After months of squabbling, it looks as if Congress is about to extend a “temporary” tax cut for another 10 months, borrowing $100 billion to do it. That would be OK if this was just a short-term stimulus.
When it comes to taxes, Obama's budget is long on principles but woefully short on statistics.
State competition to provide tax breaks to older residents, especially wealthy seniors, is similar to the way states use tax subsidies to woo businesses. It may not make much sense, but it sure is trendy.
Congress could go a long way towards fixing the federal system without destroying state revenue codes—but only if reform is done carefully.
A well-designed Value-Added Tax, a national consumption levy that would tax household purchases of all goods and services, could simplify the tax code for most households and finance significant reductions in corporate and individual income tax rates without adding to the budget deficit.
The Romney and Gingrich returns tell us a lot about the way those with incomes of $1 million or more are taxed, and how they structure their lives to minimize taxes. But mostly, they tell us that all those who make $1 million-a-year are not alike. Most of them are surprisingly like the rest of us, only more so.
In his State of the Union address, President Obama offered a laundry list of new tax subsidies but said almost nothing about a top-to-bottom rewrite of the Tax Code.
Santorum would cut taxes for nearly all households making $40,000 or more. But the impact on the deficit would be enormous: Santorum would cut taxes by roughly $1 trillion in 2015 alone.
The least popular Congress in recent memory is back for another year of squabbling over tax policy. Will lawmakers finally reach an agreement over last year's unfinished business?
Thanks to the Bain Capital controversy and compensation details from the Carlyle group, the battle over how to tax the compensation of private equity managers may be on again
While lower-wage workers get less of a tax benefit than their higher-paid colleagues, their wages fall by much less for every dollar their employer contributes to their retirement plan.
Mitt Romney’s tax plan would cut taxes for millions of households but bestow most of its benefits on those with the highest incomes. At the same time, it would significantly cut corporate taxes and add hundreds of billions of dollars to the deficit.
Rick Santorum's tax agenda would lower rates for individuals and corporations, substantially cut taxes on capital, and increase the personal exemption for dependent children. Like those of his GOP rivals, Rick Santorum's plan would likely add trillions to the federal deficit.