Biden Calls for Crackdown on Wealthy Who Hide Bulk of Income From Tax nbcdfw.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcdfw.com Daily Mail and Mail on Sunday newspapers.
A bipartisan proposal would let people wait until they’re 75 to begin taking (federally taxable) distributions from their retirement accounts. It would really only help a small share of well-off people.
$600 Stimulus Checks to Go to Majority of People in California gobankingrates.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gobankingrates.com Daily Mail and Mail on Sunday newspapers.
Pete Sepp, president of the National Taxpayers Union, said there are legitimate concerns about exactly how the IRS would use the additional money and power.
“The more data the government has and the more it exchanges, the greater the risk of a breach and all of the problems that come with it,” Mr. Sepp said. “Talk about infrastructure policy. I mean, does the IRS have the infrastructure in place to even manage this information?”
Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center, said the administration has the right idea on the reporting requirements but that the scope is much too broad and would likely leave the IRS with reams of relatively useless information.
Two Views of American Families Plan
May 6, 2021
The White House and Republican National Committee are each touting different economic analyses that reach far different conclusions about the budget and economic impact of President Joe Biden’s American Families Plan.
One analysis from Penn Wharton Budget Model – which is being promoted by the RNC – directly contradicts Biden’s claims that the plan “doesn’t add a single penny to our deficit” and that it is “estimated to grow the economy another trillion dollars.”
In its May 5 analysis, PWBM estimates that over 10 years, the plan would spend $1.2 trillion more than it takes in in new revenue, and would increase government debt by almost 5% by 2050. It also predicts the plan would decrease GDP by 0.34% over 10 years, and by nearly 0.4% by 2050.