President Obama's FY16 budget proposal would cut federal subsidies for premium seats at college sporting events. Federal subsidies ought to provide national benefits and there’s no evidence that boosting attendance in high-priced court-side or skybox seats does that.
The latest Census of Governments shows us a lot about just how hard local governments were pounded by the Great Recession. It describes a powerful double-whammy: Local governments not only suffered deep declines in their own tax revenues but they also faced steep cuts in state aid.
When it comes to capital gains taxes, policymakers and experts disagree on what actually counts as income. The dispute centers on the President’s proposal to tax accrued, but unrealized, capital gains at death.
Obama's tax cuts primarily benefit low-income single workers and families with children. Households with very high incomes and substantial capital assets would pay more. His plans would have a modest effect on middle class Americans.
President Obama will propose to strip away the 'loopholes' that permit wealthy individuals to accumulate large amounts in tax-favored retirement plans in his upcoming budget. But big retirement accounts are more a product of Congress' generosity on the matter, not loopholes.
Washington Nationals pitcher Max Scherzer will avoid state income taxes on most game paychecks – tax savings that could amount to millions of dollars. How much do tax considerations affect where coveted sports free agents like Scherzer decide to play?
Obama's ideas for educational tax reform are controversial, but they’d do a better job helping households who most need education assistance than the current complex array of programs.
President Obama has proposed important changes for child care costs that could allow families of young children to save thousands. But some families, especially those with just one older child, could wind up paying more.
President Obama proposed that his administration would make retirement security a priority that would increase the ability of part-time workers to join their employer’s plan and improve tax incentives for businesses.
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.