After two years of enforcing austerity, Gov. Chris Christie of New Jersey presented a $32 billion budget on Tuesday, arguing that the state could afford to have it all.
The Buffett Rule, which sets minimum tax rates for millionaires, is not in the president’s budget plan because it would complicate the current tax code, the White House said.
President Obama’s final budget request of his term amounts to his agenda for a desired second term, with tax increases on the affluent and cuts in spending to reduce deficits and pay for priorities like education.
For tax-efficient investing, an investor needs to consider not just the asset, like a foreign stock or a commodity, but also the vehicle in which the asset is held.
When the I.R.S. detects that a person did not file a tax return, it eventually does the job itself, but without including all sorts of possible deductions.
The I.R.S. is now more likely to grant what is known as “equitable relief” in cases involving an innocent spouse — the one who was stuck with the bill for the other’s tax problems.
