Category:tax
Chicago’s Battle for Affordable Housing
As Chicago grapples with a severe affordable housing shortage—an estimated 119,000 units short—the city continues to experiment with policy solutions. More than half of Chicagoans are rent-burdened, meaning they spend over 30% of their income on rent and utilities. In response, city leaders have turned to tax abatements and zoning mandates to increase the supply of affordable housing. Two key programs—the Affordable Housing Special Assessment Program (AHSAP) and the Affordable Requirements Ordinance (ARO)—represent different approaches to tackling this crisis. Chicago’s affordable housing crisis requires a multifaceted approach, and while the AHSAP and ARO offer valuable incentives and mandates, neither alone is sufficient to address the city’s deep-rooted affordability and racial equity challenges.
President Trump Wants to Ban the Federal Income Tax: Its Feasibility, Likelihood, & Possible Outcomes
Amongst some of the recent policy proposals made by the new administration in the White House, President Donald Trump has discussed the possibly of eliminating federal income taxes. He said, “We’re going back to the old days. No income tax, just tariffs. It worked before, and it’ll work again.” This controversial, bold proposal has sparked some significant and intense debate over its potential impacts on the economy, overall feasibility, and likely impacts on everyday Americans. President Trump hopes to replace income taxes with alternative revenue sources including tariffs and consumption taxes. The arguments on both sides are quite interesting.
IRS & Treasury to Crack Down on Basis Shifting Among Complex Partnerships
On June 17, 2024, the Biden Administration issued a press release detailing plans to push forward a new multi-stage regulatory initiative targeting tax evasion among large business partnerships. The Internal Revenue Service (IRS) and U.S. Treasury Department will lead the charge to end abuses of a practice known as “basis shifting,” often used by complex partnerships to maximize deductions and consequentially minimize tax liability.