I previously provided 13 clever quips about paying taxes, including some real zingers. As Congress is deep in its sausage making with the One Big Beautiful Bill Act, here are some more comments famous people have made that still seem timely many years after they said them: It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the tax rates.–John F. Kennedy Make sure you pay your taxes; otherwise you can get in a lot of trouble.–Richard…

Most people wait until late in the year to plan their charitable gifts with the goal of making the gifts by December 31. That traditional approach often leaves a lot of money and other benefits on the table. Often, gifts are made simply by writing a check or donating some assets. The first step to more effective charitable giving is to establish a charitable giving plan. Determine how much wealth you want to donate to charity over time, how much you want to make in lifetime gifts, and how much you want to leave in estate bequests. Also, determine the…

I have a confession to make: I’m tired. Sorting through the recently passed House tax bill–dubbed the Big, Beautiful Bill–has not been an easy task. That’s true even though I’ve been following along from afar–unlike members of Congress, I didn’t even have to make a personal appearance at the marathon House sessions (more on that in a moment) or the Senate’s confirmation hearings this past week. One of those confirmation hearings focused on the nomination of Billy Long, a former Republican congressman, to be IRS Commissioner (there has been a revolving door of heads of the agency since January). The…

Three Georgia residents have been sentenced for their involvement in a scheme to defraud the Georgia Department of Labor (GaDOL) out of tens of millions of dollars in benefits meant to assist unemployed individuals during the pandemic. Macovian Doston, 31, of Vienna, Georgia, has been sentenced to 15 years in prison, followed by three years of supervised release, and ordered to pay restitution. Shatara Hubbard, 36, of Warner Robins, Georgia, has been sentenced to 6 years in prison, followed by three years of supervised release, and ordered to pay restitution. Torella Wynn, 33, of Cordele, Georgia, has been sentenced to…

Imagine a reconstruction fund so tax-preferred it makes municipal bonds look like a comparative raw deal—that’s what the United States-Ukraine Reconstruction Investment Fund may have just created. The fund, formally established through an agreement between the U.S. and Ukraine in April, is structured as a limited partnership between two state-backed agencies: the U.S. International Development Finance Corporation (IDFC) and Ukraine’s Agency on Support Public-Private Partnership (PPP). The purported ambition is the reconstruction and rebuilding of Ukraine post-Russian invasion—with a strong preference towards a steady infusion of international capital. The fiscal kicker is that all income flowing into, within, and out…

The IRS wants you to “disclose” if you do not have at least ‘‘substantial authority’’ for your tax position. Disclosure is more than the usual listing of income or expense. It is simply an extra explanation. How much extra varies considerably, not only in legal requirements but also in practice. Sometimes, the IRS says disclosure is required. You might be claiming legal expenses for a fight with your siblings over an heirloom. Or you might be claiming that you had an ordinary loss rather than a capital one when stock became worthless. When To Disclose There are almost infinite circumstances…

Tucked among the trillions of tax cuts in the House’s just-passed “big, beautiful bill” is the repeal of the tax on indoor tanning services. But before you rush to book a tanning bed appointment, remember that the Senate still has to act on this bill and that dermatologists are no fans of tanning. About The Tax The tanning tax, a 10% excise tax on indoor tanning services, dates back to 2010. It was part of the Patient Protection and Affordable Care Act—better known as Obamacare. When Congress wants to find money to pay for things that matter to them—like healthcare…

The U.S. House of Representatives just passed H.R. 1, the “One Big Beautiful Bill Act” by a narrow margin, with the vote being 215 to 214. Foreign persons (including foreign governments) considering inbound investments should pay close watch as this develops. The OBBBA has many tax provisions, but one (Section 112029 of the OBBBA) would create a powerful new retaliatory tax by adding a new Section 899 to the Internal Revenue Code. Section 899 as proposed in H.R. 1, titled “Enforcement of Remedies Against Unfair Foreign Taxes” is aimed at foreign jurisdictions that impose certain discriminatory or extraterritorial taxes on…

House Republicans passed their “One Big Beautiful Bill Act” early Thursday morning in defiance of several warnings that it would have big negative consequences for the United States. The “biggest” thing about the bill (beyond its 1,118-page length) is the more than $3 trillion that the Committee for a Responsible Federal Budget estimates it would add to budget deficits over the next decade. That figure would swell to more than $5 trillion if the nominally temporary policies within it are made permanent, as leading Republicans have made clear they intend. No matter which measurement is used, this bill would be…

It turns out that all of those “no” votes in committee didn’t amount to much once the tax bill hit the House floor on Thursday morning. House Republicans passed the “big, beautiful tax bill” with a 215-214 vote. Only two Republicans, Warren Davidson (Ohio) and Thomas Massie (Ky.) voted “no” on the grounds that the bill would add significantly to federal deficits—two others, Andrew Garbarino (N.Y. and David Schweikert (Ariz.) didn’t vote, while Andy Harris (Md.) voted “present.” The tax portion of the bill before any changes were made, would cost $3.7 trillion over the next decade, according to the…