A proposal to replace income tax with a higher sales tax in Louisiana could lower compliance and administrative burdens, Harris writes. But it’s not worth asking low-income households to shoulder such a large share of the burden to achieve such a small statewide gain, he adds.
The 'fiscal cliff' deal means some states will lose revenue they were counting on from scheduled changes in the federal estate tax that won’t happen, Francis writes.
The "fiscal cliff" deal's phaseout of itemized deductions is really a sneaky way to raise marginal income tax rates and creates an economic incentive to give to charities, Burman writes.
The current US corporate income tax in effect imposes a fee on companies that are publicly traded. The tax is neither efficient nor progressive.
The fiscal cliff debate thus far leaves the most vulnerable families quite close to the edge, Maag writes.
Somehow we must find ways to gain control over spending on Medicare and Medicaid, Penner writes.
President Dwight Eisenhower truly believed that budgets should be balanced, and his 1960 budget incorporated severe spending restraint and only minor tax increases, Penner writes.
Wealthy people might do well to consider being very generous this month and giving very large gifts at today’s bargain tax prices, Williams writes.
While some investors would be hurt by the accelerated dividend payouts, many low- and middle-income taxpayers could benefit, Williams writes.
Tens of millions of Americans will face a huge tax increase when they file their 2012 tax returns early next year from the expiration of the temporary increase in exemption levels under the alternative minimum tax, Toder writes.
The expiration of the payroll tax cut would increase taxes by $115 billion in 2013, Maag writes, yet President Obama and others have been strangely silent – arguing instead about the fate of the 2001-2003 tax cuts.
A crucial safety net for low- and moderate-income families is jeopardized as the nation hurtles towards the fiscal cliff, Maag writes.
Capping deductions would raise revenue in a highly progressive way but how much revenue and how progressive depend on the cap, Williams writes.
Romney has proposed about $5 trillion in specific, gross tax cuts over the next decade relative to current policy, most but not all of which would go to high-income taxpayers. He has also promised to offset a substantial portion of those cuts—presumably in the trillions of dollars—by reducing deductions and other tax breaks.
The marginal tax rate is crucial in making various personal economic decisions, Williams writes.
The 46 percent of Americans who don't pay federal income tax can be divided into those who have no taxable income and those who have enough tax breaks to wipe out their tax liability.
A new Urban Institute study finds that households with annual income under $35,000 may benefit from having their tax refunds paid directly to a prepaid card account.
Romney economic adviser Martin Feldstein tries to contradict the Tax Policy Center's findings that Mitt Romney's tax plan would raise taxes on the middle class. But he actually confirmed it to be true.
Limiting the tax exemption for municipal bonds is becoming a popular idea among conservatives looking for ways to slash the budget and finance tax rate cuts. But will it work?
CBO's 'gloom' scenario means pushing the economy off the 'fiscal cliff' into recession. But deficits would plunge. 'Doom' means no recession but dangerous levels of debt.