All articles from TaxVox

Tax VOX A better way? The case for a new kind of tax reform

There is nothing inevitable about the glum estimate set forth in the Congressional Budget Office's latest fiscal policy snapshot. What if Congress retained the level of taxation set by current law, while collecting the money in a much smarter way?
Tax VOX New online tool to help families maximize tax, transfer benefits

State taxes and transfers can be an important, albeit complicated form of assistance for low-income families. A new interactive calculator aims to help guide families through the process, including the options when family income increases.
Tax VOX It's summer. Time for a California budget crisis.

Like a movie franchise that keeps coming back, California's annual budget mess is the same story year after year.
Tax VOX Buffett rule revenue would be huge

If you think the Bush tax cuts should be extended—an idea most opponents of the millionaire tax support—revenues from a minimum tax rate on millionaires would increase by a much more significant $162 billion over the decade. And that’s hardly the chump change than the Buffett rule's critics imply.
Tax VOX Five challenges for the IRS's new capital gains reporting rules

The new rules for reporting capital gains is a laudable aim, but the IRS faces a number of challenges to make this initiative work.
Tax VOX Why do Obama and Romney pay the taxes they pay?

Romney pays a much higher rate than the President, even though he makes far more money. Here's why.
Tax VOX Tax reform goes local. What's the effect?

The need for fundamental federal tax reform is critical. Often overlooked, however, is the fact that any such reforms will also affect the tax and fiscal policies of state and local governments.
Tax VOX Is the Buffett rule a step in the right direction for tax reform?

A better answer would be to close the loopholes that help the wealthy avoid paying higher taxes, but some argue that a minimum tax like the Buffett rule might be a good start.
Tax VOX How big are tax preferences? Try $1.3 trillion.

The tax code is chock full of credits, deductions, deferrals, exclusions, exemptions, and preferential rates that, taken together, total almost $1.3 trillion per year. But that money isn't necessarily available simply through tax reform.
Tax VOX Amazon taxes: Good for states, and taxpayers, too

States are slowly enacting laws that would require online vendors to collect state and local taxes, with mixed success. But the shift will benefit everyone and make tax laws fair.
Tax VOX Low-income households would shoulder Ryan's tax burden

The budget Paul Ryan released last week is, essentially, an effort to have low- and middle-class households bear the entire burden of closing the fiscal gap and bear the costs of financing an additional tax cut for high income households.
Tax VOX Getting rid of state income tax? Bad idea.

Reducing or eliminating state income tax is bad news for low-income families, who may end up paying higher taxes and losing critical safety net programs.
Tax VOX Will Obama's budget raise or lower taxes? Both.

Republicans call Obama an unrepentant tax raiser. The president calls himself a responsible tax cutter who only raises taxes on the rich. Both sides have a point.
Tax VOX We already have a 'Buffett rule' in the tax code

The alternative minimum tax (AMT) makes sure that high-income citizens may at least a minimum of income tax. It adds enormous complexity to the tax code and increasingly burdens middle-class families, but it would be costly and difficult to replace.
Tax VOX Not all taxes on the rich are created equal

Some political leaders and commentators are showing a growing interest in raising taxes on the rich. But the ideas on the table would have very different results.
Tax VOX Romney's policy dead-end

Mitt Romney has added a new plank to his campaign tax platform: Cut all ordinary tax rates by a fifth. But he’s put a few pretty big hurdles in the way of making sure his plan does not add to the deficit.
Tax VOX Just how big is the payroll tax cut?

The payroll tax cut extension will save workers a total of $114 billion this year. That means an average cut of $714 per worker, though some will take home more (and some less).
Tax VOX Obama's budget means retirement savings for all

With its Automatic IRA and extra incentives for employers to offer a 401(k) plan, the president's budget will enable almost all Americans to save for retirement.
Tax VOX The Buffet rule won't work in practice

According to the Buffett Rule the wealthy should pay at least as much tax as middle-income households. That sounds straightforward but it’s not.
Tax VOX 102 percent tax rate? Really?

Is a 102 percent tax rate really possible? On taxable income, yes. On all income, no.