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.
Under new legislation, tax subsidies for mass transit commuters is cut in half for 2014, while drivers got a boost to their tax breaks. This makes no sense.
Sen. Ron Wyden (D) of Oregon is poised to become the new chair of the Senate Finance Committee. Mr. Wyden is the sponsor of a major tax reform plan that would reduce both individual and corporate tax rates without adding to the deficit or changing the current distribution of taxes among income groups very much, Gleckman writes.
If 2013 is remembered for anything, it may be for all that didn’t happen when it comes to tax policy and fiscal policy, Gleckman writes. Here’s hoping 2014 is more productive.
For the 10 biggest tax expenditures, there's a great variation among the benefits. The rich get an outsized share of the subsidy from some, while low-income households enjoy most of the benefits of others
The Supreme Court ruled that states have broad authority to require Internet sellers to collect sales taxes, just as their Main Street competitors must. And, in a delicious bit of online irony, the justices did it on Cyber Monday.
In an effort to jumpstart international tax reform, Senate Finance Committee Chairman Max Baucus is suggesting major changes in the way U.S.-based multinational corporations are taxed on their overseas income. Though the plan is advancing tax reform discussions, it leaves many controversial issues unresolved, Gleckman explains.
Last month, Congress and President Obama agreed to reopen the government they had closed and suspend the debt limit until February 7. But, in your nation’s capital, February really means March. Or May. Or possibly June.
As issues with the HealthCare.gov website continue to arise, people need a better way to buy insurance. Health insurance purchases should be part of filing tax returns, Gleckman explains.
The issue of new revenues has already raised its head in negotiations over the budget. Here are some of the gimmicks lawmakers are using to try to raise new tax revenue without actually increasing taxes.
Who benefits from tax subsidies for municipal bonds? It's not as obvious as you think. High-income investors benefit, yes, but depending on what state and local government do with the subsidies, there may also be benefits for low-tax brackets.