In several states, some governors were caught off guard by how personal income tax payments fell well below expectations. But, states should not have been so surprised, writes Norton Francis.
As Congress tries to ban the practice of inversions – when US based multinationals merge with foreign firms to lower their tax bill – it actually puts Congress and US corporations on a destructive path, writes Howard Gleckman. What does that mean for reform within US corporate tax system?
The Congressional Budget released its long-term budget outlook. Although the size of the US deficit isn't a problem right now, the CBO projects it to get bigger after a few years. There are five other takeaways from the CBO's budget outlook.
Between June 2013 and June 2014, Kansas saw its tax revenue fall by 11 percent. Why is Kansas still making so many tax cuts then, questions Howard Gleckman.
Congress needs to start being realistic and serious about the future of the Highway Trust Fund, writes Howard Gleckman. Although the Highway Trust Fund worked in the past, it is time for a long-term solution – not just pension smoothing and other gimmicks.
The House Ways and Means Committee will vote on how to fix Highway Trust Fund on Thursday. In Flint, Michigan, the city wants to cut its retirees' health benefits to avoid bankruptcy.
Analysis of House Ways and Means Committee Chair Dave Camp's tax reform plan shows that the plan would raise the same amount of money in 10 years as the current law, writes Howard Gleckman. Still, the long-term effects aren't completely certain yet.
Regressive distribution of tax benefits for retirement saving calls for reform, writes Ben Harris. To do so, he staged a simulation of different types of tax reforms for retirement saving so it is equitable for all levels of income.
US President Barack Obama's 2015 tax plan will translate to cutting taxes for the US's working class while having the wealthiest Americans pay more, according to new estimates. The poorest 20 percent in households will see their after-tax income increase by 0.7 percent, while the top 20 percent's income after taxes will decrease by 1.2 percent.
The US Treasury will lose $5 billion in lost revenue over the next decade. Why? Congress used the wrong math formula for the Social Security and Medicare payroll tax.
Congresswoman Lynn Jenkins's proposal for expanding the child tax credit is on the right track, writes Elaine Maag. However, Jenkins's plan miss the mark on some key issues with the child tax credit.
The Committee for a Responsible Federal Budget has created an updated online budget simulator. The public plays the online game with the objective to stabilize the debt at 60 percent of Gross Domestic Product by 2024.
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.