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.
Artificially low interest rates have allowed the government to finance more than $1 trillion worth of deficits every year from 2009 to 2012. When interest rates do pick up, there may be a very big bill on the table to pay.
By forcing Congress to design fairer, more efficient alternate tax subsidies, the Baucus-Hatch 'blank slate' approach to tax reform could be revolutionary, Steuerle says.
For about 75,000 married same-sex couples, the Supreme Court's decision to strike down the Defense of Marriage Act could mean the IRS will hand out nearly $200 million in refunds, Burman says.
As states reap in tax collections, governors and legislators face the question of how to manage the short-term windfall. New York Gov. Andrew Cuomo, who is pursuing targeted tax cuts in the hopes of reviving upstate businesses, is implementing the wrong policy, Rueben argues.
Forcing foundations to pay excise taxes punishes organizations that see spikes in donations — making it difficult for foundations to pay out more money when society's needs are most pressing. Steuerle proposes reforming taxes to allow foundations to optimize their work.