All posts in Tax News
Honesty Really Can Be the Best Policy
Throughout the 2000’s, the IRS and the Department of Justice have been watchful when it comes to Americans attempting to hide assets in Swiss banks. In 2009, Swiss-based bank UBS settled with federal authorities, paying a $780 million fine and […]
IRS Investigates Offshore Accounts
The U.S. tax code generally requires U.S. citizens to declare their worldwide income on their tax returns. In an attempt to evade taxes, some wealthy Americans have set up secret accounts with foreign banks and failed to report income relating […]
Think Tank Finds President’s Proposed Budget Raises Taxes on All
The Urban Institute and the Brookings Institute, two prominent American think tanks, jointly operate the Tax Policy Center (“TPC”), a project that focuses on tax policy. The TPC recently released its analysis of President Obama’s proposed budget for the federal […]
Max Baucus’s Office Has Been the Starting Point for Many Tax Lobbyists
Max Baucus, a Democratic Senator from Montana, recently announced that he will not seek re-election in 2014. By virtue of his position as chairman of the Senate Finance Committee, Baucus is a powerful player in any overhaul of the U.S. […]
Targeting a Valuable Tax Break for Wall Street
In 2010, Congress considered legislation that would target the taxation of so-called “carried interests.” Commentators and politicians have increasingly criticized carried interests, portraying them as a loophole. By way of background, investment funds (including private equity, venture capital, hedge fund, […]
Rising Taxes and the Migration of the Wealthy; How Common Are Phil Mickelsons?
With the wealthy facing higher taxes as a result of recent changes to federal and state law, the possibility that they will flock to low-tax states is increasingly being discussed. Texas governor Rick Perry recently visited California in the hope […]