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Search resuls for: "Alex Muresianu"


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☆ Trump's plan to scrap taxes on tips and overtime could reshape how millions of Americans get paid
  + stars: | 2024-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +7 min
Presidential hopeful Donald Trump has proposed getting rid of taxes on tips and overtime. AdvertisementIf former President Donald Trump gets his way, workers who collect overtime pay or tips could stop paying taxes on them. "Their employer can pay less to keep them but the worker is not worse off because now they don't have to pay taxes on that," Shierholz said. Or it could mean some salaried workers switch to hourly wages in order to qualify for a higher rate of untaxed overtime pay. Do you collect tips or overtime pay?
Persons: Donald Trump, Trump, —, It's, Kamala Harris, that's, Harris, it's, Heidi Shierholz, Shierholz, Joe Hughes, Alex Muresianu, Muresianu, Hughes, Rube Goldberg, Karoline Leavitt Organizations: Service, Yale, Trump, Social Security, Taxation, Economic, Tax Foundation Locations: Arizona, America
☆ Proposed debt ceiling deal would cut part of $80 billion IRS funding
  + stars: | 2023-05-30 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
A tentative deal to raise the debt ceiling limit includes up to $21.4 billion of IRS budget cuts, slashing part of the nearly $80 billion in agency funding enacted last August to boost taxpayer service, technology and enforcement. If unchanged, a separate deal would also repurpose $20 billion of IRS funding for fiscal years 2024 and 2025, according to the White House. Since the original $80 billion in IRS funding was for a 10-year period, White House officials on Sunday said they don't expect the budget cuts to fundamentally change the agency's near-term plans. But the IRS may need to request more funding during the latter years of the original timeline, they said. The $80 billion IRS funding has been a hot-button political issue since its enactment, and repealing the money was a theme throughout the 2022 midterm elections in the fall.
☆ Here's why IRS tax audits have declined over the past decade
  + stars: | 2023-04-01 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com   time to read: +2 min
Tax season is upon us, and along with it comes the ensuing bout of paranoia about the dreaded IRS audit. In 2022, the IRS audited 3.8 out of every 1,000 income tax returns. The GAO report concludes that a drop in IRS funding was a main contributor to the decline in audits. Janet Holtzblatt senior fellow at the Urban-Brookings Tax Policy CenterAbout 70% of the IRS's overall budget is spent on labor. "Someone who's three years out of college isn't going to be doing the technical work on the ExxonMobil tax return.
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