The House Ways and Means Committee approved expanding the child tax credit and higher education tax breaks. In other tax news, H&R Block offers a map outlining state income tax requirement to help same-sex couples' IRS filings.
IRS commissioner John Koskinen appeared before the House Oversight and Government Reform Committee on the loss of former Treasury official Lois Lerner’s emails and crash of her hard drive. Meanwhile, the federal gasoline tax could be phased and leave the Highway Trust Fundthe House Ways and Means Committee plans to vote on indexing the $1,000 child tax credit.
The House Oversight and Government Reform Committee will begin its two-part hearing on missing IRS emails today. Tomorrow, the Senate Finance Committee will examine the role of the tax system in reducing student debt.
Senators Bob Corker (R-TN) and Chris Murphy (D-CT) proposed a gas tax raise to pay for transportation projects. They had a good idea, but they are ruining it with restoring $190 billion in targeted tax breaks, writes Howard Gleckman.
Small business owners worry more about state and local tax laws than how much they have to pay in taxes, a survey has found. How small business owners perceive the compliance of regulations determines if they consider the area business-friendly.
The cost of the average federal health insurance exchange premiums has gone down from $346 to $82, thanks to tax subsidies, US Department of Health and Human Services reports. In other tax news, senators Chris Murphy and Bob Corker proposed to raise the gasoline taxes.
Medtronic Inc.'s merger with Covidien PLC is an opportunity for the medical device maker to get tax cuts, writes Howard Gleckman. Why? Because Covidien's headquarters are in Ireland.
The House Judiciary Committee will vote on a bill to prevent states and cities from taxing internet access Wednesday. Meanwhile, US companies reportedly have about $2 billion in profits overseas.
The Ways and Means Committee sent the House a bill that has a 'job-killing exclusion' that would hurt growers of blueberries, raspberries, and other fruits from bushes, writes Howard Gleckman. How did this happen?
Gov. John Kasich proposed a $100 million tax cut to Ohio state legislature, but lawmakers turned it into a $500 million reduction in 2015 and $100 million every year after that. What does this mean for Ohio, in light of the states's 14 percent decline in tax collections?
The 2004 repatriation tax holiday may have made it easier for multinational corporations to polish their financial statements, a new study found. Howard Gleckman writes that the tax holiday wasn't a good idea in 2004, and is still a bad idea 10 years later.
House Majority Leader Eric Cantor says there will be three tax extender bills to vote on this week. The Senate Finance Committee will also hold hearings later this summer on comprehensive tax reform.
The House Ways and Means Subcommittee on Oversight will review review the government’s ability to verify income and insurance information when it comes to the Affordable Care Act’s tax credits and subsidies on June 10. Meanwhile, Spain joins a growing list of countries that wants to lower the corporate income tax.
Some states may have created a way for heterosexual couples to avoid the marriage tax penalty, writes Howard Gleckman. How can domestic partnerships lead toward the federal marriage tax penalty?
Ohio's legislature came up with a compromise bill on its income tax cut, while Japan is cutting its corporate tax. What does this mean for their finances?
EPA’s new greenhouse gas rules may open the door to a state-based carbon tax, Howard Gleckman writes. But, no one has mentioned the 't' word yet.
Hurricane season began June 1, and Floridians can purchase hurricane supplies, including ice packs, flashlights, and portable generators, without paying sales tax until June 8.
The House Ways and Means Committee voted to keep a corporate tax break permanent. And that is a mistake, Howard Gleckman writes.
This week, the DC Council voted to support $165 million in tax cuts and Rhode Island considers a bill to cut the state's corporate income tax rate. Renu Zaretsky has the scoop on the latest in taxes.
The Environmental Protection Agency's mission to control greenhouse gases is long and complicated, write Adele Morris. But, there are three better ways to fight climate change.