The proposal, strongly supported by Treasury, will not work to prevent the biggest source of tax evasion -- multinational corporations use of transfer pricing to shift of profits to low or no tax countries -- and Treasury knows it and, indeed, has opposed OECD efforts to close that loophole.
While fear is a completely normal reaction, here are three steps every taxpayer should follow if they receive an IRS letter.
This is the danger of revenue-neutral tax reform: having secured the achievable tax-expenditure savings and used them to fund other tax rate cuts, policymakers will have squandered the opportunity to raise the significant additional revenue needed for deficit reduction.
Don't get me wrong, this bill is right on the merits. Internet giants like Amazon.com do not deserve protection against mom-and-pop stores. But stories of Republicans in disarray, well, that's the kind of icing on top that makes any cake all the more delicious.
Amending a tax return can be very complex. There are many considerations, from determining what is incorrect and what the correct information should be, to knowing what forms to attach, to making sure the state return is amended correctly and timely.
A document obtained today by this reporter reveals that right-wing Texas billionaire brothers Charles and Bill Koch, rumored for months to be planning a takeover of the venerable Los Angeles Times, are secretly detailing changes they intend to make after they assume control.
The IRS has reported that it blocked $20 billion in tax refunds from bogus tax claims last year -- $6 billion more than the year before. What the figure really means is that more and more identity fraudsters fancy their chances against the IRS.
Can we align the interests of giant corporations with our national, American interest? If we cannot, they should be stripped of their American corporate privileges and be required to do the same things as other entities that are not wedded to the national interest.
Be sure to put some checks and balances in place, so that if this mistake was avoidable you don't repeat it again next year.
There is growing evidence that taxation has a strong correlation to reducing the rates of use, underage, and binge drinking.
Cutting tax rates won't restore jobs and prosperity. We should be talking about the investments that will work, starting with preschool.
We need to stop the battle of our political brands and take more advantage of the opportunities to try different approaches to problems that federalism gives to each state.
A critical concern of our time is not simply our high levels of income inequality and their negative impact on opportunity and mobility. It's how inequality and immobility become entrenched in the system -- how they replicate.
Everyone -- except Treasury, apparently -- agrees that our international tax system, which is based on transfer pricing, is broken.
Come January 2014, comprehensive, affordable health coverage will finally become a reality for millions of Americans, and the tax-credit subsidies will be a health care game changer. States must work to inform their residents of this opportunity for assistance.
The financial transaction tax that is central to the Inclusive Prosperity Act is a chance to make both big investments in our people and our infrastructure, and to make sure Wall Street pays their fair share.