IRS Says Tax Compliance Rising, but Hundreds of Billions Still Go Uncollected

IRS Says Tax Compliance Rising, but Hundreds of Billions Still Go Uncollected

WASHINGTON—Americans paid a greater share of the taxes they owe in recent years, according to new estimates from the Internal Revenue Service.  In tax years 2014 through 2016, Americans paid 85% of their taxes on time, up from the agency’s 83.7% estimate for tax years 2011 through 2013, the IRS said Friday. That compliance rate … Read more

Janet Yellen’s Learning Curve – WSJ

Janet Yellen’s Learning Curve – WSJ

When Janet Yellen testified before a congressional commission almost a decade ago about the 2007-2009 global financial crisis, an interlocutor noted that she seemed to have seen trouble brewing in banks and mortgage markets before most others. In truth, she said, she hadn’t put the pieces together fast enough to stop the ensuing disaster. “I’m … Read more

U.K. Prime Minister Liz Truss Fires Treasury Chief, U-Turns on Taxes

U.K. Prime Minister Liz Truss Fires Treasury Chief, U-Turns on Taxes

LONDON—U.K. Prime Minister Liz Truss fired Treasury chief Kwasi Kwarteng and reversed crucial parts of her government’s tax cuts, after her plans to jolt the economy into growth unraveled in spectacular fashion following a backlash from financial markets and her party.  Mr. Kwarteng, who just three weeks ago presented the U.K.’s largest tax cuts since the 1970s, … Read more

Tax Secrets of Health Savings Accounts

Tax Secrets of Health Savings Accounts

Millions of Americans will soon face the daunting task of choosing health insurance for 2023. If you’re one of them, it pays to be aware of little-known benefits—and some pitfalls—of health savings accounts, known as HSAs. HSAs are now a key feature of many health-insurance plans, both for employees and individual buyers. There were about … Read more

My Native Alaskan Community Needs the Willow Oil Project

My Native Alaskan Community Needs the Willow Oil Project

A drilling site in Nuiqsut, Alaska. Photo: Mark Thiessen/Associated Press Utqiaġvik, Alaska The long-delayed Willow oilfield project, which is located within the National Petroleum Reserve-Alaska (NPR-A), is vital for Alaska’s economy, for America’s energy security, and for further modernizing the North Slope region. Some of our residents still live in homes that aren’t connected to … Read more

Biden’s Student-Loan Forgiveness Plan Could Cost $400 Billion, CBO Says

Biden’s Student-Loan Forgiveness Plan Could Cost $400 Billion, CBO Says

President Biden’s plan to cancel student debt for some borrowers will cost the federal government an additional $400 billion, according to the nonpartisan Congressional Budget Office. The estimates released Monday are the latest to put a price tag on the administration’s student-loan modification plans, in the absence of a detailed accounting from the White House. … Read more

What $80 Billion More for the IRS Means for Your Taxes

What $80 Billion More for the IRS Means for Your Taxes

The last Tax Report came out just as Congress took up the Inflation Reduction Act, and it discussed the bill’s $80 billion in proposed new Internal Revenue Service funding. Over half the new dollars were earmarked for new tax enforcement, especially audits of high-earning taxpayers, while the rest was to improve operations, technology and taxpayer … Read more

Congress is all in favor of chip subsidies

Congress is all in favor of chip subsidies

President Joe Biden has a semiconductor chip. Photo: Jonathan Ernst / REUTERS Industrial policy is back in vogue in Washington, or as it should be called, corporate welfare. The semiconductor industry is first in line, but it will not be the last. Taxpayers should at least know that they will subsidize very profitable businesses that … Read more

Manchin’s tax return to the Democrats

Manchin’s tax return to the Democrats

Progressive Washington’s anger is once again falling on Democratic Senator Joe Manchin as he questions the wisdom of the gigantic tax increase that Senate Majority Leader Chuck Schumer wants him to sign up for. West Virginian has not ruled out an agreement on ObamaCare subsidies and drug prices, but he seems to be wrinkling his … Read more

Sri Lanka’s meltdown tips for problems in developing countries

Sri Lanka’s meltdown tips for problems in developing countries

Sri Lanka’s government is in shambles and the country is in chaos. Pakistan has just received a $ 4 billion emergency aid rescue from the International Monetary Fund. Ghana has also requested a rescue package. Protests over rising inflation have erupted from Ecuador to Tunisia. Financial and political crises are brewing across parts of developing … Read more