President Obama's tax on capital gains at death makes enormous sense. But the problem is with the record-keeping involved. Having to keep track of every asset purchase ever made would be extremely difficult. Fortunately, there is an easy fix.
President Obama called on Congress last night to address wealth inequality through the tax code. But taxing the rich isn't just an American thing; Russia, Great Britain, and Brazil have rules or proposals in motion to put the tax code to work agains income inequality.
The president plans to announce new proposals that would substantially increase taxes for the wealthiest Americans. But the possible elimination of the 'angel of death' tax loophole is a more significant change, taxing the wealthy on inherited capital gains.
On the first day of the new Congress, new and old tax laws are being calculated, implemented, and executed. Tax prep firms are ready and waiting to help tax filers while repealing the medical tax device remains on the agenda.
The past 12 months were a banner year for bad ideas and their perpetrators. We've picked out the worst top 10 ideas and hope history won't repeat itself for 2015.
Lawmakers scuttled an effort to permanently extend a number of tax breaks—largely because many feared it would open the door to widespread use of refundable tax credits by undocumented immigrants covered by President Obama’s recent executive order. Is their concern justified?
Congress yesterday announced a $1.01 trillion deal but still will need a short-term extension to prevent a government shut-down. Meanwhile, congressional negotiators scramble to wrap up several policy disputes, approve or pass other bills, budget cuts, and more before the holidays.
The House is scheduled to vote tomorrow on a $1.1 trillion spending bill expected to be released today. Meanwhile, the IRS oversight report is out and the Congress is about to pass the compromise spending bill.
Two provisions that are enormously important to low- and moderate-income households-the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) are set to expire after 2017. They are relatively inexpensive ways to promote work and family, and Congress should make them permanent.
The House may vote this week on a one-year retroactive tax break extension. As many as one in six taxpayers could be affected without an extension of the 60 or more tax breaks.
Oil prices are dropping…fast. This may be good news for drivers but not so good for a handful of states that use energy tax revenue to help fund their budgets.
US could reduce its contribution to global climate change by taxing emissions of carbon dioxide and other greenhouse gasses and use the resulting revenue to reduce corporate income taxes. This carbon-corporate tax swap would make our economy bigger, cleaner, and more efficient.
On Election Day, voters proved once again that increasing the gas tax is a political loser. And that’s a problem.
State governments face at least a $1 trillion gap between pensions promised to their employees and retirees and the funds set aside to cover these liabilities. There are ways out of the pension pickle, but none of them are easy.
According to official budget rules, taxpayers will earn more than $200 billion over the next decade from new student loans, mortgage guarantees, and the Export-Import Bank. According to an alternative that CBO favors, taxpayers will lose more than $100 billion.
Standard and Poor's got a lot of attention last week for a study that concluded that rising income inequality is damaging state tax revenues. State tax revenue growth has slowed in recent decades and income inequality has grown, but the story is far more complicated than S&P suggests.
Policy makers and researchers have long been interested in how potential changes to the personal income tax system affect the size of the overall economy. A new paper examines the possibilities.
The NFL's tax-exempt status is not high on the Congressional to-do list, but that's not keeping some senators, including New Jersey's Cory Booker, from trying to repeal it over the NFL's response to domestic violence charges against its players.
Michigan lawmakers were fired up following an unfavorable state Supreme Court decision in a lawsuit brought by IBM. With astounding speed and overwhelming bipartisan support the legislature swooped in and passed a law blocking an unexpected $1 billion in corporate tax refunds.