Page 54 - Revenue Code News Today

Highlights Expatriation has increased significantly in 2020. The latest U.S. Department of the Treasury Report reflects that a record 6,047 individuals expatriated during the first three quarters of 2020. In addition, 834,000 "green card" holders became U.S. citizens in FY 2019, which reflects an 11-year high. Why are so many individuals expatriating? Perhaps it is because we live in chaotic times, ranging from the pandemic to the contentious presidential election and transition, among other re...

Of people who cant afford it. what do you think? >> yeah, look, i think this is a tax issue because as you recall the supreme court determined it was a tax not a penalty. thats how it was upheld constitutionally. it also was in the international revenue code , so its a tax issue about 80 percent of the people who paid the tax in ohio are living in families with income of less than 50,000 bucks. so its not only a tax and penalty, it tends to hit people at the lower end of the economic scale harde...

That will require another hard choice. if action is not taken to stabilize our revenue code, extreme and radical cuts will be imposed on education and critical public services. >> now, the latest poll is really all the way april, so it had iraner -- rauner at 43% and 40% for the incumbent governor. >> its pretty much the consensus that that is -- thats its very much a horse race. its going to be down to november. were going to be watching this late into the night in november. rauner obviously ha...

Impasse over tax rates. the president said they have to go up, but hes indicated they dont have to go up all the way to 39.6%. but the boehner letter said no increase in tax rates, period. so how do we get off that dime? >> why dont we forget -- why dont we think about revenue instead of rates? what the fear of the fiscal conservatives are is do you damage economic growth? can you take $800 billion out of the revenue code in a way thats not as negative for capital formation? as would be just rat...