Articles by Justin Elliott Oct 25, 2021

Proposal to Rein in Mega IRAs Faces Lobbying Resistance From Retirement Industry
Justin Elliott

A Forge spokesperson said Thiel and his representatives had no role in the company’s decision to lobby on the IRA proposal. The GAO also noted that very large retirement accounts often held these assets. Several other retirement industry companies are also mobilizing to fight the proposal by backing . . .

keywords: retirement, ira, lobbying, respond, mega, faces, group, resistance, industry, accounts, thiel, tax, proposal, forge, rein, iras Sep 21, 2021

House Bill Would Blow Up the Massive IRAs of the Superwealthy
Justin Elliott

Those accounts — Thiel’s alone was worth $5 billion in 2019 — have allowed some super-wealthy Americans to turn their Roth IRAs, tools meant to incentivize middle-class retirement saving, into supersized tax shelters. Given the stakes for a small group of wealthy and powerful Americans, it’s unclear . . .

keywords: ira, retirement, massive, taxes, propublica, income, blow, roth, bill, tax, proposal, house, billionaires, iras, superwealthy Aug 11, 2021

Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump’s “Big, Beautiful Tax Cut”
Justin Elliott

Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. But the tax break did more than just give a lucrative, and legal, perk to Johnson’s donors. In response to emailed questions, Johnson did not address whether he had discussed the expanded . . .

keywords: trump, passthrough, gained, irs, break, secret, real, trumps, million, cut, bechtel, ultrawealthy, tax, deduction, estate, reveal, shaping, files, bill Jul 28, 2021

The Number of People With IRAs Worth $5 Million or More Has Tripled, Congress Says
Justin Elliott

The Number of People With IRAs Worth $5 Million or More Has Tripled, Congress Says After ProPublica revealed that some wealthy Americans hold Roth IRAs worth hundreds of millions — compared to $39,000 for the average account holder — Democrats requested data. It shows more than 28,000 people with IR . . .

keywords: americans, million, retirement, congress, irs, worth, tripled, data, number, iras, tax, roth, wyden Jul 16, 2021

TurboTax-Maker Intuit Will Leave Free Tax Filing Partnership With IRS
Justin Elliott

TurboTax-Maker Intuit Will Leave Free Tax Filing Partnership With IRS The company’s decision throws the future of the Free File program, which was created as an alternative to an IRS free tax filing system, into doubt. Series: The TurboTax Trap How the Tax Prep Industry Makes You PayProPublica is a . . .

keywords: turbotax, intuit, partnership, program, turbotaxmaker, irs, file, free, industry, prep, tax, filing, leave Jun 25, 2021

The Ultrawealthy Have Hijacked Roth IRAs. The Senate Finance Chair Is Eyeing a Crackdown.
Justin Elliott

DonateProPublica reported Thursday that the Roth IRA, a retirement vehicle originally intended to spur middle-class savings, was being hijacked by the ultrawealthy and used to create giant onshore tax shelters. Wyden had worried for years that Roth IRAs were being abused by the ultrawealthy. “If I h . . .

keywords: ira, chair, accounts, tax, thiel, retirement, hijacked, propublica, finance, ultrawealthy, iras, senate, roth, eyeing, crackdown, taxes, assets, wyden Mar 17, 2021

How to File Your State and Federal Taxes for Free in 2021
Justin Elliott

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keywords: file, taxes, 2021, state, free, federal Nov 03, 2020

Philadelphia Denies Trump Campaign Allegation of Banning Republican Poll Watchers
Justin Elliott

Philadelphia officials are denying a Trump campaign operative’s allegation that Republican poll watchers are being excluded from voting sites around the city. Mike Roman, the Trump campaign’s national Election Day operations director, retweeted a video early Tuesday morning that appears to show a Re . . .

keywords: voting, republican, poll, trump, watchers, video, roman, respond, city, campaign, denies, banning, philadelphia, allegation, election Jun 09, 2020

Senate Investigation Criticizes the IRS for Failing to Oversee Free Filing Program
Justin Elliott

Series: The TurboTax Trap How the Tax Prep Industry Makes You PayProPublica is a nonprofit newsroom that investigates abuses of power. A Senate investigation has found that the IRS has conducted little oversight of its partnership with the for-profit tax prep industry to offer free tax filing, and c . . .

keywords: failing, file, americans, program, free, companies, senate, tax, prep, irs, oversee, investigation, filing, criticizes, search Apr 26, 2019

TurboTax Deliberately Hid Its Free File Page From Search Engines
Justin Elliott

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keywords: page, hid, engines, deliberately, file, search, free, turbotax