How Trumpcare cuts taxes for the wealthiest, in one simple chart

The Senate Republican health care bill is a massive tax cut bill for the wealthiest citizens  masquerading as health care reform.  It would eliminate the Net Investment Income Tax, which applies only to income from investments and only on taxpayers making more than $200,000 or $250,000, depending on filing status.  That’s the main reason almost 60 percent of the benefits of the bill would go to people making more than $1 million annually, while most people earning less than $100,000 would either lose benefits or save just a few dollars in taxes.

Here’s a graphic from The Upshot, in The New York Times, showing who wins and loses under Trumpcare.

Are you an audit target? Here’s the latest scoop from them that (might) know.

Who’s most likely to get audited by the IRS this year? According to Debra Estrem, Managing Director of the scarily-named Tax Controversy Group at Deloitte Tax LLP, the service is going to be focusing more on the wealthiest taxpayers, but is also going to be focusing on people with unusually large deductions and business losses.… Continue Reading

Want to deduct your driving expenses? Tax court says you better keep excellent records.

A Tax Court case this year drives home the point that there are no shortcuts or bypasses for people wanting to take deductions for using a car for business. The taxpayers who went to court reached one dead end after another in their quest for write-offs, but the case provides a roadmap for anyone looking… Continue Reading