Congress’s latest flirtation with debt-limit default caused barely a ripple in the financial markets. Next time, that may not be the case.
When it comes to property taxes, location matters. A new report looks at just how much property taxes vary across states and counties.
In 2013, voters in several states seem to be hungering for more tax revenue, Francis writes, though sometimes from unusual sources and decidedly not by raising income taxes.
The penalty for not getting adequate health insurance is likely higher than the assumed $95. Williams explains how the penalties vary and how big they can get.
Revenue growth is accelerating in most states but many jurisdictions faced strong economic headwinds going into the recent partial government shutdown and potential default, according to the latest edition of the Tax Policy Center’s State and Local Finance Initiative’s State Economic Monitor.
The US Treasury actually hit the debt limit way back on May 19, Marron writes, but several accounting gimmicks and cash-flow sleights of hand allow the Treasury to keep paying our bills after hitting the debt limit. Is it time to get rid of those 'extraordinary measures'?
How might the government shutdown debate be different if 2008 had produced a President Romney rather than Obama, and led to an implementation of Romneycare, not Obamacare?
Earlier this week, Utah Senator Mike Lee unveiled the Family Fairness and Opportunity Tax Reform Act. Elaine Maag examines the plan which proposes tax cuts to families with children.
More than 70,000 households with income over $200,000 will pay no federal income tax in 2013, Williams writes. How will they do that?
Starting Sept. 16, same-sex married couples must file federal income tax returns as married, regardless of whether the state where they live recognizes their marriage. That gives couples who haven’t yet filed their 2012 tax returns just a few more days to file as individuals if they choose, which could mean a much smaller tax bill for some.
The IRS ruled Thursday that, for tax purposes, same-sex married couples are married regardless of where they live. That ruling answers the question of what filing status the couple must use but also complicates tax filing for same-sex couples that live in states that prohibit their marriages.
In 2009, the Tax Policy Center estimated that 47 percent of households paid no federal income tax – a figure that played a big role in last year's presidential election. This year, just 43 percent will avoid the tax. Why the drop?
The problematic alternative minimum tax (AMT) will affect millions of Americans this year, according to a recent study. Barring sweeping tax reform, the number of US taxpayers that have to pay the AMT will continue to rise.
It depends on where a couple lives. Some states continue to not recognize same-sex marriage, meaning couples married legally in other states who move elsewhere may have to file federal taxes separately.
Although it may seem like Congress could pay for corporate tax rate cuts, much of the burden of tax reform could fall on people — investors, workers, and consumers, Williams says. It will be difficult to ensure that tax reform will be both revenue neutral and fair to taxpayers, he adds.
The "net savings" of state and local governments fell from a deficit of $129 billion to a deficit of $252.7 billion in the latest figures released by the Bureau of Economic Analysis. The BEA's revised methodology is more accurate than others' in showing how much state and local governments owe, and it suggests that cities and states are underestimating their pension obligations, Gordon says.
US cities should take note: Political dysfunction and unfunded pension liabilities were two big factors leading to Detroit filing for bankruptcy, Gordon says.
Public debt shrank from being 75 percent of GDP to 72.5 percent of GDP. Likewise, average spending is down from 21 percent of GDP to 20.5.
Private equity funds are engaged in a trade or business under the Employee Retirement Income Security Act (ERISA), a court ruled this week. Now may be a good time for private equity funds, their managers, investors, and advisers to reexamine their tax position.
Rueben walks readers through Detroit's bankruptcy, analyzing how it happened, what is next for Detroit, and how this will affect other financially struggling cities.