⭐️ As the Oscars just wrapped up, we reflect on the fact that even Hollywood stars aren't exempt from the taxman's reach. Everything comes back to taxes which is why april also launched a podcast, "Whose Bottom Line is it Anyway," which explores the history and complexities of America's tax system. Listen to the first episode and subscribe as every week they discuss and resolve some of the complexity around the American tax system.

WHAT'S STEEPING NOW

👂 Listen and learn how America settled on our current tax system and how exactly taxes become laws these days.

🎁 Large gifts are still taxable, and the people who went to the oscars are leaving with a bill.

🎥 Texas might change their tax laws so they can build the next Hollywood.

👨‍👩‍👧‍👦 The burden of the IRS audits disproportionately falls on lower-income families.

PIPING HOT TEA

Why Do Americans Have Income Taxes?

april has launched a new podcast series, "Whose Bottom Line is it Anyway?", reflecting on historical moments that altered U.S. income tax history and discussing its impact on American taxpayers today. Starting at the beginning, they track the evolution of tax law over time and answer fun questions like, “What do Donald Duck and Uncle Sam have in common?”, “Are fortune cookies really the future of the IRS?”, and “How might some people get a larger refund in a few years?” 

TL;DR:

Lincoln imposed a federal income tax to raise funds for the war, which was a unique idea since taxes were primarily based on import tariffs.

While some Americans may not be happy about paying taxes, taxes are necessary to fund government programs and services.

Tax proposals become law through a legislative process, not directly from the IRS. The IRS is responsible for enforcing and administering tax laws, but they do not write them themselves.

The IRS's marketing department uses fun ways to get people thinking about their taxes.

Tax laws are complex due to the involvement of individual state interests and administration changes.

Occasionally people can benefit significantly because of a lapse in tax law when congress doesn't renew a sunset revision in time.

The U.S. tax system is considered complex and unique among other countries as it taxes individuals on their worldwide income, regardless of where they are.

Click here to listen on Apple Podcast

Click here to listen on Spotify

THE SOCIALLY TAXING

(Source: @dumpster.doggy on instagram)

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