Political gridlock in Congress, plus a weakened IRS, has led to more tax avoidance, writes Eric Toder. How is that true, and what can be done to stop it?
The Treasury Department announced that it would allow people to shift a portion of their 401(k)s or IRAs into a deferred annuity that provides a guaranteed stream of income once people reach old age. What does that mean for the future of retirement saving?
President Barack Obama and other politicians have said US-based multinational corporations who move their corporate addresses are unpatriotic. What is so controversial about tax inversions, Howard Gleckman asks, and is it really unpatriotic?
The US's tax system is turning into a two-tier tax system, with wealth as the determining factor, writes Howard Gleckman. Many affluent and influential people and organizations have almost unlimited power when it comes to their taxes.
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.