Kyle Pomerleau of the American Enterprise Institute discusses the Biden administration’s fiscal 2024 budget and examines how the tax proposals play into the administration’s wider political agenda. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This
Taxes
Most legal settlements are taxable, even for a devastating fire loss. That grim fact can be an unpleasant surprise to fire victims and seems particularly unfair. There are federal tax bill pending that if passed, could make certain fire lawsuit recoveries nontaxable. The proposed federal bill was introduced in 2022 by Congressmen Doug LaMalfa (R
The IRS rolled out a first look at this year’s Dirty Dozen, and there’s a new—but not surprising—entry: improper claims involving Employee Retention Credits, or ERC. Dirty Dozen The “Dirty Dozen” is an annual list of common scams taxpayers may encounter during the year. Many of these schemes peak during tax filing season as people
President Biden has used his budget proposal to Congress to position himself as a champion of Medicare and Social Security. Even before the budget’s official release, Biden took to the guest essay pages of the New York Times NYT to outline his plans to tackle Medicare’s looming insolvency. It’s good that the administration is at
Today’s Social Security column addresses questions about filing early to enable spousal benefits, whether to take divorced spousal benefits and when the Windfall Elimination Provision (WEP) applies to Social Security retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask