Everyone knows Uncle Sam is spending money faster than he takes it in. Just how fast? As of March 1, according to CNBC, we’re adding a trillion dollars to the national debt every 100 days. Naturally, that eye-popping number has the IRS scrambling for every nickel they can find. So they’ve launched all sorts of campaigns to squeeze more money out of particularly promising prospects. Some are dreadfully technical and dull, like the “FIRPTA reporting for NRAs” campaign. (For the record, that involves withholding a 15% tax on gains when non-resident aliens sell U.S. real estate.) Others target a small number of high-dollar opportunities, like the “expatriation of individuals” campaign chasing after taxpayers who renounce their U.S. citizenship, or the “business aircraft campaign” that targets personal use of corporate jets.
tax reduction
Two Kinds of Green
Marijuana is still illegal at the federal level. That creates all sorts of problems for state-licensed cannabis businesses. For example, most of them can’t use commercial banks, which are wary of violating federal money-laundering laws. But much of that may be about to change.
It Could Be Worse
By all rights, this week’s Tax Day ought to be one of our favorite holidays, like “Christmas in April” without the carols, the eggnog, or the guilt over forgetting a gift for Aunt Mildred. That’s because 80% of us get refunds, averaging $3,011 so far in 2024. (When was the last time Santa Claus left three grand in your stocking?) Of course, that means 20% of us are writing checks to the IRS. And if you’re among that 20%, we sympathize. We know it hurts. But we’re confident it doesn’t hurt nearly as much for you as it does for a hedge fund manager named Ken Griffin.
But It’s April Now…
The Super Bowl may be the single most-watched sporting event in America. But for millions of rabid and casual fans alike, nothing beats March Madness. This year, Iowa’s Caitlin Clark shattered “Pistol Pete” Maravich’s 1970 record to become the top scorer in Division I college basketball history, leading her Hawkeyes to a 31-4 record and […]
Iceberg Ahead!
We’re adding a trillion dollars to the national debt every hundred days now. So this week, let’s take a look at some new ideas for bringing home some bacon without making Form 1040 even more unbearable.
Irish For a Day
Less than a century ago, alcohol was illegal. But when the Great Depression hit, Uncle Sam needed money more than morals, and in 1934, the 21st Amendment re-opened the door to federal beer taxes. The challenge back then was setting rates high enough to be worthwhile but low enough to let legal producers compete with bootleggers. Congress settled on $5 per barrel of beer – roughly $115 in today’s dollars or about 46 cents per pint.