Harvard University has filed a lawsuit against the U.S. Treasury Department, challenging provisions of the 2017 tax cuts signed into law by former President Donald Trump. The lawsuit specifically targets a tax on university endowments, arguing that it disproportionately impacts institutions like Harvard and violates constitutional principles. University officials claim the tax hinders their ability to fund crucial research and scholarships.
On a different note, recent data indicates that the likelihood of an individual taxpayer facing an IRS audit is on the decline. Experts attribute this trend to a combination of factors, including reduced IRS funding and a shrinking workforce. The agency has struggled to keep pace with the complexities of the modern tax system, leading to a focus on larger corporations and high-income earners.
Finally, we delve into the unusual world of black market Lego. Rare and discontinued Lego sets have become valuable collector's items, fetching significant sums on the secondary market. Factors like limited production runs, exclusive releases, and nostalgia contribute to the high demand and prices.
Harvard Lawsuit Challenges Trump Tax Cuts; Audit Risk Declines
Harvard University is suing the U.S. government, arguing that tax cuts enacted under former President Trump unfairly target wealthy institutions. Meanwhile, new data reveals the odds of an individual taxpayer being audited by the IRS are decreasing. This trend is attributed to budget constraints and staffing shortages within the agency. We also take a look at the surprisingly lucrative black market for rare and discontinued Lego sets.