Tax & Accounting News

TaxBuzz Top 5 - Tekashi 6ix9ine's Luxury Cars Sold After IRS Seizure, Kamala Harris's Tax Stance & More

7/26/2024

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Tekashi 6ix9ine's Luxury Car Collection Sold After IRS Seizure

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Credit: Bennett Raglin/Getty Images for Power 105.1

Two of Tekashi 6ix9ine's luxury cars were sold at a government auction after being seized from his Florida estate -- along with other items -- by the IRS in April 2024. Per a report about the auction, his 2019 Lamborghini Urus fetched $175,043, while his 2017 Bentley Continental GT Speed sold for $85,500.

The cars, featuring custom rainbow paint-splatter wraps, were registered to Tekashi's brother, Oscar Osiris Hernandez. The Bentley, with only 38,803 miles, had shattered front windows, red leather interior, and red rims. The Lambo, with 49,294 miles, included a black leather interior and TV screens in the headrests.

The auction totaled $260,543, which will be put towards Tekashi's IRS debt.

2. Kamala Harris's Tax Policy Proposals

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Credit: Jim Vondruska/Getty Images

With Joe Biden dropping out of the 2024 Presidential race, Kamala Harris's tax policies have gained prominence over the course of the past week. Currently, Harris plans to raise the top marginal income tax rate for the top 1% from 37% to 39.6% and introduce a 4% income-based premium on households earning over $100,000 annually to fund "Medicare for All."

She also proposes the LIFT Act, a refundable tax credit for low- and middle-income taxpayers. Additionally, Harris wants to raise capital gains tax rates to ordinary income levels, increase the corporate tax rate to 35%, expand the estate tax, and impose a financial transaction tax on stock, bond, and derivative trades.

Per the Tax Foundation, Harris's proposals are more aggressive than Biden's. This could be cause for concern among campaign advisors as they attempt to move ahead of Republican nominee Donald Trump in polls.

3. Harvard's Tax Benefits Under Review

Credit: Glowimages/Getty Images

America’s elite universities, particularly Harvard with its $50 billion endowment, are facing increased scrutiny over their tax-exempt status, according to a new Bloomberg report. Politicians are questioning the financial benefits these institutions gain from tax savings and their responsibilities to their communities.

Harvard, for example, owns over 100 tax-exempt properties in Cambridge and Boston. Officials in these cities are contemplating requesting more contributions from the university to support social programs and increase city revenues. Bloomberg's analysis revealed that Harvard’s tax benefits amount to $465 million, showcasing the significant financial impact of its tax-exempt status.

The scrutiny regarding Harvard, the Massachusetts Institute of Technology (MIT), the University of Pennsylvania (UPenn), and Cornell began to escalate in January of this year. At that time, the "powerful" House of Representatives Ways and Means committee began in investigation, per CNN.

4. Indiana Tax Court Rules on Property Tax Cap

Credit: Paul Campbell/Getty Images

Homeowners in Indiana have successfully argued that limiting the state's 1% property tax cap to just one acre of land is unconstitutional. The Indiana Tax Court's recent decision clarifies that the tax cap, as outlined in the state constitution, applies to residential property, including the curtilage—the land surrounding the dwelling.

The court pointed out that various definitions of curtilage do not specify an exact acreage, thus supporting the homeowners' case. This ruling could have significant implications for property tax assessments across the state, though its long-term impact remains to be seen.

For more information about the case (Dr. Tulsi and Kamini Sawlani v. Lake County Assessor), you can read the ruling in its entirety here.

5. G20 Nations Agree on Taxing the Ultra-Rich

Credit: Flashpop/Getty Images

In March 2024, G20 officials began considering a "global minimum" tax on the extremely wealthy.

This week, on July 25, the G20, representing the world's largest economies, agreed to collaboratively ensure effective taxation of the ultra-wealthy. This initiative, prioritized by Brazil's President Luiz Inacio Lula, aims to strike a balance between national sovereignty and international cooperation on tax avoidance. The G20 tax declaration, set for release, proposes sharing best practices, fostering debates on tax principles, and creating anti-avoidance mechanisms.

According to Reuters, Brazil's proposal includes a 2% wealth tax on fortunes over $1 billion, potentially raising $250 billion annually. While U.S. Treasury Secretary Janet Yellen supports progressive taxation, she emphasizes the challenges of global tax policy coordination. The initiative targets the world's richest, such as Elon Musk and Jeff Bezos, to address growing wealth inequality, as highlighted by Oxfam's findings on the wealth gap between the top 1% and the bottom 50%.

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Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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