New Guidelines May Say Yes to Eggs but No to Bacon

The government’s new dietary guidelines, due to be released in the coming months, may contain an about-face on decades of advice not to eat cholesterol-rich food. As the Washington Post put it, the move by the nation’s top nutrition advisory panel “could undo almost 40 years of government warnings” about eating foods high in cholesterol, like eggs and shellfish. A preliminary report by the panel, released in December, stated for the first time that “cholesterol is not considered a nutrient …

President’s Budget Would Trim Estate Exemptions

President Barack Obama’s proposals to increase middle-income tax cuts would come partly at a price to the estates of higher-income households. Under the new budget released Monday, the president calls for turning back the clock on estate taxes to 2009, when an individual could shelter $3.5 million — double that for married couples — from the federal estate tax. Currently, the exemption amount is $5.43 million per person. The top tax rate on estates would also go up under the president’s …

Creating Effective State-Sponsored Retirement Plans

By Gary Koenig, Vice President, Financial Security, and David John, Senior Policy Adviser, Financial Security State-sponsored retirement savings plans can help private-sector workers not covered by employer plans build financial security. How many workers? More than you might think. In 2013, about 55 million private-sector employees did not have access to a retirement plan at work, including more than 7 million in California, 2 million in Illinois, and about 1 million each in Indiana and Maryland. Research shows that middle …

Social Security Halts Tax-Refund Grab to Recover Old Debts

Update: The Social Security Administration says it will immediately stop collecting old debts by grabbing taxpayers’ refunds. In a statement, Carolyn W. Colvin, the acting commissioner of the agency, says: “I have directed an immediate halt to further referrals under the Treasury Offset Program to recover debts owed to the agency that are 10 years old and older pending a thorough review of our responsibility and discretion under the current law to refer debt to the Treasury Department. “If any Social Security …

New IRS Message to Taxpayers: We’ve Got Your Back

The recently installed head of the Internal Revenue Service, John Koskinen, dropped in on members of the media the other day at the National Press Club in Washington. His message: The tax collection agency is out to restore public trust amid accusations the IRS acted inappropriately in reviewing tax-exempt status for certain public welfare groups, known as 501(c)(4) organizations. “Taxpayers need to be confident that the IRS will treat them fairly. It doesn’t make any difference who they are, what …