Free Republic

Sam Bankman-Fried: I don’t know where $10 billion went. The Pentagon: We don’t know where $2.2 trillion went. The IRS: You just sent $601.37 don’t forget to report it.” The Biden administration is recruiting 87,000 IRS agents, allegedly to keep an eye on billionaires. .. aiming at the little fish of the gig economy instead. Taking payments for a side hustle via PayPal or Venmo? Not only is the IRS reminding you those payments are taxable income, it’s deputizing those payment companies to snitch on you. ... But wait — it gets worse. People get payments through these companies for...

Taxes have been in the news of late even more than usual, and not only in America. France's new socialist president has proposed a 75 percent top tax rate, causing the investor class to seek sunnier tax climes than dreary old Gaul. Actor Gerard Depardieu took up residence in Belgium, while former French President Sarkozy plans to move to jolly old England. Citizens of the United States, however, can't just absquatulate to some foreign country to avoid taxes. You see, the U.S. is the only major nation that taxes its non-resident citizens on income they earn abroad (see chart). Consequently,...

The AMT now sideswipes 3 million taxpayers. Think you're not one of them? Better cross your fingers Nina Olsen has been practicing tax law for nearly 30 years. These days, she's the nation's taxpayer advocate -- the in-house representative of ordinary citizens at the Internal Revenue Service. And she knows about as much as anyone about the tax code. But Olsen was stunned last spring when she finished running her return through a commercial tax-prep program. There on line 43 of her Form 1040 was an extra levy of $721. "I was just like, 'Wait a minute, how did that...