Discover and read the best of Twitter Threads about #TaxDay

Most recents (12)

President Biden on #TaxDay 2021:"The American Rescue Plan is delivering critical tax relief to middle class and hard-pressed working families with children.With today’s announcement, about 90% of families with children will get this new tax relief automatically,starting in July."
Biden: "While the American Rescue Plan provides for this vital tax relief to hard working families for this year, Congress must pass the American Families Plan to ensure that working families will be able to count on this relief for years to come."
Biden: "For working families with children, this tax cut sends a clear message: help is here."
Read 15 tweets
THREAD. 1/ Much anticipated by policy wonks, todays #TaxDay is disappointing…Tackling non-compliance and digitising tax collection are worthwhile goals...

But government must address fundamental unfairness in the tax system, not tinker round the edges.
2/ Property & wealth taxes remain ripe for reform and will take time to implement.

Gov. must not kick this into the long grass. E.g the way capital gains are taxed will continue to fuel inequality and cost the exchequer billions. ippr.org/research/publi…
3/ There are difficult questions with difficult answers, but government must set it’s ambitions high to transform our tax system, delivering on it’s manifesto commitment to end "arbitrary tax advantages for the wealthiest in society”
Read 4 tweets
Something Sir Humphrey about it being announced in this that there will be a review of the Office of Tax Simplification. [appreciate #OTS is reviewed under statute]
The government is publishing a summary of responses to the 2018 consultation ‘The Taxation of #Trusts: A Review’.4 The responses did not indicate a desire for a comprehensive reform of trust tax at this stage.
The government will keep the issues raised under review.
Read 11 tweets
It's #TaxDay! Did you know U.S. tax code perpetuates racial & gender bias by rewarding particular family, household, & business structures? Read more in my piece for @womensmediacntr w/ quotes from @ajurowkleiman @amy_matsui on the @nwlc reports womensmediacenter.com/news-features/…
Joint filing for married couples...provides a "marriage bonus" for “single-earner or unequal-earner couples" rewarding households w/ a primary wage earner & a partner staying home to care for children, which the report calls “an increasingly outdated household structure" #TaxDay
The mortgage interest deduction “subsidizes home ownership, thereby rewarding wealthier individuals and disadvantaging women, people of color, and other marginalized groups.” This deduction is primarily claimed by families earning over $100,000 #taxes
Read 7 tweets
Ten #MMT tips to remember on #TaxDay:
1. Federal #taxes don't fund federal spending, so let's #decouple these two important tools.
2. Taxes offset #Government spending.
3. It's a matter of #logic: #dollars must be spent into existence (by the Gov) first, in order for us to use some of those $ to pay taxes
4. #Taxing for #revenue is for local states/municipalities, not the #sovereign issuer of the #currency.
5. Taxing excessive wealth protects #democracy from #Oligarchy and protects us from abusive market power
6. Taxing #pollution & #speculation to reduce such activities, not to "fund" #healthcare and #education.
Read 6 tweets
Over the last 60 years, corporations have paid less and less in taxes, while working families foot the bill for critical government services. This #TaxDay, it’s time to ask who this country works for.
Corporations spent millions of dollars and sent armies of lobbyists to push for the #GOPTaxScam. The result? A tax code so full of loopholes that dozens of giant companies paid nothing on #TaxDay. itep.org/notadime/
That means if you paid one dollar in taxes on #TaxDay, you paid more than Amazon, Chevron, and Eli Lilly – combined.

When giant corporations contribute nothing while hard-working families pay their fair share, that’s a rigged system.
Read 3 tweets
Lots (LOTS) of responses to my #TaxDay story with @jimtankersley today. A few thoughts to follow.
nytimes.com/2019/04/14/bus…
Responses mostly fell into one of 3 buckets:
1. You morons are wrong. I totally got a tax increase!
2. You liars in the media are the reason no one thinks they got a tax cut.
3. So what if I got a few bucks extra? The law was still terrible!
Going to take these in reverse order.
On #3: Stipulated! There were plenty of reasons to hate this law even if you got a cut. The cuts were small for most Americans. They were skewed toward corps/the rich. They added hundreds of billions to the deficit. The individual benefits expire in a few years. Etc etc.
Read 23 tweets
REMINDER: this year is the first year Americans file their taxes after Republicans in complete control of Washington rammed through the #GOPTaxScam.

Since then, several things have happened. #TaxDay
🚫 Manufacturers closed plants to ship jobs overseas.

🚫 Big corporations paid zero in taxes while ordinary, hard-working people got slapped with a tax hike.

🚫 Trump is actively pushing to gut of over $2 trillion from Medicare, Medicaid and Social Security.
Meanwhile, Trump can't seem to get his story straight about why he refuses to release his taxes. Show us the tax returns. #WhatsInYourReturn?
Read 3 tweets
All 50 states & DC saw their avg. tax liability fall from 18.0% to 29.1%. D.C. saw the least decrease, and largest decline in avg. tax refund at 6.1%, while North Dakota saw the largest increase at 6.7% on average.

Also, UPDATE/ASSESS W-4s!
#TaxDay #TCJA
Tax liability in real dollars is down nearly $1,200 on avg. (as promised), but tax refunds were up avg. $43. That’s BC an average of $1,156 went into paychecks during the year, or about $50 for a biweekly paycheck starting in March of 2018.

So...
peoplespunditdaily.com/policy/2019/04… #TaxDay
So... everyone should make sure they reassess and update W-4s if need be, because w/ all 12 months impact, some could see refunds decline by $200 or more next year as less is taken from their paychecks.

But overall, #TCJA was a big net positive.
peoplespunditdaily.com/policy/2019/04… #TaxDay
Read 4 tweets
Happy Tax Day! How are you feeling about Republicans’ big tax cut for the rich? Seeing a big boost in your bank account? Yeah, we didn’t think so. #TaxDay #GOPTaxScam
Your fellow voters hate the new tax law, too. vox.com/policy-and-pol…
But wealthy political donors love it — and last year they turned around and funneled some of their savings back into GOP candidates’ coffers. #GOPTaxScam #TaxDay
nytimes.com/2018/08/18/us/…
Read 12 tweets
Filing your taxes is complicated and expensive. But it doesn’t have to be that way. Congress should pass my Tax Filing Simplification Act, which I’m re-introducing today. Image
Every year, taxpayers waste too much time and money on tax preparation. And low-income and minority taxpayers are hit the hardest, according to a new report that @SenDuckworth and I requested: gao.gov/products/GAO-1…
My bill would let millions of Americans simply sign and return a pre-filled tax form, and require the IRS to create a free online tax preparation and filing service – making #TaxDay easier and cheaper for everyone. washingtonpost.com/opinions/2019/…
Read 3 tweets
THREAD: It's almost #taxday, so I want to remind everyone that tax prep software products like TurboTax and H&R Block are vampires that thrive on overly complicated taxes and filing procedures to extract money from people who just want to pay their taxes vox.com/2014/4/11/5603…
These companies and others like them stand to lose billions if filing taxes were ever to become easier, which is why they devote a lot of time and money fighting any measure at the state or federal level that would make filing your taxes less complicated
propublica.org/article/how-th…
They build astroturf campaigns designed to make communities think that saving time and money filing their taxes would be a bad thing propublica.org/article/turbot…
Read 7 tweets

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