At a hearing last week, Finance Chair Ron Wyden stated:
More than two out of every three dollars earned by partnerships in this country go to the top one percent of earners. These are sophisticated entities that bring in big revenue. However, the most recent data shows that out of millions of partnership returns filed in 2018, only 140 were audited. If you’re a wealthy tax cheat in a partnership, your odds of …
The Biden administration’s tax proposals pose a triple threat to individually- and family-owned businesses. They raise taxes on Main Street Employers when they earn income, when they sell the business, and when they pass the business on to their kids. The business community is understandably alarmed at the prospect that these policies could be enacted, but exactly what are their prospects and what is the timing of potential action? Here is the latest.
Later, Not Sooner
Talking Taxes in a Truck Episode 10 – Tax Notes’ Marty Sullivan Discusses the Treasury’s Green Book, Capital Gains, and DC Hiking Trails
With Treasury’s Green Book hot off the presses, we asked Tax Notes Chief Economist Marty Sullivan to review the ins and outs of the Biden administration’s latest tax proposals – from retroactive capital gains taxes to taxing book income to potential changes on the international front. Marty gazes into his crystal ball to give us odds on legislative action this year, and then informs us where the best urban hiking trails are.
Our latest “Talking Taxes …
Two months ago, we posted a Wire entitled “Hit and Run Economics” that highlighted a new NBER Working Paper – coauthored by Gabriel Zucman – that claimed the Tax Gap is much larger than previous estimates and exceeds $1 trillion a year.