THREAD: Stepped-up basis is the most wasteful tax giveaway to the rich in the whole tax code.

I know, that's a competitive category, but here's my case… (1/10) Tax-free stepped-up basis means when someone dies holding assets that have gone up in value, like stocks, no one ever pays income tax on the capital gains. Even if heirs sell the next day.

Every dollar of that tax break is a government subsidy for inherited wealth. (2/10)

Congressional Research Service—which is nonpartisan, independent, and highly-respected—just published a report that dismantles claims that the GOP tax law is doing much good for the economy. everycrsreport.com/reports/R45736…

Here are some quotes… CRS on GOP tax law: “In 2018, gross domestic product grew at 2.9%, about the Congressional Budget Office's projected rate published in 2017 before the tax cut. On the whole, the growth effects tend to show a relatively small (if any) first-year effect on the economy.”

THREAD: The #TrumpShutdown threat is even dumber than you think. To see why, lets look at some budget documents! If Trump is mad he's not getting $5 billion for his border wall, he should direct his temper tantrum at Mick Mulvaney. Because Trump's own budget only requested $1.6 billion. whitehouse.gov/wp-content/upl…

I've been a tax preparer for 7 years. This new "postcard" tax form is more than silly. People are going to screw up their taxes because of it. Here's why…

External Tweet loading...
If nothing shows, it may have been deleted
by @jimtankersley view original on Twitter

For people who use the IRS forms to do their taxes, the lines on the form are essentially a checklist for what you need to include and what tax benefits to claim. The "postcard" takes away a lot of lines on that checklist.

1. Holy shit there are a lot of statues of Confederates in the U.S. Capitol. 2. Each state gets to send 2 statues to the Capitol for display. They're all listed here with brief bios: aoc.gov/the-national-s…