raskin and Bill Pascrell had been urging the move due to the pandemic....

IRS Delays the Start of Tax-Filing Season

Agency won't accept returns until Feb. 12

(Newser) - The tax-filing season will be a bit more condensed than usual this year. The IRS said Friday that it is pushing back the start of the season until Feb. 12, reports CNBC . Typically, taxpayers can start filing in late January. Despite the later start, the usual deadline of April 15...

Report Won't Help Relations Between Trump, Barr

AG resisted pressure to reveal Hunter Biden investigations before election: WSJ

(Newser) - This isn't likely to make President Trump any friendlier toward his attorney general: The Wall Street Journal reports William Barr knew about multiple investigations into Hunter Biden's finances since at least spring "and worked to avoid their public disclosure during the heated election campaign." Trump again...

Hunter Biden Says He Is Facing Federal Investigation

US Attorney's office in Delaware is looking into his tax affairs

(Newser) - Hunter Biden, son of President-elect Joe Biden, confirmed Wednesday that his tax affairs are under federal investigation. "I learned yesterday for the first time that the US Attorney's Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs," he said in...

After Years of Denials, the NRA Fesses Up

Current and former executives have been abusing funds, the nonprofit says

(Newser) - Looks like NRA execs really have been taking from the cookie jar. After years of denials, the National Rifle Association now admits that current and former executives—including current CEO Wayne LaPierre—recklessly used NRA funds for their personal enrichment, the Washington Post reports. According to a 2019 tax filing,...

Techno-Blasting Nightclubs in Germany Just Got Good News

Federal court determines techno is indeed music, giving clubs tax break

(Newser) - Parents often shake their heads at what their kids listen to, proclaiming, "That's not music!" If you're a young person in Germany who loves techno, you can now confidently shoot back: "Oh, yes it is!" That's because the country's financial high court...

Report: Ex-Google CEO Just Bought a Passport to EU

Recode: Eric Schmidt has applied, been approved for citizenship in Cyprus in 'passport for sale' scheme

(Newser) - Buried within the pages of a publication in Cyprus last month, a tiny notice appeared written in the Greek alphabet, except for one name written in English: "Eric Emerson Schmidt," of Atherton, Calif. That notice in Alithia was an announcement of an application and approval for Cypriot citizenship,...

Republicans' Tax Plan Has 'a Dirty Little Secret'
Have 'a Dirty
Little Secret'

Republicans Have 'a Dirty Little Secret'

Economist Joseph Stiglitz isn't impressed with their tax plan

(Newser) - President Trump has "a dirty little secret," an economist says: Republicans are about to start raising taxes. That's because the 2017 tax cuts signed by Trump will begin to fade in 2020, at least for people earning $75,000 and under. "For most, in fact, it'...

NYT: Trump Has Previously Undisclosed Chinese Account

Trump Org lawyer: overseas office that bank account paid taxes for has been inactive since '15

(Newser) - As President Trump and the GOP try to damage Joe Biden's 2020 campaign by going after his son Hunter , a new revelation could show "a potentially major conflict of interest" for Trump himself, per the Guardian . That disclosure comes via the New York Times , which has been doing...

Likely Coming Soon to NJ: a Millionaires Tax

Gov. Phil Murphy's proposal to hike taxes for the rich will likely pass state Legislature

(Newser) - In what's being called a "historic win for the middle-class," a proposal has been OKed by top New Jersey state Democrats to hike taxes on the rich. The plan, announced Thursday by Democrats Gov. Phil Murphy, Senate President Steve Sweeney, and Assembly Speaker Craig Coughlin, would raise...

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