Subscribe

It's President's Day weekend. Do you know what the candidates' tax proposals are?

This weekend brings with it a Republican debate in South Carolina. Meanwhile, what's Congress doing about internet taxes, and what's up with President Obama's oil tax?

  • close
    Republican presidential candidate, Sen. Ted Cruz, R-Texas speaks at a town hall style campaign event in Barrington, N.H. (Feb. 8, 2016).
    Robert F. Bukaty/AP/File
    View Caption
  • About video ads
    View Caption
of

What better way to spend Valentine's Day weekend than with presidential contenders? It's President's Day weekend, too, after all. Last night Democratic hopeful Bernie Sanders noted that his tax increase would reduce  average health insurance premiums by $5000 a year. Competitor Hillary Clinton said those numbers don't add up. Meanwhile, you can spend Saturday evening with the GOP hopefuls. And (or) read up on what you need right here.

Tax cuts: Too easy to make? TPC’s newly released analysis of Marco Rubio’s tax plan examines how the GOP presidential hopeful would replace the federal income tax with a progressive consumption tax. Rubio would cut taxes at all income levels, but he’d pay a big price: Without offsetting spending cuts, the nation’s debt would explode. As TPC’s Howard Gleckman highlights, most of the $6.8 trillion in tax cuts would go to high-income households. Moreover, with interest costs, “Rubio would add nearly $8.2 trillion to the debt in the next decade… Perhaps Rubio knows what spending he’d cut to offset that massive revenue loss. If so, he ought to tell us.”

Tax refunds: Too easy to collect? The Wall Street Journal’s Richard Rubin considers (paywall) the implications of a new study from Jacob Mortensen and Andrew Whitten from the Joint Committee on Taxation. “Software and shady tax preparers make it incredibly easy to fiddle with the numbers until you hit the sweet spot that shows the maximum refund.”

Case in point: Maryland. State Comptroller Peter Franchot has stopped accepting returns from 37 private tax preparers, citing a pattern of questionable returns from outfits in low-income neighborhoods. When they file fraudulent returns, taxpayers are on the hook for the preparers’ misdeeds.

Meanwhile, Congress bans Internet taxes. Yesterday the Senate followed the House and voted to ban permanently state and local taxation of Internet access. The measure does not address the related issue of when states can require online retailers to collect sales taxes on their transactions. However, Senate leaders promised to allow a vote on that matter later this spring.

And an oil tax will slip through the President’s fingers. House Ways & Means Chair Kevin Brady let Treasury Secretary Jack Lew know that President Obama’s $10 per barrel oil taxhas “no chance” in Congress. The fact that Brady is from Texas probably didn’t help the proposal. The price of crude, meanwhile, continues to drop.

This article first appeared at TaxVox.

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on taxvox.taxpolicycenter.org.

About these ads
Sponsored Content by LockerDome
 
 
Make a Difference
Inspired? Here are some ways to make a difference on this issue.
FREE Newsletters
Get the Monitor stories you care about delivered to your inbox.
 

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK