Taxes

What To Know About Turbotax Before You File Your Taxes This Year

February 10, 2023 Sophia Kovatch, Pro Publica. Educate! Finance and the Economy, IRS, Taxes, Turbotax

Under the Free File agreement, Americans who make less than $73,000 per year should be able to file their taxes for free with one of the tax preparation companies that partners with the IRS. But this program has been historically underutilized, with just 4% of eligible Americans filing for free in 2021. The story of the Free File program is long and twisting, and it can seem more like a fight against free tax filing than a fight for it. One of the biggest players is Intuit, the maker of TurboTax, one of the largest tax preparation software companies in the country. ProPublica has reported on Intuit and the Free File program since 2013. Here’s what we’ve found. In 2002, Intuit, H&R Block and other tax prep companies signed a deal with the IRS to provide free tax filing services to millions of Americans. In return, the IRS agreed it would not create its own tax filing system that could compete with the tax prep companies.

New Report On Extreme Wealth And Potential Wealth Tax Revenue

January 26, 2023 Chuck Collins, Inequality.org. Educate! Billionaires, Finance and the Economy, Tax the rich, Taxes

See our new report, researched and written by IPS, Oxfam, Patriotic Millionaires, and Fight Inequality Alliance. This report is a complement to Oxfam’s recently released, “Survival of the Richest.” Our report includes country-by-country data on wealth inequality and the revenue possibilities of national wealth taxes. The global billionaire class is gathering this week in Davos, Switzerland to talk about the ongoing “polycrisis” – a term embraced by the World Economic Forum (WEF) to describe the convergence of ecological, political, pandemic and economic disruptions. The one acute crisis they won’t talk about is the extreme levels of concentration of wealth and power happening across the globe. Estimates from our report, Extreme Wealth, demonstrate that $1.7 trillion could have been raised in 2022 alone if a progressive wealth tax were imposed on the ultra-rich. This revenue could be used to tackle global inequality and set in motion a system of economic democracy.

Richest 1% Took 2/3rds Of Global Wealth Since 2020

January 18, 2023 Ben Norton, Geopolitical Economy Report. Resistance Report Global Economy, Poverty, Taxes, wealth inequality

In the past decade, the richest 1% of people on Earth sucked up half of all new wealth. In 2020 and 2021, the richest 1% took nearly two-thirds of all new wealth – six times greater than the wealth made by the poorest 90% of the global population. “Since 2020, for every dollar of new global wealth gained by someone in the bottom 90%, one of the world’s billionaires has gained $1.7 million”, wrote Oxfam. In the meantime, global poverty is getting worse, not better. These shocking statistics were published in “Survival of the Richest“, a report authored by Oxfam, an international humanitarian organization dedicated to fighting poverty and hunger. The document details how, while hundreds of billions of working people across the planet suffer from hunger, insecurity, rising costs of living, and decreasing wages, “The very richest have become dramatically richer and corporate profits have hit record highs, driving an explosion of inequality”.

Oxfam Wants To More Than Double The Tax Rate On Our Richest

January 16, 2023 Sam Pizzigati, Inequality.org. Educate! Class Struggle, Finance and the Economy, Taxes, wealth inequality

Every January, the deep pockets of our world who see themselves as deep thinkers gather high up in the Alps to contemplate the world’s most pressing problems at the annual Davos World Economic Forum. Every January, analysts at Oxfam, the global group that champions economic justice, take this annual Davos moment to report out just how much our world’s richest contribute to those problems – and just how many of those problems they outright create. This year’s Oxfam Davos-time report, Survival of the Richest: How we must tax the super-rich now to fight inequality, adds to this pattern a fascinating new twist. Just what do we have to do, this Oxfam paper essentially asks, to keep our super-rich from being super? Central to Oxfam’s answer: a call for a tax rate “of at least 75 percent on all personal income” of those making over $5 million a year, basically those who sit in our world’s wealthiest 0.1 percent.

How Baltimore’s Inclusionary Housing Bill Got Hollowed Out

December 29, 2022 Stephen Janis, Taya Graham and Jayne Miller, The Real News Network. Educate! Baltimore, Housing, Maryland, Taxes

Today will be the first installment of our series called “Tax Broke”. It’s a five-year exploration of our hometown Baltimore’s policy of doling out tax breaks to developers to stimulate growth. And the centerpiece of the work is a documentary by the same name, which we have screened and we will publish next year. The essence of our findings is that the city of Baltimore has used a variety of tax breaks intended to stimulate growth, but has done far less to track their effectiveness or make the process transparent to account for them. We also found that this idea has primarily benefited wealthy neighborhoods while leaving poorer communities neglected. It has, in a sense, heightened the inequality of an already unequal city. But our 60-minute film only scratches the surface of this topic, but one important underlying question which our film raises is ultimately, how to build affordable housing as efficiently and fairly as possible.

Tax The Rich? We Did That Once

December 7, 2022 Sam Pizzigati, Inequality.org. Create! Class Struggle, History, Taxes, wealth inequality

Once upon a time, the United States seriously taxed the nation’s rich. You remember that time? Probably not. To have a personal memory of that tax-the-rich era, you now have to be well into your seventies. Back at the tail-end of that era, in the early 1960s, America’s richest faced a 91 percent tax rate on income in the top tax bracket. That top rate had been hovering around 90 percent for the previous two decades. In the 1950s, a Republican president, Dwight D. Eisenhower, made no move to knock it down. The rich felt those taxes. The high life struggled. Consider what happened to one fabled emblem of that era’s excess, the nation’s first-ever penthouse.

How Private Developers Profited From Tax Subsidies In Baltimore Intended To Revitalize Poor Neighborhoods

December 6, 2022 Mansa Musa, The Real News Network. Resistance Report Baltimore, Finance and the Economy, Maryland, Taxes

For 50 years, Baltimore city officials have trumpeted the use of tax subsidies for private developers as a way to catalyze economic development. As more and more public funds have gone into the pockets of the rich, the city’s prospects have only worsened. Hundreds of thousands of residents have left or been pushed out of the city, and numerous businesses have followed suit. In their new documentary, ‘Tax Broke,’ TRNN reporters Taya Graham and Stephen Janis team up with veteran Baltimore reporter Jayne Miller to tell the story of how capital has fed parasitically on taxpayer money for half a century. Stephen and Jayne join Rattling the Bars to share what their reporting in ‘Tax Broke’ uncovered.

30+ Media Organizations Call For Windfall Tax On Fossil Fuel Profits

November 16, 2022 Olivia Rosane, EcoWatch. Create! climate crisis, COP27, Fossil Fuels, Media, Taxes

More than 30 media organizations in more than 20 countries have come together with a simple but daring proposal: world leaders should tax big fossil fuel companies to help the most vulnerable nations respond to the climate crisis. The editorial, spearheaded by The Guardian, was published in conjunction with the COP27 UN climate conference in Sharm el-Sheikh, Egypt, and has appeared in an international array of outlets including Hindu in India, Tempo in Indonesia, the Mail & Guardian in South Africa, Haaretz in Israel, Rolling Stone in the U.S., El Espectador in Colombia, La Repubblica in Italy and Libération in France. “My hope is that in speaking with one voice, we remind people that this is a global crisis, threatening all of us,” head of environment at Guardian News and Media Natalie Hanman said in a Guardian article about the initiative.

Policymakers Should Expand Child Tax Credit In Year-End Legislation

October 25, 2022 Chuck Marr, Danilo Trisi, Arloc Sherman and Kris Cox, CBPP. Create! Child Poverty, Child Tax Credit, Finance and the Economy, Taxes

The Child Tax Credit expansion drove child poverty sharply downward in 2021. Combined with other relief efforts, the expansion helped lower child poverty by more than 40 percent between 2020 and 2021, reaching a record low of 5.2 percent, Census Bureau data released last week show. The credit’s expansion expired at the end of last year, but policymakers can renew this successful poverty-fighting policy in year-end bipartisan tax legislation. There is pressure on Congress from business interests to delay a corporate tax increase; Congress should not consider any business tax breaks without also expanding the Child Tax Credit. The new Census data are the clearest evidence to date of the expanded Child Tax Credit’s success.

The Fight Against Inflation Doesn’t Have To Be Rich-People Friendly

October 22, 2022 Sam Pizzigati, Inequality.org. Create! Class Struggle, Finance and the Economy, Inflation, Taxes

The world’s central bankers, almost without exception, are now busy swinging sledgehammers. Only whopping interest-rate hikes, they’re preaching, can pound down inflation’s rising prices. In the United States, the Federal Reserve has so far this year raised the nation’s benchmark interest rate by three points, something that hasn’t happened since the 1980s, and still more rate hikes, the Fed pledges, are coming. These interest-rate boosts, the central banker reasoning goes, will slow the economy, deflate consumer demand, and get prices shrinking. The downside? Federal Reserve chair Jerome Powell is readily acknowledging the hardships rate hikes are provoking. The slower growth and softer labor market rising rates make inevitable, Powell conceded this past August, “will also bring some pain to households and businesses.”

Can A Deeply Unequal Nation Totally Reverse Course?

September 1, 2022 Sam Pizzigati, Inequality.org. Educate! Colombia, Gustavo Petro, Taxes, wealth inequality

The alarm bells are — sort of — ringing, Bloomberg reports, in Colombia’s most “fashionable neighborhoods of Bogotá and Medellin.” Colombia’s newly elected progressive president has just proposed a wealth tax, on his first day in office no less. In Latin America, the world’s most unequal region, an egalitarian move like that would normally have a nation’s most privileged enraged and frothing. And some of that frothing certainly is showing up since Gustavo Petro, Columbia’s first left president, proposed his new levy on grand fortunes. A top exec with Colombia’s largest financial conglomerate now even says he sees “a significant risk” the nation’s stock market “will practically disappear” under Petro’s reign.

Radical Taxation

August 20, 2022 Vanessa Williamson, Dissent Magazine. Educate! Finance and the Economy, Taxes, wealth inequality

This spring, legislators of both parties, from Connecticut to Georgia, responded to higher energy prices with “gas tax holidays,” temporary tax reductions for consumers that provide an additional windfall to the immensely profitable fossil fuel industry at precisely the moment when we should be ending the global warming economy. Thirty-six years after Grover Norquist first introduced the “taxpayer protection pledge”—by which thousands of legislators have committed to oppose all tax increases—American policymaking remains trapped in an anti-tax paradigm that leaves us unable to cope with the crises we face. Given that the stakes are the habitability of the planet, paradigms might seem a relatively minor concern. But conservative tax opposition can lead us to imagine barriers to climate action that are in fact no great obstacle at all.

The Case For Taxing The Rich Gets An Unexpected Boost

June 1, 2022 Sam Pizzigati, Counter Punch. Educate! Finance and the Economy, Taxes, wealth inequality, Wealth Tax

We’ve had quite a show up in the Alps this week, the first in-person gathering of the world’s mega rich since Covid hit. The occasion? The annual World Economic Forum at the Swiss resort of Davos, an ever-so-sober gathering that has an assortment of global deep thinkers sharing their wisdom with deep pockets ever eager for policy ideas that don’t involve sharing their wealth. Also on hand, in person and remotely: a collection of the world’s most stalwart egalitarians, advocates ranging from activists with the Patriotic Millionaires to analysts at the anti-poverty powerhouse Oxfam. These analysts, on the eve of Davos, released gripping new data on how billionaires in food and energy have been swelling their fortunes — at consumer expense.

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