Taxes
  • The U.S. Capitol Building is shown at sunset in Washington

    Is a Wealth Tax a ‘Very American Idea’?

    By Michael Rainey

    The wealth tax proposed by Democratic presidential candidates Elizabeth Warren and Bernie Sanders has broad support among the American public. A Hill-HarrisX survey last year found that 74% of...

  • A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington

    Why the IRS Is Struggling to Do Its Job

    By Michael Rainey

    The IRS doesn’t have enough funding or personnel to do its job properly, according to the 2019 annual report from the Taxpayer Advocate Service, an independent organization within the Internal...

  • IRS, activist lawyers to clash in court over tax preparer rules

    Good News for Tax Cheats: IRS Audit Rate Drops to Lowest in More Than 40 Years

    By Michael Rainey

    The annual IRS report we told you about yesterday revealed that the agency audited just 0.45% of individual tax returns in 2019. That marks the eighth year in a row the audit rate has dropped, says...

  • FILE PHOTO:  U.S. President Trump displays signature after signing tax bill into law at the White House in Washington

    Another Look at Trump’s Tax Cuts

    By Michael Rainey

    The Tax Cuts and Jobs Act has been on the books for two years now, prompting The Wall Street Journal’s Richard Rubin and Theo Francis over the weekend to review how the law has fared so far. A few...

  • IRS Looks Back at 2019, Gets Set for 2020

    By Michael Rainey

    “The IRS touches more Americans than any other entity, public or private,” Internal Revenue Service Commissioner Chuck Rettig said in the agency’s annual report released Monday. The document provides...

  • A homeless woman sits on a bench few blocks away from the White House in downtown Washington

    Chart of the Day: Record Low Poverty Rate

    By Michael Rainey

    The extensive array of government assistance programs — including Social Security, unemployment insurance, veterans’ benefits, nutritional aid, rental assistance and the Earned Income Tax Credit —...

  • Public Investment Is the Key to Avoiding Economic Stagnation: Report

    By Michael Rainey

    Economic stagnation on a global scale is a growing threat, according to a new report from the Organization for Economic Co-operation and Development (OECD). The group’s November economic outlook...

  • FILE PHOTO: Democratic presidential candidate Senator Elizabeth Warren speaks during the fourth U.S. Democratic presidential candidates 2020 election debate at Otterbein University in Westerville, Ohio U.S.

    Pushing Back Against the Wealth Tax at the Dem Debate

    By Michael Rainey

    Sen. Elizabeth Warren defended her proposed wealth tax at the Democratic presidential debate on Wednesday night: “I’m tired of freeloading billionaires,” Warren said . “I think it's time that we ask...

  • Social Security and Medicare taxes

    Democrat's New Taxes Wouldn't Hit Just Billionaires

    By Michael Rainey

    Some Democratic tax proposals are focused on making millionaires and billionaires pay more, but other households would be affected as well. Neil Irwin of The New York Times points out Tuesday that...

  • A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington

    An Easy Way to Get $1 Trillion More in Tax Revenue?

    By Michael Rainey

    The first step in reforming the U.S. tax system doesn’t involve raising rates or eliminating deductions, say former Treasury Secretary Lawrence Summers and Penn Law professor Natasha Sarin. Instead,...