All articles tagged with #taxpayers
The Congressional Budget Office estimates that deploying National Guard troops to U.S. cities under Trump’s orders cost taxpayers about $496 million, illustrating the financial footprint of security mobilizations tied to his political actions.
The Chicago Bears announced plans for a new stadium in Arlington Heights, claiming it would be built without public funding, but they are now requesting $855 million for infrastructure, effectively shifting costs onto taxpayers while seeking ownership and revenue rights, highlighting a common NFL tactic to secure public funds under the guise of community benefit.
The Chicago Bears announced plans for a new stadium in Arlington Heights, claiming it would be built without public funding, but they are now requesting $855 million for infrastructure, effectively shifting costs onto taxpayers while seeking ownership and revenue rights, highlighting a common NFL tactic to secure public funds under the guise of community benefit.
President Trump is considering major reforms to Fannie Mae and Freddie Mac, including potentially taking them public to generate billions for taxpayers, while maintaining an implicit government guarantee, which marks a significant shift in policy and could impact shareholders and the housing market.
The National Desk is conducting a poll to gauge public opinion on whether President Biden's student loan forgiveness plan is fair to American taxpayers.
President Biden's student loan cancellation plans are estimated to cost taxpayers $559 billion, with households earning over $300,000 benefiting the most, according to a study by the University of Pennsylvania. The new plan will relieve longer-term student debt for about 750,000 households with an average income of over $312,000, drawing criticism from House Budget Committee Chairman Jodey Arrington. The Penn Wharton Budget Model does not account for the administration's additional $7.4 billion student debt cancellation announcement, and at least 10% of borrowers have been approved for some debt relief under the Biden administration's various student loan cancellation programs.
President Biden's student loan handouts have reached 4.3 million borrowers, totaling $153 billion in debt relief, with the Wharton School estimating the cost to taxpayers at over half a trillion dollars. The relief includes waiving interest and eliminating debt for long-term borrowers, with the majority of the cost attributed to interest waivers. Despite legal challenges, Biden remains committed to student debt cancellation, arguing that it will stimulate the economy.
A new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research reveals that a majority of U.S. taxpayers feel they pay too much in federal income taxes, local property taxes, and state sales tax, with Republicans more likely than Democrats to view taxes as unfair. The poll also shows that few adults have high confidence in how their tax dollars are spent by government institutions, with older adults more likely to perceive taxes as fair. Additionally, many taxpayers feel they do not receive good value for the taxes they pay, and only a small percentage say they understand how their tax amounts are calculated.
The Internal Revenue Service (IRS) has launched a new Voluntary Disclosure Program to help businesses repay the Employee Retention Credits (ERC) they received in error. The program allows employers to repay 80% of the claim received and runs through March 22, 2024. The IRS is also sending letters to employers with proposed tax adjustments to recapture erroneously claimed ERC. Employers must apply to the program by March 22, 2024, and provide information about advisors or tax preparers who assisted them with their claim. The IRS continues to accept and process requests to withdraw pending ERC claims.
Oregon taxpayers will receive the largest kicker credit in state history in 2024, thanks to a record-breaking $5.61 billion revenue surplus. The credit will be applied to their 2023 state personal income tax returns, based on their tax liability for the 2022 tax year. Taxpayers are encouraged to file their 2022 tax returns to claim the kicker credit.
A $120 million Russian megayacht, the Alfa Nero, seized by the Antigua and Barbuda government and linked to a Russian billionaire, is costing taxpayers in the small Caribbean nation $28,000 per week to maintain. The yacht has been docked in Antigua's Falmouth Harbor for 19 months, and despite attempts to auction it off, a legal action has prevented the sale. The maintenance costs include the salary of an Italian captain and daily expenses for diesel to keep the air conditioning running. The yacht's presence has become a financial burden for the country's residents.
Taxpayers are bearing the cost of maintaining assets seized from Russian oligarchs as countries struggle to sell them off. Western sanctions have successfully removed assets from many Russian billionaires, but laws have made it difficult for governments to sell the seized assets. Taxpayers in Antigua and Barbuda are paying $28,000 a week to maintain a $120 million yacht seized from Russian billionaire Andrey Grigoryevich Guryev. Ukraine has only received $5.4 million from the sale of oligarchs' assets so far. The US and other countries are facing challenges in selling seized assets due to the need to prove criminal cases against the owners first.
Settlements for police misconduct lawsuits, often funded by taxpayers, have cost cities across the United States millions of dollars. These settlements, which rarely include an admission of guilt, are a common occurrence and can be seen as a "cost of doing business" for some jurisdictions. While the costs of settlements do not typically impact individual officers, they can strain city budgets and divert funds from other services. Experts suggest that gathering and analyzing data from lawsuits, implementing procedural justice training, and holding officers accountable for their actions can help reduce police misconduct.
The IRS has announced that it will not accept new claims for pandemic tax credits until at least 2024, leaving taxpayers unable to claim these credits for the foreseeable future. This decision comes as the agency faces a backlog of tax returns and struggles to process the existing claims. The move has raised concerns among taxpayers who were relying on these credits to offset the financial impact of the pandemic.
The shutdown of trucking giant Yellow could potentially cost taxpayers money due to the company's participation in a federal loan program that guarantees loans to small businesses. If Yellow defaults on its loans, the government may have to step in and cover the losses, potentially burdening taxpayers.