Donor-advised funds (DAFs) are an easy, low-cost way for people (who tend to be upper middle-class but not super-rich) to both shelter income and give to their favorite charities. Dave Camp's tax proposal holds a major change for these charitable vehicles, where funds currently can sit indefinitely.
If businesses can expense capital costs, and then deduct the interest on those purchases, it amounts to getting a subsidy from the government, writes Howard Gleckman.
A federally funded program to help pay for the nation's roads, bridges and mass transit could run out of money in July. But Congress faces the politically unpleasant prospect of calling for additional tax revenues to maintain the fund.
A poll, taken in the midst of tax season, finds that 58 percent of those surveyed think filling out their tax forms is “easy.” Only 38 percent say it is “hard.” Here's the catch: more people are filing their taxes with the help of a professional service.
Until now, backers of reform have focused primarily on economic arguments: A reformed tax code would increase growth or create more jobs. But they may do better on tying tax reform to moral issues, such as fairness.
Congress faces the question of what to do with expired tax subsidies. While some of these provisions were meant to boost the economy after the Great Recession, they could potentially add billions of dollars to the nation's deficit if continued.
The US House proposes to base an internet sales tax on the tax rate of a seller's home state. But would that create an unfair advantage to online retailers operating in states without a sales tax?
Howard Gleckman writes that a broad proposal from Utah's junior senator, Mike Lee, would cut taxes for families, but add $2.4 trillion to the deficit, too. But is there a way to implement some of Lee's concepts without taking on a deficit increase?
Having problems understanding the Affordable Care Act? According to new research, you may be able to take care of your insurance - and taxes - in one sitting.
For US states considering reforms to their tax codes, Howard Gleckman points to Washington, DC, as a guide, where a city commission proposed mix of tax cuts and fee increases for the nation's capital.
The US Olympic Committee helps support American athletes compete on a worldwide stage every two years. But the organization helps promote athletes with endorsement deals and generates millions in revenue, prompting TaxVox' Howard Gleckman to ask why it should be exempt from paying taxes.
Calling the tax code a "dysfunctional rotting carcass", Sen. Ron Wyden (D-OR) has framed his tax agenda around issues like narrowing the gap between investment income and ordinary income tax, and increasing the standard deduction
The US government is expected to increasingly rely on the individual income tax as a revenue source, according to the Congressional Budget Office, funding about half of federal spending a decade from now.
Gleckman explains the tough politics of having, and reducing, a deficit.
Did President Obama's latest State of the Union speech offer enough specifics in his proposed changes in tax policy? TaxVox' Howard Gleckman writes that Obama needs to go further.
Would a congressional proposal to fund public infrastructure like bridges and mass transit by easing taxes on corporations' foreign income be the right move? One thing is likely: the plan would be complicated.
Under the new budget agreement, the IRS would get just $11.3 billion, which is $526 million below its 2013 budget and $1.7 billion less than President Obama requested. It's political payback.
Over the years, tax policy has been a key tool in keeping the safety net that protects the nation's poor intact.
One Republican talking points over long-term unemployment is: Sure, we’ll consider an extension, but it must be paid for. That’s a fine idea. Here’s another: In exactly the same way, Congress should offset the cost of restoring dozens of temporary tax breaks that expired on Dec. 31.
Is bitcoin really money? Or is it a capital asset? How about a commodity? ? The IRS says it is studying the matter but has yet to issue any guidance. Until it does, it is anyone’s guess how bitcoin should be taxed.