Black taxpayers are much more likely to face an audit by federal authorities than non-Black Americans — and the underfunding of the Internal Revenue Service (IRS) could be playing a significant role in driving that disparity, new research reveals. A new study of IRS data published by the Stanford Institute for Economic Policy Research finds that Black taxpayers are audited at a rate three to five… Source Source / Read More: Black Taxpayers Are at Least 3 Times More Likely to Face Audits
Income Inequality
A Wealth Tax on the 0.25 Percent Could Fund Biden’s Entire Student Debt Plan
If a modest 2 percent wealth tax on a fraction of the richest households in the U.S. was in place this year, it would have raised enough funds to pay for the next three decades of President Joe Biden’s student debt cancellation plan, new data shows. A report released by the Institute on Taxation and Policy (ITEP) on Thursday finds that a nationwide 2 percent wealth tax on households worth over $30 million, or the top 0.25 percent of households, would have raised nearly $415 billion this year alone. This could pay for a wide swath of important federal programs,…