taxpayers

19Apr

By THEIRL1ADMIN01No Comments

BUSINESS, IN OTHER NEWS

The New Bills Stadium Is One Of The Worst Deals For Taxpayers I’ve Ever Seen – I’ve Studied Stadium Financing For Over Two Decades

After New York lawmakers blew past the deadline to approve the state budget, they finally came to an agreement on April 9, 2022, that included a US$850 million subsidy for a new stadium in Buffalo for the NFL’s Bills. As a sports economist who has studied stadium deals for over two decades, I am not exaggerating when I write that the New York Legislature has managed to craft one of the worst stadium deals in recent memory – a remarkable feat considering the high bar set by other misguided state and local governments across the country. Study after study has shown that stadiums are terrible public investments. The taxpayers financing them rarely want to pay for them. So why are governments willing to subsidize them? A return to the bad old days There were many things to dislike about the ...

Tips From A Tax Scholar – Taxpayers Should Expect Serious Delays From The IRS This Year But Says Only Congress Can Fix The Underlying Problem

No one likes tax season. It’s complicated, it’s stressful, and it’s getting worse. Last year was already the “most challenging year taxpayers and tax professionals have ever experienced,” according to the Taxpayer Advocate Service, an independent part of the Internal Revenue Service. According to the agency’s annual report, taxpayers had trouble reaching the IRS, tax returns took months to process, almost a quarter of refunds didn’t go out until 2022, and collection notices were sent out even after the tax owed was paid. The pandemic deserves some of the blame, but so do years of underfunding the IRS, antiquated computer systems and a dwindling workforce. And with millions of returns from 2021 still waiting to be processed, 2022 may be worse. That prospect has prompted lawmakers and oth...

Coronavirus bailouts will cost taxpayers hundreds of billions of dollars – unlike past corporate rescues that actually made money for the US Treasury

The U.S. government has now pledged almost US$3 trillion to save the economy and Americans from the coronavirus recession. Most of that is aimed at individual Americans in the form of additional unemployment insurance or the so-called economic impact checks. About $1.2 trillion – and counting – represent bailouts for American companies, large and small. And more than 60% of that is in the form of grants or other financial assistance that will likely become grants – funds that will not be recovered by taxpayers. The Congressional Budget Office estimated on April 23 that the company-related coronavirus bailouts, excluding the fourth one just signed into law, will ultimately cost more than $400 billion over 10 years. Given that most of the latest bailout, worth $484 billion, will most likel...