Gerald E. Scorse is a freelance writer living in New York. His op-eds have appeared in newspapers across the United States
OpEdNews Member for 362 week(s) and 2 day(s)
30 Articles, 0 Quick Links, 86 Comments, 1 Diaries, 1 Series, 0 Polls
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(1 comments) SHARE Wednesday, September 22, 2021
Biden: Tilt taxes to the middle class The presidency of Ronald Reagan marked the beginning of a tax system highly favorable to the rich. President Joe Biden wants to go in a different direction, but he first needs the approval of Congress. We'll soon see whether he gets it.
(3 comments) SHARE Tuesday, August 3, 2021
The real, untold story of Roth IRAs If there were ever a contest for most unnecessary legislation, the creation of Roth retirement accounts could easily top the list. There was never any good reason for Roths. They're just one more in a long, long list of tax breaks created by Congress for people in no need of tax breaks. .
(1 comments) SHARE Thursday, June 17, 2021
Nobody dodges taxes like the super-rich Our tax code may be progressive on its face, but the super-rich could care less. They draw on their riches to beat the code, and they're beating it by the billions.
(1 comments) SHARE Saturday, April 24, 2021
When the rich don't pay, the rest of us do The IRS gets the income figures for most Americans from the companies they work for. Millions of others, though, do their own income reporting. If a bill now before Congress becomes law, the agency will get third-party income information for the first time for millions of high-income taxpayers who currently self-report.
(3 comments) SHARE Monday, March 8, 2021
Congress's soft spot for rich retirees Tax breaks usually have some reason for being, but here's one that doesn't: a proposal to raise, for the second time in two years, the beginning age for required minimum distributions from retirement accounts (RMDs). The original age was already too late, the current age of 72 is worse, but the proposed new age of 75 takes Congressional giveaways to a whole new level.
(1 comments) SHARE Sunday, January 3, 2021
The numbers add up for 'child-side' tax policies Tax breaks go overwhelmingly to those in the upper incomes. According to two Harvard researchers, a greater proportion of those monies might better be directed to low-income families and their kids. The initials of their concept are MVPF, short for Maximum Value of Public Funds.
(5 comments) SHARE Saturday, October 17, 2020
Democrats could revive a Reagan tax reform Capital gains have almost always been taxed at a lower rate than ordinary income. The last time they weren't, Ronald Reagan was the president who made it happen. If Democrats win in November they could restore Reagan's equal taxes on income from wealth (capital gains and dividends) and income from work (wages and salaries).
(8 comments) SHARE Tuesday, July 28, 2020
Rx for prescription drugs: slash the prices, kill the ads Visitors to the U.S. often shake their heads at the ads for prescription drugs that litter our TV channels; they never see them in the countries they come from. There's also nothing comparable to the prices Americans pay for prescription drugs; we lead the world by far. It's time to bring an end to both the ads and our sky-high prices.
(1 comments) SHARE Thursday, June 25, 2020
My unexpected move from adman to taxman Until I retired the only thing I knew about taxes is that they came due on April 15. I know a bit more now: most importantly, that the GOP has taken every opportunity to tilt our tax system toward the wealthy. This article recounts my mostly fruitless efforts to make the tax code fairer. In the particular, it's the story of how and why I went from writing commercials to being a tax activist.
(2 comments) SHARE Wednesday, May 13, 2020
Pandemic fallout includes handout to rich retirees The suspension of required minimum distributions for 2020 is just one more confirmation of a basic American truth: it's those with the most who get taken care of first. Even a pandemic didn't change that.
(1 comments) SHARE Tuesday, April 21, 2020
SECURE Act leaves millions of workers as insecure as ever America's private-sector retirement system is in deep trouble: too few people saving too little money, if any. The SECURE Act is Congress's latest attempt to fix it; unfortunately it doesn't do much fixing.
(4 comments) SHARE Wednesday, December 4, 2019
The IRS deserves cheers, not jeers It's de rigueur to hate the IRS, and misguided as well. First, every dollar that's spent on tax enforcement brings in roughly $5 to the Treasury. Second, every honest taxpayer owes a big thank-you to the agency that goes after the dishonest ones. Unfortunately, the GOP has done a yeoman's job of cutting the IRS budget (which, of course, has made tax cheating a safer bet than ever).
(1 comments) SHARE Friday, April 12, 2019
Two days in Tennessee in 1953: A racial memory I was an innocent abroad when, as a 17-year-old in 1953, I made my first trip into the South. I probably learned more American history in those two days than I'd learned up to then. Trouble is, I didn't really feel smarter; I just felt a whole lot sadder.
(5 comments) SHARE Thursday, March 7, 2019
Wall Street mini-tax could raise maxi-revenue Believe it or not, the tiniest of taxes could raise hundreds of billions for the Treasury: a financial-transactions tax, "FTT" for short. The Congressional Budget Office, using estimates worked up by the Joint Committee on Taxation, put the number at $777 billion for the decade 2019 - 2028. The United States had one before, and just maybe could have one again.
(26 comments) SHARE Wednesday, January 23, 2019
Our counterfeit Social Security crisis Everybody (well, everybody on the Right) would have you believe that Social Security is doomed. Nonsense: it could on for the next 75 years, without a single change, and still pay three-quarters of scheduled worker benefits. All the same, America's changing demographics mean that it's once again time for an overhaul. The sooner we get to it, the fairer it'll be for everybody.
(4 comments) SHARE Sunday, December 2, 2018
America's rigged tax collection system The vast majority of American workers have their taxes withheld and their incomes reported to the IRS by their employers. There's a whole other category though: self-reporters. They tell the IRS what they made, what their expenses were, etc., etc. The results have been a fiscal disaster for the federal government--and for all other taxpayers too, who ultimately have to make up what self-reporters don't pay.
(3 comments) SHARE Sunday, November 4, 2018
Tax reform: down with the 'stepped-up basis' Capital gains tax breaks are a major driver of inequality in America. This is especially true today, when ever-greater shares of income are coming from capital rather that labor (wages and salaries). This article calls for the repeal of an egregious but surprisingly little-known tax break: the so-called "stepped-up basis".
(24 comments) SHARE Tuesday, September 11, 2018
One tiny tax reform, billions for America Retirement account are the only ones that repay the Treasury for tax breaks. Congress should apply the required minimum distribution rule to all accounts. It's a tax reform that would raise billions (and ultimately tens on billions) every year.
(10 comments) SHARE Thursday, May 3, 2018
What Donald Trump did to me The Trump presidency puts a daily cloud over the heads of millions of Americans. This personal account from one of the afflicted shows that the problem is shared all across the political spectrum. The piece also gives the author's own recipe for coping.
(1 comments) SHARE Wednesday, March 21, 2018
Stately, Fred and Central Park mornings An extra layer of pixie dust has fallen on New York's Central Park. According to reliable sources, the park now contains a talking tree and a talking statue. They only add, of course, to the magic the park regularly provides. See the article for all the details.