Reducing tax rates is a guiding principal of most tax reform plans. But how much does Treasury lose when Congress reduces individual tax rates, and which taxpayers benefit the most from the cuts?
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.
For all the hand-wringing about the budget deficit, Congress passed two important bills last week, but with no idea how to pay for either of them. The deficit is an issue lawmakers care deeply about, except when they don’t.
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?
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.