In our benchmark scenario, we find that under-reported income rises from about 10% of true income in the bottom 90% of the income distribution to 16% at the 99th percentile of income, where it remains constant or falls

In two years levying a 4% surtax on incomes over $1 million, it's funded bridge repairs, bolstered literacy programs and tackled a transportation deficit.

Conservatives warned of a mass exodus if the democratic socialist won, but experts, and property data, paint a very different picture

Signed contracts on Manhattan homes costing more than $4m increased in November compared with October, Fortune magazine reported, with the most expensive homes outperforming the overall market. And inventory in the “luxury market” fell by 16% in October compared with the previous year, suggesting that, actually, more people are committing to staying in New York.

The administration has moved to fire nearly 20,000 agency employees. The IRS has dropped investigations of high-value corporations and taxpayers because it’s had to triage resources to keep internal systems operating. IRS officials are predicting a decrease of more than 10 percent in tax receipts. That would amount to more than $500 billion in lost federal revenue.

The newly released House GOP resolution proposes a $4 trillion debt ceiling increase while allocating $4.5 trillion in new deficits for the tax-writing Ways and Means Committee. This move aims to extend tax cuts that many Republicans argue are crucial for economic growth.

The proposal includes $4.5 trillion in tax cuts, $1.5 trillion in spending reductions, $300 billion for immigration and military efforts, and a debt limit increase. If approved, these measures would help Republicans push significant legislation through Congress along party lines.

Analysis of Trump's Tax Proposals (2024):

• Tax cuts for top 5%, increases for others
• Richest 1% get ~$36,300 cut, middle 20% face ~$1,500 hike
• Key proposals: Extend 2017 tax cuts, exempt certain incomes, cut corporate tax, repeal green energy credits, impose new tariffs
• Tariffs would offset tax cuts for most income groups
• Working-class families face highest increases as % of income
• Corporate tax cuts benefit high-income and white households most
• Proposed tariffs expected to significantly disrupt economy and raise consumer prices

Unless Mr. Bezos, Warren Buffett or Elon Musk sell their stock, their taxable income is relatively minuscule. But they can still make eye-popping purchases by borrowing against their assets. Mr. Musk, for example, used his shares in Tesla as collateral to rustle up around $13 billion in tax-free loans to put toward his acquisition of Twitter.

When the income tax was adopted in 1913, the federal tax burden fell almost entirely upon upper-middle and upper class incomes and the wealthiest earners among them shouldered nearly the entirety of the federal income tax burden. The wealthiest 1 percent of tax filers routinely paid in excess of 70 percent of the federal income tax burden. The top 10 percent of filers often provided over 90 percent of tax payments.

just uhh, don't do this? don't use a personal corp as a fun little deferred tax shelter just for doctors? just RRSPs and TFSAs like everyone else
"Canadian Medical Association president Kathleen Ross told the Canadian Press earlier Tuesday that many doctors would be be hit by the hike because they incorporate their medical practices and invest for their retirement within their corporations."

Increasing spending to help pay for spending may seem counterintuitive. It makes more sense when you consider that every additional dollar invested in the IRS generates a $6 return, according to Treasury estimates, by enabling the agency to detect and collect tax bills already owed.

By inadequately funding the IRS, we’re leaving money on the table.